Closing club
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Barbara Have you ever transferred stock to a member who has a Schwab account... Our local branch says they will not do. If you have a branch that allows it, would you mind identifying them for reference. Bob Ford From my Kindle On July 9, 2025, at 7:00 AM, "Barbara Preneta via bivio.com" <user*28224800001@bivio.com> wrote: Here is the form that Schwab provided to me to link a bank account to our Schwab account. For members that have Schwab accounts, I think the stock transfer should be easy. The 2 of us that can sign on the account just need to be clear on our instructions to Schwab. Our investment club partnership also was told by Schwab that we could transfer stocks to members ; verified by multiple Schwab representatives; we filled out the forms that Schwab provided for this purpose.
It doesnât matter; Schwab would not transfer the stocks. They cancelled the transactions. We tried to work with Schwab without success. We then moved all club assets to Fidelity and had the stocks transferred to members within two weeks. So Iâve been watching this string to see if the same thing happens to Barbara. Molly Sent from my iPhone > On Jul 11, 2025, at 3:15â¯PM, Bob Ford via bivio.com <user*14310900001@bivio.com> wrote: > > Barbara > > Have you ever transferred stock to a member who has a Schwab account... Our local branch says they will not do. If you have a branch that allows it, would you mind identifying them for reference. > > Bob Ford > > From my Kindle > > On July 9, 2025, at 7:00 AM, "Barbara Preneta via bivio.com" <user*28224800001@bivio.com> wrote: > > Here is the form that Schwab provided to me to link a bank > account to our Schwab account. For members that have Schwab > accounts, I think the stock transfer should be easy. The 2 > of us that can sign on the account just need to be clear on > our instructions to Schwab. P. S. In the end they said that they only transfer stocks to an account with the exact ownership title as the account currently holding the assets. So a transfer of stocks from group ownership to individual ownership was not allowed at Schwab.
Sent from my iPhone > On Jul 11, 2025, at 4:02â¯PM, Tracy, Molly M <mollyt@illinois.edu> wrote: > > Our investment club partnership also was told by Schwab that we could transfer stocks to members ; verified by multiple Schwab representatives; we filled out the forms that Schwab provided for this purpose. > It doesnât matter; Schwab would not transfer the stocks. They cancelled the transactions. > > We tried to work with Schwab without success. We then moved all club assets to Fidelity and had the stocks transferred to members within two weeks. > > So Iâve been watching this string to see if the same thing happens to Barbara. > > Molly > > > > > Sent from my iPhone > >> On Jul 11, 2025, at 3:15â¯PM, Bob Ford via bivio.com <user*14310900001@bivio.com> wrote: >> >> Barbara >> >> Have you ever transferred stock to a member who has a Schwab account... Our local branch says they will not do. If you have a branch that allows it, would you mind identifying them for reference. >> >> Bob Ford >> >> From my Kindle >> >> On July 9, 2025, at 7:00 AM, "Barbara Preneta via bivio.com" <user*28224800001@bivio.com> wrote: >> >> Here is the form that Schwab provided to me to link a bank >> account to our Schwab account. For members that have Schwab >> accounts, I think the stock transfer should be easy. The 2 >> of us that can sign on the account just need to be clear on >> our instructions to Schwab. We closed our club in Mass but worked with branch in Providence R.I. They were very helpful. The paper work said it need mediallion stamp but the office said it was not necessary. We did a number of transfers as some of the stocks were brought 2 or 3 times. Bivio breaks it all down for you. Judy Chagnon
On Friday, July 11, 2025 at 04:14:37 PM EDT, Bob Ford via bivio.com <user*14310900001@bivio.com> wrote:
Barbara Have you ever transferred stock to a member who has a Schwab account... Our local branch says they will not do. If you have a branch that allows it, would you mind identifying them for reference. Bob Ford From my Kindle On July 9, 2025, at 7:00 AM, "Barbara Preneta via bivio.com" <user*28224800001@bivio.com> wrote: Here is the form that Schwab provided to me to link a bank account to our Schwab account. For members that have Schwab accounts, I think the stock transfer should be easy. The 2 of us that can sign on the account just need to be clear on our instructions to Schwab. We could not transfer stock to a member with a Schwab account. That is the main reason we moved from Schwab to Fidelity. However, it has been an extremely cumbersome move and we probably should have stayed at Schwab. Barbara Bob The West Hartford, CT branch says that they will work with us and can transfer to members who have Schwab accounts. Barbara Barbara
Bob:
We are a club in the Boston area and we have transferred stpck to a member twice in the past year. we fill out a form from Schwab and two of us sign (treasurer and assistant treasure, we have two members who have signing authrority), and then drop the form
off at a Schwab office near us on the northshore of Boston.
Everything goes smoothly and no issues.
Michael
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Barbara Preneta via bivio.com <user*28224800001@bivio.com>
Sent: Saturday, July 12, 2025 7:51 AM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] Re: Closing club Bob
The West Hartford, CT branch says that they will work with us and can transfer to members who have
Schwab accounts.
Barbara
Barbara
Hello Molly:
Our Schwab club account has transferred stocks to an individual member account twice in the past year without any issues. His Schwab account does not have the same ownership title as the account holding the assets.
I am not sure why we were able to do this stcck transfer and you could not.
