Re: [802SEC] [802SEC] 802 Banking account proposal
Bill,
I'm confident that John will appreciate your thorough list of questions and
comments - I know I do in terms of becoming more informed.
Thanks,
Carl
> -----Original Message-----
> From: owner-stds-802-sec@ieee.org
> [mailto:owner-stds-802-sec@ieee.org] On Behalf Of Bill Quackenbush
> Sent: Friday, October 27, 2006 1:58 PM
> To: John Hawkins
> Cc: billq@attglobal.net; STDS-802-SEC@listserv.ieee.org
> Subject: Re: [802SEC] [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 from the account and if funds were withdrawn, what are the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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