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Messages - BruiserB

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Investors - LC / AltoIRA transfer
« on: June 24, 2021, 12:24:20 PM »
My transfer seems to be complete today.  I received an e-mail from Alto informing me and logged in and see both my LendingClub account and the cash that was in Strata.
Investors - LC / AltoIRA transfer
« on: June 22, 2021, 07:22:23 AM »
I logged into Strata this morning and see my withdrawls of both the LendingClub account and my cash took place on June 18th.  Even though it said no accounts linked to my username when I logged in, I could still click the "Activity" tab and see the transactions.  I'd expect you could see if Strata charged an annual maintenance fee there.

The cash isn't showing in Alto yet.  I did submit a question to them yesterday through their form (also found it strange they have no phone support at all) but did get a quick response saying that the transfer is under Strata's control, but that they would make sure all funds get credited to my account once they receive them.  Expect everything should show up okay in the next couple of days.
Investors - LC / Re: AltoIRA transfer
« on: June 16, 2021, 11:16:55 AM »
The process with Alto was really straightforward.  They have all of your LendingClub and Strata info so the transfer form is pre-populated and you e-sign the form.  But now it just seems on hold.  Hard to tell if they're trying to just batch up a bunch of transfers and get them all processed at once, or if as you say Fred, Strata is dragging their feet.  Will just keep waiting a bit.  I would think Alto would handle the wakeup calls to Strata as they want to get the new clients.
Investors - LC / AltoIRA transfer
« on: June 16, 2021, 10:34:56 AM »
So I decided to move my IRA to Alto.  It was stated in the conversion process that both the LendingClub IRA account and the cash held by Strata will be transferred to Alto.  I submitted everything about 3 weeks ago.

On Alto it shows my LC account but still shows the actual transfer as pending.  And everything still looks like it's sitting in Strata.  Waiting patiently.  Anyone else at any different status?
Investors - LC / RIP Lendingclub Notes
« on: October 14, 2020, 11:00:00 PM »
I did e-mail Lending Club to ask about switching IRA custodians as they previously had told me that it was possible to do so.  The new custodian they have recently been using only had maintenance fees if the notes balance went below $5,500 rather than $10,000.  I figured transferring custodians would be one way to avoid the fees.  Below is the response I received.  Summary: no longer possible to change custodians but they will cover yearly fees as account winds down.  Strange part is that they left it to me to contact them once my balance goes below $10,000 to get added to the waiver list.

Thank you for reaching out!

LendingClub will be happy to cover your IRA account maintenance fee with STRATA Trust if your balance happens to fall below the 10k threshold. The fee is assessed on the month of your anniversary with LendingClub (August) so please reach out to us prior to then if your balance drops below 10k and we will add you to our list.

At this point we can no longer transfer you to our new IRA custodian as the funnel for new accounts was closed a week or so ago. With this being said it should not matter as the only difference between the two Custodians was the lower annual fee, however since we will be covering this for you this should not affect you in any way.
Investors - LC / RIP Lendingclub Notes
« on: October 11, 2020, 11:00:00 PM »
Apparently I did get a message about Folio shutting down.  It came in an August 6th email with the subject line "July 2020 Monthly Statement and an Update on Folio."

In it there was this:

An Update on Folio

As a Folio account holder, you know that historically Folio Investments, Inc. (Folio) has offered a secondary market for Notes, where individuals could buy and sell Notes to and from other investors. LendingClub was recently notified that Folio is being acquired by a financial institution and, as a result, the secondary market for Notes will be discontinued.

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.

Should you wish to buy or sell Notes on the secondary market, please keep these key dates in mind:
August 26, 2020: The last day you will be able to list a Note for sale. Any remaining Note listings on the trading platform at the end of the day will expire or terminate. Any trades executed on August 26, 2020 will settle in accordance with standard settlement procedures on August 27, 2020.

August 28, 2020: Investor account(s) with Folio for trading Notes will be closed, after which you will be able to log in to view statements and legal agreements only.
While most investors consider Notes to be part of their buy-and-hold long-term investment strategy, we understand that the secondary market has provided a valuable option to those who needed it. We're disappointed in the decision and understand that investors who actively trade Notes will be disappointed too. Because the secondary market has always been offered by a third party, we unfortunately do not control its availability.

