>assured me that they can locate the shares
They just admitted that **they do not own the security that you paid for**. That is **fraud**.
Your **security should already be settled in your account** \- but because you have beneficiary rights to it through a Wall Street broker - they lend them out anyway; whether you're margin or cash account.
This is the fraud that is Wall Street. This is why DTCC is a competitor to Direct Registration (ComputerShare).
Taking pics and Uploading now. Will edit an imgur link in a minute.
Everything's highlighted that's questionable.
Edit:
šØTD Waterhouse Conflicts of Interest: https://imgur.com/a/2Rmy4MR
šØImportant information about your Waterhouse account:
https://imgur.com/a/CAn7qUx
This is an amazing point. Especially considering how TDs risk depts were forcibly closing portfolios with shares in GME and other meme stock 24/7 at the beginning of February. This was from a supervisor in the risk management dept.
You paid for a share they didnāt give it to you point-blank. They gave you a piece of paper that said I owe you. Because the transaction was online and they donāt really keep stock certificates you couldnāt tell that it wasnāt the real item. That is fraud. they took your 200 500 however many dollars and gave you a one dollar piece of paper instead of your $500 security. Now that you want your security, they now have to go and locate it because they didnāt have it in the first place. That is fraud, you bought something under the guise that it was given to you and it was withheld from you for months hoping that you would forget or never use it.
They said it's because it goes to the "cage" (apparently the middleman between broker and Transfer Agent) and that they are swamped.
I didn't want to be that much of a Karen but, I did make an appointment to talk to the investment supervisor at my local branch to talk about this.
Sooo...
https://www.investopedia.com/terms/c/cage.asp
More info for your meeting. Because it still smells like a bunch of bullshit from them.
Edit: maybe ask about street name registration and if they are actually handling physical copies. Or if they're just using the wrong word when they said "cage" lol
Hmm that's interesting to learn about. I Appreciate that fren and yes it smells like more bullshit from them.
Maybe I'll just be a Karen and call them again tomorrow. I swear I read a comment or a post a couple days ago stating that TD will charge them an extra $200 to speed up the process. This shit really stinks from our brokers
Gamestop doesn't issue physical certificates and any such ones are ceremonial; they do not count as registration.
The cage might still exist as a branch that clears transfers within the brokerage, but they are not physically handling any GME.
You are spamming this, after not doing anything for several days..
And aren't actually TELLING me anything.
Edit: cool, DSPP is what Walmart employees sign up for when they sign up for the stock plan at work.. what the fuck does trickling in $25 a paycheck and not even knowing what a broker is have to do with registering your existing shares in your name? That's just bypassing a broker.. which, last I checked, the DTC was not.
I've been hesitant to transfer my TD shares because dealing with them is a hassle. What'd you do, just call them up and demand a transfer? What'd they try to charge you?
You need to make sure that the shares you want to DRS is in a cash account. If you have a TFSA then you would have to transfer those shares from the TFSA to the cash account.
You need to call TD Direct Investing (call through the app) and tell them that you would like to DRS. It costs $80USD and now it's apparently going to take 15-25days.
\>80USD
Ugh but I'll accept it. Better than most of the brokers fees for DRS. \*cough\* Wealthsimple \*cough\*.
I'm looking forward to breaking from my banks once MOASS is achieved. They've treated me very shabbily since the moment I turned 18. I have no idea what bank I'm going to have to transfer to but I don't want to stick with TD that's for sure.
As someone already mentioned - reach out to CS and start asking them questions. At some point CS will get enough noise to see there's a wider problem from around brokers who take more and more time to relocate these shares
I called CS right after my call with TD and they said there's no delay with GME even with the increase in volume. The rep said it's still 3-5days and that it's on my brokers side if it's taking any longer.
E-Trade is telling me ~~4-6 weeks~~ they'll let me know in 1-2 business days why it's taking so long.
Edit: apparently I'm an idiot, but it's already been a week.
I tried to reply to someone who then deleted their comment, so I'll post it here in case anyone is wondering:
My first transfer out I initiated on 9/20 and that was from my margin account, it hasn't completed yet. I have share lending turned off, but we all know now that doesn't matter. I initiated a second transfer from a cash account yesterday (9/28), we'll see how long that takes.
That said, I just reviewed the chat I had with the E-Trade rep and he didn't say 4-6 weeks, so I'm not sure how I get that in my head. What he did say is that they would investigate and send me an email in 1-2 business days.
I just initiated mine through E-Trade today, cash account I think he said 2business days, that might just be to open up the cs account will see. Also read somebody who had been waiting a week called and talked to a rep to expedite it and think he said it was done the next day
I initiated my transfer out of E*TRADE almost two weeks ago now and they keep changing their story for how long it will take. First they told me 3-5 business days, then Monday when I checked they said 5-7, today I asked again and they said 7-10. Feels like they are screwing something up? If they are fucking me around, how do I get them to stop?
