This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
Judy Simonson on
This is great news! Thanks for the clarification, Norman. Do you know if Schwab supports synching of transactions with club accounting?
Thanks, Judy
On Mar 30, 2023, at 7:56 PM, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
Norman Gee on
Club accounting does synching differently from Bivio. Bivio does an automatic pull daily of any available data, whereas club accounting requires you to request the synching of your accounting data. Yes they do support Charles Schwab in synching. They get the 2FA two factor authentication by opening a popup and asking you for the code sent to your mobile phone. So it is a manual process vs automatic every night.
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
Judy Simonson on
This is very helpful, Norm. Thanks so much. Judy
On Mar 30, 2023, at 11:29 PM, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:
Club accounting does synching differently from Bivio. Bivio does an automatic pull daily of any available data, whereas club accounting requires you to request the synching of your accounting data. Yes they do support Charles Schwab in synching. They get the 2FA two factor authentication by opening a popup and asking you for the code sent to your mobile phone. So it is a manual process vs automatic every night.
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
Irina Clements on
Does that mean that all club members have read/write/trade all functions for the club account? I believe the answer is yes... which means all partners can trade and thus - chaos w any partner able at any time to take actions...
This is not a solution.
Best, Irina
On Mar 30, 2023, at 11:19 PM, Judy Simonson via bivio.com <user*29968200001@bivio.com> wrote:
This is great news! Thanks for the clarification, Norman. Do you know if Schwab supports synching of transactions with club accounting?
Thanks, Judy
On Mar 30, 2023, at 7:56 PM, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
sdstory@aol.com on
Does anyone know if dividends from mutual funds are reinvested in the fund automatically by Schwab without any transaction fee? Or is that a function of the fund itself that really has nothing to do with the broker? I did as deep a dive as I was able to compare fees and did not see this addressed on either TD or Schwab - so maybe I was just looking for trouble that doesn't exist?
From reviewing Schwab website it appears that there are a few differences on fees - but perhaps not enough to make a true difference to most clubs - Our club has pretty much decided not to own foreign stocks or ETFs due to the accounting headaches, so likely not much of a difference in fees. NOTE - I am not an expert - just reviewed published info online.
US owned stock trades are zero on both TD and Schwab placed online unless broker assisted and then $25.00.
Mutual fund trades appear to be about the same, depending on whether the family of funds is included in Schwab One Source Mutual Fund list or on TD's list- etc. Some are $0 while others range from $49.95 up to $74.95 for fund families who do not pay broker to update their data. However, on Schwab if you own the fund less than 90 days, Schwab charges regardless: - Schwab's short-term redemption fee of $49.95 will be charged on redemption of funds purchased through Schwab's Mutual Fund OneSource service (and certain other funds with no transaction fees) and held for 90 days or less.
Canadian securities on OTC fees are $6.95 on Schwab and TD if online - more if assisted
Other foreign stock trades on OTC have a foreign transaction fee of $50 on Schwab while TD's fee stayed at $6.95 "A $6.95 commission applies to online trades of over-the-counter (OTC) stocks (stocks not listed on a U.S. exchange)." Again more if broker assisted)
Thanks for any insight !!!!
Sheryl Story
sdstory@aol.com
On Thursday, March 30, 2023 at 11:30:57 PM CDT, Judy Simonson via bivio.com <user*29968200001@bivio.com> wrote:
This is very helpful, Norm. Thanks so much. Judy
On Mar 30, 2023, at 11:29 PM, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:
Club accounting does synching differently from Bivio. Bivio does an automatic pull daily of any available data, whereas club accounting requires you to request the synching of your accounting data. Yes they do support Charles Schwab in synching. They get the 2FA two factor authentication by opening a popup and asking you for the code sent to your mobile phone. So it is a manual process vs automatic every night.
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
sdstory@aol.com on
Norman said "each will have an adjustable level of access to the account functions"
So I took that to mean that the allowable functions were set by the main club contact......
