How long does it take to transfer shares to ComputerShare?

How long does it take to transfer shares to ComputerShare?

This discussion / possible DD appeared on Reddit by user u/Trippp2001 on 30 September 2021. Essentially, it sets out to answer the question how long does it take to transfer shares to ComputerShare, which as we know is one of the ways we might be able to trigger MOASS, as it removes the ability of brokers to lend out YOUR shares to be shorted.

Apes Army takes no credit for this DD, and it is reproduced here in its entirety without editing. We do not endorse any of this information, and publish it here for entertainment purposes only. This is not financial advice. Do your own research.

ComputerShare – it isn’t that your broker isn’t sending the shares. It’s worse…

TL;DR: CS pulls the shares after your broker sends an “earnest request” to CS. CS does their part in 2 days. When your broker says 2 weeks to transfer, it’s them saying, we’re gonna hold onto this request for 2 weeks before we even send it to CS.

So, I use Fidelity as my broker and I have a cash account. I had been holding out transferring my shares because I’ve been busy, but also because I like to arrive at parties a little late. Fashionably.

Anyway, called the broker on Friday afternoon around 6pm and told them I wanted to transfer my shares. My guy hadn’t done it before (surprise) so he had to ask for help. That’s fine, everyone has to learn somehow. I figured I’d be the guinney pig, and just figured it’d take 20+ mins. Five minutes later, we were done and I even had time to ask him if this was the order that would lock the float at CS. But, even for someone new, this task is so easy it takes 5 minutes, so there’s that.

Now, I’ve been hearing about how long it takes to have the shares sent. But my guy said 2-3 days, so when my shares weren’t available in my CS account on Tuesday evening, I decided to call and get to the bottom of it.

That’s when things got interesting. What he told me was that they only send the request over to CS, CS finds the shares and pulls them. My request was actually sent on Friday. This goes along with what I heard on CS when I was chatting with them – they said, “As soon as your broker sends us an EARNEST REQUEST, we can get the process rolling.” Once the request gets to CS, the process takes 2 days.

Well, guess what I was able to do today. I was able to log into CS and create an account and my shares were there. Friday evening to Wednesday morning. MY TRANSFER WAS BASICALLY COMPLETED IN TWO DAYS.

What this tells me is that it’s not that your broker can’t find the shares. It is that they are refusing to even send the Earnest Request for 2-3 weeks!

This was all based on my first hand experience and communication with reps over phone and chat, so who knows, I may have misinterpreted it. I have no proof. I guess I’m trust me guy. Feel free to correct me if I’m getting stuff wrong.

Buy, DRS, hold.

This stuff is wild.

Note: Please don’t turn this into a pro-fidelity platform. This isn’t meant as a pro-fidelity post. I’m not suggesting everyone transfer their shares to Fidelity. I’m suggesting you hold your broker accountable and that this isn’t a 2 week long process. Knowledge is power!

Our Thoughts on how long it takes to transfer shares to ComputerShare

With many thanks to the original author. Apes Army posts this information here, and on the Hive blockchain as a hedge against Big Tech removing these important posts because big tech just loves to censor stuff that hurts its buddies. This post, about how long it takes to transfer shares to computershare is categorised here because we think it’s a potentially important discussion. If you have already started to transfer shares to computerShare, we recommend you check how long it’s really taking…and be prepared to call your broker and kick off if it takes longer than a couple of business days.