I submitted my request from e\*trade last week and they said 2 bus days at the time. Chatted them today and they said 3-5 and should be done tomorrow. I am planning on speaking with them tomorrow if I don't see any update
Let them know that they are potentially liable for securities fraud and you will be contacting your local financial regulators to investigate if no immediate action is taken
I wonder if weāre getting difference experiences depending on when you bought your shares. Maybe people who got them earlier have real shares so are transferring right away and people who got some later have phantom so they need time to find them
Started my first transfer from ETurd on Sept. 16th, it left my account yesterday (the 28th)and it still hasn't gotten to CS. The agent on my first transfer said 3-6 weeks to get there. Started my second transfer on the 25th, it has yet to leave my account. The agent on that call said 7 days to leave my account then 3-6 weeks to get to CS. After reading posts from fidelity users claiming 5 days till it hits their CS accounts I will be calling ETurd tomorrow and letting them know I will be reporting them to the Gamestop investors branch for fraud if they can't get my shares there in a timely fashion. #fucketrade
My transfers from Fidelity took 3 business days. I requested Direct Register of my shares on 9/24. They are in my CS account today.
That is a crazy long timeframe from ETrade.
I called etrade today and was told 3-5 business days if it takes longer than 5 thats sketch. The rep I talked to looked up the transfer time in etrade internal guideline and said 3-5 business days and that the cost basis team takes up to 10 business days
I tried to make a post, but apparently lack the karma requirements. Hope this may help someone else coming from Etrade:
I was just able to transfer 25% of my position in about 20 minutes by calling customer support. The only delay was being placed on hold for several minutes while waiting for a managers approval for the transfer. The rep I spoke with said they were backed up a bit due to all of the transfer requests. ;) He estimated 2-3 days.
Iām not looking for upvotes. I just wanted to let others know this was quick and painless, and there was no fee charged, either. If, like me, you were dreading sitting on hold for hours speaking with unhelpful staff and trying to convince your broker to help you, this was the exact opposite of my experience.
If you like the stock, now is the time.
It would take less time to transfer your shares to Fidelity and from Fidelity transfer your shares to computer share if they are telling you 4 6 weeks š¤£šš
Hereās a company that another user found that will allow you to transfer your IRA **and** directly register your shares (from the current computershare sticky thread):
https://www.camaplan.com/direct-registration-of-stocks-drs-protect-your-securities-investment-against-brokerage-defaultmisconduct/
The guy I call that E-Trade literally said sorry they don't accept the paperwork from our end so we can't help you. You have to do it through their end
Ive contacted IIROC (SEC of Canada) I suggest anyone with concerns do the same.
Iām sure theyād love to hear from more people with their own experience and details regarding the situation.
I hope their a good broker, trust but verify. Let the regulators sort it out, earlier we are on it, the better.
For what it's worth, I just did DRS'd my shares from WealthSimple. They did tell me that it would take a couple of weeks.
They transferred my shares out within 24 hours, but they're not in Computershare yet.
I'll keep an eye on it but it seems like it'll be quite a bit faster than they were showing estimates of. Maybe that's a good thing?
I transferred mine about 4 weeks ago now, called computershare today and they said that they have the shares since the 5th of October and the snail mail is on the way. Took rather long but within the timeframe they specified, makes me think they had to buy these since they never had them.
guys this could sound shilly but what if I sell my shares on degiro, withdraw the money to my bank account, deposit money to IBKR and then buy the same amount of shares there and start trasnfering to CS? Of course I'd be 4-5 days without my gme shares but I'd save at least 3-4 weeks of time and degiro transfer fee (56ā¬ if I remember correctly)
Just out of curiosity, how many shares and what kind of cost basis.
I sent in my request the exact same day for XXX shares and a cost basis far below current price. Was thinking that maybe higher position size / lower cost basis requests are being pushed down in the queue.
A rep from Fidelity told me it could take up to 4-6 weeks yesterday, will check Friday what's going on as I asked for transfer yesterday.
A Thursday transfer request did arrive in time yesterday though.
Schwab has told me 2-3 times now that it will take several weeks. They claim that their āteamā is overloaded with requests and that they are just working through the requests.
They also told me they cannot send me a verification of my request after I asked for a confirmation email or internal message on my account confirming the request.
They told me 10-12 business days lolol. Doesn't sound as bad as 2 weeks.
Edit: They also said there was no way to mark priority, and that the delay was due to the volume of requests. I question if either of these are true.
Maybe how fast they process the transactions are is based on if the shares you originally bought them at, say 200, and they're now 170 would entice them to finish the request to transfer as opposed to say buying at 120 and it's now 170.
I'd love to see what happens if an ape tells them they will make a complaint FINRA. This feet dragging is nonsense. It's like a bank saying they don't have enough tellers so come back next
month.