Sheryl Story
sdstory@aol.com
On Friday, March 31, 2023 at 07:01:17 AM CDT, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
Does that mean that all club members have read/write/trade all functions for the club account? I believe the answer is yes... which means all partners can trade and thus - chaos w any partner able at any time to take actions...
This is not a solution.
Best, Irina
On Mar 30, 2023, at 11:19 PM, Judy Simonson via bivio.com <user*29968200001@bivio.com> wrote:

This is great news! Thanks for the clarification, Norman. Do you know if Schwab supports synching of transactions with club accounting?
Thanks, Judy
On Mar 30, 2023, at 7:56 PM, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
ira smilovitz on
We just started a new investment club with Fidelity in 2022 and I suspect Schwab's policies will be similar. We had to provide separate applications (actually just the personal information sections) for each member who was to have trading authority on the account. Other members could have "read-only" access to the account.
Does that mean that all club members have read/write/trade all functions for the club account? I believe the answer is yes... which means all partners can trade and thus - chaos w any partner able at any time to take actions...
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
Denyse McCurdy on
I am just joining this thread. The fact that Schwab will not
transfer stock to a withdrawing partner is a big drawback
for us. I called Fidelity, where I have my personal account,
and was told that they would support third party transfers
for an investment club account. Can anyone verify this? I
also called Siebert, when advised by Better Investing, that
they partnered with them. I am not familiar with this
company at all, however.
Denyse McCurdy on
The inability to transfer appreciated stock to a withdrawing
partner is a deal breaker for our Club to continue with
Schwab. Which brokerage firms DO support this option? I
spoke to someone at Fidelity and was told that they do, but
can anyone confirm this? Is there another brokerage firm you
recommend? Our club will have to discuss this at our meeting
next week, as the transition from TDA is scheduled to occur
the end of May. Thanks.
D McCurdy, Profit Partners Investment Club
Scott Freeman on
This is a long thread. My reading is that Schwab will
transfer shares to those partners that are registered with
the account and all partners will have to be registered.
Partners will have different types of access to the account
is also my understanding.
Scott
Donna OConnnell on
The syncing of transactions between Bivio and Schwab makes Bivio worth the cost.
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
--
Donna O'Connell
Norman Gee on
For those that have received the notification, (we have not), did they inform you of a new account number for member bill pay? I heard that the process will continue all year in batches. I was wondering what we needed to do to inform the club partners for the new payment method.
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
--
Donna O'Connell
Steve Todd on
We haven't been notified as of yet either. Great question.
Sent from my iPhone
On Apr 13, 2023, at 11:04 AM, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

For those that have received the notification, (we have not), did they inform you of a new account number for member bill pay? I heard that the process will continue all year in batches. I was wondering what we needed to do to inform the club partners for the new payment method.
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."
The cost basis for transferred stocks will be described in
the Withdrawal report.
Scott
--
Donna O'Connell
Cynthia Corkery on
Our club has been notified of transition over Memorial Day weekend but at present we only have access to the boiler plate transition information. No new account number yet nor anything else specific to our club. Following is the link to the boiler plate info. It may or may not work for those who have not already been notified.
BTW: One item of note is check writing privileges. A club needs to have TDA check writing privileges in effect a bit over 2 months before Schwab transition date to retain check writing .That said, when our club requested check writing last year at TDA, one of the requirements to be eligible for check writing was the date on which we opened our TDA account. I don't recall the cut off date but it was at least a few years.
For those that have received the notification, (we have not), did they inform you of a new account number for member bill pay? I heard that the process will continue all year in batches. I was wondering what we needed to do to inform the club partners for the new payment method.
This was posted on the Better investing treasurer list recently
"Just talked with Schwab support. They said that investment clubs can just make all the members of the club agents on the account. They will have individual log-ins to the account, and each will have an adjustable level of access to the account functions. That way, all the members will be first party participants, and can receive distributions of stock/cash from the club account. You have to use the authorized agent form, when setting up the account."