Processing withdrawals with stock transfers at Schwab- help!
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it always worked until i stopped being treasurer. On Tue, Feb 13, 2024 at 6:26â¯PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
As an update to all: our club successfully transferred our entire portfolio to Fidelity and were able to process the full member withdrawals as stock transfers at Fidelity without delaying the withdrawals. Fidelity Customer Service was fantastic during the entire process. Approximate timeline: 1 week arguing with Schwab and getting conflicting information. Four days to establish new investment club account at Fidelity. One week to transfer holdings from Schwab to Fidelity and one day to transfer individual securities to departing members of our club. Thank you Molly! This is great info to get. Our Club meets this month and we will discuss if we, too, will transfer from Schwab to Fidelity. That said, I'm curious to know what arguments I might be facing w/Schwab? And is there anything I can do to streamline any part of the process? Lynda Feit TERIC Treasurer As an update to all: our club successfully transferred our entire portfolio to Fidelity and were able to process the full member withdrawals as stock transfers at Fidelity without delaying the withdrawals. Fidelity Customer Service was fantastic during the entire process. Approximate timeline: 1 week arguing with Schwab and getting conflicting information. Four days to establish new investment club account at Fidelity. One week to transfer holdings from Schwab to Fidelity and one day to transfer individual securities to departing members of our club. Thank you Molly. That's great news. We are in the process of moving to Fidelity. Sharon On Saturday, March 2, 2024, 11:21 AM, Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote: As an update to all: our club successfully transferred our entire portfolio to Fidelity and were able to process the full member withdrawals as stock transfers at Fidelity without delaying the withdrawals. Fidelity Customer Service was fantastic during the entire process. Approximate timeline: 1 week arguing with Schwab and getting conflicting information. Four days to establish new investment club account at Fidelity. One week to transfer holdings from Schwab to Fidelity and one day to transfer individual securities to departing members of our club.
The arguments with Schwab were solely related to our request to transfer securities from our investment club account to individual accounts at Schwab held by departing members.
Once we established an investment club account at Fidelity, we requested the transfer of all of our club holding from Schwab to Fidelity using a Fidelity request form ; and Fidelity managed the entire process for us. It was so nice!
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Lynda Feit via bivio.com <user*26876200001@bivio.com>
Sent: Saturday, March 2, 2024 1:29 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] Re: Processing withdrawals with stock transfers at Schwab- help! Thank you Molly! This is great info to get. Our Club meets this month and we will discuss if we, too, will transfer from Schwab to Fidelity. That said, I'm curious to know what arguments I might be facing w/Schwab? And is there anything I
can do to streamline any part of the process?
Lynda Feit
TERIC Treasurer
As an update to all: our club successfully transferred our entire portfolio to Fidelity and were able to process the full member withdrawals as stock transfers at Fidelity without delaying the withdrawals. Fidelity Customer Service was fantastic during the entire process. Approximate timeline: 1 week arguing with Schwab and getting conflicting information. Four days to establish new investment club account at Fidelity. One week to transfer holdings from Schwab to Fidelity and one day to transfer individual securities to departing members of our club. Thank you, I appreciate the info! Lynda
I just had the same experience with Schwab. I talk to them on the phone and they said yes to the transfer and sent me the form. Once the form was returned the transfer was denied. Spent a couple of hours on the phone with different company individuals with only frustration in the end. I really miss TD Ameritrade. I am ready to consider moving our account to a new broker. I am open for suggestions. thanks for your help. Debi Material Girls We moved our portfolio to Fidelity and processed the stock withdrawals there.