Michael
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Tracy, Molly M via bivio.com <user*40992200001@bivio.com>
Sent: Friday, July 11, 2025 5:07 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Cc: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] Re: Closing club P. S. In the end they said that they only transfer stocks to an account with the exact ownership title as the account currently holding the assets. So a transfer of stocks from group ownership to individual ownership was not allowed
at Schwab.
Sent from my iPhone > On Jul 11, 2025, at 4:02â¯PM, Tracy, Molly M <mollyt@illinois.edu> wrote: > > Our investment club partnership also was told by Schwab that we could transfer stocks to members ; verified by multiple Schwab representatives; we filled out the forms that Schwab provided for this purpose. > It doesn't matter; Schwab would not transfer the stocks. They cancelled the transactions. > > We tried to work with Schwab without success. We then moved all club assets to Fidelity and had the stocks transferred to members within two weeks. > > So I've been watching this string to see if the same thing happens to Barbara. > > Molly > > > > > Sent from my iPhone > >> On Jul 11, 2025, at 3:15â¯PM, Bob Ford via bivio.com <user*14310900001@bivio.com> wrote: >> >> Barbara >> >> Have you ever transferred stock to a member who has a Schwab account... Our local branch says they will not do. If you have a branch that allows it, would you mind identifying them for reference. >> >> Bob Ford >> >> From my Kindle >> >> On July 9, 2025, at 7:00 AM, "Barbara Preneta via bivio.com" <user*28224800001@bivio.com> wrote: >> >> Here is the form that Schwab provided to me to link a bank >> account to our Schwab account. For members that have Schwab >> accounts, I think the stock transfer should be easy. The 2 >> of us that can sign on the account just need to be clear on >> our instructions to Schwab. We have been told by Schwab that their operational rules will not allow an in-kind transfer from a general partnership. Based on some research we also expect that that same policy is about to be enforced by Fidelity. Schwab has indicated the solution is for the club to change from a General Partnership to an LLC, opening an individual account for each member. Nobody has had any specific information of why this is happening but as a retired broker I expect FINRA has their hands in this one for some regulatory reason. Our club has approved a move from a general partnership to an LLC to prepare for the eventuality that members who wish to leave will want an in-kind distribution versus cash. Changing to an LLC in California will require a payment of an annual fee of $800 to the Franchise Tax Board. I'm not sure about other states requirements. On Tuesday, August 12, 2025, 6:34 AM, Administrator Account via bivio.com <user*40471900001@bivio.com> wrote: We have been told by Schwab that their operational rules What is an in-kind transfer, stock?? How do we make this transfer from a General Partnership to an LCC? Thanks. Jayne Doyle WISE
On Tuesday, August 12, 2025 at 08:33:54 AM CDT, Administrator Account via bivio.com <user*40471900001@bivio.com> wrote:
We have been told by Schwab that their operational rules
will not allow an in-kind transfer from a general partnership. Based on some research we also expect that that same policy is about to be enforced by Fidelity. Schwab has indicated the solution is for the club to change from a General Partnership to an LLC, opening an individual account for each member. Nobody has had any specific information of why this is happening but as a retired broker I expect FINRA has their hands in this one for some regulatory reason. Our club has approved a move from a general partnership to an LLC to prepare for the eventuality that members who wish to leave will want an in-kind distribution versus cash. Hi, can you remove my email from this Bivio chain? I get too many emails. Thank you On Tue, Aug 12, 2025 at 9:33 AM Administrator Account via bivio.com <user*40471900001@bivio.com> wrote: We have been told by Schwab that their operational rules Here's the link to unsubscribe from the club_cafe mailing list: https://www.bivio.com/club_cafe/leave-club-cafe On 8/12/2025 10:36 AM, COL via
bivio.com wrote:
Hi, can you remove my email from this Bivio chain? I get too many emails. If this is the case, it would be nice if Better Investing could step in and help us figure out what the clubs need to do. Many of us just went through a long process of transferring to Fidelity. We will need to know what changes have to be made to our partnership agreement, etc. Lisa Robertson > On 08/12/2025 6:33 AM PDT Administrator Account via bivio.com <user*40471900001@bivio.com> wrote: > > > We have been told by Schwab that their operational rules > will not allow an in-kind transfer from a general > partnership. Based on some research we also expect that that > same policy is about to be enforced by Fidelity. > Schwab has indicated the solution is for the club to change > from a General Partnership to an LLC, opening an individual > account for each member. Nobody has had any specific > information of why this is happening but as a retired broker > I expect FINRA has their hands in this one for some > regulatory reason. Our club has approved a move from a > general partnership to an LLC to prepare for the eventuality > that members who wish to leave will want an in-kind > distribution versus cash. Schwab is on their own island here. First, we are an LLC investment club that transitioned to Schwab from TDAmeritrade. When they told us we couldn't execute in-kind transfers nor could we transfer cash, we moved to Fidelity. Second, the idea of opening an individual account for each member of the LLC makes no sense unless Schwab is now saying that you can make transfers from the (LLC) club to the members. As others have noted, forming an LLC brings additional costs as most, if not all, states require annual payments to maintain legal status. Ira Smilovitz On Tue, Aug 12, 2025 at 9:33â¯AM Administrator Account via bivio.com <user*40471900001@bivio.com> wrote: We have been told by Schwab that their operational rules |
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