Re: [802SEC] 802 Banking account proposal
I'm not sure I understand the nature of this account. Would the IEEE 802
money be in a separate account at Wachovia or would it be in an overall
IEEE account with the IEEE treasury providing us statements on our part
of the account? It sounds like it is the latter. If so, is there a risk
to IEEE 802's financial health in mingling our funds this way?
I'm somewhat concerned that there aren't any statements addressing that
on the information page.
From: ***** IEEE 802 Executive Committee List *****
[mailto:STDS-802-SEC@ieee.org] On Behalf Of John Hawkins
Sent: Thursday, October 12, 2006 2:50 PM
Subject: [802SEC] 802 Banking account proposal
At the November plenary, I'd like to propose a motion, seeking your
approval to change our provider for banking services. In advance of
that, I thought I'd explain the rationale, and entertain your questions
so the matter could be dealt with expeditiously at the closing EC
I'm proposing we sign on with a new program IEEE is providing referred
to as "Concentration Banking" where all societies/regions/conferences
etc pool their funds. Some advantages:
- We receive a more favorable interest rate (currently 4.94%)
- The program provides for a Bank Card (similar to a debit card) which
should facilitate small purchase transactions.
- The provider is Wachovia bank, so proximity to a physical branch will
no longer be an issue (US Bank's nearest location to me is Franklin, TN
- 4 hours away). Though instances are rare when I actually have to be at
a branch in person, it's a nice to have.
- The program provides individualized banking statements with all the
information we need to track transactions per our current practice. This
includes online facilities for monitoring account activity.
- There are no fees associated with the account.
- Transitioning the management of this account to my successor (whoever
the lucky person may be :-) should be easier as physical presence at the
bank is not required.
More information is available at
I'm happy to answer any questions or address concerns you may have.
Look forward to seeing everyone in November.
> Treasurer, IEEE 802 Executive Committee Tel 770 708 7375 (ESN 268) Fax
> 770 708 7376 * Email firstname.lastname@example.org Mail 4145 Ivy Chase Ln,
> Suwanee, GA 30024
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