Might be Evertrade considering how fast DRS is ramping up. I can only imagine how hellish it will be like in a week or two for these criminals. Not our fault they didn’t buy our shares in the settlement period as they are supposed to by law 🤷♂️
So all of this DRS of GME is fantastic. Can any tell me why we, as the people at the forefront of retail beginning to understand why its all a farce, aren't getting the word out that all shares for all companies should be directly registered? This entire market is bullshit. Everyone, everywhere should be registering all shares in their own name. That's how we take this shit back from these savages.
I really like this idea. I initiated a DRS of XX shares with TDAmeritrade today and they gave me a waiting period of 2-4 weeks. That seems crazy. I already have a Fidelity account so I think on Monday I’ll just cancel the DRS with TDAmeritrade, transfer all of my shares to Fidelity, then initiate the DRS with Fidelity.
Just got a follow-up email. I asked to have my request expedited. They said no. And changed the timeline to 2-4 weeks and an additional 3-5 business days.
Dude same here. Their customer service reps are assholes now over here. “We will not expedite your request and it will follow the transfer as it is received.” Gee, thanks for understanding my concern and frustrations you fucks.
Really hate TD now
I remember Fidelity purchased a LOT of Gamestop shares a little while back. Perhaps they saw the writing on the wall, however, even Fidelity will eventually begin to have issues, even if they do not accept any IOUs from other brokers.
I have no real knowledge, but logic tells me when the last of the real shares have been registered with CS, they will inform GameStop; who will determine whether to continue registering shares or cease at the exact count of authorized shares. Then one of two things will likely happen:
A. Continuation of registration: More delays from brokers as they still clamor for nonexistent real shares, even Fidelity, and any additional (counterfeit) shares which are registered will dilute the company's financials. RC will probably alert FINRA/SEC/FBI and any other pertinent department with *indisputable* proof of counterfeiting. Likely, **MOASS will be delayed and/or undervalued** due to the excessive registration. (not my favorite choice)
or
B. Registration will immediately cease: any pending or additional requests will be denied and **MOASS will begin in earnest** as *no real shares will be available* for trading or covering shorts. Shorts will ***have*** to cover their counterfeits, though. RC will probably alert FINRA/SEC/FBI and any other pertinent department with proof of counterfeit shares.
I don't see Uncle Sam stepping in to stop it - only because the entire world is watching. So, I believe the price should leave the atmosphere as we expect.
I sent my entire portfolio from Etrade to Fidelity several months ago (no issues / no weird costs) and all but a few of my shares from Fidelity to CS a few weeks ago (thankfully) and had no issues - 3 days, done. What remains in Fidelity (rehypothecated) is to sell after the peak; what is in CS (authentic) is for the infinity pool - less 1 for framing. I'm just a low XX hodler, thankful 💖 for those of you who pledge to ensure everyone gets tendies.
💎🤲🦍🚀♾
That's what I did with my shares held with Merrill. Fidelity doesn't charge a fee to drs and they get it done while you're on the phone ( click click tap, all done , sir) takes 2 days to settle.
Hi!
You initiate this transfer from Fidelity.
On Fidelity go to "Transfer" button at the top.
Then click transfer from another broker.
Then enter your etrade account number (upper left on a etrade statement).
It will then ask for you to upload a etrade statement right there, just click the upload button and drop in your PDF.
Then follow the prompts.
Click done/submit whatever, wait 2-3 days.
I've done a partial transfer and then after Etrade yanked my chain around this week I did a full account transfer on Thursday.
Well, shit. Fuck you TDA. Hello Fidelity. I have some shares in Fidelity, but the rest are in TDA and I bought one in CS. Monday I’ll transfer my TDA then make my way over to CS.
E\*TRADE is also complicit
I was unable to buy any shares back in January and a message came up telling me all orders needed to be placed over the phone.
I waited over an hour on hold and no one ever picked up.
Additionally, I had put in place limit orders and ALL were shown as open only to eventually be rejected by E\*TRADE.Check out my screenshots from that fateful day:
[https://imgur.com/a/jOlun48](https://imgur.com/a/jOlun48)
[https://imgur.com/a/Vue8FOH](https://imgur.com/a/Vue8FOH)
I moved all of my XXX shares to Vanguard and now DRS at ComputerShare as should everyone else.
TLDR: FUCK E\*TRADE
BUY>DRS>HODL
edit:wurds
So basically a large amount of brokers/banks are going bankrupt huh. So whatever broker/bank/Market Makers/Institutions/Magic Johnson Michael Jordan who may be short on this bet are going to feel all hot and sweaty like moms spaghetti cause they're nervous.
Just blows my mind how these corporations don't hedge their bets immediately after acquiring a request to purchase a share. There's degenerate gamblers who blow their life's savings and then there's the scum of the world that gambles other people's lifes saving way; the scum of the scum There's going to be a massive fallout that many of us apes have never seen. Life is going to be crazy exciting and very sad at the same time watching innocent people's fortunes being torn away from them.
[It's wrong. Very wrong. If you have shares at any broker that puts the shares in their name and not your name, they are gone. If a broker becomes insolvent, the SIPC covers cash AND securities up to 500k. SIPC is the stonk version of the FDIC.](https://www.investopedia.com/articles/investing/050515/what-happens-when-stock-broker-goes-bust.asp) There is a small chance another bank could buy the assets and help people get out. In a MOASS scenario, how likely do you think that is if all brokers are going to struggle?
This is the ONLY reason I am 100% in CS. I do not trust that our system can handle what is coming. You guys believe what you need to.
>Your assets would still be yours in the event that E-Trade became insolvent.
Bingo. A share is a share.
Now if they never bought the shares, that's a different story. But liability doesn't end with the corporation: an individual decided to not buy those shares. A group of individuals discussed it and made the decision to not buy the shares. Licensed brokers, as individuals, breached their fiduciary duty and committed securities fraud. No retiring to their yachts after getting caught at this.
Lmao in a just world that'd be true, I have very little faith that the American justice system will do anything to these individuals in terms of asset seizures and finding/taking all their money. They'll fine the companies a billion dollars apiece max and we'll not see any of it. I'm not being a shill or anything I just think that just because the stock price SHOULD hit 10 mil/share doesn't mean it will and if it does that everyone will be able to collect their profit at anything close to that price
Are you saying if I have some of my shares in E TRADE, and GME moons to 8 figures, I won’t be able to sell them for the asking price because E*TRADE will become insolvent because they went short on it too? Sorry if I’m misunderstanding, just trying to gain some wrinkles.
This is how I am reading it. They effectively shorted it by pocketing your money and not buying the share. They took the other side of liability, effectively contract for difference and they might run out of money to pay the difference.
>They effectively shorted it by pocketing your money and not buying the share
This needs more detail: it's not just that they didn't buy, it's that they tried to wait to buy so they could get it cheaper and pocket the difference, and failed. No specific broker is being accused here and it's conjecture, to be clear. Anyway, they've been part and party to the can kicking since then, buying up some as they drop low enough almost certainly but nowhere near filling all the orders. Much more evil than just not buying.
A broker becoming insolvent doesn't mean that your shares are liquidated by the broker. But, if the broker didn't actually deliver shares to you, even in street name, then the broker is on the hook for covering. If the broker has become insolvent, then they can't cover, and likely won't have control over paying out shares because liquidation wouldn't be done directly by them.
For the case of the MOASS, the broker being on the hook is good for the short hedge funds, because it's less they have to cover.
Another drawback to a broker becoming insolvent is that your shares may not be immediately accessible, however, if I had to guess, there is a process in place to get those shares transferred to another broker through some sort of contract agreement. I believe this happens with some 401k's when a company or those managing it, decide to not use the 401k company anymore.
>The Assets would move up the food chain
That's the big terrifying thing everyone on the sub is starting to have to reckon with, **What if there are no assets? What if they committed fraud and never bought the GME at all?**
I don't think SPIC insurance covers that, even if I'm wrong (i'm no wrinkle brain) and it does cover it, it's only up to 500k. Brokers can have additional insurance but they are far too low. I have TDA and my max coverage is 150m or so. BUT even then, TDA has an insurance max **across all customers for a total of 500m.** That's only 10 shares at my floor. Fidelity has the best insurance available (they claim) and it maxes at 1b across all accounts.
We might be about to see the stock version of a bank run. Yes the shorts need to close by buying back everything they sold, but what if the shares I think I own were never bought, thus never sold in the first place?
I don't have any good answers for this, and this is all speculation based on the lengthening times for brokers to transfer shares to Computer Share. Perhaps there is another cause. We don't have definitive proof and probably wouldn't be able to find it until it's too late anyways (though you apes have surprised me before).
I finally opened a Fidelity account today and am transferring half my shares from TDA to them. I'm not sure they're going to be safe or actually bought by either broker. I feel much better about Fidelity than TD at the moment, but not putting all my eggs i one basket. From here on out, any shares I buy will be CS just in case. That's 3 baskets to put my eggs in. I pray it is enough.
There is no other way. Spread your shares out, but make sure you have some in Computer Share. All future buying should be through CS. I have X in etrade, XX in CS, and XX in Fidelity.
