Brokerage accounts
| HelpRegister |
Brokerage accounts After the debacle with Schwab last year and not allowing the investment club to transfer stock even within Schwab; we are looking for a new brokerage who will allow the club to transfer stock. Any recommendations? ps they would allow us to transfer shares to another brokerage with the same name. We didn't want to have to pay capital gains on selling shares to give cash. There is a former that you fill out in Schwab. You can transfer stocks. After the debacle with Schwab last year and not allowing the investment club to transfer stock even within Schwab; we are looking for a new brokerage who will allow the club to transfer stock. Any recommendations? Wish that was true. Was told how to do it; but then was told it could not be done from an investment club to an individual on Schwab. Only to the same investment club in another brokerage. So now want to find another brokerage account that likes investment clubs - cause Schwab ain't it. Sent from my iPhone On Nov 1, 2023, at 12:12 PM, Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
I have not done this since the Morgan Stanley takeover but
E*Trade let us transfer stocks several years ago. Since then,
members in my club have elected to cash out some winners and pay
down a portion of the long term capitol gains taxes we're going to
owe. Lee Weygandt, Treasurer Market Miners Investment Club Findlay, Ohio On 11/1/2023 1:08 PM, Dan Cohn via
bivio.com wrote:
Wish that was true. Was told how to do it; but then was told it could not be done from an investment club to an individual on Schwab. Only to the same investment club in another brokerage. So now want to find another brokerage account that likes investment clubs - cause Schwab ain't it. 2 years ago TD backroom agreed with agent that our 92 yr old withdrawing member had to transfer to same type club using their DTC form. I had transferred stock twice before to members outside brokerage account. Pointed out that smaller print below DTC heading allowed transfer to other member brokerages accounts. Suggested TD do further training on their forms. Closing club after over 25 yrs and transferred all winners to members with Schwab or other brokerage accounts. Transferring cash from sale of losers and lots to sell to split and give member ckecks on Monday. Closing all accounts in late Dec to file taxes in Feb. 6 different TD and Schwab transition gave me 6 different answers. TD club to Schawb member does not require a gaurantee signiture which we learned on last group of transfers to members, TD will stamp with ID of authorized club member on club account. TD lost 2 of 11 hand delivered member Medallion forms each time we transfered a batch of stock lots but Club managed to sell or transfer stock in 3 batches during month of Aug by dealing in person with RI branch 20 min away.
|
|
||||||