We have been an investment club for 25 years. We are
getting the run-around from Schwab. We should have been
"grandfathered" and shouldn't have any issues. We have been
trying to add assistant treasurer to Schwab account. This
has proven to be a real problem. We have been requested to
submit several different documentations and we have done so.
Recently, tried to contact nearest Schwab office (Des
Moines, Iowa). Ended up being transferred 3 times to other
Schwab offices in other states. Guess, would like to find a
representative (one person!) that would help with our
situation. Thanks for any help!

I have had similar problems with Schwab when we have tried to change signers to our account. Each phone call yielded a different answer as to what paperwork was required. This most recent time I used the “chat” function during the middle of the day EDT and the person on the chat went to the “Operations Department” where our investment club account business is handled to get specifics as to what forms and signatures were needed. The Operations Department is only there on weekdays, 9 - 5:00 Eastern time. The Operations Department has no ability to directly contact the account holder to indicate more paperwork is required. It is up to the customer to check to see if the changes to the signers have been done and, if not, contact them to find out what more is needed. It is extremely inefficient! The forms also change every year or so just to add to the excitement.

I hope this helps.
Barbara
Caltech Womens Investment Club

> On May 16, 2023, at 12:10 PM, Brenda Steenhard via bivio.com <user*19170800001@bivio.com> wrote:
>
> We have been an investment club for 25 years. We are
> getting the run-around from Schwab. We should have been
> "grandfathered" and shouldn't have any issues. We have been
> trying to add assistant treasurer to Schwab account. This
> has proven to be a real problem. We have been requested to
> submit several different documentations and we have done so.
> Recently, tried to contact nearest Schwab office (Des
> Moines, Iowa). Ended up being transferred 3 times to other
> Schwab offices in other states. Guess, would like to find a
> representative (one person!) that would help with our
> situation. Thanks for any help!

Brenda:

I am in the process of adding a new partner and removing a
partner from our Schwab account established in 1997. I
contacted the branch where our account representative is
located. I was supplied with the attached form. When I have
obtained the signatures of the remaining partners, I will
take the form to the branch so my signature can be
notarized.

Note: the form is for updating existing accounts, not
opening new ones, It is designed to be used by various legal
entities so you only have to complete sections dealing with
the type of entity your club is (usually a general
partnership).

For a general partnership, the typical sections to complete
would be: 1-3, 4a, 5, 6 signed by new member only, 7 signed
by one existing partner only and notarized, 10 on page 15 by
each partner (using multiple copies), and 11 on page 17 by
each partner using multiple copies of pages.

The fillable pdf form allows you to type in the information.
I made a separate pdf file of pages 15 and 17 to send to
each partner via email. They can print, sign, and either
scan and return via email or use USPS. Schwab does not
require pages with original signatures.

 I was told the form is required to comply with the Patriot
 Act.

Your experience with Schwab may vary, but I have had good
service since 1997. My advice is stick with the branch where
your account representative is located. If you have issues,
reach out to that person. They have a vested financial
interest in making you a satisfied customer.

Cheers,

Jack Ranby