Transferring stocks...easy 10pts?
I recently bought some stock for my mother. I bought it from my Ban of America brokerage account (merryl-lynch). What I am wondering is what is the easiest way to transfer the stock from my name to hers? She does not have a brokerage account by the way. I would just keep it in my name but she has never owned stock and thinks it would be cool to have it in her name and be the actual owner, and since it is my mom she gets what she wants.
Thanks for the help all
- Twitter BirdLv 51 decade agoFavorite Answer
You need to get a medallion certificate in order to transfer stock ownership names. Call the company investor relations line and get correct instructions on what has to be on the medallion exactly & to get the forms etc.
But you also want her to have a brokerage account established so she could sell the stock if she wanted to.
If you just want a physical stock certificate with her name on it then it would probably be most cost effective to just buy a single share of stock & pay to have a stock certificate ($10 to buy the stock, $25 for the certificate fee + up to $100 for the actual stock)
- Anonymous1 decade ago
Your Mom probably does not understand the details of having stock in a street name or her name. Explain that to her and tell her that while it may be cool (?), it just creates problems for her in the future if and when she wants the cash. There's a big difference between what you can do and what you should do. Come on.....she's your Mom for Petes sake.
- Anonymous1 decade ago
Not that I know a lot about this because I am in UK, but as I understand it a lot of US comapnies don't issue share certificates. I suspect your shares are held electronically. Of course you could transfer these to be held by your mother electronically, but not much point. If you have a certificate you could transfer it to mum by signing the reverse and sending it to the Transfer Agent (you might need a Medallion whatsit as someone else said). If the shares are held at the brokerage (in Nominees) and there are certificates available (ask them) then just give them details of your mum's full name and address and ask them to register it into her name and send her a certificate.
If it is possible, it will be dead easy. If it ain't possible then it ain't possible.
- YorkyLv 61 decade ago
Right now the stock is being held in street name at BAC. Request delivery of the stock certificate to you and then sign it over to her on the back. She can then request a new certificate in her name.
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- PaulLv 51 decade ago
You can ask your broker to have the shares issued in certificate form, titled in your mothers name. She doesn't have to have a brokerage account to hold certificates. They can be held in "Book Entry" form instead of "Street Name".
They are likely to charge you for the certificates, however. They may charge $50.00 or more for them, as physical stock certificates have fallen out of favor in the industry with the advent of the advanced computerized trading systems now used.
Just ask your broker about the process.Source(s): Series 7 General Securities License holder