Sell stock without broker?
My mom has stock that she bought through her bank. She would like to sell all of the stocks now so that she no longer has to pay the brokerage fees, but the bank is charging her almost $400 just to sell the stock. Is there another way?
- A nobodyLv 79 years agoFavorite Answer
To properly answer your question there is additional information needed.
Is the stock is publicly issued or is it restricted, who is holding the stock at the present time, whose name is is the stock being held, is your mother the sole beneficial owner, how many shares and what is the market value of the stock.
If the stock is fully issued, it may be easier to just have the bank sell it.
If the stock is held in the bank's nominee name, then for your mother to sell it elsewhere, she will have to have the stock either transferred and shipped to another broker/dealer or have the stock moved to another broker/dealer through the ACATS system. Nonetheless she will have to open an account with another broker/dealer.
If the value of the stock being held is substantial, it may be easier, faster to have the bank sell the stock.
If you want to save commissions, then go through the gyration of having the stock moved to another B/D after you open account.Source(s): from the street
- Go with the flowLv 79 years ago
It is typical to pay a commission to sell a stock.
IF she is paying more than $25 for each sale of each stock, the bank is taking her for a ride.
One thing you could try.
Does she have substancial amount of money?
Why do I ask? Sometimes other brokers will pay all sorts of fees just so you join them.
What discount broker are you thinking of using next?
Give them a call, ask if there is any way you can avoid the fees for selling the current stocks you have at that scammy bank...
- 9 years ago
Unfortunately no unless she has the certificate then she could sell it to an individual.