Re: [802SEC] 802 Banking account proposal
John,
The additional questions that I would be asking the IEEE include the
following:
1) What if any are the restrictions on the life of a concentration
banking account and will there be any change in the account number or
other identification of the account during the life of the account?
2) Can a hotel or other organization with which 802 needs to establish
an account/credit get confirmation of the 802 account and other
appropriate 802 account specific information as can be obtained from an
independent bank account?
3) Under what conditions would the IEEE withdraw funds from the account
and if funds were withdrawn, what are the justifications for such a
withdrawal, what notice would be provided to 802 and what is the timing
of such notice?
4) What is the mechanism and approval chain for 802 to cause a domestic
or international wire transfer to issued?
5) What fees and additional exchange rate (in excess of the bank to
bank exchange rate) are imposed on domestic and international wire
transfers?
6) Does the use of concentration banking require that 802 use the IEEE
for credit card processing services? In the past the IEEE charges for
credit card processing were significantly greater (3x-4x) than the rates
802 paid using it own merchant accounts. Or can the existing 802
merchants be used and linked to a concentration banking account? If the
existing 802 merchant accounts can be used, is there any additional
charge imposed for this linkage to a concentration banking account?
7) What other restrictions would the use of concentration banking
impose of the financial activities of 802?
8) Are there any limits on the dollar amount of a check written on the
account?
9) Are there any requirements for multiple signatures on checks or for
checks greater than some threshold amount?
On the local access issue:
1) What is the drill required to change signatures on the account? Can
that all be done by mail?
On the advantages of concentration banking:
1) The IEEE made it clear on multiple occasions in the past that it did
not want 802 to have any credit cards. Such cards were available from
US Bank and would have been useful for certain 802 purchases and I
considered getting one or two. But no cards were obtained due to IEEE
objections. Has the IEEE changed it policy or is this just a ploy to
encourage groups to use concentration banking?
2) On line access is available from all major banks including US Bank.
These are the questions that I can think of now that seem to me need
answers before making a decision on a change to IEEE concentrated banking.
Hope this is helpful.
Best regards,
Bill
John Hawkins wrote:
> 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.
>
> john
>
> -----Original Message-----
> From: ***** IEEE 802 Executive Committee List *****
> [mailto:STDS-802-SEC@ieee.org] On Behalf Of Bill Quackenbush
> Sent: Saturday, October 21, 2006 2:11 AM
> To: STDS-802-SEC@listserv.ieee.org
> 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.
>
> Thanks,
>
> 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
>> everett.o.rigsbee@boeing.com
>>
>>
>> -----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 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.
>>
>>> john
>>> Treasurer, IEEE 802 Executive Committee Tel 770 708 7375 (ESN 268)
>>> Fax 770 708 7376 * Email jhawkins@ieee.com Mail 4145 Ivy Chase Ln,
>>> Suwanee, GA 30024
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