How much should I expect to have to pay to cash in stock certificates?
I am going to check into it tomorrow and want to know what normal is. I have never done this before.
- Net Advisor™Lv 71 decade agoFavorite Answer
In the USA, if you bring your stock certificates in to a full service or even a discount broker tell them you just want to open and account and deposit the certificates.
If you name is on the certificates the account will be plated the same. They will require a medallion stamp signature that the brokerage or a bank can do. if you are not a customer of either they may charge for this.
You can sell them when they have cleared (transfer agent) and pay a sales commission on the sale.
Anyone charging you for this should be avoided. I worked with a leading Wall Street Bank and we never charged for this.
- OPMLv 71 decade ago
If you go to a local bank discount broker, expect it to be $40 per certificate and $10 at E-trade, TDAmeritrade or ScottTrade. However, if you cash and close the discount brokers will charge a penalty so you may be better off at the local bank discount broker and they may alter the fee if you are opening a bank account.
The certificates must be in what is called "good form," or it will cost more. How much more is outside everyone's estimation since it depends on why they are out of good form. An example of a stock being not in "good form," is if they are in the name of a deceased person.
Since you do not have an existing account, it may take weeks for this transaction to happen.
- Anonymous1 decade ago
You don't usually "cash in" certificates. Unless it is something that has reached maturity (redemption) Then you just sen it to the Company Registrars or if a gilt, The Bank of England. Shares are normally sold, throgh a stockbroker, bank or online.
- nervousLv 51 decade ago
idk. google stock certificates. sorry.