My "Platinum" associate was very specific about the part of the letter which suggested E-Trade, could charge a "servicing fee" to carry such positions on your behalf, at its "discretion."
That sounds like a very nice solution, located in the "E-Trade Customer Agreement". Only trouble is that it is not true. The company, again according to the accommodating young sprout seeking answers in the corner office in my behalf, tells me that once a decision is made to drop a non-transferable stock, that decision is absolutely irreversible. No exceptions, no matter who is willing to pay servicing fees.
He told me to save a monthly statement showing the position and to remit it if and when there is a payout. He said the company would make every effort to get me my gelt. But what if my share was paid out to other cusip holders? How you gonna get it back? And, as Fred has often said, there is little or no lead time to FDIC payouts. They just show up in your account one day. E-Trade is going to take my share of UWBK stock distributions out some special account?
There is no reason the cancellation of non-transferable stock has to be irrevocable. This is no way to run stock brokerage.
