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Stock sale question(3 posts)

Stock sale questionmohair_chair
Sep 19, 2003 7:03 AM
Back around 1992, my company gave me a bonus of 20 shares of stock. The certificates just arrived in the mail one day with no explanation.

It's been almost a decade, the stock has since split, and at this moment is selling at $63.87 a share.

I'd like to sell this stuff, but I'm not really sure how to do it since I have the certificates in hand. I have a brokerage account with Siebert, but they have no local offices. I know I can send them to Siebert, but I don't want to send them through the mail, since it's basically cash. I could walk into a local brokerage, but they'd probably want a big chunk as a commission/fee.

What to do?
You pretty much listed your optionsSpecialTater
Sep 19, 2003 7:59 AM
If you already have an account, I would send to them via a traceable method. They aren't really like cash and can be replaced.

Call your local brokers and check their prices. Schwab has offices in major cities and tends to be one of the cheapest with a physical office. If you bank with a large regional or national bank, they can generally do the trade (expensive unless you have a significant relationship). Online brokerages can do it, but require sending the certificates. I believe in all cases you will be required to open an account, deposit the certificates, make the trade and then cash the account out.
Here's howPaulCL
Sep 19, 2003 8:14 AM
I'm in the brokerage business and do this everyday.

Get the proper address to send certificates to Seibert. Ship the Unsigned certif to the company via registered or insured mail with a return receipt. Meanwhile, have them fax, email, or mail a "stock power" form to you. You then the sign the stock power in lieu of the certificate and mail it back to them. Upon receipt of the certif and stock power (in seperate envelopes), Seibert will deposit the shares into your account for sale.

Any unsigned certificate is non-negotiable. Or you could walk into any local Schwab, Olde, etc... discount place.