Good and logical point JB but logic doesn’t count anymore!
DRS direct registration system means exactly what it says. It means direct and eliminates a host of morons. It eliminates the broker and the company, you are registered with the transfer agent only. Co-transfer agents is a new one for me as how can you be registered with two transfer agents if the left hand does not inform the right hand on there exact moment your enter for exit?
It sounds to me as if many people have repeatedly given the wrong information about DRS about which they know nothing. I can not speak for UPS charges except to say they are only a very expensive delivery company having nothing to do with your securities except a guarantee to timely delivery and insurance available.
Direct means exactly what it says. You get a statement direct from the transfer agent only. Your instructions go to the transfer agent. The transfer agent has no legal interest in your shares. The transfer agent simply records your name address and shares owned officially.
The cost of the transfer agent if handled properly is absolutely minimal ($10?). You never mix your broker with the direct registration transfer agent except to order the broker to put your shares into direct registration. You do not give your broker any further instructions.
Now if you want your certificates you inform the “company you are invested in” and generally without charge your shares arrive at your home in only days, not week or months. It does cost $500 if your company does not participate with Computershare. This $500 has been THE greatest inflation since 2006 when across the board it cost only $10.
If you want to sell them immediately you instruct the transfer agent of your brokers number and your account number and generally on the same day your shares are back into your brokers account for you via simple computer instructions one to the other. If for some reason minutes are important to you, you call the transfer agent and instruct your shares be liquidated to the transfer agent who is not a broker but it will be a market order.
The transfer agent does not keep your funds but sees they are bank wired according to your written instruction that can delivered by any means including the “ The Puppy Express.”
It is so easy that no stock broker can understand it.
The excuse your instructions or whatever fell into a puddle or snowbank in Florida smells like bull s—t to me.
If your problem still exists start all over again. The moron factor is what you are dealing with. As in anything you do, including valet park your car, means you can always run into the moron factor. You can confidently assume your broker is the first moron, the CFC company secretary might be a moron. Usually the transfer agent does so little of which DRS is one thing if the person is not a new hire they are not morons.
Starting over again means only one question of your broker. Did he or she get confirmation from their back office people the instructions that you wanted DRS was acted upon your brokers computer instructions should have been on the same day and that would start the process on the same day. Letter writing and large charges are the creation of your broker to dissuade you from taking your stock out of their control and balance sheet.
You are not FUBAR but your instruction never got there MFWIC. Maybe he/she was in a puddle or snow bank in Florida or worse a Snow Flake.
If you are not at your therapist for broker induced tension (BIT) or drug store for valium you might need two telephones at once. Me on one and your collection of morons on the other
This has become a complete disaster.
CEF shares held in DRS were withdrawn from AST without advising me.
I was told that they would show up in Computershare.
Computershare said they were co-transfer agents with TMX and the shares would show up in Computershare.
They advised me to contact TMX directly.
After countless calls to TMX, they advised me to complete a letter of transmittal and include the original DRS advice.
They wanted originals, no fax or email. I sent it via USPS. They then advised me that they dropped it in a puddle or snow bank and I had to send another one.
That’s $43 each. They finally got the 2nd one 10 days later.
They advised me that it would take 10-20 business days to process.
I have been calling daily, Sprott, Computershare, and TMX.
Now I am told that the paperwork was processed 3 days ago and if I don’t get the advice in 30 days call them.
This has been a real mess. And I still don’t have an advice showing I own the stocks.
TMX customer service sucks.
Maybe, this DRS is not such a good idea.
You might want to advise your readers that there is a potential problem there.