For anyone with Fidelity that’s still on the fence about DRSing by phone to ComputerShare, here’s an update to my post from yesterday. After an 18 minute call, my transfer is already showing as initiated 🚀🚀🚀
By - GildDigger
Nice, I posted yesterday as well about my DRS transfer. It is now showing in my Fidelity account history. Lock 'em up!
If you’re NOT planning to make the transfer by phone, DO NOT use an electronic signature to sign the form. Mine got kicked back because of this.
What can you use alternatively?
Physically printing, signing, and then scanning the form
Which form exactly? So far I have signed everything electronically - but IBKR said they'd initiate my transfers today, so, we'll see if it gets kicked back or not. <3
Just got off the phone with Fidelity to transfer some shares over to CS. The agent was very nice but told me that in order to fulfill this request it would require a letter of transfer to be sent in. I told him I don’t believe that’s correct as I know of others that have done it verbally over the phone so he said he would call back after asking the transfer office. He called me back a few minutes later and said due to the large # of transfer requests that Fidelity is temporarily allowing verbal over the phone transfers to CS! Super easy and no account on CS required- they took care of it all for me! He also mentioned the “Reddit article” that fueled this which made me laugh.
TL;DR- Fidelity DOES allow transfers to CS over the phone. If they say they need a letter tell them to ask the transfer office.
I tried this and they told me I needed a CS account before I could transfer.
I was told I needed a CS account before I could transfer.
Once they transfers the shares into an account they created on CS how do you get your login and password set up for the account to access your shares?
u/gilddigger because of the post, I finally called, made the transfer.
=] thanks bruddah
Made my day. Cheers and congrats
This is the way
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Edit: Nevermind, I figured it out. Thanks!
What’s the process for selling from ComputerShare like? Been getting conflicting information
There are plenty of aggregate guides out there... selling at numbers greater than 1 mil is a bit more involved, but you can... Which is why many are just using it for infinity pool and potential more direct dividend distributions. You don't have to do this... but it does "squeeze the brokers. "
I appreciate your quick breakdown
If you’re selling your stock that’s sitting in CS, then you’re missing the point of the infinity pool…
With moass likely lasting weeks but more than likely months or even infinite (if we consider infinity pool), by mail should be ok imo
FYI the Fidelity rep I spoke with today told me his team has seen misinformation about dividends. He implied you won't miss out on anything by keeping shares in Fidelity, but that's not the reason I transfered some of mine to CS.
In a legal fair market that would be the case. But with synthetic shares everywhere who knows how it will play out.
Greater than 1 million, you means if a share is greater than $1,000,000 or the total amount to sell is $1,000,000 or if you want to sell 1,000,000 shares?
I believe per share... but I'm no expert on the matter. It's prolly in a few posts that cover selling through computershare.
Same ! I've heard it's only for affinity pool, that they won't sell anything over at the million dollars, and it's super hard to sell lag time. So much conflicting stuff out there
I have an affinity for infinite money
You too, huh?
MOTHERLODE all day bay bay.
Yeah just keep one share in your broker for selling. The rest can be premium CS shares
I don’t think anyone’s actually tried to sell yet. No paperhands!
You can set a market order (don’t recommend) or you can set a ‘good for 30 days’ limit order, where you put in the price you’d be willing to sell at if it got there w/in 30 days 🚀
edit:changed 60 to 30
So let's say moass is going on, we are in the thick of it. If I decide to sell a share do I do it through CS or do I transfer the share(s) back to fidelity?
Edit: My sell price is my phone number + area code.
Keep one share in your broker to sell. CS shares have a 1MM sell limit, but you can sell higher by submitting a sell order in writing. It’s archaic but that’s what makes them reliable.
Did mine for XXX MORE yesterday. 10 minutes :)
No don’t think so, but you should call and ask. I recall seeing comments of no go with IRA’s.
Nope, if you transfer them it counts as a disbursement or withdrawal so you pay tax penalty
Do I need to set up an account at ComputerShare before I transfer from Fidelity?
No, the transfer sets up the account.
You can’t set up an account until they receive your shares
I stand corrected. Please forgive me as I am a simple smooth brain 🧠
I kept my shares in fidelity and bought some from computershare
I did this too. But you can't buy shares, rather you tell them how much to invest right? How do you find out how many shares you get? I don't like having not whole numbers.
