This is the LAST TIME I will talk about this...
BNY Mellon OWNS your NBGGY ADRs. But they don't want them anymore. So they are saying that if you want to keep your ORIGINAL shares that you've held for so long, they will convert your NBGGY ADRs into ordinary NBG shares. That is a SERVICE they will perform for you. HOWEVER, for that service they are charging you A 5 cent per share fee plus a $17.50 cable fee.
If you do not want to pay that fee you have two choices. You can sell your shares on the open market then and open a new account with Fidelity and use whatever proceeds are left to REPURCHASE shares of ordinary NBG shares on the Athens stock exchange. OR.... you can not do anything and BNY will AUTOMATICALLY liquidate your shares at some point next you and pay you the proceeds.
Your brokers are correct. There is NO FEE to transfer from your current broker to a broker that trades internationally. HOWEVER if you want the holder of the ADR, which is BNY Mellon to withdraw your ADR and convert them to ordinary shares of NBG, you have to pay them for that SERVICE.
That payment is 5 cents per share. Not only have I thoroughly researched this, but I have spoken to TD Ameritrade and Fidelity multiple times today to confirm this. You guys are not asking your brokers the right questions and that is why they are not giving you the right answers. You have to press these guys further. This is an unusual situation and so right off the bat the 23 year old kid answering the phone at Etrade doesn't know the first thing about this kind of stuff. It's not an average phone call they are use to.
Finally.....
BNY Mellon JUST SENT this to me. Read it CLOSELY. Especially NUMBER 5. I'm just trying to help you guys understand. That's all. But it's your money, so why should I care? I don't even know you people. For those of you who don't think I know what I'm talking about. Time will prove me right.
Hello Mr. xxxx,
Please refer to the cancellation guide to cancel National Bank of Greece (cusip: 633643804) into the local shares (ISIN: GRS003003027).
1) Deliver the DRs via DTC to 2504 Account 016201 free of payment.
2) Send cancellation instruction via PDF file with at least one person from the sending institution cc in the email; or from a group email address. We cannot accept instructions from one person. Please email the instruction to drinstructions@bnymellon.com.
3) The instruction must include the following information:
a) Security Name
b) CUSIP Number
c) Number of DRs
d) Corresponding local delivery details.
e) Contact name, phone & email information in case we have any question with the instruction.
4) After BNY Mellon DRs receives the DRs, instruction & fee we will instruct our custodian to deliver the shares as instructed with trade date the day we receive the DRs and settlement date + 3.
5) You must have instructions in place to accept the cancellation fee via DTC. The cancellation fee is $.05 per DR rounding up to the next hundred + $17.50 per instruction.
6) Please have local receive instructions in place to accept the shares from our custodian. Below is our custodian information.