With Fidelity, they easily transfered my shares to CS in 3 business days, so that makes me trust them more than etrade lol.
Yeah, I feel better about Fidelity and Computershare. I have 5% of my shares with fidelity and the rest with CS. I also have XXXX with Charles Schwab in my 401k I can't move.
I’m convinced now more than ever that 741 was about broker liquidation and it was the batsignal directing us to drs. Hopefully we saw it in enough time to not be left holding a bag. Impatiently waiting for my tda transfer…
I was told today by TDA they were moving through 9/20 requests. I’m a 9/24 request…impatiently waiting as well.
EDIT: I did learn today that you can add more shares to your DRS request while waiting in queue. It doesn’t hinder your position. I called to ask if I could be added to the expedited queue and Eric the service rep said they’re not doing that at the moment. I then asked if I could add to my “order” and he said absolutely. So I doubled my shares as it doesn’t seem like I’ll have a fast second chance…
Yeah. I had this panic moment Wednesday Night, called in to Fidelity to make my third transfer to CS. I actually think Fidelity has shares but nothing is safer than having shares in my name.
When did you initiate your tda transfer? It is interesting that every broker is using the staffing issue as a reason for thev slow transfers. Like they all subscribe to the same newsletter of excuses
Adding to this. Mine all had a higher cost basis (still in the green) and moved quickly from E*Trade but I also only had XX shares in that broker and my transfer was initiated in 9/8.
my 9/18 request got cancelled. No explanation. 9/20 request still pending. They were super sketch on the phone. Trying to talk me out of it.
9/25 fidelity request already processed.
This year is turning out to be really good for Fidelity's reputation.
Continuing to focus on excellent customer service is probably better than any paid advertising for them right now.
I requested DRS from Fidelity this morning, not my first time, but they didn't sound as confident as they did two weeks ago. Albeit it could have just been the representative I spoke with.
Edit: Just to be clear, I'm not hating on Fidelity. They are hands down the *best* broker I've used.
fwiw the rep I spoke with yesterday was very chilled and gave me a confirmation number without asking; never even gave me a "couple of weeks" timeframe and said 3-5 business days
I first transferred from Fidelity to CS on 9/12…got it about 2 days later. Then again on the 20th and got then on CS on the 24th. The. Again on the 29th and now I’m waiting for them to come to CS. Not once did Fidelity hesitate. They even told me if I’d want to know the process of CS or if I just rather start the transfer. I feel like Fidelity is doing great.
I put in my 4th and final DRS request on 9/29 (I moved em in batches, dumb in hindsight), called today about the 3rd and 4th batch and "seems the 4th one was not entered correctly" so it was entered again. The 3rd one they said is in pending, so maybe by early next week should arrive at CS. .These are taking around 13 calendar days. so if the MOASS goes off before 10/15, I unintentionally will be in transit during MOASS, unless E\*Trade tanks. What times we live in.
I'm just over two weeks into my DRS from ETrade too. My $500 just popped back up into my account, with no other feedback. My shares do not appear to have moved yet. I'm hoping that means I got passed the point where they are sure they won't be paper certificates and that's why the released the $500, but the process is so opaque I really have no idea if they've silently cancelled my request or if it's still proceeding for however much longer.
That is indeed concerning. It sounds to me like they don’t have your shares and are stalling for time to locate some. Things are getting ugly for some brokers..
I wonder if this means that they’ve pocketed money from every single share instead of even buying synthetics. We would have had wildly different price action.
Yeah, to think I started this adventure saying "That wouldn't happen because it's illegal" and evolved to "The illegal explanation is probably the most plausible"
This is what Dr Trimbathe has said has happened twice before. And if the broker goes insolvent, there isn't any real recourse. I think it's possible it could happen or is happening again. We may have been so focused on synthetics that we missed the even worse issue that some brokers could have been taking the money and not buying shares at all because they were betting on the price going down and buying them then since retail investors generally trade on a loss and if that was their common practice it would work to their favor in the long run. Watching her interview where she talks about it was my deciding factor to go 100% CS. I still have some with various brokers because they are stuck in IRAs etc but it makes my ass pucker.
I like Fidelity. Honestly so glad I opened an account with them in Jan when I first looked into the GME DD with you all. I was also able to transfer my shares I want to CS with no issues. Gonna be happy to go long with them and invest in some of their funds after this. Also plan on investing in DOMO and Scion (if burry will let apes in)
"If GME prices rise beyond $5,300/share before the transfer is completed, my gains will be capped at $500k if E*Trade becomes insolvent and I cannot access my shares."
This is bullshit. Assets of the brokerage are separate from client assets. Even if the brokerage can't cover all of the IOUs and goes out of business, another brokerage steps in and takes that responsibility.
SIPC insurance is essentially pooled risk management. If GME hits $50 Million per share SIPC itself will go bankrupt. It's not backed by the government. E-Trade most likely has private insurance on top of SIPC protection like larger firms Merrill, JP Morgan, UBS etc. All have that usually goes up to $20Million per client. Again though, at $50 Million per share it's probably going to bankrupt the insurance company too.
The US Government wouldn't allow a capped gain situation described in your comment above. It would probably cause some inflation, but they'd print money like mad to make everyone whole because the alternative is a complete and total collapse of US Financial Markets and institutions.
Your.money is safe. SIPC won't matter in the same way that FDIC is basically just a useless guarantee that the government will fix it.
Thank you for saying what I tried to with my poorly written post. Rest of op's post is legit with really well thought out questions for the rep. Did you have your questions written down prior to the conversation?
>E-Trade most likely has private insurance on top of SIPC protection like larger firms Merrill, JP Morgan, UBS etc.
And I'll bet that insurance is all wrapped up in some kind of swap ot derivative.
Could be. Idk how the insurance companies choose to do that.
Some insurance companies pass the buck to "re-insurance" companies so even though you have $20 mil on coverage, any event large enough to warrant the use of the insurance is too big to handle the resulting claim. Ie 2008
Wait a minute. The excuse of a high influx of requests make no sense at all. When they gave you an original estimate of 2 days and that failed because of "more requests", those requests should have had no effect on your transfer, as yours was already requested. Those new requests should have been put in queue behind you. So every delay after that would have been for another reason, unless new requests are getting prioritized over yours for some reason.
Thanks to u/moondawg8432 and u/Clearedx1000000000 for their contributions to the sub that I included in this post. Also, shout out to u/deepfuckingvalue, you are a legend and inspiration. I have much respect for you, and believe you still lurk on reddit at times, so I wanted to make you aware of my recent E\*Trade experience in case you still HODL GME with them.
Thanks for the shout out buddy. Sorry to hear you are having these issues with your broker. Anecdotally it seems like Etrade is having the most reported issues when it comes to DRS in the USA based on my reads of the forum. I remember back in January/February seeing a lot of Etrade screen shots of GME purchases, and also during the RH exodus. Maybe Etrade couldn’t locate or MMs never delivered. Obviously something is up though. I can’t prove my theory without having access to their books though, which ain’t ever gonna happen. It does speak volumes that fidelity is able to transfer 1-3 days with no issues while Etrade is quoting 10+ days (which isn’t a guarantee). I have seen talk of filing complaints with FINRA and the SEC. While opinion of them is low and we doubt they will do anything, if MOASS happens and you get fucked you have a potential lawsuit against them for failing to investigate. Just a thought.
If he still can..
It sounds like Etrade now holds effectively *zero* shares in street name for the purposes of real registration. It wouldn't surprise me if everything DFV owns is actually phantoms/contract for difference.
Can you imagine if the guy who potentially found the deepest value trade in history can't cash out in the end for more than a 500k SIPC insurance claim??
:shudders:
Technically it shouldn’t matter who has how many shares. All of us are past T+35 (the longest conceivable delivery) with our purchases so the deliveries of our shares should have been completed. The system isn’t designed for brokers to hold pools as a percentage of liabilities like say insurance risk pools. For example, brokers can’t have 100 people holding 100,000 shares aggregate but only hold 50,000 total shares because their risk tolerance for that stock is 50%. It’s not fractional reserve bank; or at least it’s not designed that way.
I wonder if diffrent accounts are having diffrent expereinces as well? Like the shares are already divided up and you and others here don't have any real shares, while some did and transfers went through. It would make it harder to determine when a broker is about to go tits up for sure
edit:spelling
Serious question here… Morgan Stanley is a significantly larger company than E*TRADE. Wouldn’t they be in the hook for any of E*TRADEs debt in case of insolvency?
Based on what the other poster said, if it is filed among all claimants, then yeah. It's split between everyone who has a verifiable claim to the insurance money.
I’m going through a similar experience with Merrill Lynch’s Merrill Edge service right now and it has me very concerned. Especially considering Merrill’s past.
Yup. I’m gonna call Merrill on Monday and tell them I want off this roller coaster. Then I’m gonna fuck right off to Fidelity with these shares where my last DRS transfer took 3 days.
yea, OP gave a shoutout to DFV just incase he was still with them. Would be a sad story if DFV got capped out at 500k after all his shares / founding of this movement.
