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Re: [802SEC] 802 Banking account proposal

Hey Bill,

Your recollection is probably correct, but this is no longer the case
(otherwise, I agree, it would be a show stopper). I've confirmed with
IEEE staff that the account stays with us as long as we're a functioning
IEEE unit.

The main downside to concentration banking I see is the local access
issue, which gets addressed by using IEEE staff in Piscataway if/when
presence at a local branch is necessary. 

The advantage to us is some simplification of the L-500 audit process
(one less page of that form needs to be filled out and one less set of
bank statements copied/sent), an improved interest rate with the bank
due to the concentration of funds, and we get some features not
available from our current bank such as bank cards, online access, etc
(granted, those are probably also available via other banks).

If I don't hear concensus on this soon, I think I will just back off for
now and do nothing. I suspect IEEE will require us to engage in
concentration banking in the not-too-distant future. I was just trying
to get us ahead of the curve for once. As someone said earlier in this
thread, the last thing we want to do is go thru this twice.


-----Original Message-----
From: ***** IEEE 802 Executive Committee List *****
[] On Behalf Of Bill Quackenbush
Sent: Saturday, October 21, 2006 2:11 AM
Subject: 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
deal with.


Bill Q

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 comparison.
> 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.
> Ph: (425) 373-8960    Fx: (425) 865-7960
> Cell: (425) 417-1022
> -----Original Message-----
> From: John Hawkins [mailto:jhawkins@NORTEL.COM]
> Sent: Friday, October 20, 2006 1:51 PM
> To:
> 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 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
> 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.
>> john
>> Treasurer, IEEE 802 Executive Committee Tel 770 708 7375 (ESN 268) 
>> Fax 770 708 7376 * Email Mail 4145 Ivy Chase Ln, 
>> Suwanee, GA 30024
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