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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 from the account and if funds were withdrawn, what are the 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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