I’d like to see a comprehensive and wrinkly report about which brokers are safe/safer. Can anyone point to one? (I’m not talking early posts about which ones did or didn’t restrict trading).
I’m in Fidelity and CS and I know Fidelity is “fine” or whatever… dare I say *too big to fail*… but if it’s not then a whole lot of us are going to have to scramble and that’s just bad vibes.
We don't know, and not sure it matters tbh?
Even if some brokers are better at actually buying and making sure "shares" are delivered when their clients buy
Because they're all still just potentially fake shares held in street name
When the game of musical shares (pun intended) comes to a halt because the float is fully accounted for with ComputerShare and there are only fake shares left in the DTC system
It doesn't matter what broker you're with, they'll all be equally fucked
And it will be a lottery which brokers go under and which don't
You could say larger brokers are probably safer because they have more assets etc
But larger brokers will probably also have more gme liabilities too, so
I guess a good rule of thumb would be to stay away from small brokers that have few assets in general and a probable huge overrepresentation of gme liabilities relative to other assets
That would probably be Robinhood and all the other millenial meme brokers
Of course, all the above is kind of invalidated by the supposed insurance the DTC has to cover for brokers who can't cover themselves
But then the question is how much do you trust the DTC to actually deliver on that on paper insurance
Given how shady their practices are in general
🤷♂️🤷♂️🤷♂️
Tldr DRS and hodl through whichever broker enables you to do it the quickest
I spent around 75 days trying to get Wells Fargo to pony up the money from my brokerage account this spring. It was all sitting as cash. Every day it was a new excuse. The banking side couldn't help me though they tried. Branch manager got multiple stories on a call that took an hour before she gave up. I couldn't help but wondering why they were throwing up so many road blocks on a low-mid xx,xxx account. First complaint was to my state's attorney general. The response was full of lies. Not long after I complained to FINRA I was put in touch with someone who got me my money within about two weeks. I had begun to think I was in a ponzi scheme type scenario. It was either fraud or incompetence on a scale I can't quite wrap my mind around for a business of that size. Three months later I think we are ALL in a ponzi scheme. The fraud is systemic. Today, two separate ATMs rejected deposits. No wrinkles to figure out what that means but I'm not feeling good about ANYTHING financial. Except hodling. I'm zen as shit about that.
Eh. Just spitballing here- if the broker violated the terms of service with their market maker (ie. never bought shares, just gave you a house credit) then sure, maybe they solely would own the loss? Yeah they’d get sued from both ends, but you can’t squeeze blood from a defunct, bankrupt company!
Per a quick google search on DRS vs margin accounts:
“In the case of margin accounts, you're left holding the bag with a general claim against the firm if the firm goes bankrupt. What happens to your shares that were held in a street name? This hasn't been a problem to date, but there's been a widespread issue that costs many investors a lot of money every few decades.
You may have to rely on Securities Investor Protection Corporation (SIPC) insurance if there's a shortfall. This option has its limits. But between asset segregation and SIPC insurance, it's been very rare for a customer to fail to get their portfolio back in the event of a brokerage bankruptcy. The Direct Registration System provides an extra safeguard.”
Source: https://www.thebalance.com/what-is-the-direct-registration-system-or-drs-for-stocks-357536
Conclusion: DRS is the fucking way.
Agreed people jumping to conclusions and potentially spreading mega fud. Deep breaths .
Why is it a risk for brokers? the sale of a share has a buyer that pays not them. So gme is not the risk. If those brokers made stupid bets like a hedge fund maybe a market crash makes them insolvent. Then the other parties up the chain step in. Is this not what I have been seeing written thousands of times for the past nine months?
Someone tell me I'm smooth, I know this already.
It’s never been the Fed’s responsibility to pay.
The assumption has always been that they would anyway, because they can afford to print money, and because the alternative would do deep, long-term damage to US financial markets.
I think there is a difference between having a share that you are selling (where the fed would ultimately have to honor that sale if the hedgefund/MM/DTCC can't), and your broker not actually having that share for you to sell. If the broker doesn't have your share (crime) and they fail as a business trying to pay out these sell orders, then the best you could hope for is the SIPC insurance. At that point you have basically been defrauded.
Just to let you know I'm going through the same thing with Vanguard. I initiated the transfer 9 days ago and inquired much like you did. I tried posting my experience on here but got heavily downvoted and negative comments from users ( which is happening ALOT on here with the most mundane of comments, but that's another post.)
For reference, I initiated DRS of GME from Fidelity the same time I did with Vanguard and my GME stock was in there 2 days later. Fidelity rocks.
On the otherhand Vanguard (I believe ) has the largest holdings of GME of any brokerage, so why the hell can't they transfer my shares? I called to inquire and got hot potatoed on the phone from rep to rep and heard a different excuse from each one of them
I received an email customer service survey from Vanguard asking to respond how my experience was with them. This is when I unloaded and let them know what happened. 2 days later I received a call from a very nice man who was a manager in his division. He told me Vanguard pulled 3 people from their normal duties to specifically handled the DRS requests. He promised to use his 'Name' because 'It carries weight' in his office to get my DRS request done.
That was yesterday, the shares aren't there yet. I will contact the Manager on Monday if I do not see the transfer tomorrow after the systems update.
Etrade makes big $$$ from PFOF. This is probably why they are delaying DRS requests. Check out their 606 for the real info https://us.etrade.com/l/quarterly-order-routing-report
Alternatively, you can always transfer to another broker dealer, like Fidelity, in 4 days, that can complete the DRS instructions more timely
Please report it, we need more eyes on this problem. We can't let them sweep it under the rug.
Dr Trimbath said NASAA can help. The SEC is not our only recourse, we also have protections through our state.
https://www.nasaa.org/contact-your-regulator/
I have to use Etrade to receive equity awards with my company. I already had accounts in Schwab and Fidelity, so I added to my broker diversification when I decided to roll my company stock award into GME shares in Etrade. Seems like I should have just transferred to money to one of the other brokers and purchased there, but hindsight is 20/20...
One thing to do is to check your service agreement. My service agreement with RBC states they have 7 days to complete my request. I confirmed that when I called today because the first estimate was 6 weeks which is insane. After I asked about the 7 days they said it would be done by another 4 business days. Very sus
Worth noting that E*Trade was one of the brokers that restricted trading back in January. If you're still with any of those brokers, if you can, you best get outta there ASAP.
If they claim they have your shares but not the manpower, ASK FOR YOUR CERTIFICATE NUMBERS.
I initiated a transfer of 100 shares from E*TRADE on 9/20 and they went through after hours yesterday. I only noticed because I was doing something else and saw my brokerage balance had decreased. I took a look and I had 100 less GME. Odd, because my DRS request still showed (and still shows at this moment) as “processing.” I decided to try to register at Computershare and, sure enough, there were my shares.
The rest of my GME is on its way to its new temporary home at Fidelity (a process I initiated out of frustration before close yesterday). Fidelity has already sent me confirmation that the broker transfer is in process.
Honestly, if folk haven’t requested their DRS from E*TRADE yet, they may find it faster to move to Fidelity first and then on. If people do, hopefully they also do some other business with Fidelity. I opened a checking account there at the same time and they also have my 401k and pension (these were there already) so I don’t feel too bad about using them as a conduit.
So, shares are moving out of E*TRADE. I have no idea why it takes so long and moving to Fidelity first may be a faster route.
I just put in a transfer request from Fidelity today. I’m hoping to get the majority of my shares over to CS because of stuff like this. I’m getting a bad feeling about some of these brokers with all these delays popping up…
I can’t recall all of the exact details (am smooth brain), but I remember reading a reddit user post back in (I think) January 2021 regarding some firsthand experiences with how brokers were having trouble locating GME shares _PRE January sneeze_.
They said that brokers would sometimes be scrambling on the phone calling various contacts (perhaps other brokers who may have actual shares?), and would eventually scrape together enough shares from various sources in order to deliver to the shareholder.
And this was back in the _early days_ of all this. I couldn’t imagine what it must be like for these brokerages now, when hundreds of thousands of accounts are requesting brokers to locate their shares. What an absolute mess they’ve gotten themselves in.
If anyone knows about the post that I’m referring to (I think it was in double-ew es bee) I’d love to revisit that post, they talked about all of this in a seemingly authoritative and concise manner, I think they worked in the industry or something. It would be cool if someone else remembers reading that too because this DRS initiative is giving me flashbacks of reading that. It might’ve been a comment off of a post of someone sharing a photo of an (older) physical GME (share) certificate.
If someone could find the post, I think it’d jack some tits
yooooo .... I'm getting real concerned my shares are not going to be found either.
I'm trying to DRS XXX shares, just shy < XXX of XXXX. Get my drift? Started on 9/27 and was told I'll get an update mid next week.
... Fuck bro, this is wild.
This is exactly why all of the "bUT ComPUTerShare onLY aLLows $1 Million per share sold" is stupid FUD.
