CANNOT.deposit.PGLC.w/ETrade.so.I.can.sell.like.gzone!!! See livechat transcript below:
A representative will be with you in a moment.
Thank you for contacting E*TRADE. My name is Gregory S I will be happy to assist you today.
Gregory S: Hello Mike F.
Gregory S: For E*TRADE Securities accounts, an account minimum deposit of either at least $500 in cash or a deposit of securities is required within 60 days of account opening for the account to remain active.
There is no initial minimum deposit requirement for Retirement, Custodial, or Employee Stock Plan accounts. Accounts not meeting the minimum deposit requirement will be closed after 60 days.
Mike F: Thanks. Mike F. here.
Mike F: I have a "stamped, restricted" stock share certificate, that I wish to deposit when I open the account. Will some "live, on the phone person" help me mail that safely and confirm it has arrived and is deposited upon filling out your paperwork?
Gregory S: I can help you do that.
Gregory S: First, let me make sure we can receive the certificate.
Gregory S: What is the ticker symbol?
Mike F: okay. what are the steps?
Mike F: PGLC
Gregory S: Unfortunately, that stock trades over the counter.
Gregory S: We are not able to accept certificates for over the counter stocks.
Mike F: so?
Mike F: Well, you're sure as shootin' selling them for existing customers.
Mike F: Just read a first hand report from a current customer who sold 25% of his restricted stock by working with a phone in broker and only got charged $9.99 for his tranche.
Gregory S: Right. We can trade them electronically.
Gregory S: We can only accept certificates for shares that trade on a regulated exchange.
Mike F: Well, you can't trade them electronically if they aren't already in house now can you?
Gregory S: I apologize for the inconvenience.
Gregory S: People can buy them electronically as well.
Mike F: Inconvenience? Sounds like inconsistency.
Gregory S: It's not inconsistent.
Mike F: This was a Reg 145 share spin-off situation.
Gregory S: Depositing a certificate is very different than selling book entry (electronic) shares.
Mike F: And the spin off generated a physical JUMBO certificate to each brokerage house who had clients receiving the spin-off.
Mike F: The physical cert was issued by the clearing house to eTrade, TDA, etc.
Mike F: so you all HAVE TO HAVE ACCEPTED an OTC certificate in order to spit out the jumbo by your individual clients.
Gregory S: I thought you said you have the cert in your possession. Is that not the case?
Mike F: That's the way it works. Now you can understand my basis for questioning you in detail.
Mike F: I DO have my cert in hand, just like you all have the JUMBO from Clearing house for your Existing eTRade customers in hand.
Gregory S: When they deliver shares to us, they deliver them in book entry form. They do not send us physical certificates.
Mike F: I ordered mine out of the greedy clutches of TDA, and am looking for a new place to do business.
Gregory S: I wish we could help. Believe me, I don't like turning away business.
Gregory S: We just can't accept that certificate.
Mike F: YOu need to check your facts, Gregory, sir. It WAS delivered in a physical jumbo cert form. I've been working wiht this mess since 2.14.2013, and I know I'm square on my facts. This was NOOOOOOOOOO book entry deal! TRRRRUST ME!
Mike F: I would like to speak to your restricted stock department compliance officer. Is that possible?
Gregory S: Unfortunately, no. It doesn't matter how the cert came to be in your possession. The simple fact of the matter is that we do not accept OTC certificates for deposit.
Mike F: And again, i will state the obvious. You already did, because this was not a book entry, normal Reg 144 deal. It was a jumbo cert you all received, in the nameSSSSS of your various customers caught in this matter. Therefore, eTrade has made the "variance/allowable" once, and therefore a mechanism exists in anomaly circumstances to facilitate this particular nuanced transaction. Now, I need to ask why I can't talk to your compliance officer?
Mike F: I know you have one. ALL brokerages have one by SEC regs.
Mike F: Okay, let me ask you THIS question.
Gregory S: If you would like to discuss it further, you may call 1-800-387-2331 to reach us immediately or I can call you in about an hour.
Gregory S: Which do you prefer?
Mike F: If you backroom transfer an account by new customer request...
Gregory S: You can name any set of circumstances you wish.
Gregory S: It does not change the fact that we do not accept OTC certificates.
Mike F: and it has one of this restricted shares OTC issues within the account, will you accept the entire account by backroom transfer or only pick and choose what eTrade "wants?"
Gregory S: You and I are not discussing an electronic transfer.
Gregory S: We are discussing depositing physical certificates.
Mike F: I understand that. I'm trying to figure out a way to move from you handling the physical, by me putting it back into electronic form and then asking for you all to go GET my entire trading account. Can we discuss that?
Gregory S: Unfortunately, we still would not be able to accept them.
Gregory S: E*TRADE customers are able to deposit cash and buy them here.
Gregory S: We do not accept them from outside firms or in certificate form.
Mike F: You can't move entire trading accounts from other brokerages into your own eTRade?
Mike F: You're KIDDING!
Mike F: RIght?
Gregory S: We will not accept over the counter stocks. We will accept stocks that trade on a regulated exchange.
Mike F: So, you are saying that you cannot move entire accounts to eTrade, do I have that correct?
Gregory S: If the entire account contains OTC shares, we will not be able to accept those shares.
Gregory S: But we will be able to accept anything that trades on a regulated exchange.
Gregory S: You have that correct.
Mike F: Okay. got it. This is verrrrrrrrrrrry disappointing. Thanks for your time. What a bust. good day.
Gregory S: I’m glad I was able to help you. Thank you for choosing E*TRADE Securities for your investment and brokerage needs. Have a great day!
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That was a difficult convo to have via live chat!
AI
