Re: [802SEC] RE: [802SEC] 802 Banking account proposal
John, et al,
I seems to me that you might want to consider the order of the two separate
If, for example, we are presented with information that shows compelling
advantages to joining the IEEE concentration banking "pool," then I think
the other question is moot.
If we don't decide to do so, then the other motion could be appropriate for
I sounds to me like the issues of wire transfers and signature cards have
been addressed ... Are there any other issues I've overlooked?
> -----Original Message-----
> From: email@example.com
> [mailto:firstname.lastname@example.org] On Behalf Of John Hawkins
> Sent: Friday, October 20, 2006 4:51 PM
> To: email@example.com
> Subject: [802SEC] RE: [802SEC] 802 Banking account proposal
> Hey to all. Sorry I haven't responded to this yet - got
> caught up in the day job!
> Several points were made (all good ones) so let me address as
> many as I can herein.
> 1. Local branch access. This is a good point, albeit a
> limited downside IMHO. Since I've been in this role, there
> are two situations where this has become a challenge: A) The
> situation Buzz describes where we had to wire funds to a
> foreign bank, and B) getting new signatories added/deleted
> from the account. Something else could come up next week, but
> so far, those are the only two situations. I have confirmed
> with IEEE that they would be able to assist in both
> situations from Piscataway. I.e. the IEEE account signatory
> could make a wire trasfer at our direction, or signature
> cards could be mailed to IEEE for delivery to Wachovia. There
> is also the distinct possibility that Wachovia is more
> advanced in regards to offering wire transactions online.
> 2. Bob Grow addressed the point about IEEE being able to
> withdraw our money at a time of their chosing. That is the
> case already. Technically, and legally, it's all IEEE money
> since we're an IEEE entity.
> 3. Pat's question about exactly how the funds are pooled. As
> far as Wachovia is concerned, IEEE is one big client having
> one big account.
> Hence the favorable interest rate. But they track
> sub-accounts within the master account that receive their own
> statements, accrue their own interest, etc... This is a
> feature of this type of institutional account. IEEE Treasury
> can view the sub-accounts, but doesn't actively manage them
> (ie generate statements or credit interest).
> 4. On Geoff's suggestion to divide the question into A)
> changing banks to solve the physical proximity issue and B)
> signing on to the IEEE concentration banking program. I'm ok
> with that, and will word the items as separate motions. I'll
> propose wording once we appear to have the main questions
> answered about this.
> Did I miss anything? Let me know.
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