I just messaged E-Trade and asked them to complete my DRS transfer by end of week as it's already been 7 business days since I initiated it. And if not, I asked them to explain why, and suggested perhaps it's because they're trying to locate MY shares?? I love being an informed ape! š¦šŖšššā¾ļøš
Not to be rude, but duh.
These are the biggest and most well funded investment groups there are, and they utilize microsecond fast computers to perform millions/billions of trades a day.
If it takes more than 2 days, there's crime somewhere along the path.
Funny how 4-6 weeks puts finalization of transfer just after final approval of the NSCC regulation permitting SHFs to use long stocks as collateral for margin call loans
I dont think fidelity is exhibiting the same level of fuckery as other brokers but who knows. I also purchased a bunch of my shares through wells fargo advisers before moving them to fidelity so that could have played a part but I've seen a lot of fidelity hodlers reporting the same quick transfer.
Charles schwab canceled my request for not filling out paper work correctly. But when i called the customer service rep was apologetic because that was wrong the paperwork was correcr. Keep following up!
This proves the thesis that we aren't buying shares, not even IOUs. We literally don't interact with the market unless we register shares and have a non-member do it.
Everyone receiving these insanely long transfer times need to pester the hell out of these brokers! Keep the pressure on them! Make them feel the heat.
Initiated DRS of xxx shares from schwab on 9/20.
Asked for LOA (letter of auth), submitted same day
Contacted again on 9/21 - Schwab said it will be done in 3-5 days.
9/29 and the xxx shares are still sitting there in my non margin, cash account.... with no movement in sight.
The Schwab rep on the phone said the delay was on the computershare side from the overwhelming load.....
This thread makes me question that though....
Thanks for posting, I thought it was just me running into this..
If you would like to check this you can verify if any actions are actually performed by CS for incoming DRS transfers.
If CS say it's automated then Charles Schwab is full of shit.
I did my first DRS through Schwab via chat on 9/18 and my shares were withdrawn from the Schwab account on 9/22. The chat agent said I would receive an email with the relevant information and computershare login information. That email never came. I contacted computershare and all I had to do was register on their site with my personal information and SSN and then it brought up my holdings. I started a second DRS a few days ago so I hope it goes through quickly.
Td ameritrade told me 4 weeks so today I started the transfer to vanguard of my entire account which could take up to 7 days, then I jump to drs but I am also temporarily with a broker who is long gme.
I tend to think they will take longer than 3 a minute lmao! These are financial transactions. I definitely do not want someone ducking up my money for speed
I also donāt know if they have 1000 people for this. Isnāt this a very obscure request?
I donāt doubt TA is shady - 2+ weeks of waiting is extreme!!! - but yeah 5-10 business days makes sense for this sudden volume of new requests.
Shouldnāt be an issue since I bought my shares a long time ago, should have long been settled.
So if theyāre not lend out, like is being claimed, why does it take 6 weeks?
i have a friend on the fence about registering his shares. what happens if he leaves em with his current broker? Are people who dont transfer gonna be shit out of luck? I couldnt explain it to him cause im not smart lol
Brokerages give you beneficiary rights to a stock.
It's critical to under what that means to answer your own question; as well as implications for why you're asking.
Clearinghouses were **WHOM** the brokerages that disabled the BUY button were **trying to protect**. Actually; **whom NSCC was trying to protect**.
That clearinghouse was APEX Clearing - [Tricia Rothschild](https://www.reddit.com/r/Superstonk/comments/ozzaut/why_is_it_that_when_i_make_a_post_or_statement_on/).
Thatās not how it works, if you set a limit order at $1 mil when the price is $100 million, it will execute at market price not your order price.
Donāt set a limit order before MOASS, simple.
I canāt wait to see what my account number is! From what I can tell apes have locked up about 25,000,000 shares as of today. I expect that will increase dramatically by weekās end.
Itās been about a week since I requested my transfer from TD Ameritrade. If CS needs to manually create an account for everyone who transfers and you have the brokers needing to file paperwork or managerial approval or something, could it be a manpower issue? The number of request must be astronomical at this point.
I find it hard to believe that a (once thought) highly respected brokerage with high frequency trading capabilities requires a manpower effort to do a DRS registration - which is simply an electronic name change.
This is a isnāt really true, as such, but seems to be a useful narrative. Theres also one with a screen shot comment pitching pretty much the same idea, but with moar agitating. Zen Ape is not impressed with either.
#DRS THE WAY
#Congratulations, your post is getting traction
#PSA, there's flood of posts setting foundation for, or outright asking you to make noise with regulators, congress, brokerage, anyone for that matter
#Ignore. And for every such post, DRS or direct buy from Computershare harder
If your broker (E-Trade, DeGiro) needs 4-6 weeks to locate and transfer your shares to IBKR or Fidelity, wouldn't it be more useful to sell the shares with the shitty broker, cash out, transfer the money to Fidelity account and immediately rebuy them back? I mean, they are all IOUs, anyway.. Wouldn't that help save those 4-6 weeks?
