Fidelity is pushing back on Computershare transfers, beware
By - Marchisio
If fidelity wanted GME shares, they should have kept the 9 million they used to own.
Or they could have provided an easy way to route through IEX like we asked them to for months now. Or kept our shares out of Kenny’s grubby Mayo hands. Or stop lending out a million shares a day on my favorite stock.
Yea would be nice if while they held my investment, they were not activity assisting in the intentional devaluing of my investment.
How is that not illegal?
you'd be surprised what isnt illegal if a politician or a company does it. if i, a mere mortal steal something from a shop i could be looking at jail time.
if a company steals from their userbase by fucking them over (robinhood anyone) then its just classed as good business practice.
welcome to the real world
Late stage capitalism. Greed > all.
This is the way.
How did apes think fidelity was making money?
And not allowed 4.5 million to magically appear out of nowhere and be borrowed. I bet Apes might have hesitated before that or may transfer less but that was sort of a big Fuck You to us. Especially when we all transferred from Robbinghood and every other shitty broker to make Fidelity the largest asset manager in the world.
That’s the thing.
Everyone thinks we’re idiots piling on the hype train of a “meme stock.” But you know what? Either cater to your clients’ demands, or lose them. It’s not apes’ fault that most other retail investors are too lazy and trusting to look under the hood and see how their own money is being leveraged against them.
It’s not personal, fidelity.
It’s just business.
Business is always personal.
Time is money. And a lot of people have realized that as of late. I'm just trying to get some time.
Michael Jordan takes that personally, and so do I.
Speaking of - the number of "Shortable Shares" via fidelity was less than 350,000 today. The calls for DRS transfers might be having an observable effect, here.
Wow 4m to 350k
How do you think they’ve kept the price suppressed the last week
The more important question is how are they going to keep it down next week? So many Computershare buys are going to hit next week.
Hopefully they don't :)
Up about $15 on the week with a lot of calls that expired ITM. They wanted it as low as possible this week and they couldn’t even get it under $200. There may have been other factors, but their ability to keep the price down seemed weaker this week.
Exactly. They’re undermining my investment!!!
Yes, they are totally undercutting our shares value by loaning out shares to short.
Doesn't help that we're more intelligent than the average person. When an idea picks up within the community, after it's deemed safe, we move quickly and with determination. That's very, very rare for an anonymous collective of hundreds of thousands.
We are an anomaly.
Fidelity didn't screw us like RH, but they still tried to pull a fast one on us. Underestimating us in *any* capacity always ends horribly for the doubting party.
I don't know. I'm pretty fucking retarded.
Buying icecream at a local gas station at 2 AM and presenting your ID to the cashier retarded?
How else is the cashier gonna know I'm old enough to be up past 9?
Yeah whatever they're saying is bullshit. Sounds like they're scared and losing a revenue stream from loaning shares.
You're registering your shares through a transfer agent. Where Computershare is a massive agent for the markets and is considered one of the best ways to purchase stock because you get official ownership.
Which is what Institutions do when buying stock.
Which is what Matt Furlong did.
Which is what Ryan Cohen did. All of them through Computershare and DRS.
There is soooo much FUD around Computershare because it is the absolute killswitch to their fuckery and profiteering off of retail.
Anyone who tries to say Computershare is bad and dangerous might as well tell you Ryan Cohen, Matt Furlong, the executives, Blackrock, and all other institutions that registered shares through Computershare are chumps!
I’ll ask you. Do I just go onto computershare and buy shares and that is all? I don’t have to do anything fancy like mark them for book entry or something? Please advise. Regards.
I'd check out /u/mommap123's posts. They're a great resource for this info :)
If you'd like to skip that nonsense just ask them if they're giving you financial advice lol
It is not allowed to give financial advice?
Oh no... It's allowed. Until that financial advice loses you a million dollars then you come back and sue the dude giving you financial advice lol.
The reason you see so many 'this is not financial advice' disclaimers is basically a 'dont sue me if you lose money' clause.
This is what it is. If you ask a rep if they are giving you financial advice, they tend to back down because they don't want to be liable. Sure Fidelity will take the hit for them in a lawsuit, but a rep wi try to avoid that in the first place
Most phone reps arent qualified or certified to give financial advice.
This is the way.
Or open a CS account and buy from it
Im guessing his data of 75% don’t transfer is in his script provided by fidelity
3/4 people hang up and got another operator.