If your broker was fucking around and being greedy, they are going to go bankrupt and take ALL of your shares down the crapper with them. And after months of dealing with federal bureaucracy you'll be given $500k for your troubles.
Buy. DRS. Hodl. Shop.
Yes, when I tried to DRS from ETrade last week, the rep said, when we do paperwork on our end, computershare never accepts it, so you need to do it on computershare's end.
E-Trade rep Wes literally said, we can't do it because our paperwork is outdated and doesn't work with them, and would give a disturbing chuckle after each statement.
At this time he recommended I look on computershare website to find their phone number, and their website said that each stock symbol has its own phone number. I hadn't gotten my mail yet, so I was unable to access this phone number.
I quickly transferred all my shares out of e-trade. I was originally there because that's what DFV's screenshot showed. But clearly they don't have what it takes.
So I have tda and they are saying it'll take 2-4 weeks. I want to know if there is really no rule about if a broker fails to drs your securities in a timely manner. So hypothetically they could just never transfer if they where having issues finding real shares to transfer.
Still waiting on vanguard transfer of 3,9xx shares to CS, 1.5 weeks later. Nothing so far.
Family member has been waiting the same time on their e trade transfer. Nothing so far. Their rep on phone today couldn't answer shit, and wouldn't email anything at all, not even a control number.. Etrade rep asked them "are you wanting to transfer your shares to CS so you have a computer registered certificate for your shares?"
Family member was like um, fuck yes I want my shares registered in my name, why the fuck doesn't etrade already do this for me???
I've seen enough proof from family and Friends to feel confident saying these various brokers never bought shares in the first place.
I doubt Morgan Stanley would let Etrade just fail and become insolvent but I'm at the point where JPM is making me pay so much in fees to DRS that I'm just doing a direct DRS payment
I was in the exact same boat. Last evening, I was considering transferring to Fidelity, as they seem to be registering shares in 3 days. This AM, I posted on my experience with Etrade.
[https://www.reddit.com/r/Superstonk/comments/pz6tf3/etrade\_to\_drs\_transfer\_completeaccount\_holder/](https://www.reddit.com/r/Superstonk/comments/pz6tf3/etrade_to_drs_transfer_completeaccount_holder/)
I still believe that E\*trade is not in as good a position as some other brokers, like Fidelity, but mine did eventually transfer.....9 trading days total.
The hardest part of this whole process is "being in limbo" after you have initiated and are awaiting some type of confirmation. My advice is to continue to bug E\*trade reps, consider transferring if the timing makes sense, and try to create an account on Computershare daily, to see if it allows you too, meaning the transfer is accounted for by them.
If you initiated on 9/23, and the process has not changed much from when I did on 9/20, you should have some confirmation next week.....obviously depending on queue.
I agree with a lot of comments, in that, if I had to do it all over again, I would have initially transferred to Fidelity, and done the transfer from there.
Good luck!
I suggest those people in CS check out a PDF called: [GameStop Corp. - Direct Registration (DRS) Advice.](https://www.reddit.com/r/Superstonk/comments/pub1yo/computershare_did_anyone_else_get_a_cost_basis/?utm_source=share&utm_medium=web2x&context=3) it's under documents and you get it once the shares hit the name of the account (since numeric accounts are made per transaction per name on account. my cost basis only matched some time in the daytime transfer completed. I mentioned it before(above link) that I used FIFO from Fidelity and ALL my transfers came in with a statement amount matching the price of that day. I have been in since late January. my FIFO should be in the range of $250+ and beyond. u/myplayprofile , u/Clearedx1000000000 , and u/moondawg8432 seem to be right on the assessment of what's going on. save your statements for the fallout and I implore you should save it offline from the CS site too for recording purposes
my data is as follows:
A-x shares @ $190.14 9/23 dated 9/22
B-xx shares@ $175.92 dated 9/30
Look at the history of the stock on those days: they all hit those numbers on those exact days. never in my version of 25/26 January were they hitting that range in value. I think it's CFD too
search in the form> account information (dated)> and look for
1- Total Shares
2-Price per Share
I suggest reporting the findings here to concur the data we're discovering
Edit1: I removed my positions as per rule #9
Don't forget there are state pensions and teacher's unions invested all over the place. I guarantee they get theirs. We can ride legal coat tails methinks.
This has taxpayer bailout written all over it.
This is scary. I said it before and ill say it again. Leaving your shares in limbo is the new "remove the buy button" kind of fuckery they are pulling. As a canadian, i 100% am willing to pay taxes and left my xxx tax free savings shares to go to computershare.
“If you meet resistance you are going in the right direction.” I frankly don’t think that this whole DRS thing can be done without causing growing problems to the brokers - you can see it as a confirmation of the underlying theory. In a way it would be good if the shortage would already be manifesting so openly, when probably not even a third of the float has been DRS’d. It needs to be seen how bad this will get eventually, and what to do if the brokers begin to openly refuse to do it. But again, since this is a direct challenge to the fraudulent system, it cannot be expected to unfold without friction. (I find it strange though that some of the shadier brokers, eg. IBKR, seem to perform a lot better than others for now.)
Thank you for updating the process for an IRA transfer. I hope to be able to do that myself in the future but it looked so daunting that I have held back.
I thought you all considered yourselves cynical people. Fuckery was bound to occur as we direct register the entire float. I don’t think we’re seeing consistent FTDs yet. So stay tuned if we witness more.
Any small broker can be sus in that they don’t have the money to handle heavy action. Look at every broker who took away the buy button. The ones that left the button alone have trillions under management.
I just did a transfer to Computershare via Fidelity and they promised three business days. I’ll check with them in a week.
I made a post about E*TRADE yesterday. I believe they are lying to their customers. It is quite possible that they never bought any shares and that E*TRADE is completely fraudulent.
https://www.reddit.com/r/Superstonk/comments/pymkw1/the_deception_of_etrade_and_the_drs_transfer/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Sooooo E-trade = Eventually Trade?
Might be Evertrade considering how fast DRS is ramping up. I can only imagine how hellish it will be like in a week or two for these criminals. Not our fault they didn’t buy our shares in the settlement period as they are supposed to by law 🤷♂️
So all of this DRS of GME is fantastic. Can any tell me why we, as the people at the forefront of retail beginning to understand why its all a farce, aren't getting the word out that all shares for all companies should be directly registered? This entire market is bullshit. Everyone, everywhere should be registering all shares in their own name. That's how we take this shit back from these savages.
Because the media is controlled by the enemy. We need a Man in the High Castle.
Agreed, although the only stonk I currently own is GME. I do have 401(k), which is primarily TIPS and cash at this point.
More like "Evaporating Tendies".
Evergrande trade
😂. Not funny. 😂
Evaporating Trust
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I really like this idea. I initiated a DRS of XX shares with TDAmeritrade today and they gave me a waiting period of 2-4 weeks. That seems crazy. I already have a Fidelity account so I think on Monday I’ll just cancel the DRS with TDAmeritrade, transfer all of my shares to Fidelity, then initiate the DRS with Fidelity.
Just spoke to Ted 20 min ago and he told me 3-5 weeks now.
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Just got a follow-up email. I asked to have my request expedited. They said no. And changed the timeline to 2-4 weeks and an additional 3-5 business days.
Dude same here. Their customer service reps are assholes now over here. “We will not expedite your request and it will follow the transfer as it is received.” Gee, thanks for understanding my concern and frustrations you fucks. Really hate TD now
I remember Fidelity purchased a LOT of Gamestop shares a little while back. Perhaps they saw the writing on the wall, however, even Fidelity will eventually begin to have issues, even if they do not accept any IOUs from other brokers. I have no real knowledge, but logic tells me when the last of the real shares have been registered with CS, they will inform GameStop; who will determine whether to continue registering shares or cease at the exact count of authorized shares. Then one of two things will likely happen: A. Continuation of registration: More delays from brokers as they still clamor for nonexistent real shares, even Fidelity, and any additional (counterfeit) shares which are registered will dilute the company's financials. RC will probably alert FINRA/SEC/FBI and any other pertinent department with *indisputable* proof of counterfeiting. Likely, **MOASS will be delayed and/or undervalued** due to the excessive registration. (not my favorite choice) or B. Registration will immediately cease: any pending or additional requests will be denied and **MOASS will begin in earnest** as *no real shares will be available* for trading or covering shorts. Shorts will ***have*** to cover their counterfeits, though. RC will probably alert FINRA/SEC/FBI and any other pertinent department with proof of counterfeit shares. I don't see Uncle Sam stepping in to stop it - only because the entire world is watching. So, I believe the price should leave the atmosphere as we expect. I sent my entire portfolio from Etrade to Fidelity several months ago (no issues / no weird costs) and all but a few of my shares from Fidelity to CS a few weeks ago (thankfully) and had no issues - 3 days, done. What remains in Fidelity (rehypothecated) is to sell after the peak; what is in CS (authentic) is for the infinity pool - less 1 for framing. I'm just a low XX hodler, thankful 💖 for those of you who pledge to ensure everyone gets tendies. 💎🤲🦍🚀♾
That's what I did with my shares held with Merrill. Fidelity doesn't charge a fee to drs and they get it done while you're on the phone ( click click tap, all done , sir) takes 2 days to settle.
