What I was told on the phone was by Charles Schwab. The information I quoted was from their web site at <a href="https://www.schwab.com/legal/schwab-pricing-guide-for-individual-investors" rel="nofollow noopener noreferrer ugc" target="_blank">https://www.schwab.com/legal/schwab-pricing-guide-for-individual-investors</a> . <br> <br> Ask your brokerage about certificates if you would like to have them. <a href="https://www.fidelity.com/trading/commissions-margin-rates" rel="nofollow noopener noreferrer ugc" target="_blank">https://www.fidelity.com/trading/commissions-margin-rates</a> (on the tab called "Fee Information") says 'Stock certificate transfer and ship2\t$100\tPer Certificate ... 2. Applies only to customers who have certificate shares reregistered and shipped; waived for households that meet certain asset and trade minimums at Fidelity (Households with $1 million or more in assets or $25,000 or more in assets +120 trades a year)." I am not sure that obtaining a stock certificate means it gets transferred out of the brokerage account. I never asked for a paper certificate. See also <a href="https://scs.fidelity.com/accounts/services/content/depositcert.html" rel="nofollow noopener noreferrer ugc" target="_blank">https://scs.fidelity.com/accounts/services/content/depositcert.html</a> . That pages gives instructions for sending in stock certificates (including instructions about endorsing them).