Spoken vs. Written .....
Subuclayton, here is the document sent to myself.
Non-transferable security notification
E
E*TRADE Securities LLC
You have a new non-transferable security [image: E*TRADE from Morgan Stanley] Log on [image: You have a non-transferable security] [image: You have...
E
E*TRADE Securities LLC
to me
9 days agoDetails
Log on
Dear PETER
E*TRADE from Morgan Stanley values you as a client and is committed to providing you with important information about your account(s).
What you need to know
Our records indicate that you hold the below-referenced security, which the Depository Trust Company (DTC) has classified as non-transferable.* As a result, effective 30 days from the date of this letter, your positions will be removed from your account.
Account: XXXX- xxxx
Security: UNITED WESTERN BANCORP INC
The removal of the security will be displayed as “PREM Removal” under the Transaction History in your account statement. Please consult a tax advisor regarding any tax consequences.
Since there is no transfer agent for this security, we are unable to register and deliver a physical stock certificate to you. If your account remains open and we become aware of active transfer agent services for this security in the future, we will attempt to reinstate your position. If your account is closed, we will attempt to contact you at your last known address.
Please retain a copy of this notification for your records.
*Non-transferable securities are securities of issuers that have not employed the services of a transfer agent for six years or longer, often due to inactivity or insolvency, which the DTC has deemed eligible for its Position Removal Program (PREM). As outlined in the E*TRADE Customer Agreement, E*TRADE reserves the right to remove shares of non-transferable securities from your account, or charge a servicing fee to carry such positions on your behalf, at its discretion
From my perspective, what is written trumps anything oral. Agreed? Whether or not they choose to honor their written offer is not in my control, but I now may exercise my legal rights more vigorously with both my documented response as well as their's.
As expressed in a previous letter that was also posted to the board, I had suggested this fee to compensate errade for the cost incurred for holding NT securities. The brokerage arm of Ally bank assess a fee for these same services. I will again recommend and request this expense in the current letter.
From my perspective this kind of documentation, reinforces or legal ownership, regardless of how etrade responds.
Best to you
