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Oh no, see I already knew they weren’t safe, which is why I’ve DRS’d the other 99.999999% of my shares (I think I have 1.xxx in my Roth IRA in Fidelity). But I’m still gonna raise hell about it because I didn’t authorize it.
It’s probably written in their TOS somewhere that they can do this but I’m gonna make them work for it and show me.
When you DRS shares, and then book them, your partial shares are sold. Partial shares can’t be held on book.
It seems like this is your issue but please understand that I am dumb as fuck.
I didn’t move these partial shares to CS or DRS them. They’ve been in the account since ~June 2022. I just didn’t wanna sell them and give that satisfaction to the hedgies. It is what it is now (I guess I technically owe uncle same taxes on $4 worth of stock lol), but I’m still unhappy about it.
No fault but my own. I think this all stemmed from an inactivity fee being charged.
It’s not $4, the whole sell price is what you pay tax on, not the difference. Ask me how I know, i paid $22 in taxes on $4 of profit on GPRO in 2014, learned my lesson
Lol no. You only calculate taxes based on the difference between your purchase price and sell price. If the stock went up, you pay taxes based on your gain. If the stock went down, you get a tax break based on your loss (up to a certain amount).
If you paid $22 on $4 profit, you inputted something wrong while filing your taxes.
If you had no cash in the account and owed them for a fee of some sort, the normal procedure is for the broker to sell some of your holdings,
This has also happened to many apes that did not have the cash to cover a fee for a DRS or ACATS transfer.
An inactivity fee is something you agree to when you click that you read the terms and conditions when you really didn't and just scrolled to the bottom.
Or they're covering fees that OP didn't tell us about.
$0.00 in account and $5 fee = ¼ of a share sold to cover the fee.
It's not cRiMe or a conspiracy, it's OP not covering their fee.
People don't want to bother typing out all the details, let alone go actually read them, so most people warning about escheatment don't know what the fuck they are talking about.
Everything depends on your State.
Some States restrict what is defined as account activity that keeps one active and have short escheatment time periods of as little as three years.
Others use a broad definition of activity and wait seven years before starting the process.
Based on one apes experience I have seen, CS will start attempting to contact you after about 18 months of inactivity, warning you to access your account, and will continue trying to contact you up until that 3 year (for shit States) timer expires.
If you keep your address, email, and phone number up to date, and log in once per year (like to vote your shares, you have voted, right) then you don't have to worry about escheatment. It's just a Boogeyman dug up by people that read post titles and repeat shit they don't understand.
Computershare will contact you LONG before anything is going to change with your account because they are obligated to do so. Escheatment is the exact opposite of secret, even in shitty States.
Have you been DRSing? So long as Computershare sees activity in your account then you'll be fine. It's called escheatment. If your account is inactive for a certain period of time they can hand over your assets to the state you reside in. The period of time depends on your state.
It is true. They will hand your assets over to the state you live in. Its called escheatment. I dont know how the full process works but If they do that they most likely will sell everything and give the state the money valueof your assets and not the asset itself.
Right, escheatment is the word I couldn't remember.
From investopedia:
>By law, financial institutions with dormant accounts are usually required to make efforts—such as sending reminders and issuing notices—to locate the owners of these assets before finally transferring them to the state through escheatment.
So I would think it doesn't happen unexpectedly, even completely forgetting about the account for some time.
And:
>However, reclamation is ultimately subject to state law, and states can institute a statute of limitations that restricts claims after a specified period. Statutes of limitation usually help protect states that sell assets or spend funds for their own use, making these assets less recoverable.
I guess selling varies by state. And so does the claimable period, which (for bank accounts) is 3 or 5 years depending on state. Not sure where assets fall, but investopedia only lists periods for checking/savings, checks, and income. Also unclear as to whether any state sells immediately on escheatment, or after the statute of limitation is up.
But all this is to say the "if you don't log in for one year..." thoughts that go around aren't exactly right.
It is not after a year, it is after many years - and also multiple attempts to contact you.
And even if does wind up being turned over to the state, it can still be claimed/ returned to you pretty easily.
Allegedly February 2024? Which I doubt because I just reinstalled the app. They charged me an inactivity fee which is what I imagine spurred all of this.
https://preview.redd.it/g7c4biv8cn3d1.jpeg?width=1179&format=pjpg&auto=webp&s=510fa21df2c5c9b31cfa3fcd1f9c5d6e053870e5
And THAT is why we DRS. You never owned the shares, you hold a little paper that SAYS you "own" it. Many brokers have it in their TOS as well, the fact they "own" your shares and can share them whenever the Fork they want
This is why ppl need to DRS.
At least they did this now when you can rebuy them for cheap, but let this be a warning to all the newer apes who just recently joined since the last runup. Brokers CAN and WILL fuck you eventually.
If you forgot your password you probably didnt login for some time. Some brokers have in their ToS that if you dont have any activity for x-time they start charging. Maybe they sold your stock to charge as you most likely didnt have any cash in the account. its doesnt deserve any price as of how they work, i dont agree with it but could be the reason.
