cross-posted from: https://lemmy.world/post/1089895

I just talked to Mainstar Trust and they blamed it on Computershare👀 I’m not sure what to believe🗣 Discussion / Question

I just got off the phone with a lovely Mainstar Trust customer service rep; she knew exactly what I was calling about. Apparently they’ve had a lot of people call about this letter they sent out:

https://www.reddit.com/r/Superstonk/comments/14pl47h/mainstar_moving_drs_shares_to_dtcc_account/

She said it takes too long to get confirmation of DRSd shares, too long for shares to leave Computershare to get sent there for people to sell, and they don’t get their monthly reconciliation reports fast enough. They’re no longer offering DRS and are actively un-DRSing people’s shares. Interesting… since Transfer Agents are bound by strict requirements(since the 70’s) that include turnaround times for processing and prompt responses to inquiries. According to Computershare’s FAQs they complete the transfer the day after the request:

Rules

Transfer Times

Computershare mentioned broker-dealers and how they don’t process things in a timely manner in their recent comment letter for shortened settlement time:

https://www.reddit.com/r/Superstonk/comments/143f9hl/computershares_letter_on_shortening_the/

She said they’re waiving any transfer fees until end of August(although I’d call to double check that to make sure) if people want to transfer to another Custodian.

I’m sorry if you have to deal with this, this is ridiculous how difficult it is to DRS IRA shares.

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