Sent from my iPhone > On Mar 27, 2024, at 4:47 PM, Deborah J. Rollins-Thorne via bivio.com <user*10134500001@bivio.com> wrote: > > I just had the same experience with Schwab. I talk to them > on the phone and they said yes to the transfer and sent me > the form. Once the form was returned the transfer was > denied. Spent a couple of hours on the phone with different > company individuals with only frustration in the end. I > really miss TD Ameritrade. I am ready to consider moving our > account to a new broker. I am open for suggestions. thanks > for your help. > > Debi > Material Girls We are in the process of changing from Schwab to Fidelity. Schwab is not investment club friendly. Fidelity has been great to work with to get transferred! Dan Cohn NAMC Investment Club #3 Atlanta Sent from my iPhone > On Mar 27, 2024, at 5:47â¯PM, Deborah J. Rollins-Thorne via bivio.com <user*10134500001@bivio.com> wrote: > > I just had the same experience with Schwab. I talk to them > on the phone and they said yes to the transfer and sent me > the form. Once the form was returned the transfer was > denied. Spent a couple of hours on the phone with different > company individuals with only frustration in the end. I > really miss TD Ameritrade. I am ready to consider moving our > account to a new broker. I am open for suggestions. thanks > for your help. > > Debi > Material Girls E*Trade Sent from my iPhone > On Mar 27, 2024, at 5:06â¯PM, Tracy, Molly M via bivio.com <user*40992200001@bivio.com> wrote: > > We moved our portfolio to Fidelity and processed the stock withdrawals there. > > Sent from my iPhone > >> On Mar 27, 2024, at 4:47 PM, Deborah J. Rollins-Thorne via bivio.com <user*10134500001@bivio.com> wrote: >> >> I just had the same experience with Schwab. I talk to them >> on the phone and they said yes to the transfer and sent me >> the form. Once the form was returned the transfer was >> denied. Spent a couple of hours on the phone with different >> company individuals with only frustration in the end. I >> really miss TD Ameritrade. I am ready to consider moving our >> account to a new broker. I am open for suggestions. thanks >> for your help. >> >> Debi >> Material Girls
Once you move the club's holdings to a new account at Fidelity, then you can use the " Transfer Between Existing Fidelity Accounts" form to move the stocks to individual members.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Doug Friesen via bivio.com <user*19731900001@bivio.com>
Sent: Thursday, April 11, 2024 2:36 PM To: Tracy, Molly M <mollyt@illinois.edu> Subject: Re: Processing withdrawals with stock transfers at Schwab- help! Our club (Maple Leaf Investment Club) is in the process of
transferring the club's holding to Fidelity in preparation for disbanding. I have searched for transfer forms to move stocks to each individual member. The only 2 forms I found online were 'Transfer Shares as a Gift - Nonretirement' for transfers to accounts outside of Fidelity and 'Transfer Between Existing Fidelity Accounts'. Are those the forms that you used? Or did you have to use some other forms? Doug Friesen Thanks for the quick response. Which form is used to transfer to members with accounts outside of Fidelity? Doug Friesen Individuals need to set up a brokerage account at Fidelity. It can be done online with ease.
Sent from my iPhone > On Apr 11, 2024, at 3:12 PM, Doug Friesen via bivio.com <user*19731900001@bivio.com> wrote: > > Thanks for the quick response. Which form is used to > transfer to members with accounts outside of Fidelity? > > Doug Friesen Who initiates the transfer the club or the exiting member? Sent from my iPhone > On Apr 11, 2024, at 4:33â¯PM, Tracy, Molly M via bivio.com <user*40992200001@bivio.com> wrote: > > Individuals need to set up a brokerage account at Fidelity. It can be done online with ease. > > Sent from my iPhone > >> On Apr 11, 2024, at 3:12 PM, Doug Friesen via bivio.com <user*19731900001@bivio.com> wrote: >> >> Thanks for the quick response. Which form is used to >> transfer to members with accounts outside of Fidelity? >> >> Doug Friesen The club.
Sent from my iPhone > On Apr 11, 2024, at 7:26 PM, Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote: > > Who initiates the transfer the club or the exiting member? > Sent from my iPhone > >> On Apr 11, 2024, at 4:33â¯PM, Tracy, Molly M via bivio.com <user*40992200001@bivio.com> wrote: >> >> Individuals need to set up a brokerage account at Fidelity. It can be done online with ease. >> >> Sent from my iPhone >> >>>> On Apr 11, 2024, at 3:12 PM, Doug Friesen via bivio.com <user*19731900001@bivio.com> wrote: >>> >>> Thanks for the quick response. Which form is used to >>> transfer to members with accounts outside of Fidelity? >>> >>> Doug Friesen |
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