As always, please contact us with any questions at the email address below.
Investors - LC / RIP Lendingclub Notes
« on: October 06, 2020, 11:00:00 PM »
Wonder if they just mean the retail notes platform?  Still serving commercial customers and their own bank with notes?
Investors - LC / Winding down on Lending Club
« on: February 26, 2020, 12:00:00 AM »
I've decided to most likely completely wind down my Lending Club accounts.  I've been doing so on my taxable account for a couple of years now.  But today I think I've decided to finally wind down my ROTH IRA as well.  I had been using NSR's managed investing to keep that account going, but now it seems to be having trouble keeping my money invested.  Lately it's been investing $50-100 per note and still cash has been piling up.  Now I see the news of LC acquiring Radius Bank and it seems that the whole retail aspect of LC is fading away.

My IRA is with STRATA.  I see that LC now has a new preferred custodian in IRA Services Trust Company.  That custodian seems to have lower fees.  Does anyone know if LC can simply facilitate a change in custodians?  I've written them to ask.  Not sure if it would be worth doing....I'll need to compare transfer out fees, etc. more closely.  But STRATA will have a $100/year fee once I drop below $10,000 in notes and it appears ISTC's fee is only $40 per year and only assessed if the balance drops below $5500. 

I'm going to be evaluating a few different ways to wind down, since there are fees for withdrawls.  Would be interested in any feedback on pros/cons of the following?

A) Just let account wind down on it's own.  Let cash build up and do periodic (yearly?) transfers of cash to my other ROTH account?

B) Try to sell notes on secondary market to get a lot of cash out now.  I'm thinking to sell whatever I can above or at par value.  I have zero experience selling notes on the secondary market and would appreciate any pointers on best way to do.  Manual?  Automated?  Who has a good automated selling tool recommendation?  Then transfer a bunch of cash out now and let the rest wind down slowly.

C) Keep aggressively lowering prices below par and try to completely liquidate and just get out ASAP.  Would take losses, but avoid aggravation of waiting around and fees for multiple cash transfers and yearly custodial fees.

Or anyone have any other strategy recommendations?

Thanks for any and all advice.  It was a good run with LC, but just doesn't seem to be worth it any more.
Investors - LC / Review of my lending club account
« on: December 31, 1969, 07:00:00 PM »
Also still here. Not posting as regular as before. And have been liquidating my taxable account down to a level where I can deduct all of my losses instead of building up future carryovers. But still reinvesting in my Roth IRA account though I have stopped adding more each year.
Investors - LC /
« on: December 31, 1969, 07:00:00 PM »
I'm continuing to reinvest in my IRA account, however I didn't transfer this year's IRA deposit into LC.  I'm using NSR's Fully Managed Aggressive tool in my IRA.  This year my IRA is yielding 7.91% YTD which is up from last history is below. 

Overall Yield   7.36%
2013 Yield   13.10%
2014 Yield   12.86%
2015 Yield   11.11%
2016 Yield   3.69%
2017 Yield   5.87%
2018 YTD   7.91%

I've been letting my taxable account run down, withdrawing cash each Friday morning and putting it into a balanced portfolio of ETFs I've been investing in for the last couple of years.  My return is better this year (I suppose a lot of the defaults have already happened).   I'm contemplating turning reinvestment back on at some point, but still want to get the overall value lower as I've run into the same writeoff limits as lascott.  My taxable account performance is:

Overall Yield   7.48%
2011 Yield   10.35%
2012 Yield   10.76%
2013 Yield   12.17%
2014 Yield   11.20%
2015 Yield   9.75%
2016 Yield   4.12%
2017 Yield   1.12%
2018 YTD Yield   4.57%
Investors - LC / Trolling Lawyers on Facebook
« on: October 12, 2017, 11:00:00 PM »
A link to this group showed up in my Facebook feed.

I think I saw a similar one a few weeks back trolling for Prosper borrowers.  Thoughts?
Investors - LC / Not worth the returns after taxes.
« on: April 12, 2017, 11:00:00 PM »
Back when this thread started I think Lending Club was just issuing a 1099OID and then gave you a list of your written off notes and you basically had to figure out how to make the adjustment yourself.  They didn't issue a 1099B form basically declaring them as Capital Losses.  So there was a lot more doubt on how to report these on taxes and I think one could build a better case for interpreting the rules in different ways should the IRS have audited you.  However the last few years Lending Club has issued the 1099B forms and even provided their guide to do taxes even though I believe they still disclaim that it is tax advice.  You can certainly choose to report things differently than Lending Club recommends, but you should be aware that the red flags will go up when the IRS notices that you had 1099B transactions that you didn't report and they will probably wonder why you adjusted the OID number.  Those red flags may cause an audit and then you will get the opportunity to explain to them in person why you decided to do what you did.  Let us know how it turns out.
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