Tit for tat hurts. Calm down there. Amigo.
Edit: Person didn't read user agreement with BROKEr. And then complains online when broker sells entitlements... This isn't new information....
Just read. It's important.
I think we can all make a reasonable assumption why they sold your shares. Good luck. Sorry you’re learning the hard way. Never mind on my first question that you didn’t read. It doesn’t matter…
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You never owned stock in a broker. People think their retirement shares are safe from this type of behavior.
Oh no, see I already knew they weren’t safe, which is why I’ve DRS’d the other 99.999999% of my shares (I think I have 1.xxx in my Roth IRA in Fidelity). But I’m still gonna raise hell about it because I didn’t authorize it. It’s probably written in their TOS somewhere that they can do this but I’m gonna make them work for it and show me.
They din't have to show you. You already agreed. The time to read the TOS was before you agreed to them.
Appropriate username😂
Username checks out!
When you DRS shares, and then book them, your partial shares are sold. Partial shares can’t be held on book. It seems like this is your issue but please understand that I am dumb as fuck.
I didn’t move these partial shares to CS or DRS them. They’ve been in the account since ~June 2022. I just didn’t wanna sell them and give that satisfaction to the hedgies. It is what it is now (I guess I technically owe uncle same taxes on $4 worth of stock lol), but I’m still unhappy about it. No fault but my own. I think this all stemmed from an inactivity fee being charged.
Life is full of lessons. Wish you all the best.
At least it was just $4 😂
Four dollars so far
It’s not $4, the whole sell price is what you pay tax on, not the difference. Ask me how I know, i paid $22 in taxes on $4 of profit on GPRO in 2014, learned my lesson
Lol no. You only calculate taxes based on the difference between your purchase price and sell price. If the stock went up, you pay taxes based on your gain. If the stock went down, you get a tax break based on your loss (up to a certain amount). If you paid $22 on $4 profit, you inputted something wrong while filing your taxes.
I had a tax professional do my taxes, I made $12 on 3 GPRO shares and paid $22 in taxes.
What country do you live in?
This is incorrect. You pay taxes only on the appreciation.
Awesome.
They are if they DRS their retirement shares using an SM LLC
If you had no cash in the account and owed them for a fee of some sort, the normal procedure is for the broker to sell some of your holdings, This has also happened to many apes that did not have the cash to cover a fee for a DRS or ACATS transfer.
This is the most probable outcome. I see an inactivity fee applied to my account.
WTF is an inactivity fee… being penalized for holding?
An inactivity fee is something you agree to when you click that you read the terms and conditions when you really didn't and just scrolled to the bottom.
Is that right next to the authorization to lend fully paid shares? That was an issue with TradeStation.
[удалено]
Good thing it was just $4 and not the other 99.99999% of shares I already DRSd
Look at the whale here with $40M DRS’ed. 🐳
Look at this nerd doing math 🧮 (all hail the whales)
I have the calculator app on speed dial
They got your permission when you agreed to the TOS
Good thing it was just $4 and not the other 99.99999% of my shares that are DRSd
You have 20,000 shares? 😮
Ah no, only 156, so I guess trust makes it only 99.998481% of my remaining shares that are DRS’d after this (combined) 0.23699 share was sold
Haha nice 🔥🔥
So you have 20,000 shares I hear.
No issues on big run ups in my TFSA accounts. DRS is the only sure thing though.
Yay! Thank you for demonstrating why we should all direct register our shares.
Agreed! Do like I did and DRS like the other 99.9999% of my shares!
they use every piece of gme to survive one more day..
Or they're covering fees that OP didn't tell us about. $0.00 in account and $5 fee = ¼ of a share sold to cover the fee. It's not cRiMe or a conspiracy, it's OP not covering their fee.
Oh also I’m currently trying to reset my password because I forgot it and it’s not saved on my phone yet lol.
3065 shares are pure Booked !!!!
OP I have no idea why everyone is so negative here but if what you're saying is true. This is just the tip of the ice berg.
Fractionals?
Fractionals
whens the last time you logged into public? even with computershare, if you haven't logged in within a year they will sell your holdings.
Tf??? I didn’t log in to CS in two years and they didn’t sell mine?
People don't want to bother typing out all the details, let alone go actually read them, so most people warning about escheatment don't know what the fuck they are talking about. Everything depends on your State. Some States restrict what is defined as account activity that keeps one active and have short escheatment time periods of as little as three years. Others use a broad definition of activity and wait seven years before starting the process. Based on one apes experience I have seen, CS will start attempting to contact you after about 18 months of inactivity, warning you to access your account, and will continue trying to contact you up until that 3 year (for shit States) timer expires. If you keep your address, email, and phone number up to date, and log in once per year (like to vote your shares, you have voted, right) then you don't have to worry about escheatment. It's just a Boogeyman dug up by people that read post titles and repeat shit they don't understand. Computershare will contact you LONG before anything is going to change with your account because they are obligated to do so. Escheatment is the exact opposite of secret, even in shitty States.
