Re: [802SEC] 802 Banking account proposal
John, I think you are trading your problem with US Bank for mine with
Wachovia, which as far as I know only has branches east of the
Mississippi. I thought we were going to do Bank of America, which is
truly everywhere in the US. If I remember correctly there were some
serious problems with the IEEE concentration banking concept that Bob
Grow detected early on and recommended against our choosing them, not
the least of which was that IEEE could choose to withdraw all of our
money without our permission and with no warning to us. There were some
other problems too if I remember correctly.
I'm all for us getting a better (more progressive) bank to work with,
but I think we should stay independent with a bank that is truly
ubiquitous, e.g. Bank of America.
Thanx, Buzz
Dr. Everett O. (Buzz) Rigsbee
Boeing IT
PO Box 3707, M/S: 7M-FM
Seattle, WA 98124-2207
NOTE: New phone number; please update your list.
Ph: (425) 373-8960 Fx: (425) 865-6721
Cell: (425) 417-1022
everett.o.rigsbee@boeing.com
-----Original Message-----
From: John Hawkins [mailto:jhawkins@NORTEL.COM]
Sent: Thursday, October 12, 2006 2:50 PM
To: STDS-802-SEC@listserv.ieee.org
Subject: [802SEC] 802 Banking account proposal
Folks,
At the November plenary, I'd like to propose a motion, seeking your
approval to change our provider for banking services. In advance of
that, I thought I'd explain the rationale, and entertain your questions
so the matter could be dealt with expeditiously at the closing EC
meeting.
I'm proposing we sign on with a new program IEEE is providing referred
to as "Concentration Banking" where all societies/regions/conferences
etc pool their funds. Some advantages:
- We receive a more favorable interest rate (currently 4.94%)
- The program provides for a Bank Card (similar to a debit card) which
should facilitate small purchase transactions.
- The provider is Wachovia bank, so proximity to a physical branch will
no longer be an issue (US Bank's nearest location to me is Franklin, TN
- 4 hours away). Though instances are rare when I actually have to be at
a branch in person, it's a nice to have.
- The program provides individualized banking statements with all the
information we need to track transactions per our current practice. This
includes online facilities for monitoring account activity.
- There are no fees associated with the account.
- Transitioning the management of this account to my successor (whoever
the lucky person may be :-) should be easier as physical presence at the
bank is not required.
More information is available at
http://www.ieee.org/portal/pages/services/financial/treasury/concentrati
on.html
I'm happy to answer any questions or address concerns you may have.
Look forward to seeing everyone in November.
> 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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