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Messages - Ryutaro Hashimoto

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1
Do you know if strata charges a fee to close the ira account?

$150 Account Termination Fee

2
100% agree.  I was actually afraid that STRATA won't let us close the account with a balance and will want to charge the $100 IRA annual fee again.
Will need to get the transfer form in for all the cash to go to Vanguard.

But my interpretation of your relay of LC's support guy comments ... says that the money that STRATA thinks is there doesn't actually exist.  ...oh... I suppose STRATA could refuse to close the account based on $40 that doesn't exist.  That would be really funny.
Ha, not funny to me if it goes past the annual date and they want to charge us $100 account fee!

The LC lenderAccountDetail.action screen shows: Charged Off* (32) $527.64
The STRATA display shows: Public Unsecured Notes $42.67

So very different.  I don't care at this point and we just want my son's account closed.

I thought STRATA's balance updates quarterly. Did you request to close the account? You should be fine as far as your Lending Club account value is $0. You can keep your Lending Club account open until you receive all recoveries. Lending Club will mail you a check when you request an account closure.
Yes, we sent in the form to close the LC and STRATA accounts. You have to send the form to LC and they initiate it AFAIK.

When you request the closing of the LC account there seems to be a place to forfeit all the recoveries (attached picture). This account is so small and is a ROTH so we don't need any complications anyway.

Gotcha. For those who are thinking to do same, I suggest to close only STRATA IRA. Keep LC IRA open and let LC voluntary close it (they will close after a few months if there is no activities). This way, you don't need to forfeit all the recoveries. They will mail you any future proceeds from settlement.

3
100% agree.  I was actually afraid that STRATA won't let us close the account with a balance and will want to charge the $100 IRA annual fee again.
Will need to get the transfer form in for all the cash to go to Vanguard.

But my interpretation of your relay of LC's support guy comments ... says that the money that STRATA thinks is there doesn't actually exist.  ...oh... I suppose STRATA could refuse to close the account based on $40 that doesn't exist.  That would be really funny.
Ha, not funny to me if it goes past the annual date and they want to charge us $100 account fee!

The LC lenderAccountDetail.action screen shows: Charged Off* (32) $527.64
The STRATA display shows: Public Unsecured Notes $42.67

So very different.  I don't care at this point and we just want my son's account closed.

I thought STRATA's balance updates quarterly. Did you request to close the account? You should be fine as far as your Lending Club account value is $0. You can keep your Lending Club account open until you receive all recoveries. Lending Club will mail you a check when you request an account closure.

4
Investors - LC / Re: Take on debt and put it in Lending Club?
« on: April 29, 2018, 01:32:49 AM »
Don't invest borrowed money in LC.  I do same in much bigger scale (200k+). There are other platforms with lower risk and higher return.

5
If you don't mind keeping the Taxable account open longer, you can simply transfer notes from your IRA to Taxable account through FOLIOfn. This will unblock you from closing the IRA account with LC. You can let these unwanted notes mature in your Taxable account.

You might wanna read the IRS rules on self-dealing before using this strategy.

I tried to do this early on and ran into the thing that others have talked about- not being able to find your notes when they are listed. I never had luck with it- even when downloading the entire Folio note list to Excel- I found few if any of my notes.

At this point in the game I have two concerns- how long does it take me to sell the remaining notes with a minimal loss, and how much effort does that method require.

I managed to sell a few more notes in the IRA this weekend, but I think my taxable account is done. It's down to about 25 notes and they seem to be the ones that no one wants. Thinking based on what others have said I may eventually go to 20% discount but not planning to go further at this time.

Did you try to make an API call? SecondaryMarketAllNotes.csv is not 100% accurate. Even though your note is not showing up in the Folio inventory, it's there. You should be able to purchase by making a purchase call directly via API. If you are not faimilar with the process, use a 3rd party service such as PeerCube. You can link your accounts and purchase through them.

6
If you don't mind keeping the Taxable account open longer, you can simply transfer notes from your IRA to Taxable account through FOLIOfn. This will unblock you from closing the IRA account with LC. You can let these unwanted notes mature in your Taxable account.

You might wanna read the IRS rules on self-dealing before using this strategy.

Be creative.

7
If you don't mind keeping the Taxable account open longer, you can simply transfer notes from your IRA to Taxable account through FOLIOfn. This will unblock you from closing the IRA account with LC. You can let these unwanted notes mature in your Taxable account.

8
Investors - LC / Re: Recoveries: More than usual?
« on: January 13, 2018, 11:49:46 AM »
DateRecoveriesLoans
10/27/2017$11.4113
11/29/2017$773.9416
12/5/2017$113.667
12/22/2017$70.5614
12/28/2017$41.155
1/5/2018$86.379

not a ton, but more than usual

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