Re: [802SEC] 802 Banking account proposal
It is my recollection that the IEEE auditor, Emily Cummings, stopped
"recommending" in her audit report that IEEE 802 move their funds into
IEEE concentrated banking because IEEE concentrated banking accounts
have to be closed every year. That works just fine for a conference
account which has a life of less than a year, but would not work well
for an ongoing activity like 802. If IEEE concentrated banking accounts
still have this property, you would have to close the account and open a
new account with a new account number and new checks every year. That
kind of annual interruption is not something I would want to have to
Rigsbee, Everett O wrote:
> John, I think you need to consider the reasons why Bob Grow found
> switching to IEEE's Concentration Banking a good idea for conferences
> but NOT a good idea for IEEE 802. Your predecessor, Bill Quackenbush,
> studied this matter in great detail and came to the exact same
> conclusion. There were good reasons to stay independent.
> IEEE has been trying to "sell us" on this concept for over 10 years
> because it benefits them. I have yet to see any real benefit to IEEE
> 802 for making the switch. I can call my "personal banker" at Bank of
> America and do international wire transfers over the phone, but I still
> find occasions when I need to go to a local branch. Having a bank with
> local branches everywhere is much better than one that only has them in
> some localities. If we choose to give up on that luxury, then I would
> suggest we are better off going with one of the best new online-only
> banks that does everything online without branches because they have all
> the same features, pay much higher interest rates, and are accessible
> anywhere you can get on the Internet. Check-out Emigrant Direct for
> Thanx, Buzz
> Dr. Everett O. (Buzz) Rigsbee
> Boeing IT
> PO Box 3707, M/S: 7M-FM
> Seattle, WA 98124-2207
> NOTE: New phone & Fax numbers; please update your address book.
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> -----Original Message-----
> From: John Hawkins [mailto:jhawkins@NORTEL.COM]
> Sent: Friday, October 20, 2006 1:51 PM
> To: STDS-802-SEC@listserv.ieee.org
> Subject: 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 transfer
> 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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