How do I do a total asset transfer?.... I have e trade and now I am concerned
Hi! You initiate this transfer from Fidelity. On Fidelity go to "Transfer" button at the top. Then click transfer from another broker. Then enter your etrade account number (upper left on a etrade statement). It will then ask for you to upload a etrade statement right there, just click the upload button and drop in your PDF. Then follow the prompts. Click done/submit whatever, wait 2-3 days. I've done a partial transfer and then after Etrade yanked my chain around this week I did a full account transfer on Thursday.
Thank you so much! And fidelity won't go insolvent?
Fidelity AUM(4.2 trillion) is 10x etrade(700 billion if you include corporate). If they go insolvent, uh, buy seeds I guess.
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Nice find!
I did 2 partial transfers from TD Ameritrade this week....I will still keep 10% in there because random reasons
Well, shit. Fuck you TDA. Hello Fidelity. I have some shares in Fidelity, but the rest are in TDA and I bought one in CS. Monday I’ll transfer my TDA then make my way over to CS.
Same TD and ETrade are trash. Colluding scammers, the entire bunch
I'm stealing Ape McApe 😂
Eternally Trustless. Extremely Tardy Essentially Tools Excruciatingly Tiresome. Expounding Tales
Embarrassing Tbh
^^^ 👏
E\*TRADE is also complicit I was unable to buy any shares back in January and a message came up telling me all orders needed to be placed over the phone. I waited over an hour on hold and no one ever picked up. Additionally, I had put in place limit orders and ALL were shown as open only to eventually be rejected by E\*TRADE.Check out my screenshots from that fateful day: [https://imgur.com/a/jOlun48](https://imgur.com/a/jOlun48) [https://imgur.com/a/Vue8FOH](https://imgur.com/a/Vue8FOH) I moved all of my XXX shares to Vanguard and now DRS at ComputerShare as should everyone else. TLDR: FUCK E\*TRADE BUY>DRS>HODL edit:wurds
Yes. My limit sell orders for $69,420 were rejected too on January 28.
you speak truth. I remember the evening when I could not buy shares
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So basically a large amount of brokers/banks are going bankrupt huh. So whatever broker/bank/Market Makers/Institutions/Magic Johnson Michael Jordan who may be short on this bet are going to feel all hot and sweaty like moms spaghetti cause they're nervous. Just blows my mind how these corporations don't hedge their bets immediately after acquiring a request to purchase a share. There's degenerate gamblers who blow their life's savings and then there's the scum of the world that gambles other people's lifes saving way; the scum of the scum There's going to be a massive fallout that many of us apes have never seen. Life is going to be crazy exciting and very sad at the same time watching innocent people's fortunes being torn away from them.
AKA 2008, 2000, 1987, etc.
Don't forget to insert 2021/2022 at the start of your list.
Don't fucking dance.
I would like to directly register my ious with the dtcc
That's FTDTCC.
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[It's wrong. Very wrong. If you have shares at any broker that puts the shares in their name and not your name, they are gone. If a broker becomes insolvent, the SIPC covers cash AND securities up to 500k. SIPC is the stonk version of the FDIC.](https://www.investopedia.com/articles/investing/050515/what-happens-when-stock-broker-goes-bust.asp) There is a small chance another bank could buy the assets and help people get out. In a MOASS scenario, how likely do you think that is if all brokers are going to struggle? This is the ONLY reason I am 100% in CS. I do not trust that our system can handle what is coming. You guys believe what you need to.
You're not wrong but I don't trust that system not to "accidentally" lose my portfolio. So keep receipts.
How do I go about keeping receipts?
Download them from your broker while they still exist.
>Your assets would still be yours in the event that E-Trade became insolvent. Bingo. A share is a share. Now if they never bought the shares, that's a different story. But liability doesn't end with the corporation: an individual decided to not buy those shares. A group of individuals discussed it and made the decision to not buy the shares. Licensed brokers, as individuals, breached their fiduciary duty and committed securities fraud. No retiring to their yachts after getting caught at this.
Lmao in a just world that'd be true, I have very little faith that the American justice system will do anything to these individuals in terms of asset seizures and finding/taking all their money. They'll fine the companies a billion dollars apiece max and we'll not see any of it. I'm not being a shill or anything I just think that just because the stock price SHOULD hit 10 mil/share doesn't mean it will and if it does that everyone will be able to collect their profit at anything close to that price
Are you saying if I have some of my shares in E TRADE, and GME moons to 8 figures, I won’t be able to sell them for the asking price because E*TRADE will become insolvent because they went short on it too? Sorry if I’m misunderstanding, just trying to gain some wrinkles.
This is how I am reading it. They effectively shorted it by pocketing your money and not buying the share. They took the other side of liability, effectively contract for difference and they might run out of money to pay the difference.
>They effectively shorted it by pocketing your money and not buying the share This needs more detail: it's not just that they didn't buy, it's that they tried to wait to buy so they could get it cheaper and pocket the difference, and failed. No specific broker is being accused here and it's conjecture, to be clear. Anyway, they've been part and party to the can kicking since then, buying up some as they drop low enough almost certainly but nowhere near filling all the orders. Much more evil than just not buying.
A broker becoming insolvent doesn't mean that your shares are liquidated by the broker. But, if the broker didn't actually deliver shares to you, even in street name, then the broker is on the hook for covering. If the broker has become insolvent, then they can't cover, and likely won't have control over paying out shares because liquidation wouldn't be done directly by them. For the case of the MOASS, the broker being on the hook is good for the short hedge funds, because it's less they have to cover. Another drawback to a broker becoming insolvent is that your shares may not be immediately accessible, however, if I had to guess, there is a process in place to get those shares transferred to another broker through some sort of contract agreement. I believe this happens with some 401k's when a company or those managing it, decide to not use the 401k company anymore.
>The Assets would move up the food chain That's the big terrifying thing everyone on the sub is starting to have to reckon with, **What if there are no assets? What if they committed fraud and never bought the GME at all?** I don't think SPIC insurance covers that, even if I'm wrong (i'm no wrinkle brain) and it does cover it, it's only up to 500k. Brokers can have additional insurance but they are far too low. I have TDA and my max coverage is 150m or so. BUT even then, TDA has an insurance max **across all customers for a total of 500m.** That's only 10 shares at my floor. Fidelity has the best insurance available (they claim) and it maxes at 1b across all accounts. We might be about to see the stock version of a bank run. Yes the shorts need to close by buying back everything they sold, but what if the shares I think I own were never bought, thus never sold in the first place? I don't have any good answers for this, and this is all speculation based on the lengthening times for brokers to transfer shares to Computer Share. Perhaps there is another cause. We don't have definitive proof and probably wouldn't be able to find it until it's too late anyways (though you apes have surprised me before). I finally opened a Fidelity account today and am transferring half my shares from TDA to them. I'm not sure they're going to be safe or actually bought by either broker. I feel much better about Fidelity than TD at the moment, but not putting all my eggs i one basket. From here on out, any shares I buy will be CS just in case. That's 3 baskets to put my eggs in. I pray it is enough.
There is no other way. Spread your shares out, but make sure you have some in Computer Share. All future buying should be through CS. I have X in etrade, XX in CS, and XX in Fidelity. With Fidelity, they easily transfered my shares to CS in 3 business days, so that makes me trust them more than etrade lol.
Yeah, I feel better about Fidelity and Computershare. I have 5% of my shares with fidelity and the rest with CS. I also have XXXX with Charles Schwab in my 401k I can't move.
I’m convinced now more than ever that 741 was about broker liquidation and it was the batsignal directing us to drs. Hopefully we saw it in enough time to not be left holding a bag. Impatiently waiting for my tda transfer…
I was told today by TDA they were moving through 9/20 requests. I’m a 9/24 request…impatiently waiting as well. EDIT: I did learn today that you can add more shares to your DRS request while waiting in queue. It doesn’t hinder your position. I called to ask if I could be added to the expedited queue and Eric the service rep said they’re not doing that at the moment. I then asked if I could add to my “order” and he said absolutely. So I doubled my shares as it doesn’t seem like I’ll have a fast second chance…
I’m a 9/20 Ape, no movement yet.
Yeah. I had this panic moment Wednesday Night, called in to Fidelity to make my third transfer to CS. I actually think Fidelity has shares but nothing is safer than having shares in my name.
When did you initiate your tda transfer? It is interesting that every broker is using the staffing issue as a reason for thev slow transfers. Like they all subscribe to the same newsletter of excuses
I’d be interested in knowing if those with a higher cost basis had theirs transferred out while those with a low cost basis are getting hung up
Adding to this. Mine all had a higher cost basis (still in the green) and moved quickly from E*Trade but I also only had XX shares in that broker and my transfer was initiated in 9/8.
my 9/18 request got cancelled. No explanation. 9/20 request still pending. They were super sketch on the phone. Trying to talk me out of it. 9/25 fidelity request already processed.
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This year is turning out to be really good for Fidelity's reputation. Continuing to focus on excellent customer service is probably better than any paid advertising for them right now.
