We need a new brokerage house
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I can't believe this problem is unique to our club. We do not have a local bank account and need to write checks from our brokerage account. Unfortunately, at our current broker, we cannot have a check written to anyone other than the name of our club. That does us no good since no one can cash it. How do you reimburse members who leave and members who have paid club expenses if you can write checks. Does everyone have a checking account as well as a brokerage account? Do you have a broker that lets you write 3rd party checks? Please advise. Thanks, Kimberly I'm sure there are many but we work with Schwab and can do just what you are asking for. Our experience with Schwab has been very good. Good Luck, Marlene -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Kimberly Hazen Sent: Monday, June 27, 2011 1:41 PM To: club_cafe@bivio.com Subject: [club_cafe] We need a new brokerage house I can't believe this problem is unique to our club. We do not have a local bank account and need to write checks from our brokerage account. Unfortunately, at our current broker, we cannot have a check written to anyone other than the name of our club. That does us no good since no one can cash it. How do you reimburse members who leave and members who have paid club expenses if you can write checks. Does everyone have a checking account as well as a brokerage account? Do you have a broker that lets you write 3rd party checks? Please advise. Thanks, Kimberly It's not an isssue at TD Ameritrade. We have a separate checkbook and the availablilty of EFT. Who's your broker?
Mark Eckman
On Mon, Jun 27, 2011 at 1:41 PM, Kimberly Hazen <hazenfree@gmail.com> wrote: I can't believe this problem is unique to our club. We do Note: BAWBEESE INVESTMENT CLUB uses TD AMERITRADE, VERY HELPFUL On Mon, Jun 27, 2011 at 3:13 PM, Marlene Fondrick <marlene@fondrick.net> wrote: I'm sure there are many but we work with Schwab and can do just what you are asking for. Our experience with Schwab has been very good. The club is a Partnership (not a sole proprietor), Sounds like you need to authorize one person to write checks. Date: Mon, 27 Jun 2011 22:25:30 -0400 From: dcscoville10@gmail.com Subject: Re: [club_cafe] We need a new brokerage house To: club_cafe@bivio.com Note: BAWBEESE INVESTMENT CLUB uses TD AMERITRADE, VERY HELPFUL On Mon, Jun 27, 2011 at 3:13 PM, Marlene Fondrick <marlene@fondrick.net> wrote: I'm sure there are many but we work with Schwab and can do just what you are asking for. Our experience with Schwab has been very good. Does TD Ameritrade charge you $5 for every check you write to a 3rd party? They do us? Plus, it's a colossal hassle to get it written because we need to send a letter signed by 3 authorized agents. Kimberly On Jun 27, 2011, at 9:25 PM, Don Scoville wrote: Note: BAWBEESE INVESTMENT CLUB uses TD AMERITRADE, VERY HELPFUL No, we do not have a charge. We simply write a check and it works. Some thoughts:
On Tue, Jun 28, 2011 at 7:36 AM, Kimberly Hazen <hazenfree@gmail.com> wrote:
We use TDAmeritrade and we have a checkbook. We can write a check to anyone we want. There is no charge for processing the check.
Ira Smilovitz
In a message dated 06/28/11 08:36:37 Eastern Daylight Time, hazenfree@gmail.com writes:
Ira, can you tell me what type of account you have? LLC? Investment Club? Partnership? On Jun 28, 2011, at 6:29 PM, iras1 wrote:
Kimberly, We had the same problem. We didn't think we had a need to keep a local checking account as all our deposits were sent directly to TDAmeritrade. However, if we want to cash out a club member, TDAmeritrade will only issue checks to the name of the account when you are a club. At that time, the cost to keep a checking account was $5 a month, so tying up $60 a year "just in case" you wanted to cash a check didn't sound like a good option either. So getting a check processed "all the way through" to receiving party was a real problem. (We ultimately found a local bank that, with a letter from us, would allow us to cash a check, but it required 30+ minutes at the bank, and a meeting with a specific person). If you aren't processing but a few checks each year, you can typically get a free passbook account as long as you keep a balance (typically small). You can then request a check from the broker and deposit into the passbook account. If you need a check issued in a different name, you can then get a cashier's check (and it may have a small fee). As we only processed 1 check per year (member withdrawal), we switched to this as this turned out to be our best option. If you do open an account, make sure to check on "inactivity fees" that may exist with checking account, especially if you don't process many transitions in a year. Hope this helps, Jimmy TLP Investment Club -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Kimberly Hazen Sent: Monday, June 27, 2011 2:41 PM To: club_cafe@bivio.com Subject: [club_cafe] We need a new brokerage house I can't believe this problem is unique to our club. We do not have a local bank account and need to write checks from our brokerage account. Unfortunately, at our current broker, we cannot have a check written to anyone other