Our club is disbanding with the plan to enter all
withdrawals in Bivio on 9/25, using 9/24 as our valuation
date. Looking at the member withdrawal form, I see that we
can check either cash or stocks, not both. What am I not
understanding? Is it true that we can do a practice
withdrawal and then back out of it?
Thanks for any help here. We want to get this right!
ira smilovitz on
If you choose "stocks", it means stocks plus cash. You select the stocks and the program calculates how much cash you need to complete the transaction.
Yes, you can enter trial withdrawals and then delete them.
Our club is disbanding with the plan to enter all
withdrawals in Bivio on 9/25, using 9/24 as our valuation
date. Looking at the member withdrawal form, I see that we
can check either cash or stocks, not both. What am I not
understanding? Is it true that we can do a practice
withdrawal and then back out of it?
Thanks for any help here. We want to get this right!
ira smilovitz on
It doesn't matter. When you enter the withdrawals, just enter that the cash will be coming from the bank account.
Sorry to be a nuisance with questions...but. I think we have
made a mistake..
We transferred all of our cash out of Schwab to a bank.
Thursday we plan to enter the stock transfers into Bivio,
but I'm thinking that we should have waited to move the cash
so that Bivio could calculate the stocks as we enter them to
various members and then calculate what portion of the cash
they should have. Should we transfer the $ back into Schwab
until the withdrawals have been entered into Bivio?
Sarah Cornwell on
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Barbara Preneta on
Sarah
We also had trouble because the club name did not match the name at the bank exactly. I think there was a "The" which had to be changed.
We ended up not doing paperwork to be able to transfer online. We transferred money once on the phone and once recently by wire. Our bank account at Liberty now has the same name as at Charles Schwab.
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Tracy, Molly M on
I worry you will have problems making stock distributions out of Schwab too. We moved all funds and holdings to Fidelity in order to make distributions to our members.
Sent from my iPhone
On Sep 21, 2025, at 2:11 PM, Barbara Preneta via bivio.com <user*28224800001@bivio.com> wrote:
Sarah
We also had trouble because the club name did not match the name at the bank exactly. I think there was a "The" which had to be changed.
We ended up not doing paperwork to be able to transfer online. We transferred money once on the phone and once recently by wire. Our bank account at Liberty now has the same name as at Charles Schwab.
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Barbara Preneta on
Will keep you posted. This week we plan to enter everything into Bivio and then fill out Schwab paperwork to turn in soon after. Our nearby Schwab
I worry you will have problems making stock distributions out of Schwab too. We moved all funds and holdings to Fidelity in order to make distributions to our members.
We also had trouble because the club name did not match the name at the bank exactly. I think there was a "The" which had to be changed.
We ended up not doing paperwork to be able to transfer online. We transferred money once on the phone and once recently by wire. Our bank account at Liberty now has the same name as at Charles Schwab.
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Tracy, Molly M on
Good luck!
Sent from my iPhone
On Sep 21, 2025, at 6:07 PM, Barbara Preneta via bivio.com <user*28224800001@bivio.com> wrote:
Will keep you posted. This week we plan to enter everything into Bivio and then fill out Schwab paperwork to turn in soon after. Our nearby Schwab
I worry you will have problems making stock distributions out of Schwab too. We moved all funds and holdings to Fidelity in order to make distributions to our members.
We also had trouble because the club name did not match the name at the bank exactly. I think there was a "The" which had to be changed.
We ended up not doing paperwork to be able to transfer online. We transferred money once on the phone and once recently by wire. Our bank account at Liberty now has the same name as at Charles Schwab.
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Sarah Cornwell on
That's 100% what we are trying to do. I just got the last 'wet signature' from a member. Heading to fidelity tomorrow. If we have to, we will wait until then to get the cash which was to buy out a leaving member.
I worry you will have problems making stock distributions out of Schwab too. We moved all funds and holdings to Fidelity in order to make distributions to our members.
We also had trouble because the club name did not match the name at the bank exactly. I think there was a "The" which had to be changed.
We ended up not doing paperwork to be able to transfer online. We transferred money once on the phone and once recently by wire. Our bank account at Liberty now has the same name as at Charles Schwab.
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Barbara Preneta on
We were told that we just needed the account numbers on the Schwab form. Where did you have to get the
That's 100% what we are trying to do. I just got the last 'wet signature' from a member. Heading to fidelity tomorrow. If we have to, we will wait until then to get the cash which was to buy out a leaving member.
I worry you will have problems making stock distributions out of Schwab too. We moved all funds and holdings to Fidelity in order to make distributions to our members.
We also had trouble because the club name did not match the name at the bank exactly. I think there was a "The" which had to be changed.
We ended up not doing paperwork to be able to transfer online. We transferred money once on the phone and once recently by wire. Our bank account at Liberty now has the same name as at Charles Schwab.
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Sarah Cornwell on
I went to our local Fidelity office and they stated that I needed a "wet" signature from all members aka not an e-signature. They have been extremely helpful and checked in regularly.
That's 100% what we are trying to do. I just got the last 'wet signature' from a member. Heading to fidelity tomorrow. If we have to, we will wait until then to get the cash which was to buy out a leaving member.
I worry you will have problems making stock distributions out of Schwab too. We moved all funds and holdings to Fidelity in order to make distributions to our members.
We also had trouble because the club name did not match the name at the bank exactly. I think there was a "The" which had to be changed.
We ended up not doing paperwork to be able to transfer online. We transferred money once on the phone and once recently by wire. Our bank account at Liberty now has the same name as at Charles Schwab.
Barbara, Which bank do you use? We are having a nightmare of a time just getting money out of Charles Schwab because our bank account does not have the same name, which they would not allow us to do. Is you bank account owner your club name?
Barbara Preneta on
We have almost completed the disbanding. We did our
withdrawals in Bivio, learning by doing. We made errors
initially, but then were able to delete and redo the member
withdrawal. Bivio worked really well, doing all the
calculations that we were told it would do. We then filled
out the withdrawal forms for Schwab and turned those in to
the local Schwab branch. There we did have another error
because we gave 1/2 shares and had to correct that. (Otis
and one other stock had 1/2 shares because of spinoffs.)
Schwab was helpful on the phone also. All of our stocks were
transferred to our members' personal Schwab accounts and our
club account was closed. Two members opened accounts at
Schwab solely for the purpose of stock transfer and now will
transfer to other brokerages and then close those accounts.