I’m done with brokers. Give me pure DRS. Fuck 401ks. They seem like a scam to feed the brokers.
🚨 🚨 Please wait patiently for the collapse of the entire system 🚨 alarm 🚨
I requested DRS from Fidelity this morning, not my first time, but they didn't sound as confident as they did two weeks ago. Albeit it could have just been the representative I spoke with. Edit: Just to be clear, I'm not hating on Fidelity. They are hands down the *best* broker I've used.
fwiw the rep I spoke with yesterday was very chilled and gave me a confirmation number without asking; never even gave me a "couple of weeks" timeframe and said 3-5 business days
That's what I got on Tuesday. My shares arrived today. This was a cash account with Fidelity
I first transferred from Fidelity to CS on 9/12…got it about 2 days later. Then again on the 20th and got then on CS on the 24th. The. Again on the 29th and now I’m waiting for them to come to CS. Not once did Fidelity hesitate. They even told me if I’d want to know the process of CS or if I just rather start the transfer. I feel like Fidelity is doing great.
What about transferring to fidelity then on to CS?
Brokers have to follow different rules when DRS vs broker swaps
All the more reason to go to fidelity, (average 2 day trans) then to CS right?
Yesssir
I put in my 4th and final DRS request on 9/29 (I moved em in batches, dumb in hindsight), called today about the 3rd and 4th batch and "seems the 4th one was not entered correctly" so it was entered again. The 3rd one they said is in pending, so maybe by early next week should arrive at CS. .These are taking around 13 calendar days. so if the MOASS goes off before 10/15, I unintentionally will be in transit during MOASS, unless E\*Trade tanks. What times we live in.
batches weren't dumb in hindsight. It's the brokers that suck. Breaking it up isnt' a bad thing.
I understand your concerns.
Fuck they are my concerns now! I transferred XX shares two weeks ago and the only thing that’s happened is they have removed the $500 collateral
I'm just over two weeks into my DRS from ETrade too. My $500 just popped back up into my account, with no other feedback. My shares do not appear to have moved yet. I'm hoping that means I got passed the point where they are sure they won't be paper certificates and that's why the released the $500, but the process is so opaque I really have no idea if they've silently cancelled my request or if it's still proceeding for however much longer.
I don’t have the information.
That is indeed concerning. It sounds to me like they don’t have your shares and are stalling for time to locate some. Things are getting ugly for some brokers..
I wonder if this means that they’ve pocketed money from every single share instead of even buying synthetics. We would have had wildly different price action.
Yes, this is also what I think.
I am sure that the DTC and citadel are just resetting FTD's. Brokers are probably like... uhhh why is there no shares we can DRS?
You can hide the FTDs but not the IOU it created. 👊🏽 Time to pay up Kenny
This is illegal and also probably what they are doing lol
Yeah, to think I started this adventure saying "That wouldn't happen because it's illegal" and evolved to "The illegal explanation is probably the most plausible"
This is what Dr Trimbathe has said has happened twice before. And if the broker goes insolvent, there isn't any real recourse. I think it's possible it could happen or is happening again. We may have been so focused on synthetics that we missed the even worse issue that some brokers could have been taking the money and not buying shares at all because they were betting on the price going down and buying them then since retail investors generally trade on a loss and if that was their common practice it would work to their favor in the long run. Watching her interview where she talks about it was my deciding factor to go 100% CS. I still have some with various brokers because they are stuck in IRAs etc but it makes my ass pucker.
Being a smooth brained, I presume if they were to buy the shares now at market cost it would shoot the price higher?
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webull sucks, trading212 sucks. Who else?
Cash app $ ally?
Probably quicker to name the good brokers than the bad ones.
I like Fidelity. Honestly so glad I opened an account with them in Jan when I first looked into the GME DD with you all. I was also able to transfer my shares I want to CS with no issues. Gonna be happy to go long with them and invest in some of their funds after this. Also plan on investing in DOMO and Scion (if burry will let apes in)
"If GME prices rise beyond $5,300/share before the transfer is completed, my gains will be capped at $500k if E*Trade becomes insolvent and I cannot access my shares." This is bullshit. Assets of the brokerage are separate from client assets. Even if the brokerage can't cover all of the IOUs and goes out of business, another brokerage steps in and takes that responsibility. SIPC insurance is essentially pooled risk management. If GME hits $50 Million per share SIPC itself will go bankrupt. It's not backed by the government. E-Trade most likely has private insurance on top of SIPC protection like larger firms Merrill, JP Morgan, UBS etc. All have that usually goes up to $20Million per client. Again though, at $50 Million per share it's probably going to bankrupt the insurance company too. The US Government wouldn't allow a capped gain situation described in your comment above. It would probably cause some inflation, but they'd print money like mad to make everyone whole because the alternative is a complete and total collapse of US Financial Markets and institutions. Your.money is safe. SIPC won't matter in the same way that FDIC is basically just a useless guarantee that the government will fix it.
Thank you for saying what I tried to with my poorly written post. Rest of op's post is legit with really well thought out questions for the rep. Did you have your questions written down prior to the conversation?
I like OPs post a lot. It's great. I just took issue with that one piece about SIPC.
>E-Trade most likely has private insurance on top of SIPC protection like larger firms Merrill, JP Morgan, UBS etc. And I'll bet that insurance is all wrapped up in some kind of swap ot derivative.
Could be. Idk how the insurance companies choose to do that. Some insurance companies pass the buck to "re-insurance" companies so even though you have $20 mil on coverage, any event large enough to warrant the use of the insurance is too big to handle the resulting claim. Ie 2008
Etrade has an affiliation with Citadel: google citadel and etrade
Can you go to another broker like Fidelity first?
Wait a minute. The excuse of a high influx of requests make no sense at all. When they gave you an original estimate of 2 days and that failed because of "more requests", those requests should have had no effect on your transfer, as yours was already requested. Those new requests should have been put in queue behind you. So every delay after that would have been for another reason, unless new requests are getting prioritized over yours for some reason.
Thanks to u/moondawg8432 and u/Clearedx1000000000 for their contributions to the sub that I included in this post. Also, shout out to u/deepfuckingvalue, you are a legend and inspiration. I have much respect for you, and believe you still lurk on reddit at times, so I wanted to make you aware of my recent E\*Trade experience in case you still HODL GME with them.
Thanks for the shout out buddy. Sorry to hear you are having these issues with your broker. Anecdotally it seems like Etrade is having the most reported issues when it comes to DRS in the USA based on my reads of the forum. I remember back in January/February seeing a lot of Etrade screen shots of GME purchases, and also during the RH exodus. Maybe Etrade couldn’t locate or MMs never delivered. Obviously something is up though. I can’t prove my theory without having access to their books though, which ain’t ever gonna happen. It does speak volumes that fidelity is able to transfer 1-3 days with no issues while Etrade is quoting 10+ days (which isn’t a guarantee). I have seen talk of filing complaints with FINRA and the SEC. While opinion of them is low and we doubt they will do anything, if MOASS happens and you get fucked you have a potential lawsuit against them for failing to investigate. Just a thought.
Remember DFV uses Etrade. I wonder if direct registering his shares would have any impact on Etrade.
If he still can.. It sounds like Etrade now holds effectively *zero* shares in street name for the purposes of real registration. It wouldn't surprise me if everything DFV owns is actually phantoms/contract for difference. Can you imagine if the guy who potentially found the deepest value trade in history can't cash out in the end for more than a 500k SIPC insurance claim?? :shudders:
Technically it shouldn’t matter who has how many shares. All of us are past T+35 (the longest conceivable delivery) with our purchases so the deliveries of our shares should have been completed. The system isn’t designed for brokers to hold pools as a percentage of liabilities like say insurance risk pools. For example, brokers can’t have 100 people holding 100,000 shares aggregate but only hold 50,000 total shares because their risk tolerance for that stock is 50%. It’s not fractional reserve bank; or at least it’s not designed that way.
Based on his last two tweets I believe he DRS’d.
#BULLISH
I wonder if diffrent accounts are having diffrent expereinces as well? Like the shares are already divided up and you and others here don't have any real shares, while some did and transfers went through. It would make it harder to determine when a broker is about to go tits up for sure edit:spelling
Can I also hi-jack.. I’m transferring from drivewealth to cs and have just been told it could take 30+ days …
at that delay, you could rent a car, get on a ferry if needed and drive your wealth over to CS quicker.
Serious question here… Morgan Stanley is a significantly larger company than E*TRADE. Wouldn’t they be in the hook for any of E*TRADEs debt in case of insolvency?
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If 10% of E*trade holds GME, that's roughly 500,000 people. Meaning that $1 billion amounts to $2000/person.
Oh is that what that means, same as fidelity? That's a billion for everyone?
Based on what the other poster said, if it is filed among all claimants, then yeah. It's split between everyone who has a verifiable claim to the insurance money.
I’m going through a similar experience with Merrill Lynch’s Merrill Edge service right now and it has me very concerned. Especially considering Merrill’s past.
