Has anyone pursued a complaint with the SEC about the
roadblocks investment clubs are experiencing with Schwab?
Our club disbanded, and we can't figure out how to get our
money from them.
It seems an SEC investigation would get their attention.
Randy Purvis on
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Linda Glein on
We may have to do that, but it seems like an unnecessary step.
We need to go through the process to open the account, get signatures. (How many? We're scattered all over.) Then close the account.
Doesn't seem very fair to the bank, either. Hi. Goodbye.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Roman on
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Roman
Sent from my iPhone
On May 1, 2024, at 10:16 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We may have to do that, but it seems like an unnecessary step.
We need to go through the process to open the account, get signatures. (How many? We're scattered all over.) Then close the account.
Doesn't seem very fair to the bank, either. Hi. Goodbye.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Linda Glein on
We could perhaps, but should we?
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Bernard Worst on
Our club has no problem paying out members, we have a checkbook and draw a check on the cash in our account to pay off a member.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Linda Glein via bivio.com <user*21345500001@bivio.com> Sent: Thursday, May 2, 2024 10:35:51 AM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] SEC and Charles Schwab
We could perhaps, but should we?
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an
expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via
bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Roman on
To me this is not an ongoing commingling of funds but you appear to be terminating the investment club. You should comply fully with your bylaws and get approval by partners and present a full audit trail. It is a workable solution which can be transparent and acceptable by all.
I have found Schwab to be great and believe the problems clubs experience are due to a lack of building a relationship with a representative there. Our contact has been very responsive and supportive.
Roman
Sent from my iPhone
On May 2, 2024, at 10:36 AM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We could perhaps, but should we?
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Carole Jansen on
When you say you disbanded, do you mean you have already terminated your partnership? That could be an issue for Schwab, maybe? I am certainly not defending them, just throwing out a possibility.
Also, assuming you have asked Schwab how to get your money, what did they say?
To me this is not an ongoing commingling of funds but you appear to be terminating the investment club. You should comply fully with your bylaws and get approval by partners and present a full audit trail. It is a workable solution which can be transparent and acceptable by all.
I have found Schwab to be great and believe the problems clubs experience are due to a lack of building a relationship with a representative there. Our contact has been very responsive and supportive.
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an
expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via
bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
MARY FRAN NOVAK on
Not all clubs were given the check writing ability at Schwab
Sent from my iPhone
On May 2, 2024, at 11:13 AM, Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an
expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via
bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Gary Henricksen on
We've never had a problem with writing checks on our Schwab account for expenses or cash outs.
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote: > > Has anyone pursued a complaint with the SEC about the > roadblocks investment clubs are experiencing with Schwab? > Our club disbanded, and we can't figure out how to get our > money from them. > > It seems an SEC investigation would get their attention.
Tracy, Molly M on
Schwab will only transfer money FROM investment club accounts TO accounts at other institutions with the
same name as your investment club.
You need to follow your bylaws and set up a checking account at a different bank, or a brokerage account at a different institution, and then distribute the funds from there.
Schwab is clearly applying new rules to investment club accounts , and these rules are especially negatively impacting club operations for clubs previously using Ameritrade. Transfer the funds out of Schwab to another place and distribute them from there.
Our bylaws give the treasurer the authority to set up accounts on behalf of the partnership and to request funds transfers. Our experience is that no amount of building a relationship with a representative with Schwab can overcome the headaches of working
with them when you want to distribute funds to partners.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Carole Jansen via bivio.com <user*8441200001@bivio.com> Sent: Thursday, May 2, 2024 10:35 AM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] SEC and Charles Schwab
When you say you disbanded, do you mean you have already terminated your partnership? That could be an issue for Schwab, maybe? I am certainly not defending them, just throwing out a possibility.
Also, assuming you have asked Schwab how to get your money, what did they say?
To me this is not an ongoing commingling of funds but you appear to be terminating the investment club. You should comply fully with your bylaws and get approval by partners and present a full audit trail. It is a workable solution which can
be transparent and acceptable by all.
I have found Schwab to be great and believe the problems clubs experience are due to a lack of building a relationship with a representative there. Our contact has been very responsive and supportive.
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an
expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via
bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
Peter Dunkelberger on
Well, I was told that what you describe ( and what we did) is accurate if the club did not have checking privileges with TDA. If the club had checking privileges with TDA, those privileges transferred to Schwab. It is not fair and there is no reason why every club should not be able to establish a checking account with Schwab, but it is what it is.
Schwab will only transfer money FROM investment club accounts TO accounts at other institutions with the
same name as your investment club.
You need to follow your bylaws and set up a checking account at a different bank, or a brokerage account at a different institution, and then distribute the funds from there.
Schwab is clearly applying new rules to investment club accounts , and these rules are especially negatively impacting club operations for clubs previously using Ameritrade. Transfer the funds out of Schwab to another place and distribute them from there.
Our bylaws give the treasurer the authority to set up accounts on behalf of the partnership and to request funds transfers. Our experience is that no amount of building a relationship with a representative with Schwab can overcome the headaches of working
with them when you want to distribute funds to partners.
When you say you disbanded, do you mean you have already terminated your partnership? That could be an issue for Schwab, maybe? I am certainly not defending them, just throwing out a possibility.
Also, assuming you have asked Schwab how to get your money, what did they say?
To me this is not an ongoing commingling of funds but you appear to be terminating the investment club. You should comply fully with your bylaws and get approval by partners and present a full audit trail. It is a workable solution which can
be transparent and acceptable by all.
I have found Schwab to be great and believe the problems clubs experience are due to a lack of building a relationship with a representative there. Our contact has been very responsive and supportive.
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an
expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via
bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.
cindy gerke on
CRiG disbanded after transferring all stocks to individual accounts and selling loosers when we transferred from TD to Schwab. Schwab Club account recieved some lingering dividends. We had a club Credit Union account set up with 2 signatures, not all members and transferred from Schwab then wrote checks to members and filed final return.
Has anyone pursued a complaint with the SEC about the
roadblocks investment clubs are experiencing with Schwab?
Our club disbanded, and we can't figure out how to get our
money from them.
It seems an SEC investigation would get their attention.
Linda Glein on
That is correct. This particular club did not have check writing set up with TDA.
Also, when I said 'disbanded' the club voted to disband and distribute funds. The stocks were very recently liquidated.
It is a huge PITA for the club to open a checking account for what will amount to 1-2 weeks then close it.
I'm very sincere in my suggestion that this be brought to the attention of the SEC.
Lori Schock of the SEC will be at the BetterInvesting National Conference. I can't be there, but I'm hoping that LOTS of members speak to her.
I think for decades we have cautioned investment club members against any co-mingling of funds in personal accounts like that.
Plus, you were able to transfer a portion of your club's holdings that way. We're talking about closing the account out at Schwab. That's why they are saying No. They say, you can request a check to pay an
expense, but not multiple checks to members that will empty the account.
Have you tried to do a wire transfer out of the Schwab investment club account? Do this to the Treasurer's personal bank account and then quickly distribute to each member their share.
I can do one for our club with no problem. Recently did this for a member's partial withdrawal.
Just go open a club bank account and transfer the money. Then write checks and distribute the money and close the bank account.
Randy Purvis
D &C Investment Club
Sent from my iPhone
> On May 1, 2024, at 9:48 PM, Linda Glein via
bivio.com <user*21345500001@bivio.com> wrote:
>
> Has anyone pursued a complaint with the SEC about the
> roadblocks investment clubs are experiencing with Schwab?
> Our club disbanded, and we can't figure out how to get our
> money from them.
>
> It seems an SEC investigation would get their attention.