Re: [802SEC] 802 Banking account proposal
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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