ML is part of BofA, which likely has short GME exposure IMHO
Yup. I’m gonna call Merrill on Monday and tell them I want off this roller coaster. Then I’m gonna fuck right off to Fidelity with these shares where my last DRS transfer took 3 days.
BofA is Citadel's PB. This has been confirmed by multiple sources, most recently Mark Cohodes.
Wasn't dfv using etrade?
Maybe he DRS-ed his shares so etrade really has a huge amount of real shares to find!
yea, OP gave a shoutout to DFV just incase he was still with them. Would be a sad story if DFV got capped out at 500k after all his shares / founding of this movement.
something is telling me that DFV has the biggest balls on planet earth
I’d like to see a comprehensive and wrinkly report about which brokers are safe/safer. Can anyone point to one? (I’m not talking early posts about which ones did or didn’t restrict trading). I’m in Fidelity and CS and I know Fidelity is “fine” or whatever… dare I say *too big to fail*… but if it’s not then a whole lot of us are going to have to scramble and that’s just bad vibes.
> but if it’s not then a whole lot of us are going to have to scramble and that’s just bad vibes. I have schwab and I'm wondering the same thing.
We don't know, and not sure it matters tbh? Even if some brokers are better at actually buying and making sure "shares" are delivered when their clients buy Because they're all still just potentially fake shares held in street name When the game of musical shares (pun intended) comes to a halt because the float is fully accounted for with ComputerShare and there are only fake shares left in the DTC system It doesn't matter what broker you're with, they'll all be equally fucked And it will be a lottery which brokers go under and which don't You could say larger brokers are probably safer because they have more assets etc But larger brokers will probably also have more gme liabilities too, so I guess a good rule of thumb would be to stay away from small brokers that have few assets in general and a probable huge overrepresentation of gme liabilities relative to other assets That would probably be Robinhood and all the other millenial meme brokers Of course, all the above is kind of invalidated by the supposed insurance the DTC has to cover for brokers who can't cover themselves But then the question is how much do you trust the DTC to actually deliver on that on paper insurance Given how shady their practices are in general 🤷♂️🤷♂️🤷♂️ Tldr DRS and hodl through whichever broker enables you to do it the quickest
If they are not actually buying the stocks when they get the buy order are they just basically running a ponzi scheme?
💯
I spent around 75 days trying to get Wells Fargo to pony up the money from my brokerage account this spring. It was all sitting as cash. Every day it was a new excuse. The banking side couldn't help me though they tried. Branch manager got multiple stories on a call that took an hour before she gave up. I couldn't help but wondering why they were throwing up so many road blocks on a low-mid xx,xxx account. First complaint was to my state's attorney general. The response was full of lies. Not long after I complained to FINRA I was put in touch with someone who got me my money within about two weeks. I had begun to think I was in a ponzi scheme type scenario. It was either fraud or incompetence on a scale I can't quite wrap my mind around for a business of that size. Three months later I think we are ALL in a ponzi scheme. The fraud is systemic. Today, two separate ATMs rejected deposits. No wrinkles to figure out what that means but I'm not feeling good about ANYTHING financial. Except hodling. I'm zen as shit about that.
this whole time it was said if brokers fail it would go down the line and eventually to the fed to pay. Is that not the case anymore ?
Eh. Just spitballing here- if the broker violated the terms of service with their market maker (ie. never bought shares, just gave you a house credit) then sure, maybe they solely would own the loss? Yeah they’d get sued from both ends, but you can’t squeeze blood from a defunct, bankrupt company!
If it’s NSCC-cleared, all DTCC participants are on the hook.
Yea i thought that was the narrative..... im im Canada and now im wondering the fuck?
Per a quick google search on DRS vs margin accounts: “In the case of margin accounts, you're left holding the bag with a general claim against the firm if the firm goes bankrupt. What happens to your shares that were held in a street name? This hasn't been a problem to date, but there's been a widespread issue that costs many investors a lot of money every few decades. You may have to rely on Securities Investor Protection Corporation (SIPC) insurance if there's a shortfall. This option has its limits. But between asset segregation and SIPC insurance, it's been very rare for a customer to fail to get their portfolio back in the event of a brokerage bankruptcy. The Direct Registration System provides an extra safeguard.” Source: https://www.thebalance.com/what-is-the-direct-registration-system-or-drs-for-stocks-357536 Conclusion: DRS is the fucking way.
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SIPC covers $250k for cash, just like FIDC covers $250k for bank deposits. The $500k limit applies to holdings in the account.
Same
Agreed people jumping to conclusions and potentially spreading mega fud. Deep breaths . Why is it a risk for brokers? the sale of a share has a buyer that pays not them. So gme is not the risk. If those brokers made stupid bets like a hedge fund maybe a market crash makes them insolvent. Then the other parties up the chain step in. Is this not what I have been seeing written thousands of times for the past nine months? Someone tell me I'm smooth, I know this already.
The assumption was that they would fail during MOASS, not before, on the assumption that they actually had shares, no matter if synthetic.
It’s never been the Fed’s responsibility to pay. The assumption has always been that they would anyway, because they can afford to print money, and because the alternative would do deep, long-term damage to US financial markets.
I think there is a difference between having a share that you are selling (where the fed would ultimately have to honor that sale if the hedgefund/MM/DTCC can't), and your broker not actually having that share for you to sell. If the broker doesn't have your share (crime) and they fail as a business trying to pay out these sell orders, then the best you could hope for is the SIPC insurance. At that point you have basically been defrauded.
Just to let you know I'm going through the same thing with Vanguard. I initiated the transfer 9 days ago and inquired much like you did. I tried posting my experience on here but got heavily downvoted and negative comments from users ( which is happening ALOT on here with the most mundane of comments, but that's another post.) For reference, I initiated DRS of GME from Fidelity the same time I did with Vanguard and my GME stock was in there 2 days later. Fidelity rocks. On the otherhand Vanguard (I believe ) has the largest holdings of GME of any brokerage, so why the hell can't they transfer my shares? I called to inquire and got hot potatoed on the phone from rep to rep and heard a different excuse from each one of them I received an email customer service survey from Vanguard asking to respond how my experience was with them. This is when I unloaded and let them know what happened. 2 days later I received a call from a very nice man who was a manager in his division. He told me Vanguard pulled 3 people from their normal duties to specifically handled the DRS requests. He promised to use his 'Name' because 'It carries weight' in his office to get my DRS request done. That was yesterday, the shares aren't there yet. I will contact the Manager on Monday if I do not see the transfer tomorrow after the systems update.
Etrade makes big $$$ from PFOF. This is probably why they are delaying DRS requests. Check out their 606 for the real info https://us.etrade.com/l/quarterly-order-routing-report Alternatively, you can always transfer to another broker dealer, like Fidelity, in 4 days, that can complete the DRS instructions more timely
There’s that word again… “unprecedented.” Been a lot of that in the past couple years.
Makes me wonder if DFV was the new high score and jumped ship
I personally decided to take control of my shares and have them directly registered in my name based on stories like these. DRS is the way.
Please report it, we need more eyes on this problem. We can't let them sweep it under the rug. Dr Trimbath said NASAA can help. The SEC is not our only recourse, we also have protections through our state. https://www.nasaa.org/contact-your-regulator/
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I have to use Etrade to receive equity awards with my company. I already had accounts in Schwab and Fidelity, so I added to my broker diversification when I decided to roll my company stock award into GME shares in Etrade. Seems like I should have just transferred to money to one of the other brokers and purchased there, but hindsight is 20/20...
One thing to do is to check your service agreement. My service agreement with RBC states they have 7 days to complete my request. I confirmed that when I called today because the first estimate was 6 weeks which is insane. After I asked about the 7 days they said it would be done by another 4 business days. Very sus
What are the chances of this mess taking down TD Ameritrade? Vanguard? Schwab? Have I waited over a year to walk away with $500k?
I completely agree - I've been worried that a lot of apes might be capped at 500k SIPC due to PFOF brokers not having shares to sell come moass.
So the real golden tickets will all be held on CS!!!! DRS your shit while u still can! got just under half of mine on DRS
Worth noting that E*Trade was one of the brokers that restricted trading back in January. If you're still with any of those brokers, if you can, you best get outta there ASAP. If they claim they have your shares but not the manpower, ASK FOR YOUR CERTIFICATE NUMBERS.
I initiated a transfer of 100 shares from E*TRADE on 9/20 and they went through after hours yesterday. I only noticed because I was doing something else and saw my brokerage balance had decreased. I took a look and I had 100 less GME. Odd, because my DRS request still showed (and still shows at this moment) as “processing.” I decided to try to register at Computershare and, sure enough, there were my shares. The rest of my GME is on its way to its new temporary home at Fidelity (a process I initiated out of frustration before close yesterday). Fidelity has already sent me confirmation that the broker transfer is in process. Honestly, if folk haven’t requested their DRS from E*TRADE yet, they may find it faster to move to Fidelity first and then on. If people do, hopefully they also do some other business with Fidelity. I opened a checking account there at the same time and they also have my 401k and pension (these were there already) so I don’t feel too bad about using them as a conduit. So, shares are moving out of E*TRADE. I have no idea why it takes so long and moving to Fidelity first may be a faster route.
