Club Member Funds: Checks to a Bank vs. Direct Deposit to Brokerage Account?
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Hello Fellow Investment Clubs, I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. Can you please share what your club is doing that works well? Thank you. Kay Branz, President Lakshmi Investors We use a separate bank account, always have. They do it for us with no charge. We also use TDA. Thursday SOAPS Investment Club.
Members give checks to the treasurer who sends them to TD Ameritrade by mail. We write checks from the brokerage account. Gene Close, Treasurer In Pursuit of Retirement Sent from my iPhone > On Jun 21, 2023, at 1:11 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote: > > Hello Fellow Investment Clubs, > I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. > > Can you please share what your club is doing that works well? > > Thank you. > > Kay Branz, President > Lakshmi Investors We require each member to direct deposit from their bank account to TD each month. Everyone has a different cent added so we know by the cents whose check is received. It works very well. Judy On Jun 21, 2023, at 1:12 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote:  Hello Fellow Investment Clubs, I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. Can you please share what your club is doing that works well? Thank you. Kay Branz, President Lakshmi Investors
Direct deposits into brokerage account. TD Ameritrade. Sent from my iPhone
On Jun 21, 2023, at 12:12 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote:
Confidentiality Notice: This e-mail message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message. Our club has 10 members, 7 use electronic member payments directly into our TD Ameritrade account, 3 write checks which I mail to TD Ameritrade. We have a TDA check book to use for expenses and member withdrawals. We are hoping we can continue with electronic deposits and check writing privileges once we move to Schwab. Charla Hurt Freedom Financial Group Sent via the Samsung Galaxy S10e, an AT&T 5G Evolution capable smartphone -------- Original message -------- From: "Kay Branz via bivio.com" <user*34862000001@bivio.com> Date: 6/21/23 12:14 PM (GMT-06:00) To: club_cafe@bivio.com Subject: [club_cafe] Club Member Funds: Checks to a Bank vs. Direct Deposit to Brokerage Account? Hello Fellow Investment Clubs, I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. Can you please share what your club is doing that works well? Thank you. Kay Branz, President Lakshmi Investors Some of our members use direct deposit from their bank account and others write checks which are delivered to the local TDA office. We use the penny system. Ira Smilovitz Members give checks to the treasurer who sends them to TD Ameritrade by mail. We write checks from the brokerage account. Hi all, We use a separate bank for our model investment club in south Central PA, and will be transitioning from TDA to Schwab Labor Day weekend. Dave Moore LEMIC treasurer Sent from my Galaxy -------- Original message -------- From: "Ronald Close via bivio.com" <user*25867400001@bivio.com> Date: 6/21/23 1:26 PM (GMT-05:00) To: club_cafe@bivio.com Subject: Re: [club_cafe] Club Member Funds: Checks to a Bank vs. Direct Deposit to Brokerage Account? Gene Close, Treasurer In Pursuit of Retirement Sent from my iPhone > On Jun 21, 2023, at 1:11 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote: > > Hello Fellow Investment Clubs, > I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. > > Can you please share what your club is doing that works well? > > Thank you. > > Kay Branz, President > Lakshmi Investors Each one of our members has an automatic transfer from checking account into Schwab Brokerage account using the penny method to keep track of deposits. We originally had TDAmeritrade and the transfer from TDA to Schwab went smoothly over the memorial day weekend. Hope that makes sense. Amy, Its Relative Investment Club From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Kay Branz via bivio.com Hello Fellow Investment Clubs, I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. Can you please share what your club is doing that works well? Thank you. Kay Branz, President Lakshmi Investors Our investment club has a separate checking account in which we deposit memberships fees. Then we transfer money to our Charles Swab account. It works great for us, Sheila: A-Z Investment Club
Our club uses Fidelity for club brokerage account. The club has one account that holds both cash and investments. Some members send direct deposits from their bank to the Fidelity account via their bankâs bill pay function. These membersâ banks send the funds electronically. Other members send checks to the Treasurer which are then deposited online via the Fidelity mobile app. These membersâ banks do not transfer funds electronically to Fidelity and instead issue checks and send via USPS. We do have the ability to write checks drawn on the brokerage account for the few annual expenses and cash portions of withdrawals. Margot Herkes Treasurer, Mitten Investors Sent from my iPhone > On Jun 21, 2023, at 1:12 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote: > >  > Hello Fellow Investment Clubs, > I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. > > Can you please share what your club is doing that works well? > > Thank you. > > Kay Branz, President > Lakshmi Investors Hi, this is Glenn from eastern Virginia investment club for the last 27 years. The members bring their checks to the meeting once a month and I deposit them the next day at Wells Fargo. > On Jun 21, 2023, at 1:26 PM, Ronald Close via bivio.com <user*25867400001@bivio.com> wrote: > > Members give checks to the treasurer who sends them to TD Ameritrade by mail. We write checks from the brokerage account. > > Gene Close, Treasurer > In Pursuit of Retirement > > Sent from my iPhone > >> On Jun 21, 2023, at 1:11 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote: >> >> Hello Fellow Investment Clubs, >> I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. >> >> Can you please share what your club is doing that works well? >> >> Thank you. >> >> Kay Branz, President >> Lakshmi Investors Sorry, I forgot to mention thatâs where our stock account is as well Glenn > On Jun 21, 2023, at 1:26 PM, Ronald Close via bivio.com <user*25867400001@bivio.com> wrote: > > Members give checks to the treasurer who sends them to TD Ameritrade by mail. We write checks from the brokerage account. > > Gene Close, Treasurer > In Pursuit of Retirement > > Sent from my iPhone > >> On Jun 21, 2023, at 1:11 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote: >> >> Hello Fellow Investment Clubs, >> I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. >> >> Can you please share what your club is doing that works well? >> >> Thank you. >> >> Kay Branz, President >> Lakshmi Investors I have been trying to open a separate bank account for our club since our inception in 2020 to no avail. They are asking me for documents that donât apply to a General Partnership (Investment Club) but more so for corporations or other entities. I went to Wells Fargo and Bank of America, we are located in California. Any insight on how you opened a bank account for your club would be great. We currently have our partners direct deposit into the brokerage account and assign different âcentsâ to each partner so I can tell who the deposit is from. Thank you. > On Jun 21, 2023, at 10:57 AM, Glenn Jenner via bivio.com <user*23860600001@bivio.com> wrote: > > Sorry, I forgot to mention thatâs where our stock account is as well > > Glenn > >> On Jun 21, 2023, at 1:26 PM, Ronald Close via bivio.com <user*25867400001@bivio.com> wrote: >> >> Members give checks to the treasurer who sends them to TD Ameritrade by mail. We write checks from the brokerage account. >> >> Gene Close, Treasurer >> In Pursuit of Retirement >> >> Sent from my iPhone >> >>>> On Jun 21, 2023, at 1:11 PM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote: >>> >>> Hello Fellow Investment Clubs, >>> I'm trying to get a sense of how many clubs have their members direct deposit into the brokerage account vs. having a separate bank account member checks are deposited into. We currently use a separate bank account and checks. We also currently use TDA for our brokerage account. >>> >>> Can you please share what your club is doing that works well? >>> >>> Thank you. >>> >>> Kay Branz, President >>> Lakshmi Investors We have a Fidelity Brokerage acct with check writing privileges. The treasurer (me) collects checks and deposits them into our Fidelity account using Fidelity's online check deposit feature. Carole Jansen Wise Investment Club Members give checks to the treasurer who sends them to TD Ameritrade by mail. We write checks from the brokerage account. |
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