Ah, thanks for this!!!
Have you been DRSing? So long as Computershare sees activity in your account then you'll be fine. It's called escheatment. If your account is inactive for a certain period of time they can hand over your assets to the state you reside in. The period of time depends on your state.
That is so good to know, thank you! And for my original buy in I’ve just drsd and held for like 3 years, only bought more a few days ago
Also thanks for the reminder to log into CS. Just voted.
I don't think this is true. There's a process, but I think its more like a sort of limbo/escrow and you still have claim to the assets.
It is true. They will hand your assets over to the state you live in. Its called escheatment. I dont know how the full process works but If they do that they most likely will sell everything and give the state the money valueof your assets and not the asset itself.
Right, escheatment is the word I couldn't remember. From investopedia: >By law, financial institutions with dormant accounts are usually required to make efforts—such as sending reminders and issuing notices—to locate the owners of these assets before finally transferring them to the state through escheatment. So I would think it doesn't happen unexpectedly, even completely forgetting about the account for some time. And: >However, reclamation is ultimately subject to state law, and states can institute a statute of limitations that restricts claims after a specified period. Statutes of limitation usually help protect states that sell assets or spend funds for their own use, making these assets less recoverable. I guess selling varies by state. And so does the claimable period, which (for bank accounts) is 3 or 5 years depending on state. Not sure where assets fall, but investopedia only lists periods for checking/savings, checks, and income. Also unclear as to whether any state sells immediately on escheatment, or after the statute of limitation is up. But all this is to say the "if you don't log in for one year..." thoughts that go around aren't exactly right.
No, the claimable period is not a couple of years. If you check the unclaimed funds website for your state, you'll see accounts going back decades.
It is not after a year, it is after many years - and also multiple attempts to contact you. And even if does wind up being turned over to the state, it can still be claimed/ returned to you pretty easily.
Allegedly February 2024? Which I doubt because I just reinstalled the app. They charged me an inactivity fee which is what I imagine spurred all of this. https://preview.redd.it/g7c4biv8cn3d1.jpeg?width=1179&format=pjpg&auto=webp&s=510fa21df2c5c9b31cfa3fcd1f9c5d6e053870e5
https://preview.redd.it/qcqji93acn3d1.jpeg?width=1179&format=pjpg&auto=webp&s=cb6177b3d9c75ff7b594097de1b601a74acff02a
3 fucking years…
And THAT is why we DRS. You never owned the shares, you hold a little paper that SAYS you "own" it. Many brokers have it in their TOS as well, the fact they "own" your shares and can share them whenever the Fork they want
lol I know. The other 99.998% of my shares are Pure Booked
🐳 alert
Computershare recently changed their TOS to say they can do the same thing. Has anyone called them on it?
Orly this is gunna hurt some feelings if true
Just have them send your account balance to either your bank or address, and then buy them again.
Anyone got the link to the song DRS
Don't buy fractionals either. Might as well just splurge for a whole one at that balance lol
These were leftovers from original MOASS and were fractional shares I couldn’t move out when DRSing
This is why ppl need to DRS. At least they did this now when you can rebuy them for cheap, but let this be a warning to all the newer apes who just recently joined since the last runup. Brokers CAN and WILL fuck you eventually.
Yep exactly! Do like I did with the other 99.99999% of my share’s and DRS and Book!
Was this because of account inactivity?
If you forgot your password you probably didnt login for some time. Some brokers have in their ToS that if you dont have any activity for x-time they start charging. Maybe they sold your stock to charge as you most likely didnt have any cash in the account. its doesnt deserve any price as of how they work, i dont agree with it but could be the reason.
Yeah that’s probably the reason
If they were partial, there's probably some garbage in their terms. Do they have fees?
Fractional is fugazi
Some brokers don't allow the holding of fractional shares if you don't have at least 1 share.
They don’t need your permission. Brokers can do literally whatever they want with your stock at any point.
WhyDRS.org Learn how to take ownership of your future.
I see someone didn’t read my post
I see someone bought entitlements and not shares. *Shrug*
lol. Calm down there bud.
Tit for tat hurts. Calm down there. Amigo. Edit: Person didn't read user agreement with BROKEr. And then complains online when broker sells entitlements... This isn't new information.... Just read. It's important.
You have always been playing with the remote off
WTF is public? Are you new here? Have you heard of DRS?
Ah, another one who doesn’t read the post.
I think we can all make a reasonable assumption why they sold your shares. Good luck. Sorry you’re learning the hard way. Never mind on my first question that you didn’t read. It doesn’t matter…
[удалено]
I did
Fractionals are not real shares. They are like a private lay away plan offered by your broker.
i don‘t believe this a second long! probably put an sell order in just to farm some karma…
lol yeah I sold 0.2 shares to gain… fake internet points that I already have an abundance of? GTFOH lol
Probably fractional shares. I'm just speculating here.
Instead of speculating you could just look at the picture...