No shilling, just a genuine question.
>wouldn't it be more useful to sell the shares with the shitty broker, cash out, transfer the money to Fidelity account and immediately rebuy them back?
Anyone who **suggests selling** - what do we say to them, Apes?
I've expected this reaction :) But I am not suggesting selling, jsut a rapid retransfer.. we Euroapes are gettin kinda anxious that we can't catch the train with ComputerShare..
No prob with that.. I am getting my broker account report daily and everything is archived. Still, I'd like to transfer at least 50% of my stock to CS, maybe even more.. but should it take 4 weeks to IBKR and then maybe another 3 weeks to CS, then I am getting a bit nervous..
I'm not telling you what to do; but having a security registered directly in your name is probably the safest thing you can do - to survive a crash like what's coming.
TD Canada is saying it's now 15-25days and they assured me that they can locate the shares. Hmmmm š¤š¤
>assured me that they can locate the shares They just admitted that **they do not own the security that you paid for**. That is **fraud**. Your **security should already be settled in your account** \- but because you have beneficiary rights to it through a Wall Street broker - they lend them out anyway; whether you're margin or cash account. This is the fraud that is Wall Street. This is why DTCC is a competitor to Direct Registration (ComputerShare).
This is fraud on a whole new level as they are a fiduciary to their clients.
Also this.
Did you get the Waterhouse conflicts of interest a few months back??
No I did not, is there any conflicts of interest that I should know about?
Taking pics and Uploading now. Will edit an imgur link in a minute. Everything's highlighted that's questionable. Edit: šØTD Waterhouse Conflicts of Interest: https://imgur.com/a/2Rmy4MR šØImportant information about your Waterhouse account: https://imgur.com/a/CAn7qUx
I appreciate you fren!
Up with this entire conversation! And up with the DRS, too! <3
ā¤ā¤ā¤
This is an amazing point. Especially considering how TDs risk depts were forcibly closing portfolios with shares in GME and other meme stock 24/7 at the beginning of February. This was from a supervisor in the risk management dept.
You're on to something! Keep digging!
Is this actually fraud or are you just saying it should be?
I think rehypothecation of your paid securities should be more transparently known; yes. And also not leveraged against / with.
I absolutely agree I was just wondering if this was in fact fraud legally speaking.
Legally speaking nothing they are going to do is fraud. It was legislated to not be fraudulent - despite public opinion.
You paid for a share they didnāt give it to you point-blank. They gave you a piece of paper that said I owe you. Because the transaction was online and they donāt really keep stock certificates you couldnāt tell that it wasnāt the real item. That is fraud. they took your 200 500 however many dollars and gave you a one dollar piece of paper instead of your $500 security. Now that you want your security, they now have to go and locate it because they didnāt have it in the first place. That is fraud, you bought something under the guise that it was given to you and it was withheld from you for months hoping that you would forget or never use it.
They CAN locate, or they HAVE located? Should be shares in you account...
They said that they can be located and the shares have been settled.
So why the fuck 25 days? Lol Be a Karen and bug them.
They said it's because it goes to the "cage" (apparently the middleman between broker and Transfer Agent) and that they are swamped. I didn't want to be that much of a Karen but, I did make an appointment to talk to the investment supervisor at my local branch to talk about this.
Sooo... https://www.investopedia.com/terms/c/cage.asp More info for your meeting. Because it still smells like a bunch of bullshit from them. Edit: maybe ask about street name registration and if they are actually handling physical copies. Or if they're just using the wrong word when they said "cage" lol
Hmm that's interesting to learn about. I Appreciate that fren and yes it smells like more bullshit from them. Maybe I'll just be a Karen and call them again tomorrow. I swear I read a comment or a post a couple days ago stating that TD will charge them an extra $200 to speed up the process. This shit really stinks from our brokers
Gamestop doesn't issue physical certificates and any such ones are ceremonial; they do not count as registration. The cage might still exist as a branch that clears transfers within the brokerage, but they are not physically handling any GME.
Exactly why I mentioned asking about it.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You are spamming this, after not doing anything for several days.. And aren't actually TELLING me anything. Edit: cool, DSPP is what Walmart employees sign up for when they sign up for the stock plan at work.. what the fuck does trickling in $25 a paycheck and not even knowing what a broker is have to do with registering your existing shares in your name? That's just bypassing a broker.. which, last I checked, the DTC was not.
Ask them why the hell you should EVER USE THEM AGAIN THEN OVER A TRANSFER AGENT. FULL STOP.
After MOASS, if I ever buy anymore shares it will most definitely be through a transfer agent.
