How to tranfer stock certificates to book entry position?
I found a form letter and messed with it, my plan is to send a letter with the following text and the certificates via certified mail to the AST corporation. I want to transfer to book entry so I can then transfer the shares off to my personal brokerage account with another company. Does this make sense?
The undersigned hereby transfers, (_) shares of the stock of Cracker Barrel Old Country Store (CBRL) standing in the name of the undersigned on the books of the American Stock Transfer Corporation and represented by Certificate No. (_) to Book Entry Position.
- BarneyLv 57 years agoBest Answer
No - you do not make sense and what you are doing is asinine
If the shares are currently held by a brokerage firm, they are the "registered owner" of the stock. In order to get the stock out of their nominee name to that of another brokerage firm, the agent must receive notification (and provide approval) from the current broker dealer to change it to the new broker dealer.
Transfer agents will not hold your stock for you
Why not just go to the brokerage firm you want to use in the future, have them give you and ACATS form, and the brokerage firm will take it from there. This is a free service provided by the brokerage firm
What you are wanting to do, is complicating a very simple proceedure which possibly could take several months to unravel.Source(s): Industry experience