than the name of our club. That does us no good since no one can cash it. How do you reimburse members who leave and members who have paid club expenses if you can write checks. Does everyone have a checking account as well as a brokerage account? Do you have a broker that lets you write 3rd party checks? Please advise. Thanks, Kimberly Jimmy, Thanks for your response. This seems like the best solution to our problem. Cheers, Kimberly On Jun 29, 2011, at 5:58 AM, James Dickerson wrote: > Kimberly, > > We had the same problem. We didn't think we had a need to keep a > local > checking account as all our deposits were sent directly to > TDAmeritrade. > However, if we want to cash out a club member, TDAmeritrade will > only issue > checks to the name of the account when you are a club. At that > time, the > cost to keep a checking account was $5 a month, so tying up $60 a > year "just > in case" you wanted to cash a check didn't sound like a good option > either. > So getting a check processed "all the way through" to receiving > party was a > real problem. (We ultimately found a local bank that, with a letter > from > us, would allow us to cash a check, but it required 30+ minutes at > the > bank, and a meeting with a specific person). > > If you aren't processing but a few checks each year, you can > typically get a > free passbook account as long as you keep a balance (typically > small). You > can then request a check from the broker and deposit into the passbook > account. If you need a check issued in a different name, you can > then get > a cashier's check (and it may have a small fee). As we only > processed 1 > check per year (member withdrawal), we switched to this as this > turned out > to be our best option. > > If you do open an account, make sure to check on "inactivity fees" > that may > exist with checking account, especially if you don't process many > transitions in a year. > > Hope this helps, > > Jimmy > TLP Investment Club > > > > > -----Original Message----- > From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of > Kimberly > Hazen > Sent: Monday, June 27, 2011 2:41 PM > To: club_cafe@bivio.com > Subject: [club_cafe] We need a new brokerage house > > I can't believe this problem is unique to our club. We do not have > a local > bank account and need to write checks from our brokerage account. > Unfortunately, at our current broker, we cannot have a check written > to > anyone other than the name of our club. That does us no good since > no one > can cash it. How do you reimburse members who leave and members who > have > paid club expenses if you can write checks. Does everyone have a > checking > account as well as a brokerage account? Do you have a broker that > lets you > write 3rd party checks? Please advise. Thanks, Kimberly > I am very surprised to hear some of you are having such an issue with checking and TDAmeritrade. I'm in two clubs that used them as a broker for quite a few years and we had a very good experience. They gave us free checking and it was very easy to write checks to whomever we wanted. I'd really suggest you pursue the issue with either your local TDAmeritrade rep or using their support phone number. Having to set up a bank account and work around things like is mentioned seems like a lot of hassle if you don't need it. Please contact us in support@bivio.com if you don't get anywhere with the TDAmeritrade reps you talk to and we'll be glad to help you work through it. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio We're an LLC, but according to our account profile we have a partnership account.
Ira Smilovitz
In a message dated 06/28/11 22:14:06 Eastern Daylight Time, hazenfree@gmail.com writes:
Our club has a checking acct with TDAmeritrade and they don't charge for checks. You should check to see if they charge based on the account balance. If it is low, there may be a charge for writing checks. Our club account balance is over $100.000. If the balance is too low you will have to make other arrangements. Marcia SIN Investments On Wed, Jun 29, 2011 at 10:29 AM, Laurie Frederiksen <laurie@bivio.biz> wrote: I am very surprised to hear some of you are having such an issue with checking and TDAmeritrade. I'm in two clubs that used them as a broker for quite a few years and we had a very good experience. They gave us free checking and it was very easy to write checks to whomever we wanted. Our club has used Schwab since 2008 and the checking account has not cost us anything to date. We are a partnership, have 2 signers on the account, but it only takes 1 signature on a check. We got about 5 free checks to start and don't have any restrictions on who we write them to. We do have to reorder some checks now, so I'm not sure if there will be a charge for that. They charge $8.95 for any brokerage trades. You can even set up your account on their website. We had one of our partners withdraw and he set up his own Schwab account and we transferred a portion of our stocks to his new account at no charge to either of us. Even the call centers are located in the US. They've been great to work with and I recommend them highly. Steve Foster Circle of Friends Investment Club |
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