Or for people unfamiliar with being assertive this is how you do it: say "I didn't call for advice. I called to transfer." Repeat if necessary.
My go-to to keep things light is “I understand your message, but I’d like to stick with my original request”
I prefer the light threat: “Keep it up and I’ll Direct Register even MORE of my shares…”
"You know what, I'm gonna start Direct Registering even harder"
#I DECLARE DIRECT REGISTRY!!
Fidelity: NO! NO GOD PLEASE NO. NOOOOOOOOO!
This is the way
No lie if they ever give me a hassle to transfer some of my shares, my immediate words will be “Okay, transfer all of them.” Pushback is all the confirmation bias I need.
Anyone been to R/Fidelityinvestments lately to see if any of this is being discussed? I’m gonna take a look.
Edit: We’ll look at that. They made a post 20 minutes ago about DRS.
Edit: We’ll shit, I unlinked the Fidelity sub. That’s against the rules. Thanks for informing me. My B.
And while you’re there, ask them how their iex access is going /s
IEX is their pinned post 😂
Fidelity is(was) the best option in a pile of garbage choices for a broker. They’ve had some incidents that have trended in this sub for a few days.
That said, the majority of my shares are in Fidelity. I transferred half to Computershare this week though.
Of all the options I’ve seen in my 9ish months following this, Computershare is the best option I’ve seen amongst the various GME subs. I will drive to Computershare HQ in Colorado to turn in my hand written limit sell order for $50,000,000 for 1 share. If I had to. Lmayo but we won’t have to. Keep a few shares in Fidelity to sell at the peak and on the way down. MOASS is imminent.
Edit: tHis iS nOt FiNaNcIaL AdViCe.
Some of us are picking up more fakes... they're still under valued... they'll grow.
That sweet sweet damage control.
Important that they’re being helpful now, otherwise apes will transfer all their holdings instead of just a chunk
I was like "computer share is like a safe for my stocks hidden away deep in the ground in a shoe box ...I know it's old school but I want it this way it's more transparent for me" he was like true true I see what you're saying-the end
"I understand you're upset, but I would like for you to do your job now."
Try “I came here to transfer shares and shove bananers up my b hole, and I’m all out of bananers”
I appreciate your tact by using "b" hole instead of "a". Nice touch.
Alliteration 4 comedy baybeee. Bananer in my b hole just sounds funnier to me
Yep. After 5 mins of getting nowhere I had to ask to be transferred to a rep that would assist me if they weren’t able to. After being transferred the next rep was golden.
"My financial advisors asked me to do so".... Also in my brain I'm my own financial advisors
I’m always afraid that if I stomp on them like this they’ll try to fuck me over but I feel like they’ll keep pushing you if you don’t show them resistance and seriousness
I’ve never met so many people concerned about my finances. Where the fuck were these people when I was homeless sleeping in the subway??
Trying to find a way to charge you for sleeping in the subway...
All firms are evil. Just depends where they fall on the bell curve...
look at this show off. He’s got a subway. Wow.
He is clearly one of the one percenters.
Fun fact, you are a one percenter just for living in the USA
That has been some of the best confirmation bias as far as I am concerned. Let me get this right, the entities (media, govt, banks) who have destroyed millions upon millions of people's financial health and physical /mental health are NOW after decades of this are now going to help you out? AND FOR FREE?!?!! Hmmm.. Nah, I'm good!
I actually had a very easy time today talking with fidelity rep. He only asked me if I understood what it meant for DRS, which I explained what I understood of it and about 2 minutes later, the request was submitted. Total phone conversation was less than 5 minutes. Quick, painless and easy.
my experience with Johnathan from Fidelity was similar. had no issues, didnt even try to convince me otherwise.
Yep, the guy I talked to mentioned shorts and assured me that my shares aren’t lent out. When asked why I wanted to transfer I simply said “I just want my shares directly registered to me” there really is no counter argument to that
What about the 10th dentist?
I hope so...
I had no problem with my rep, yes she read the script but never objected if you say you want your share on your name
I would have. I don't care what they got to say.
This. When I rolled my IRA over into Fidelity I got the whole spiel about how volitile GME is since my other account was 100% GME. He asked what I wanted to invest in and offered me some boomer suggestions and said he could help me do it. I told him I'd research and do it myself later.
Hung up the phone and immediately bought 20k in GME lol.
It would amuse me if he was somehow still on your account after a bathroom break or something and saw it happen.
I’m not your Buddy, Guy!
I'm not your guy, pal!
