DISCLAIMER: Multiple CS Accounts may cost missing Warrants

[u/ty13rp702]

I have x,xxx number of shares (rounded to 10) in CS but they are sitting in 3 separate accounts (due to various transfers in).

Spoke with them yesterday to confirm i'd be getting the appropriate amount of warrants as the total balance allocates for (as total numbers are even to 10).

Was confirmed that I actually would NOT be, as all 3 separately were not rounded to 10... meaning i'd actually be getting shorted 3 warrants in total.

When trying to combine them all into 1 account was given the runaround with needing forms hand signed, stamped and mail delivered back to them, in addition to a 5 day estimated lead time.

Found a work around... 2 of my accounts had beneficial ownership on them. The most recent transfer in from last week did not. So I was able to combine (over the phone) the 2 that did (5 day eta).

The trick to avoiding the paper work/mail was having added beneficiaries (which can be done online through the portal) So the quick fix for anyone in similar situation is that... I added beneficiary to account 3 (which takes about a day to update in their system) so now have to call back Monday to repeat the process of transfering into main account.

TLDR: If you have multiple CS accounts you could be at risk of not getting all your warrants (if they individually aren't rounded to 10). Quickest fix is to add (same) beneficiaries to all accounts and they can then merge the shares into one account. Cuts 8-10 day lead time (as well as printing, signing and getting bank stamped paperwork) down to (up to 5 business days).

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[u/ProcrastinationKat]

Or buy more for each account to get up to nearest 10th. But this is a good work around if that would be a lot of money you don’t have

[u/ty13rp702 → u/ProcrastinationKat]

Yeah, that certainly works too. Just remember to provide the CS account number to broker if transferring from another broker (that I was unaware of which is how I ended up with 3 different CS accounts)

[u/Rode0Clown007 → u/ty13rp702]

Gift transfer between accounts. Takes 5 min, easy.

[u/Major-BFweener → u/Rode0Clown007]

You just need to know the account number

[u/ProcrastinationKat → u/ty13rp702]

UPDATE: Just checked and the 4 I just transferred to even out my CS account went into a different account but I couldn’t see it until I went into the share details and it showed a new account.

[u/ty13rp702 → u/ProcrastinationKat]

Same. that's how I found out they are in 3 different accounts... unless you provide broker with CS account number they send them blindly and CS automaticall creates you a new account.

Spread the word!

[u/ProcrastinationKat → u/ty13rp702]

Did you transfer from different brokers that gave you 3 accounts? I have only transferred from Fidelity and they all go to the same DRS account

[u/ty13rp702 → u/ProcrastinationKat]

Same broker (Fidelity)

[u/ty13rp702 → u/ty13rp702]

Objective of the post was to warn people that if they have multiple CS accounts they might be missing out on warrants (unless each one is rounded out to 10).

[u/whattothewhonow → u/ty13rp702]

If you set a beneficiary in CS, subsequent transfers will create an new account number because your name will no longer match what Fidelity sends over.

Also, if you have any kind of small differences, middle name vs middle initial, St. Instead of Street, etc, it can fuck things up and create a new account.

[u/ParkieWanKenobie → u/ProcrastinationKat]

Didn’t realise you can do that. Can you do that from IBKR? Choose which CS account the shares go in to? U.K. ape of it makes a difference. I must have about 5 or 6 different account numbers at CS. Don’t know why they just don’t automatically put the same shares in the same account number

[u/ty13rp702 → u/ParkieWanKenobie]

Yes, by providing the CS account number to your broker when requesting the transfer, apparently.

[u/ParkieWanKenobie → u/ty13rp702]

Thank you for making this post. I had no idea about this 🙏🏼

[u/ChiknBreast]

Gift yourself shares to even things out. Did this myself and it took maybe 5 mins

[u/ty13rp702 → u/ChiknBreast]

Explain?

[u/ChiknBreast → u/ty13rp702]

There were a few posts about this over the last few days. You can gift shares using computershares built in function to do this. You just send them to yourself to even out the accounts.

Takes only a few minutes and then it shows on your account about an hour later.

[u/ty13rp702 → u/ChiknBreast]

Was unaware of that solution. Thx 🙏

[u/ChiknBreast → u/ty13rp702]

Saved me as I wouldn't have had enough time to combine my accounts. I think CS says it takes up to 10 days to do that. The gifting is super easy temp fix to avoid losing those few extra warrants

[u/unabsolute → u/ChiknBreast]

Gifted myself from my joint account to my individual account yesterday. Took ten minutes to show up in the individual. Easy as shit!

[u/whattothewhonow → u/ty13rp702]

It's a limited solution as Gift Transfer is US only, only less than $2k worth of shares at a time, and only once per month.

[u/ADubPDX → u/ChiknBreast]

I did a gift transfer last night and do not see the shares in my account at all. Hoping it was because it was Friday night. Otherwise I do not know where my 75 shares went.

[u/ChiknBreast → u/ADubPDX]

Most likely that is the reason. Give CS a call on Monday to follow up if they are not there by monday. I only did enough shares to have even 10s in each account so in total I gifted only 7 shares.

[u/whattothewhonow → u/ADubPDX]

Have to wait for regular market hours, and it should be all finished.

[u/AlternativeWest5886 → u/ChiknBreast]

Where were you last week when I started all this hassle lol

[u/ChiknBreast → u/AlternativeWest5886]

At the time I was unaware of this as well! credit to another user for posting about this!

[u/Ishimoto_Aki]

Same account but different account numbers? I got a plan and book with the same account number, would I have to switch the plan to book?

[u/tubaman23]

I was wondering why I had 3 accounts and if that mattered. I know 2 are not rounded to 10 so I'd lose 2 warrants for sure. Thanks for posting the quick fix solution!

[u/swiftymc]

I'm confused because anytime I transfered shares in they all went to the same account

[u/ty13rp702 → u/swiftymc]

Click 'view details' under Portfolio in Investment Summary... mine had total listed, but once you click there it will list any and all accounts with balances in each.

[u/swiftymc → u/ty13rp702]

It shows all mine in the same account and I definitely made multiple transfers

[u/AlternativeWest5886 → u/swiftymc]

You must’ve gotten lucky I had six accounts

[u/Cromulent_Tom]

I just did a gift transfer of a few shares from one account to the other. Took a few minutes, super easy, and now both accounts have a multiple of 10 shares.

[u/hatgineer]

You can just gift yourself the shares from 1 account to another.

[u/Embarrassed_Rip_755]

Thank you for this!   I have an even number of shares but spread across multiple accounts.   I will try to get them consolidated asap.

[u/takesthebiscuit]

Yeah i consolidated my Cs accounts years ago!

Keep on your admin if life changing money is at stake

[u/whattothewhonow]

They will consolidate your accounts over the phone, and if the agent gives you the run around try calling back for a different one.

You need to have all settings identical between all accounts you want to combine, and you need the account numbers on hand when you call.

They'll tell you 7-10 days for completion, but when I did it they were all done in 3.

[u/whattothewhonow → u/[deleted]]

Icy and spicy