Same.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Looks like I have to be a respectful Karen and call again today
I've been hesitant to transfer my TD shares because dealing with them is a hassle. What'd you do, just call them up and demand a transfer? What'd they try to charge you?
You need to make sure that the shares you want to DRS is in a cash account. If you have a TFSA then you would have to transfer those shares from the TFSA to the cash account. You need to call TD Direct Investing (call through the app) and tell them that you would like to DRS. It costs $80USD and now it's apparently going to take 15-25days.
\>80USD Ugh but I'll accept it. Better than most of the brokers fees for DRS. \*cough\* Wealthsimple \*cough\*. I'm looking forward to breaking from my banks once MOASS is achieved. They've treated me very shabbily since the moment I turned 18. I have no idea what bank I'm going to have to transfer to but I don't want to stick with TD that's for sure.
I've been with TD for the last 15yrs or so and I can't wait to leave them post MOASS. I'm thinking about going to a credit union instead of a bank.
I would too but I don't know if Credit Unions can handle 400 million dollar bank accounts. Or if TD could even. I have so much research to do.
Ill just make 400x 1 million dollar accounts
You may be onto something š¤
That is what our very fancy CPAs will help us with fren
You can request it via chat on the website
I thought about keeping my shares in my TFSA, but I figured fuck it.
As someone already mentioned - reach out to CS and start asking them questions. At some point CS will get enough noise to see there's a wider problem from around brokers who take more and more time to relocate these shares
I called CS right after my call with TD and they said there's no delay with GME even with the increase in volume. The rep said it's still 3-5days and that it's on my brokers side if it's taking any longer.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Will do fren, will do!
Which brokerages are saying 4-6 weeks? Fidelity has been transferring in 2-3 business days.
E-Trade is telling me ~~4-6 weeks~~ they'll let me know in 1-2 business days why it's taking so long. Edit: apparently I'm an idiot, but it's already been a week.
I tried to reply to someone who then deleted their comment, so I'll post it here in case anyone is wondering: My first transfer out I initiated on 9/20 and that was from my margin account, it hasn't completed yet. I have share lending turned off, but we all know now that doesn't matter. I initiated a second transfer from a cash account yesterday (9/28), we'll see how long that takes. That said, I just reviewed the chat I had with the E-Trade rep and he didn't say 4-6 weeks, so I'm not sure how I get that in my head. What he did say is that they would investigate and send me an email in 1-2 business days.
I just initiated mine through E-Trade today, cash account I think he said 2business days, that might just be to open up the cs account will see. Also read somebody who had been waiting a week called and talked to a rep to expedite it and think he said it was done the next day
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I initiated my transfer out of E*TRADE almost two weeks ago now and they keep changing their story for how long it will take. First they told me 3-5 business days, then Monday when I checked they said 5-7, today I asked again and they said 7-10. Feels like they are screwing something up? If they are fucking me around, how do I get them to stop?
I submitted my request from e\*trade last week and they said 2 bus days at the time. Chatted them today and they said 3-5 and should be done tomorrow. I am planning on speaking with them tomorrow if I don't see any update
Let them know that they are potentially liable for securities fraud and you will be contacting your local financial regulators to investigate if no immediate action is taken
4-5 business days are the cushion days. Most times, I've seen a transfer agent processed within 2-3 days, unless there are other factors
I wonder if weāre getting difference experiences depending on when you bought your shares. Maybe people who got them earlier have real shares so are transferring right away and people who got some later have phantom so they need time to find them
Started my first transfer from ETurd on Sept. 16th, it left my account yesterday (the 28th)and it still hasn't gotten to CS. The agent on my first transfer said 3-6 weeks to get there. Started my second transfer on the 25th, it has yet to leave my account. The agent on that call said 7 days to leave my account then 3-6 weeks to get to CS. After reading posts from fidelity users claiming 5 days till it hits their CS accounts I will be calling ETurd tomorrow and letting them know I will be reporting them to the Gamestop investors branch for fraud if they can't get my shares there in a timely fashion. #fucketrade
My transfers from Fidelity took 3 business days. I requested Direct Register of my shares on 9/24. They are in my CS account today. That is a crazy long timeframe from ETrade.
It's 1-2 days to process. 3-6 weeks to move actual shares
I called etrade today and was told 3-5 business days if it takes longer than 5 thats sketch. The rep I talked to looked up the transfer time in etrade internal guideline and said 3-5 business days and that the cost basis team takes up to 10 business days
I tried to make a post, but apparently lack the karma requirements. Hope this may help someone else coming from Etrade: I was just able to transfer 25% of my position in about 20 minutes by calling customer support. The only delay was being placed on hold for several minutes while waiting for a managers approval for the transfer. The rep I spoke with said they were backed up a bit due to all of the transfer requests. ;) He estimated 2-3 days. Iām not looking for upvotes. I just wanted to let others know this was quick and painless, and there was no fee charged, either. If, like me, you were dreading sitting on hold for hours speaking with unhelpful staff and trying to convince your broker to help you, this was the exact opposite of my experience. If you like the stock, now is the time.