#I’m not your pal, bro!
Management is going to tell customer service reps that all these transfers are increasing the company’s costs…which theoretically isn’t a lie, but it’s not the real reason why they want to limit the DRS actions
They’ll probably offer bonuses to reps who talk people out of transferring. Or worse, punish them for not taking enough of us out of it. I can’t imagine the reps have any interest in pushing it this far on their own, beyond just reading a script, unless there’s compensation involved.
"trying to convince me that it wasn't going to do anything as not enough shares will ever be transferred." - so you're saying it could do something if enough shares are transferred? OK then.
By the Might of Harambe, Challenge Accepted!
You have some wrinkles sir
You've just convinced me to transfer my shares from fidelity thanks.
Hahah reverse engineering the FUD.
“So you’re saying there’s a chance”
Ooooo I love your take on this. Can I subscribe to your news letter?
Achievements are my thing bitch bring it on!!!
This. Bias confirmed
Yeah and if you transfer wealth from a bank to a credit union, they dont like that either... Same reason. I think all brokerafes are loaning shares regardless of what they say. Laughable to think the cons would outweigh the pros. What happens if they get caught? A fine 3 years from now? Dont make me laugh
A fine is just the government taking a cut. They still get to keep the profits. It’s incorrect to call our enforcement system regulation
What does a customer service rep stand to gain from convincing someone to not transfer?
Metrics and no bad reviews from the quality review of the call?
Gotta remember that these are just regular folks who take their marching orders from higher up.
They've been told to try to retain customers and I'm sure Fidelity is seeing the trend of people moving some of their shares out of Fidelity.
"Hey Nick. It seems after your calls, a lot of our customers are leaving. What is it you are doing that's is causing them to leave? Anyways, best not let that happen in the future."
it's called customer retention
Nick: "Not enough shares will be transferred this way to make a difference"
Also Nick: "I've had this conversation more than any other over the last week..."
SMH Nick, smh...
Punk ass Nick stepped on his own dick.
Sounds like a problem I wouldn’t mind havin
None of my homies like nick
If there's not much being transferred to make a difference, why would it make a difference on their end? Why are they concerned?
He gets rewarded for customer retention, he’s just doing his job. All you have to say is “Thanks, but no thanks”, “Agree to disagree”, “I’m going to drown you in my infinity pool ook ook”, or any of a multitude of other subtle assertions of dominance.
I prefer overt assertions of dominance, ie whip out your ape dick and pee on the phone's mic
Nick is spreading FUD
Probably gonorrhea too. Fucking Nick.
Don't be line NICK
This was my experience on Monday night. I transferred 4x the amount out of spite on Tuesday with my 2st try. Transfer was done by Thursday.
I’m gonna play the “didn’t you guys make like 400,000 shares available to be borrowed” card.
And only 350k left as of close today
Sounds like people are transferring in enough volume to actually make a dent in their business. I used to work for a large bank and we would be instructed to try and save every account we could if we were running low on that particular account. This could just be them trying to save business. Or an over zealous customer service rep wanting to sound smarter than his customers.
They’re definitely trying to save business.
I got some push back from fidelity this morning too (not as bad as OP) but it was clear that they have have a list of reasons why people are doing this and they’re trying to scare you into staying with them.
“If you do this, the process will take a really long time”
“It’s really hard to sell on computershare’s platform”
“We never lend your shares”
Shit like that.
The person I spoke to wasn’t really aggressive, but definitely sounded like a sales person, who had his lines and was trying to save some business.
We both knew that wasn’t happening.
My guess is they’re starting to reward these reps for keeping people from transferring.
Either way, when they asked why, I just said “I’d like to hold my shares in my name” and that seemed to end it. Pretty smooth from there.
I spoke with someone this morning that said the same things exactly. Just have stick to your guns if you feel like engaging.
“I’m a long term investor”
“I’m diversifying my counterparty risk”
I am a big fan of the “diversifying counterparty risk” line !
Had the same thing yesterday
It’s my money, and I wanna move it now!
🎶I've got all my shares registered and I want a margin call now! 🎶
CALL M-a-rGE, or get her to the phone now!
GET HER TO THE PHONE NOW...
Yeah nice 👍 that’s exactly it too
Not enough people will transfer to make a difference.
Also says he been talking to a lot of people this week alone trying to convince people not to.
Sounds quite contradicting..
Thats funny. I had a person named nick who was rude and then after he failed to intimidate me he put me on hold and then hung up on me.
