#MMTLP #MMTLPsetaDATE $MMTLP Monday Afternoon Update - E*TRADE Morning Call - Is E*TRADE still making Krucial Mistakes in the Share Transfer Process - Or might A Process Improvement (netted fee/no mailed certs/faster transfer) be in the Mix - Find Out per Etrade...in One Week?
OK, to help me summarize an hour long dramatic call upfront....it appears E*TRADE is basically going through either the same or similar share transfer process that is explained by
@krucialmix in his great laid out long saga (I read his experience then forgot to use that certain approach on my partial transfer, sorry). We are similar traders it appears, both of us have MMTLP in Etrade and a small amount in Fidelity, but I have no IRA.
It may benefit to read his experience first here and compare with mine in Notes below:
mmtlpresources.com/news/a-st…
I am hopeful my slightly different approach on a couple things help initiate some Process Improvement as a goal. Here are the major diffs I saw:
KM1 - Charged $60 as specified, no credit back for that cost it appears.
TT1 - Told NO FEE upfront, but charged $60 on Friday 5/31, a few minutes after that call, I found out today. The Agent today was Jerrod. I told him my concerns on Peter's Friday NO FEE deal on my transfer and he agreed to bring Peter to management's attention, as I said Peter needed to tell customers the cost process in a more transparent way. So Jerrod told me I would see both charge and credit amounts and it will be a net effect to zero...AFTER processing completes. I asked him if that is the 3-5 business days that completes the transfer and he said Yes. (See attached pic of a 'DRS' transfer, we'll see how this goes, he said it was possible). I told him in many words I was unhappy with this transfer experience overall. He was not familiar with MMTLP or the PR but was emphatic to me, like Peter, that they followed the proper process and told me again I will definitely NOT receive paper certs in the mail.
As
@krucialmix explained, the transfer request only shows up under the Customer Service Message Center, I didn't think to look there until I saw his post, thanks. I see it says Direct Registration so we will see what happens...since I gave them specific PR instructions and they emphatically stated it would all be completed electronically within one week.
KM2 - Etrade said they could NOT DRS shares and certs came in the mail.
TT2 - Etrade made me verbally agree NOT to receive certs in the mail and have them transferred electronically ONLY. Etrade said they will be sent electronically in book name entry in my name to the title company, like the PR said.
KM3 - 12 Days to receive certs from Etrade, then contacted title agent for an account.
TT3 - 3-5 business days for same action per Etrade, including account creation...wait to see a SmartAlert message in Etrade on the processing steps completed (same process but hopefully quicker). Then await a letter from title company, like NBH PR states. If this works, as Promised, I will see if I can access my account after processing simply completes, without waiting on a letter from the title company.
I thought it was interesting they tell you to NOT SIGN the back of any mailed certs before sending them and simply make a 'copy' - why does that sound like more fraud, if they are your certs why is your signature on them such a problem, hmmm) just sayin.
I'll provide processing results as I see them come in.
I might need a drink now.
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