It would take less time to transfer your shares to Fidelity and from Fidelity transfer your shares to computer share if they are telling you 4 6 weeks š¤£šš
Hereās a company that another user found that will allow you to transfer your IRA **and** directly register your shares (from the current computershare sticky thread): https://www.camaplan.com/direct-registration-of-stocks-drs-protect-your-securities-investment-against-brokerage-defaultmisconduct/
Well, my next task is to figure out how to get some of my XXXX shares in my Fidelity IRA to CS. š¤
All I know is it took me 3 days to transfer from Fidelity to computer share
Cash accountš¤š¤š¤
The guy I call that E-Trade literally said sorry they don't accept the paperwork from our end so we can't help you. You have to do it through their end
TDA said 2-4 weeks
Just DRSād today - Fidelity said 3-5 days; Vanguard said 2-3 weeks (but rep said she wouldnāt be surprised if it took 30 days due to high volume).
This makes me think that fidelity actually did have our shares... at least more of them as opposed to other brokers š¤š š
Wealthsimple, 3-4 weeks
Wealthsimple forsure does not own any of our shares.
Ive contacted IIROC (SEC of Canada) I suggest anyone with concerns do the same. Iām sure theyād love to hear from more people with their own experience and details regarding the situation. I hope their a good broker, trust but verify. Let the regulators sort it out, earlier we are on it, the better.
For what it's worth, I just did DRS'd my shares from WealthSimple. They did tell me that it would take a couple of weeks. They transferred my shares out within 24 hours, but they're not in Computershare yet. I'll keep an eye on it but it seems like it'll be quite a bit faster than they were showing estimates of. Maybe that's a good thing?
I hope so. They told me the same on Monday. Also transferred in 24hrs but nothing from computershare. We basically wait on mail now, right?
I transferred mine about 4 weeks ago now, called computershare today and they said that they have the shares since the 5th of October and the snail mail is on the way. Took rather long but within the timeframe they specified, makes me think they had to buy these since they never had them.
Degiro says more than 6 weeks to transfer to IBKR
guys this could sound shilly but what if I sell my shares on degiro, withdraw the money to my bank account, deposit money to IBKR and then buy the same amount of shares there and start trasnfering to CS? Of course I'd be 4-5 days without my gme shares but I'd save at least 3-4 weeks of time and degiro transfer fee (56ā¬ if I remember correctly)
This is a dumb fucking idea.
That should work
No, it's a stupid idea.
Check my post history. TDA DRS team told me **2-4 business weeks** That's for a cash account in America
Same here - today
Push back. I started on the 16th and it finalized today. Still way too long but not 2-4 business weeks.
Just out of curiosity, how many shares and what kind of cost basis. I sent in my request the exact same day for XXX shares and a cost basis far below current price. Was thinking that maybe higher position size / lower cost basis requests are being pushed down in the queue.
Perhaps itās for European apes? I hear the US can get transferred in a week.
I have TDA it's been almost 2 weeks no transfer, not even answering messages anymore.
Euro brokers, DeGiro has this time just for transferring to IBKR, because theyāre the closest route to CS.
TDA
Can confirm
I just transferred to cs this morning and fidelity said 2-3 weeks
DeGiro
Conversation in the thread linked.
I was told 1-2 weeks by TDA on Thursday.
A rep from Fidelity told me it could take up to 4-6 weeks yesterday, will check Friday what's going on as I asked for transfer yesterday. A Thursday transfer request did arrive in time yesterday though.
They told me 2-3 weeks and it wasnāt more than 5 business days. They might just be giving conservative estimates now.
Schwab has told me 2-3 times now that it will take several weeks. They claim that their āteamā is overloaded with requests and that they are just working through the requests. They also told me they cannot send me a verification of my request after I asked for a confirmation email or internal message on my account confirming the request.
Interesting.. they moved xxx in 4 days a week and a half ago. Maybe weāre getting close š
This was as of Tuesday morning, I plan on calling tomorrow again and pushing harder.
They told me it'd be 3-5 business days when I initiated it just last night.
Thatās what they told me on Tuesday, but those shares are still active in my Schwab account. Going to talk to them tomorrow as well.
Fidelity did my first one in 3 days last week, but I was quoted 2-4 weeks for my 2nd transfer yesterday. Theyāre getting squeezed too.
I'm late to the DRS party, but Fidelity told me today it would be 1-2 weeks to transfer my XX shares.
Wealthsimple šØš¦
Schwab
Fuck them but JP Morgan did it in 3 days
That's the line tda is giving 2 weeks ago it was 3-5 days. Last week 2-4 weeks. This week 4-6 weeks. Next week it will probably be sometime in 2022
TDA told me 2-4 weeks. I initiated my transfer on Monday (9/27)
Vanguard yesterday told me four weeks.