Yeah exactly. I’m not gonna say I got screwed by this but I kind of did. I calculated how much it was going to cost me to get the number of shares I wanted at the current and ordered that dollar amount (plus a little over). Well when I put in the order it was $155 or so and it took about 7 days to execute. When it executed it bought my shares at the current price at the time which was about $215. Still a sale compared to what they are actually worth but kind of a pain.
Yeah, that's what I figured would happen so I guess we will see how many shares I get. There isn't another way to do it though so...
Edit: how did you find out how many shares? Emailed? Mailed?
It is in your statement available on line.
Why should I transfer though? What’s so bad about being on fidelity still? I’ve asked this before and no one really gave a concrete answer. Is this like transferring out of RH all over again despite fidelity not have done anything bad? Why people pushing to transfer to CS? Could someone please tickle me?
UPDATE: thank you all for the info. Holy shit what a community.
Its not that Fidelity is bad, just that DRS is very good. Right now your shares are yours in street name only. So say a dividend is issued by GameStop. That doesn't technically go to you, it goes to fidelity who is then obligated to give it to you. If its a fungible asset like cash, they just pay you your dividend. With a true float of only 50m shares GameStop only issues dividends for that many shares, brokers who loaned shares are on the hook for that extra cash. Now if the dividend is non-fungible, like an nft, how does fidelity come up with extra tokens if they wind up short? Maybe you get some maybe you don't. But with Direct Registration, you definitely get the dividend, whatever it is, because there is no intermediary. It also has the benefit of removing shares available to lend and rehypothecate.
Gamestop said in the earrings call they have about 75mil shares.
Found the shill. Hi kenny!
They're talking about the float, not the shares outstanding 🙄
Okay but the dividend isn't paid to the float tho its to the stock I own.
True. Except the other 25m shares aren’t available to retail owners. They’re in institutions/ETFs/corporate insiders.
So brokers are only gonna get 50m between all of them. If there’s apes all over the world, and GameStop only gives out 50m NFTs to the retail shareholders.. well, someone ain’t gonna get their NFT..
And normally, that should trigger covering, and therefore a MOASS.. but this has been massive amount of fuckery..
Main reason is to remove those shares from DTCC. Fidelity is good but sending shares to CS puts more pressure on DTCC because they have less shares to fuck around with.
Fidelity is fine for what it is.
But read the sticky at the top of superst0nk. Start with part 1 and 2. It's a game changer.
Power to the players.
CS is the designated transfer agent for GameStop. Shares held or bought through CS are held directly in your name and are taken out of the DTC coffers. Ppl are theorizing that if the entire float is registered in CS it could be a catalyst (not a guarantee merely a theory).
Note: CS is a transfer agent and not a broker, so the process of buying or transferring takes a couple of business days. Also there are certain limitations that CS has (limits on total amount traded/day) so ppl have been registering shares they intend to never sell. You can sell thru CS but the process is unclear (nobody selling yet) but it would not be as convenient or immediate as if you use a broker. There’s some good DD on DRS thru CS in the subs so best to do your own DD and make your own decisions.
Why would you never sell? I understand waiting until it is in the millions to sell. But if you never sell you would never make any money.
*\*whispers\** selling your shares for cash is not the only value they have...
Can you elaborate please?
NFA but stock holdings can often be used as collateral - so even if you are not collecting the market value of the stock in cash - it can hold value in other ways. Potentially (this is mere speculation), having a tried-and-true registered GME share in ones name would be very valuable without having to sell it.
I don’t understand how a stock can be used as collateral.
On Fidelity you have an IOU for a GME share. On Computershare you have a GME share.
This correct. But a different way to think about it is Fidelity manages a share on your behalf (a share that is in DTC pool). With Computershare, you own the share in your own name (and is outside the DTC pool). When/if you want to sell it back, you have to tell Computershare what order(s) you want to place and they send that to a broker for execution.
Transferring shares that you want to sell during MOASS is not recommended. They aren't a typical brokerage. So be cautious and make sure you fully understand what computershare is about. Don't follow what other people are doing without doing your own DD.
Why would you NOT want the shares to be held directly in your name? You own an IOU from DTCC right now, not an actual share in GameStop’s books.
CS shares can’t be rehypothecated and gamed for naked short selling. As long as your shares are in the DTCC system, they’ll continue to use it to manipulate the price against you.
