Getting Started: Establishing a cash/checking account for an investment club
Debbie Brown wrote.....
We are just getting started on setting up this club. I want to know how we set up our money accounts so we may begin the investment process. I haven't seen this section. As a beginner in this I need all the basic information on this to cover with our friends who are also new to this.
Within the bivio accounting software you can set up a brokerage account and/or a bank account.  Most clubs find that a money market account with check writing privileges that is associated with their brokerage account will be sufficient for all of their club's cash needs.      This is usually the most cost effective method of maintaining a club cash account because the money market fund pays interest and these checking privileges are usually free. 
On the other hand, some clubs set up a checking account at a bank, S & L, or their Credit Union.   While in some cases these accounts are free, many institutions charge rather high fees for these small "business" accounts.     In any case, it pays to shop around.
Once you have opened a brokerage account you can begin investing, either with funds sent from your cash account outside of the brokerage account or with funds already deposited in the cash account associated with your brokerage account.
If you have other questions or if we can help in  any way feel free to write Rip or me at
Jerry Dressel
St.Louis, Missouri