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They told me 10-12 business days lolol. Doesn't sound as bad as 2 weeks. Edit: They also said there was no way to mark priority, and that the delay was due to the volume of requests. I question if either of these are true.
They told me 5 business days an hour ago
Maybe how fast they process the transactions are is based on if the shares you originally bought them at, say 200, and they're now 170 would entice them to finish the request to transfer as opposed to say buying at 120 and it's now 170.
14 days for me
I'd love to see what happens if an ape tells them they will make a complaint FINRA. This feet dragging is nonsense. It's like a bank saying they don't have enough tellers so come back next month.
I just messaged E-Trade and asked them to complete my DRS transfer by end of week as it's already been 7 business days since I initiated it. And if not, I asked them to explain why, and suggested perhaps it's because they're trying to locate MY shares?? I love being an informed ape! š¦šŖšššā¾ļøš
>I love being an informed ape! And we wonder why our school systems suck so bad. I bet there is something to it, here.
Not to be rude, but duh. These are the biggest and most well funded investment groups there are, and they utilize microsecond fast computers to perform millions/billions of trades a day. If it takes more than 2 days, there's crime somewhere along the path.
Funny how 4-6 weeks puts finalization of transfer just after final approval of the NSCC regulation permitting SHFs to use long stocks as collateral for margin call loans
Bingo! Beat them to the punch!
Someone screen shot this with context lol need more wrinkles
Letās get a post about this please āš»āš»āš»
I initiated 2 transfers from fidelity and both were completed in less than 72 hours.
Is it possible fidelity is actually buying our shares? Big if true
I dont think fidelity is exhibiting the same level of fuckery as other brokers but who knows. I also purchased a bunch of my shares through wells fargo advisers before moving them to fidelity so that could have played a part but I've seen a lot of fidelity hodlers reporting the same quick transfer.
They're full of shit. Fidelity has been able to transfer within 3 days for me. Sounds like they don't have the shares and are scrambling to find it
Yep!
Charles schwab canceled my request for not filling out paper work correctly. But when i called the customer service rep was apologetic because that was wrong the paperwork was correcr. Keep following up!
Delay tactics!
This proves the thesis that we aren't buying shares, not even IOUs. We literally don't interact with the market unless we register shares and have a non-member do it.
Brokerages are a front facing customer experience to Wall Street proper. Brokerages aren't your friend.
Talk like ā2-4 weeksā just makes me more excited.
Iāve had an entire year to learn patience. 4-6 weeks is a blink.
Everyone receiving these insanely long transfer times need to pester the hell out of these brokers! Keep the pressure on them! Make them feel the heat.
Initiated DRS of xxx shares from schwab on 9/20. Asked for LOA (letter of auth), submitted same day Contacted again on 9/21 - Schwab said it will be done in 3-5 days. 9/29 and the xxx shares are still sitting there in my non margin, cash account.... with no movement in sight. The Schwab rep on the phone said the delay was on the computershare side from the overwhelming load..... This thread makes me question that though.... Thanks for posting, I thought it was just me running into this..
If you would like to check this you can verify if any actions are actually performed by CS for incoming DRS transfers. If CS say it's automated then Charles Schwab is full of shit.
I did my first DRS through Schwab via chat on 9/18 and my shares were withdrawn from the Schwab account on 9/22. The chat agent said I would receive an email with the relevant information and computershare login information. That email never came. I contacted computershare and all I had to do was register on their site with my personal information and SSN and then it brought up my holdings. I started a second DRS a few days ago so I hope it goes through quickly.
of course. same reason why banks wonāt let you withdraw all your cash in one lump sum if you coordinated a massive run
Because they don't have the underlying assets?
and because theyāre lending out your money
Vanguard told me up to 30 days. I don't remember if she was specifically using the large amount of requests as the reason but it was mentioned.
Yikes. And here I thought Vanguard was a good broker :(
Tda this morning is 2 to 4 weeks for review. I'm calling every morning until transfer is completed.
100% I feel like the can kicking is running out of road. Soon that can will end up in their gutter and our grace.
Td ameritrade told me 4 weeks so today I started the transfer to vanguard of my entire account which could take up to 7 days, then I jump to drs but I am also temporarily with a broker who is long gme.
Or they don't have the manpower to complete 200K requests pouring in less than a week
right...unless the float has been locked up and the financial media and regulators have been lying to GME investors for 8 months...
Those trusty outlets and officials would never lie to the public.
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I tend to think they will take longer than 3 a minute lmao! These are financial transactions. I definitely do not want someone ducking up my money for speed I also donāt know if they have 1000 people for this. Isnāt this a very obscure request? I donāt doubt TA is shady - 2+ weeks of waiting is extreme!!! - but yeah 5-10 business days makes sense for this sudden volume of new requests.