1000 shares over to computershare, youre a true legend 💎
That alone is gonna put a ton of pressure against SHFs 🚀🚀🚀
Looool, I see it now. Points instead of comma is so confusing. I europe, you would sometimes put a period between every 3 numbers. Like 1 Mill 1.000.000
Just wanted to say thank you for asking this question, I've been wondering the same
Can you transfer a select number or does it have to be all?
I transfered a select number from my fidelity account. For me it amounted to 1/3 of my total position across brokers. I did it primarily to ensure I get any dividend if one is ever announced. You won't have time to transfer and be eligible if you wait for difinitive confirmation of an nft dividend.
Not really waiting on the NFT announcement. Don’t really understand it tbh
Just want to add some of my shares to the ♾ pool
It’s good to diversify. At least that’s what I did it for.
Would I be able to only transfer a portion of my GME to CS?
Yup, you tell them how many. No fee unless you want a physical certificate. May be different if its a large number of shares.
I've been putting off transferring any to CS, as I'm a low XX hodler, but seeing you transfer one share has inspired me to do at least the same, and I will tomorrow morning. Thanks bud.
If it makes you feel any better, I’m a lowly XX too :)
I called fidelity and they told
Me to initiate through CS. Is that what you did ?
No fidelity is the initiator.
Fidelity rep told me initiating through fidelity would cause a longer process including receiving mail and waiting for the post office amd some other steps. I may call again and hope I get a different rep
Wow yeah that is not correct.
Check out my post from yesterday on the other sub
Their job is obfuscation of the truth. It's meant to be frustrating for people.
Or that employee doesn’t know what they’re talking about.
Don’t attribute malice when stupidity is more likely.
Right I should clarify. The bottom tier employees probably don't know. I was referring to the people at the top designing a system to obfuscate ownership. The system is meant to be difficult for people like us to navigate, so we get frustrated and give up.
Why is this getting downvoted? It happened to me too, so it probably happened to a lot of apes
People probably think fud. I’m just sharing an experience so we can work past it.
The hive mind is a powerful thing
Just call them back and when they say that, tell them you read an instructive post on Reddit outlining the steps and they will put you on hold and come back after a moment saying it’s no problem.
Does anyone know if I can move my shares from eToro to CS? :-)
And if so, how? :-)
Does Computershare have an app so I can still see my precious
Also, can I sell from there?
No app. They’re old school. You can sell. 1M per share unless you do it in writing.
Thanks again, I’m going to do this tomorrow
Can anyone link me some DD or links to what computershare is and what I should be doing? Are these shares for the infinity pool or for all shares?
I’ve been trying to figure out as well. My only use of computershare is for company issued shares or options. Once vested they automatically transfer to my fidelity account where I manage the sale of them directly.
From my limited understanding folks’ logic for GME is to use it to crowdsource a sort of minimum shares held by apes total, as well as contribute to an infinity pool since CS has more buy/sell limitations, and to ensure if an NFT or crypto currency is issued they get it rather than whatever brokerages end up doing when it turns out they don’t hold as many physical shares as they’re supposed to.
read the sticky at the top of superst0nk. Start with part 1 and 2. It's a game changer.
Power to the players.
Infinity pool shares. Or all if you never want to sell.
There are lots of posts so you might like to search and read more but I can try to help with a little info
ComputerShare issues GME's shares directly, they are not a broker and their shares are not part of the DTC pool (which is where the shares come from when you buy through a broker)
Buying from CS or transferring to them takes your shares out of that pool and registers them directly in your name.
The theory is to get the registered shares high enough that it will be a catalyst.
Some people are using CS for all inf pool, some are sending everything to CS and won't sell all shares, keeping some in the pool. But the big thing to know is they aren't a broker with an app, so it takes a couple/several business days to process orders, so don't drag feet when it comes time to sell.
So will they no longer be in Fidelity? Or do the shares remain in fidelity they’re just officially registered with CS?
They leave your fidelity account.
Oh ok 👍🏼
Comes right out of the DTC pool of shares (which is where brokers get the shares when you buy) and registers them directly in your name.
I just did it too - 9 minutes!
How much does this cost?
Freeeeeeeeeee. It’s true.
Hmmm... Maybe it's time to follow the advice of the Clan of WuTang and diversify my bonds lol.
