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stock certificate rant

Old 04-30-2019, 08:35 AM
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Goddam SEC. Warning: If you have stock certificates or bonds sitting in a safe deposit box, they may be dam near impossible to cash in. Gotta durable power of attorney? Worthless for stocks and bonds. Seems the gubment, in its infinite wisdom, has made it impossible for individuals to do ANYTHING without massive government intervention. Ever heard of a medallion certificate? Me either. Notary on steroids.

Gubment wants everything owned electronically. "Safer" they say. BS. Just another way for bureaucrats to justify their jobs.
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Old 04-30-2019, 08:52 AM
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Welcome to 2015
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Old 04-30-2019, 09:02 AM
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I didn't think they issued paper stocks anymore.
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Old 04-30-2019, 09:09 AM
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That makes me wonder. I have some paper stock certificates and got them in 2013 when my parents passed away. I was listed as the "Transfer on Death" beneficiary and had no issues transferring them. Has something changed since then?
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Old 04-30-2019, 09:36 AM
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Originally Posted by willf650 View Post
That makes me wonder. I have some paper stock certificates and got them in 2013 when my parents passed away. I was listed as the "Transfer on Death" beneficiary and had no issues transferring them. Has something changed since then?
Yes.
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Old 04-30-2019, 09:39 AM
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Originally Posted by mikefloyd View Post
I didn't think they issued paper stocks anymore.
They don't. Some of these dated to 1955..the newest was late 1990's. Just been the family nest egg for decades. The egg rotted in the nest....
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Old 04-30-2019, 09:41 AM
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Originally Posted by billinstuart View Post
They don't. Some of these dated to 1955..the newest was late 1990's. Just been the family nest egg for decades. The egg rotted in the nest....
Not spending your money but any good broker could sort these out.
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Old 04-30-2019, 09:52 AM
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Do any of y'all know how your stocks are, typically, held in a brokerage account? In "Street Name," meaning your name is not really on them, but the brokerage's. Should that brokerage go BK, you might have some serious issues getting your shares in a timely fashion.

You can be directly registered to your shares by the Transfer Agent such as Computershare (or whoever handles it for the company), but this isn't as convenient, yet it is safer. Also, when your shares are held in Street Name, your shares can be loaned out to short sellers even if you don't want your shares to be loaned out.
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Old 04-30-2019, 10:02 AM
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Still dreaming of the good ol' bearer bonds days

Any bank can Medallion Guarantee your signature on the stock power... NBD
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Old 04-30-2019, 10:02 AM
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I've done it many times. A few extra hoops but it's not too bad. Medallion stamp is similar to a Notary, but only issued by a bank.
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Old 04-30-2019, 10:12 AM
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Originally Posted by mikefloyd View Post
Not spending your money but any good broker could sort these out.
Gotta buddy who does a lot of stock stuff..his broker/agent was a tremendous help. When the person whose name is on the stock is an invalid, friggin' medallion crap is a major problem. She also doesn't have a dam e-mail account either, so nothing can be done online. Gotta admit Merrill Lynch was a tremendous help, but screw wall street and all their complex digital crap.
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Old 04-30-2019, 10:59 AM
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Paper stock certificate is the same as you having a pile of cash in your safe deposit box and being mad about not being able to use it without retrieving it.
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Old 04-30-2019, 02:00 PM
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Originally Posted by uncljohn View Post
Paper stock certificate is the same as you having a pile of cash in your safe deposit box and being mad about not being able to use it without retrieving it.
Not really..all this is recent crap.
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Old 04-30-2019, 02:12 PM
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I've been investing for some 35 years. I've never held a stock certificate. As far as medallion stamps go, when my dad passed 10 years ago, I handled everything for my mom. Both mom and dad had trusts set up which helped A LOT, but I still had to get quite a few forms medallion stamped and stocks transferred. Good thing my son is a CFP and was able to handle the stamping himself. Saved me a lot of running around.
When dad passed, he must have owned at least 30 different stocks, some for many years. There were only 2-3 stocks that we actually held paper on and they were all very small companies.
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Old 04-30-2019, 02:26 PM
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Originally Posted by billinstuart View Post
Not really..all this is recent crap.
The requirement of having your signature medallion guaranteed on a stock power is not new.
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Old 04-30-2019, 03:27 PM
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Wasn’t a big deal to get a medallion cert back in 05’-06’. Just had to mail the stock certs to somewhere in Jersey i think it was. Biggest problem was i lost alot of money because i didn’t do it quick enough and watched the stock dwindle from its IPO
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Old 04-30-2019, 03:46 PM
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Medallion signature guarantee is getting harder and harder to get done.many branch banks won't do them anymore. Can be a major PIA.
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Old 04-30-2019, 03:52 PM
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What are you worried about. If you have held the same stock since 1955 i assume you are not selling it. But and hold strategy. Keep it until death and make it your kids problem.
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Old 04-30-2019, 04:34 PM
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Now it's 2 days to make sure the certificates are real.
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Old 05-01-2019, 02:04 AM
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Finally getting rid of your Enron stock?
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