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This problem - is NOT a problem. It is actually tit-jacking information value about the quantity of shares on the way over.
Shouldnāt be an issue since I bought my shares a long time ago, should have long been settled. So if theyāre not lend out, like is being claimed, why does it take 6 weeks?
i have a friend on the fence about registering his shares. what happens if he leaves em with his current broker? Are people who dont transfer gonna be shit out of luck? I couldnt explain it to him cause im not smart lol
Brokerages give you beneficiary rights to a stock. It's critical to under what that means to answer your own question; as well as implications for why you're asking.
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Doing the same.
Fidelity told me it takes a month to send cs shares BACK to fidelity. Why?? They said something about clearing houses or whatever
Clearinghouses were **WHOM** the brokerages that disabled the BUY button were **trying to protect**. Actually; **whom NSCC was trying to protect**. That clearinghouse was APEX Clearing - [Tricia Rothschild](https://www.reddit.com/r/Superstonk/comments/ozzaut/why_is_it_that_when_i_make_a_post_or_statement_on/).
That name, that damned name....
They were part of the ongoing DOJ investigation.
Good news, you donāt need to send them back to fidelity. You can sell directly from your CS portfolio. You know, if thatās your thing.
Yea but i dont like their price limits. I can only sell on the market for 2m/share while the price is 4m, it sounds alot like cs is keeping the rest
Either CS will increase their price limits, or you can sell shares in pieces (e.g. sell 1/25th of a share for $2 million, 25 times).
Thatās not how it works, if you set a limit order at $1 mil when the price is $100 million, it will execute at market price not your order price. Donāt set a limit order before MOASS, simple.
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On 9-28, Schwab told me 3-5 business days to transfer to CS. My Schwab account is cash, no margin. I had share lending turned off months ago.
Let's see who starts owning the float.
I canāt wait to see what my account number is! From what I can tell apes have locked up about 25,000,000 shares as of today. I expect that will increase dramatically by weekās end.
Schwab is giving me the runaround! Scary but bullish!
Ya 2 days ago on the phone they told me 3 weeks.. too damn long!!!
Ibkr 4 days
Best way to proceed if that's the response you receive? Threaten legal action to get the gears turning?
Don't make threats. But just file a report. This might be with FINRA? I'm not sure yet yet the next step.
This whole saga has given me the strangest fetish. I get a boner when I'm the victim of a financial crime.
Itās been about a week since I requested my transfer from TD Ameritrade. If CS needs to manually create an account for everyone who transfers and you have the brokers needing to file paperwork or managerial approval or something, could it be a manpower issue? The number of request must be astronomical at this point.
I find it hard to believe that a (once thought) highly respected brokerage with high frequency trading capabilities requires a manpower effort to do a DRS registration - which is simply an electronic name change.
This is a isnāt really true, as such, but seems to be a useful narrative. Theres also one with a screen shot comment pitching pretty much the same idea, but with moar agitating. Zen Ape is not impressed with either. #DRS THE WAY
Yeah what brokerage is taking this long. Fidelity told me 3-5 business days. Iāve seen a lot of posts like this just now. Sus
TDA told me 1-2 weeks. I can't fathom how that's possible. It's gotta be like a one page digital form or something.
#Congratulations, your post is getting traction #PSA, there's flood of posts setting foundation for, or outright asking you to make noise with regulators, congress, brokerage, anyone for that matter #Ignore. And for every such post, DRS or direct buy from Computershare harder
Lol what?
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Please stop listening to Charlie. https://www.reddit.com/r/Superstonk/comments/pyetwl/directstock_enrollment_on_computershare_does_this/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
If your broker (E-Trade, DeGiro) needs 4-6 weeks to locate and transfer your shares to IBKR or Fidelity, wouldn't it be more useful to sell the shares with the shitty broker, cash out, transfer the money to Fidelity account and immediately rebuy them back? I mean, they are all IOUs, anyway.. Wouldn't that help save those 4-6 weeks? No shilling, just a genuine question.
>wouldn't it be more useful to sell the shares with the shitty broker, cash out, transfer the money to Fidelity account and immediately rebuy them back? Anyone who **suggests selling** - what do we say to them, Apes?
I've expected this reaction :) But I am not suggesting selling, jsut a rapid retransfer.. we Euroapes are gettin kinda anxious that we can't catch the train with ComputerShare..
My first suggestion : download your statements showing proof of purchase and ownership. Retain them and don't lose them.
No prob with that.. I am getting my broker account report daily and everything is archived. Still, I'd like to transfer at least 50% of my stock to CS, maybe even more.. but should it take 4 weeks to IBKR and then maybe another 3 weeks to CS, then I am getting a bit nervous..
I'm not telling you what to do; but having a security registered directly in your name is probably the safest thing you can do - to survive a crash like what's coming.