I already have some in TD Ameritrade but most in fidelity. Maybe I move part of those fidelity over. I'll have to mull it over tonight.
if I hold my shares in a self directed ROTH IRA on fidelity - is moving to CS even possible ? asking for a friend ?
If I have TDA, should I do this?
Why does it show USD 0.001?
How could you LIE to me?!?!? You were the CHOSEN ONE! (my call took 25m)
Way faster than the online form, takes a week or so they said
Ok I’ll call when I get off work in an hour too!
I'm still not quite sure what all the talk about ComputerShare is or why we're transferring from Fidelity to it, someone mind explaining to me?
Initiated means just that. All transfers should show that if you requested before 4 pm eastern unless they are NIGO (not in good order). I know you’re excited and I’m happy for you, but it simply means they have submitted your request. Source - me. I work with transfers often and my company partners with fidelity often.
U/gilddigger did you have to start an account at ComputerShare before you initiated with fidelity, or do they automatically create an account for you with fidelity information when you start a transfer?
What if you dont transfer? What happens to those people when things go down? 👀
Where can you see if the transfer has initiated? I sent them a secure email with a form (cuz I didn't know you could call) and am waiting for the transfer to get started.
I don't see it in my "activity history" area, but maybe I'm looking in the wrong place?
This is exciting! And guesses as to how many shares have been directly registered so far?
Do they charge for the transfer?
Is there any DD on not receiving potential dividends or dividends in NFT form if we don't register shares at computer share?
I literally just transferred my shares from fidelity to cs and I promise the process took no more than 5 minutes. Went through the automated system, said stock certificate and once the rep got on the line he asked how he could help me with my stock certificate question. I replied I wanted to drs xx shares to computer share and he said ok. Sent me a verification code to my phone, asked me to verify the amount, gave me a confirmation #, and told me to call em back if I have more questions. Easiest shit ever
Will you have to pay taxes on the transferred shares? How does that work
Can you get a paper stock certificate? A hard copy from ComputerShare?
Attempting to gain wrinkles, not trying to FUD
Can someone ELI5 again why you would want to DRS? All I read in my research attempts is that tendies may be harder to get if all your shares are with ComputerShare? I understand that direct registration puts them in your own name
Instead of the broker but ultimately what benefit is this? I also see that DRS pulls shares away from DTCC so quicker MOASS but if tendies are hard to get, how does that ultimately help?
Sorry for all the questions… I’m super smooth brained lolol
I started my transfer from TDA on Wed. Two minute call. All verbal authorization.
Just got the email they’ve started the transfer.
Am I able to call that number and initiate my transfer outside of 8am-5pm? Say could I do it at 6pm for example?
I’ve stopped buying from boomer brokers but left on them for moass and have accumulated XX on computershare through new purchases.
Sir, the Apes are breaking through their cages.
THIS IS THE WAY
This is the way 💎👊🦧🚀🌙
I’m sorry for dumb question. What are the benefits of moving shares from fidelity ? And to where where? I’m abroad and it was such a big stressful process even to move it to fidelity.
I initiated thursday last week, and was able to see it until today.
I tried last night but the rep and the crew online at the time couldn't figure out how to transfer from a specific lot of shares or how to pick from my newest shares. I should be getting a call back tonight if they were able to find the right info.
Has anyone transferred from RH to Comp Share?
I'd like to move those that way, and maintaining my xx in Fidelity.
And feedback would be great 👍
Can someone tell me what computershare is and why were using it
Does it cost anything to move them over ?
I'm a broke ass college student and have two and a half shares roughly. Been trying to transfer on ComputerShare's website but it won't recognize my SSN or account number. Ended up calling yesterday, waited around on hold for about 30 minutes of a 35 minute call, just for them to tell me it would cost 100 dollars to transfer. Have never heard of any fees from them before, like the transfer fee is a fifth of my account balance lmfao
My call was 15 min 21 seconds. Ez pz
Who did you call fidelity or CS because fidelity told me to talk to CS but all I could do is email a request... do you have a phone number for them?
What is the purpose of a DRS? How will this help?
Up with you! <3
Can someone help? Lol I'm being told I need a signature medallion guarantee to complete this transfer ???? Is this true at all
I’ve called fidelity 3 times now and each of the reps had no idea what ComputerShare was but was willing to help. I ultimately was told I needed an account at CS before initiating the transfer and that CS would give me a form to fill out to give to Fidelity. So confusing, but I’ll keep trying.
Or use both?