How rude nick.
The next rep was awesome though and was fully supporting what we are doing.
They don’t want to have to locate the shares you are transferring. We must be getting close to their cap. 😂
It’s pretty simple. I bought shares through my broker. I want to move my shares to get them direct registered. If they didn’t lend them out why are they taking up to 14 days to find my shares?
well I'm glad I put in an order for shares in computer share so if I can't get transfered there, I'll have shares there.
RobinDaHood transfer disaster 2.0 Lmayo
Holy fucking shit someone awarded you the ternion award for your comment. Holy shit this must be the way!
Thank you so much for the award.
I registered xx shares through transfer at TDA this afternoon. They are now up to 14 days to find shares to transfer for registering. 😂
They have had a HUGE influx in transfer requests
I need to DRS mine through TDA if possible. On the move and busy this week and curious about the process. How much of a fight was it for TDA?
TDA is easy. print this form, sign it, submit on TDA website. no phone call needed.
DFV or RC? 😏
What's ternion award tho? 👀
It’s a 200$ award (I think it’s the most expensive one on Reddit).
DFV lurking among us…
What if DFV direct registers his shares.....
DFV? RC? Who splashing the big bucks?
My guy was like…. Okay cool, that’s it? All done have a nice day. <10m done lol
My guy had never done it before, called his support guy a couple of times, then was suddenly like "all done". I bet he's an expert now
This guy is one of those “the system works” guys who would rather pretend there’s no corruption so everything he’s learned isn’t a lie 😴
There's a lot of those...
Just tell them you don't want to discuss it, they are your shares you don't need to justify your decision to anyone, especially Nick.
If he gives you pushback at that point ask to speak to someone else. Maybe tell his supervisor he was trying to give you financial advice against your wishes.
You should post this on the Fidelity subreddit. This is some bullshit. They shouldn't be trying to give us this kind of advice
>So the first time Fidelity decides to provide me with unsolicited advice is when I DRS my first batch of shares. Thanks for caring Fidelity.
Did you mention he’s being recorded on your line and he has a fiduciary responsibility to the client?
Yeah he was cordial and wasn't saying no, but was definitely trying to convince me otherwise...i doubt he's violating anything serious.
Had a girl yesterday. Couldn't transfer because I had an unsettled stock. She went thru the entire process no problem until she told me I had to wait until today. NP. Called today...got Nick. He was a little snarky at first but I am way worse. We ended the call cordially with 50% of xxx transferred.
Nick working OT on these transfers 😂
He's aware. I'm sure it was worded in a way the company approves if what op is saying is true
OP is true. Experienced it today first hand....with. Nick
When they use the line "everyone else is doing what i want you to do" that is a sales strategy to get you to feel like you are different and should follow what the rest of the crowd is doing. Dont fall for it. Dont take the bait.
Lady I talked to was great. I said I want to transfer shares to computer share. She asked GameStop? I said yes. Pulled up my portfolio, asked how many. I told her xx. (Mid xx FYI). Left xxx in portfolio with fidelity. She said ok…. 5 seconds later she’s says ok we are all set. Should be there by Monday and call back if not. 4 minutes total for the call basically waiting to be transferred to her. With her only about 45 seconds.
This is how mine went pretty much!!
I transferred xx shares from Fidelity this morning, the rep asked why, and I clearly stated “I would like the shares registered in my name with the transfer agent”, to which there was no rebuttal. The only pushback I got was the rep checking to make sure I understood that I may not be able to sell shares as easily/ quickly via CS as I could with Fidelity. I indicated I have no intention of selling the shares I transferred, so no problem. Transaction processed and completed within 10 minutes. Agent was very nice and helpful, but wanted to make sure I wasn’t just following the herd.
Aw, how will Fidelity lend 400,000k shares to be shorted every morning if we pull them all?
Yeah and then they short sell to an ape from fidelity and then fidelity contune this vicious circle. Break out of it
It was 4.5 million earlier this week
Fidelity now has a fire under their ass to get moass started without continuing to lose valuable clients.
Cue the popcorn
If it didn't make a difference then why would they care? Someone is somehow profiting enough off of your shares staying there that they're trying to talk you into not leaving, and it's not you. Shit like this would make me want to transfer even more.
I spoke to Nick too today. Same conversation. Still transferred 50% not gonna lie..he pissed me off.
I transferred more today from Fidelity and the rep didn't say anything about it. He even spent extra time making sure they were the most recent shares I had purchased. I wonder why some reps care more than others.
