Re: [802SEC] RE: [802SEC] 802 Banking account proposal
If Bill's recollection is still the case, I would agree with Buzz that that
in itself would be a show-stopper.
Carl
> -----Original Message-----
> From: owner-stds-802-sec@ieee.org
> [mailto:owner-stds-802-sec@ieee.org] On Behalf Of Rigsbee, Everett O
> Sent: Saturday, October 21, 2006 2:34 AM
> To: billq@attglobal.net
> Cc: STDS-802-SEC@listserv.ieee.org
> Subject: [802SEC] RE: [802SEC] 802 Banking account proposal
>
> Thank you Bill for this clarifying explanation.
>
> I would have to agree that it appears to be wholly unsuitable
> for that reason alone.
>
>
> 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: Bill Quackenbush [mailto:quackenbush@ieee.org]
> Sent: Friday, October 20, 2006 11:11 PM
> To: Rigsbee, Everett O
> Cc: 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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