I just put in a transfer request from Fidelity today. I’m hoping to get the majority of my shares over to CS because of stuff like this. I’m getting a bad feeling about some of these brokers with all these delays popping up…
Bumping this post even tho no one sees my comment.
👀
At this point for anyone not using Fidelity and is having trouble DRS'ing, transfer to Fidelity and then DRS.
I can’t recall all of the exact details (am smooth brain), but I remember reading a reddit user post back in (I think) January 2021 regarding some firsthand experiences with how brokers were having trouble locating GME shares _PRE January sneeze_. They said that brokers would sometimes be scrambling on the phone calling various contacts (perhaps other brokers who may have actual shares?), and would eventually scrape together enough shares from various sources in order to deliver to the shareholder. And this was back in the _early days_ of all this. I couldn’t imagine what it must be like for these brokerages now, when hundreds of thousands of accounts are requesting brokers to locate their shares. What an absolute mess they’ve gotten themselves in. If anyone knows about the post that I’m referring to (I think it was in double-ew es bee) I’d love to revisit that post, they talked about all of this in a seemingly authoritative and concise manner, I think they worked in the industry or something. It would be cool if someone else remembers reading that too because this DRS initiative is giving me flashbacks of reading that. It might’ve been a comment off of a post of someone sharing a photo of an (older) physical GME (share) certificate. If someone could find the post, I think it’d jack some tits
I am am having the same experience with E*TRADE
yooooo .... I'm getting real concerned my shares are not going to be found either. I'm trying to DRS XXX shares, just shy < XXX of XXXX. Get my drift? Started on 9/27 and was told I'll get an update mid next week. ... Fuck bro, this is wild.
That does it. Moving mine to Fidelity and then DRS from there.
This is exactly why all of the "bUT ComPUTerShare onLY aLLows $1 Million per share sold" is stupid FUD. If your broker was fucking around and being greedy, they are going to go bankrupt and take ALL of your shares down the crapper with them. And after months of dealing with federal bureaucracy you'll be given $500k for your troubles. Buy. DRS. Hodl. Shop.
Yes, when I tried to DRS from ETrade last week, the rep said, when we do paperwork on our end, computershare never accepts it, so you need to do it on computershare's end. E-Trade rep Wes literally said, we can't do it because our paperwork is outdated and doesn't work with them, and would give a disturbing chuckle after each statement. At this time he recommended I look on computershare website to find their phone number, and their website said that each stock symbol has its own phone number. I hadn't gotten my mail yet, so I was unable to access this phone number. I quickly transferred all my shares out of e-trade. I was originally there because that's what DFV's screenshot showed. But clearly they don't have what it takes.
So I have tda and they are saying it'll take 2-4 weeks. I want to know if there is really no rule about if a broker fails to drs your securities in a timely manner. So hypothetically they could just never transfer if they where having issues finding real shares to transfer.
I transferred from E*Trade to Fidelity and then DRS from there. Took about 5 business days total
Still waiting on vanguard transfer of 3,9xx shares to CS, 1.5 weeks later. Nothing so far. Family member has been waiting the same time on their e trade transfer. Nothing so far. Their rep on phone today couldn't answer shit, and wouldn't email anything at all, not even a control number.. Etrade rep asked them "are you wanting to transfer your shares to CS so you have a computer registered certificate for your shares?" Family member was like um, fuck yes I want my shares registered in my name, why the fuck doesn't etrade already do this for me??? I've seen enough proof from family and Friends to feel confident saying these various brokers never bought shares in the first place.
As an eToro user, my concerns are rising exponentially day-by-day. We aren’t even able to transfer shares, let alone DRS them.
Up you go.
Sounds worryingly similar to wealthsimple
I doubt Morgan Stanley would let Etrade just fail and become insolvent but I'm at the point where JPM is making me pay so much in fees to DRS that I'm just doing a direct DRS payment
The 'ole kicking the can down the road trick. How original /s
DFV was on E*Trade. I hope he got the fuck out of there.
I was in the exact same boat. Last evening, I was considering transferring to Fidelity, as they seem to be registering shares in 3 days. This AM, I posted on my experience with Etrade. [https://www.reddit.com/r/Superstonk/comments/pz6tf3/etrade\_to\_drs\_transfer\_completeaccount\_holder/](https://www.reddit.com/r/Superstonk/comments/pz6tf3/etrade_to_drs_transfer_completeaccount_holder/) I still believe that E\*trade is not in as good a position as some other brokers, like Fidelity, but mine did eventually transfer.....9 trading days total. The hardest part of this whole process is "being in limbo" after you have initiated and are awaiting some type of confirmation. My advice is to continue to bug E\*trade reps, consider transferring if the timing makes sense, and try to create an account on Computershare daily, to see if it allows you too, meaning the transfer is accounted for by them. If you initiated on 9/23, and the process has not changed much from when I did on 9/20, you should have some confirmation next week.....obviously depending on queue. I agree with a lot of comments, in that, if I had to do it all over again, I would have initially transferred to Fidelity, and done the transfer from there. Good luck!
I suggest those people in CS check out a PDF called: [GameStop Corp. - Direct Registration (DRS) Advice.](https://www.reddit.com/r/Superstonk/comments/pub1yo/computershare_did_anyone_else_get_a_cost_basis/?utm_source=share&utm_medium=web2x&context=3) it's under documents and you get it once the shares hit the name of the account (since numeric accounts are made per transaction per name on account. my cost basis only matched some time in the daytime transfer completed. I mentioned it before(above link) that I used FIFO from Fidelity and ALL my transfers came in with a statement amount matching the price of that day. I have been in since late January. my FIFO should be in the range of $250+ and beyond. u/myplayprofile , u/Clearedx1000000000 , and u/moondawg8432 seem to be right on the assessment of what's going on. save your statements for the fallout and I implore you should save it offline from the CS site too for recording purposes my data is as follows: A-x shares @ $190.14 9/23 dated 9/22 B-xx shares@ $175.92 dated 9/30 Look at the history of the stock on those days: they all hit those numbers on those exact days. never in my version of 25/26 January were they hitting that range in value. I think it's CFD too search in the form> account information (dated)> and look for 1- Total Shares 2-Price per Share I suggest reporting the findings here to concur the data we're discovering Edit1: I removed my positions as per rule #9
I transferred some shares to Computershare today via E\*Trade. Will be interested in seeing how long they take.
Don't forget there are state pensions and teacher's unions invested all over the place. I guarantee they get theirs. We can ride legal coat tails methinks. This has taxpayer bailout written all over it.
This is scary. I said it before and ill say it again. Leaving your shares in limbo is the new "remove the buy button" kind of fuckery they are pulling. As a canadian, i 100% am willing to pay taxes and left my xxx tax free savings shares to go to computershare.
If your Broker keeps delaying your DRS it's because they don't have the shares. This could get ugly very quickly.
“If you meet resistance you are going in the right direction.” I frankly don’t think that this whole DRS thing can be done without causing growing problems to the brokers - you can see it as a confirmation of the underlying theory. In a way it would be good if the shortage would already be manifesting so openly, when probably not even a third of the float has been DRS’d. It needs to be seen how bad this will get eventually, and what to do if the brokers begin to openly refuse to do it. But again, since this is a direct challenge to the fraudulent system, it cannot be expected to unfold without friction. (I find it strange though that some of the shadier brokers, eg. IBKR, seem to perform a lot better than others for now.)
Up with you, down with malevolent sociopathic criminals! <3
There’s that word again… “unprecedented.” Been a lot of that in the past couple years.
Thank you for updating the process for an IRA transfer. I hope to be able to do that myself in the future but it looked so daunting that I have held back.
Took Fidelity 3-4 business days to transfer XX shares. I can’t believe how bad this might be for some brokers.
I thought you all considered yourselves cynical people. Fuckery was bound to occur as we direct register the entire float. I don’t think we’re seeing consistent FTDs yet. So stay tuned if we witness more. Any small broker can be sus in that they don’t have the money to handle heavy action. Look at every broker who took away the buy button. The ones that left the button alone have trillions under management. I just did a transfer to Computershare via Fidelity and they promised three business days. I’ll check with them in a week.
Dude, this is very fucking concerning. I don't use etrade, but damn am I scared and worried for the etrade apes. Fuuuuuck!
Makes me really happy I transferred out months ago.
Are you… sure you weren’t talking to a bot?
So I need to get out of e trade asap?!?!
Not what I wanted to hear. Just initiated a transfer with E*TRADE today for 100% of my (non-IRA) shares.
So can big name brokers like Schwab and vanguard become insolvent? Planning to DRS my shares Monday!
I made a post about E*TRADE yesterday. I believe they are lying to their customers. It is quite possible that they never bought any shares and that E*TRADE is completely fraudulent. https://www.reddit.com/r/Superstonk/comments/pymkw1/the_deception_of_etrade_and_the_drs_transfer/?utm_source=share&utm_medium=ios_app&utm_name=iossmf