I work for Fidelity, and can confirm this guy was talking out of his ass.
Sounds like Nick from Fidelity is short GME…
I almost let this one woman peggy convince me. Until after the call i forgot about the nft dividend so i called 10 minutes later and the guy that was helping me transferred them right away without debating.
Fuckin Peggy ...
LADYBIRD HATES YOU!
Peggy is short for Margaret
Know what else is short for Margaret?
2 types if people...
Those that just do a job and go home and those who think they are the compnay
Man everyone on here is “I only moved half. About xxx shares from fidelity” and I’m here with less than xx debating wtf to do. Don’t have that opportunity to hold on to them all
Just say “No I want to transfer to computershare.” And whatever he says keep saying that. Until he stops and transfers.
First off remember that you don't owe anyone an explanation and if you feel like the rep is overstepping their bounds you should ask for a supervisor. I have had nothing but positive experiences chatting with fidelity about this. The closest thing to pushback I have gotten was a guy ASKING me to explain why. I directed him to this thread where fidelity basically said they can not confirm they will be able to handle an NFT dividend. If you want to explain why you want your shares in Computershare this is probably the best approach.
I said that there is a lot of rumors and speculation that GME will be issuing an NFT dividend and since fidelity won't give a concrete answer I am taking steps to ensure that I receive one.
Fidelity uses JP Morgan as their bank and is also the #1 contributor of the 1.2 trilly repo. Not sure if that means anything but ya
No transfer Nick
You shoulda asked, “Are you a shill, Nick?” 😂
Nick already said he was a shill without saying he was a shill.
Tell them you like the color of the computershare website.
Their is no logical argument against that.
Same here. I didn't have any issues.
I had a really helpful dude. He asked why I wanted to do it, and I just said "I want to home some of the shares in my own name" . You don't need to justify the decision, it's your property. Stock to your guns and don't be dissuaded if that's what you want to do.
Yesterday the rep asked me "may I ask why you wish to transfer?" I said I prefer them to be in my name and not Fidelity. He responded they may be more difficult to sell.
I said these will never be sold but passed down to my unborn grandkids.
Someone should tell the fidelity subreddit and have the higher ups tell nick to get his shit together. We brought 3.5 trillion in assets to fidelity, I just transferred 20% of my brokerage account shares to computershare, but I can’t take my Roth or my ira to computershare. If fidelity wants to fight on the small percentage apes are pulling out, they’ll find that 3.5 trillion leaving just as quick as it came
NGL, I called Fidelity twice today. First called just suddenly got dropped... May have been coincidental...
The 2nd call I was informed that I needed to first have a ComputerShare account, which I doubted.
Eventually, I just went ahead and used the route of filling out the form and sending it via Secure E-Mail. Will see how that turns out.
Either way, while the Reps were very nice (as usual); I think Fidelity's dropping the ball a little on this.
Live shill? Nice. Lol
I dealt with a guy this morning who was giving me the script mentioned previously on this sub. Word for word following it, saying that cash shares can’t be lent out. I didn’t even say why I wanted to move my shares after they asked me what prompted the shift.
After it all, they said they transferred the shares I requested, and they sounded a bit frustrated. Just as I was hanging up, after my last question, I got a real angry/deflated ‘BYE’
I was nice the whole time, and so was the rep, right up until the confirmed the move would happen in a few days.
Too bad I can’t transfer my 401k shares, that’s where my bulk resides!
Robinhood paid thousands per real share in darkpool for each transfer to fidelity, now fidelity must bag holding and buy real shares for transfer to CS. don't forget the ten thousands of new staff members. RIP FIDELITY
We only need 1/4 people. That's the secret. Good job at sticking to your guns.
My response was simply that I wanted the shares in my name and that was enough to appease them
It warms my heart when a complete stranger cares about my well being enough to try and make decisions for me
Fidelity was trying to tell me there would be "significant fees" and they were not "from Fidelity, but significant fees". And that my shares were safe with fidelity and were already in my name.
Still, only took 11 minutes.
did he make any other points or just the fact that not enough will be transferred?
I had a similar conversation with a dude at Fidelity just today.
I want these in my name motherfucker so transfer now
If he claims to know enough won't be transferred to matter you should have asked him how many are held in fidelity if he knows everything lol
The guy i spoke to explicitly stated there were indeed risks involved to DRS. Like as if to deter me. It was more the way he said it than what he said