I hope someone can please help. I have 4 shares of stock in certificates and was going to just sell them today because I no longer want them. I went to scottrade and they pulled a hard inq and told us sorry we can't open an account. The shares are worth 105.00 each currently and wanted to know if anyone can tell me how I can get rid of these or am I just stuck with them? The bank does not liquidate them aNd they saId we have to get a broker to do it. I have been trying to clean up my credit and do not need the inquiries on my file.

When you say you "went" to Scottrade, do you mean a local brick and mortar location or you attempted to open an account online specifically to facilitate the sale?

If it was a local broker, then I would keep calling other brokers and just ask up front whether they are going to pull the report on a simple sale that is going to generate commission for them (albeit a token figure).

I went into the local scottrade..I spoke with the manager and he said we are just stuck with the stocks until our credit is better.

I'd keep looking through the phone book...perhaps one of the small houses that isn't affilliated with the large mega-groups and might be hungrier for the $40 in commission that the odd-lot sale would generate.

Barring that, you might contact investor relations for the company in whom you hold the four shares and inquire about whether they have plans for odd-lot buybacks in the foreseeable future...many companies will do that as it is cheaper to buy it back than to keep sending out quarterlies to a small holder. When the company does the buyback, it also usually means you get the proceeds without a commission being taken off the top...

A HARD TO SELL???

WHAT IS THE PP???

EVEN "IF" THEY HAVE PP...WHAT IS THE BUSINESS NEED???

That's weird. You have the certificates- it's not as if you're selling something and promising to deliver the certificates later, so why do they acre about your credit?

My guess is that they looked at your credit rating and decided (rightly or wrongly) that there's little potential for them to develop a long-term relationship with them so they're not interested in a one-time transaction.

The branch manager told us that they run a credit check and if you are a high risk then they cannot open an account. He says the reason for this is in case the certificates come back stolen or something?? Give me a break. We offered to let him check them first? The stock certificates are Cummins Engines and they were closing yesterday at 105.00 each.

Not sure what PP means?

Permissible purpose.

Find a local investment house that will help you out. Wha the idiot at scottrade can't figure out is that your credit won't be bad forever, and when it's better and you have some cash to invest, you'll be taking your business elsewhere.

Here's a link that might help you out...


Selling stock certificates conversation

I like suggestion number one but it may be hard to find a person who owes it. Do you know any present employees that might know someone who likes Cummings stock? You might offer them a discount..like $100 per share. They may want the certificates for novelity.

What possible legitimate reason would there be a need for a credit pull??? If you have to money to buy it, you buy it. If you don't, you don't. If you want to sell it, you sell it. What's so hard about that?

You might want to check with Schwab. When I worked there, they would open a temp account, sell the stock and close the account after settlement. With all of their changes, I am not sure if they still do. Go into a local branch if there is one near you and ask the manager.

Scottrade pulls a hard for every account. Even non-margin accounts.

Most brokers do not pull hards for standard accounts, only for those margin accounts. They may check your credit, however.

DISPUTE THE HARD SINCE YOU APPLIED FOR NO CREDIT CARD/LOAN!!!!!!

I can't believe it would be that difficult to unload 4 shares; the greed of brokers is amazing.

Most brokers have a minimum of 2k to start an account unless it is a retirement account. Some will open a retirement account for $500.00.


Everybody else seems to be selling everything else on EBAY...wonder if it would be legal to do it on EBAY?

Since you have the stock certs you on the REGISTRAR of the Transfer Agent.
Just call the Transfer Agent about selling the stocks. They make ask you to send them in to them(TA) and they should be able to sell for you. Could charge you a physical processing fee.

The so called "hard" pulls for brokerage accounts are due to the Patriot Act and Anti Money Laundering Act.
Thank Osama for that one.

PS. I worked for a bank/brokerage firm for 7 years so I kinda know the ends and outs of these things...

THAT IS AN EXCUSE!!!

You can "thank" Osama for a lot of things, but that isn't one of them. It was a convenient excuse to push through policies that were attempted ( extensions of things like Know Your Customer provisions) but soundly defeated prior to 9/11 and had nothing to do with it. But then "9/11 changed everything" which meant it was OK to make otherwise stupid policies. Now, you can be reported to Homeland Security for paying off your credit card. As if terrorists would be worrying about paying OFF credit cards.

Uhh notice my emoticon at the end of my post? I see the nerve that was hit was pretty sensitive and that wasn't even the goal.

I could debate some of those things but alas this is about credit and money management etc. Just trying to help the poor guy out...

Dangersously teetering on politics in here, so let's get back on track.

Your best bet is to go on their website, get a hold of investor relations, and tell them you have a couple shares and want to sell them. I get offers all the time on odd-lots of shares, generally less than 100, all the time.

huhhhh???

Refer to gregcjackson's post above george.

I DON'T SEE IT...BUT I HAVE A VISION PROBLEM

(assuming it is FACT)

I don't see it either. I see it as history and fact...nothing political..I hope that the PC police haven't gone as far as you have to figure out what you need to be PC about??????
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I think the person who started the thread has many suggestions. Hope they will inform us of which route works.


Clark

I don't need your help

What happend to IGNORE???

Oh never-mind you refuse to IGNORE me because I may say something BAD ABOUT YOU!!!

You might want to hold onto this stock a little bit longer -- but sell if it goes under $95.

Since you have the actual stock certificates, is it illegal to sell them to someone else?

Don't worry GEORGE I wasn't trying to help you. I was stating MY OPINION about the subject...sorry I actually agreed with you on this matter. I've never been on the side of political correctness even when it tries to overlap into historical facts.

Ignore....go read the thread under opinion/comments or where ever it is in la la land that was moved from general discussion. I stated my case there and will NOT ignore you nor your comments especially if they are aimed at me.



Clark


P.S. Everyone knows when you tell people to ignore you that you are really evading the line of questioning. If you really didn't want to dialogue I don't guess you would be making snide remarks here in the Money section aimed at me ...now would you?

OOPS...I FORGOT TO GET YOUR PERMISSION TO POST HERE

Can you add belligerent to the list???


lol

Clark

KEEP ON PUSHING!!!

I rest my case...lol


Hey lugger26, did you get to sell the stock yet? What did you do or what approach are you using to sell it?


Clark

Clark,



You've been warned repeatedly about the name-calling and everything else around here. I'm asking you, put George on ignore. If you won't, you're going to find yourself on indefinite moderator preview.



This just WILL NOT continue.

So what you are saying Cargo John that it is not ok for me to defend myself.???

Go ahead and drop the axe then....I will always reply back to snide remarks regardless of the origin.



Don't you get it...I'm more interested in this fellows outcome of selling his stock then defending myself from personal attacks... thats why I've asked for an update.

However, when fired upon I will always return fire.

So if you are trying to bait me into an excuse to kick me off, go ahead and just show you colors...although with the exception of this stunt....I find a lot of your comments have merrit...unlike some of the one liners from others.




Clark

Clark,



I don't dislike you. I actually agree with a decent amount of stuff that you post. I just can't stand the bickering, it makes a worthy topic turn to crap.



If you were really interested in just helping the OP, you wouldn't make a post like this:







That's not productive.



You probably, like me, are very opinionated and really wanna say your piece. I understand that. But dude...take an extra minute or two and think about what you're posting. Does it contribute or does it incite?

Find a credit union that has a brokerage program.