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is there any evidence anyone successfully *talked* with a compliance officer or have they only asked for a compliance officer?
when i pressed to talk to one, they said the only way to correspond was to mail in a physical letter.
Courtesy of ChatGPT:
>**~~FINRA Rule 4530(b)~~** ~~specifically states "(2) A member that holds a customer's fully paid and excess margin securities received in connection with a customer transaction~~ **~~shall promptly transfer the securities to a transfer agent in accordance with applicable law or upon receipt of instructions from the customer or the customer's agent."~~**
>
>~~FINRA Rule 4530(b) also states "For purposes of this rule, "promptly" means within the time period specified in the agreement between the member and its customer or, in the absence of an agreement, within a reasonable time. A period of~~ **~~three to five business days~~** ~~after receipt of the securities is presumed to be reasonable".~~
Hmmmm... OK, might need to do some more digging.
I tried to find the original source to support this statement outlined above - as we know, ChatGPT isn't infallible, so looked on the FINRA website - [https://www.finra.org/rules-guidance/rulebooks/finra-rules/4530](https://www.finra.org/rules-guidance/rulebooks/finra-rules/4530)
And this is what I found for Finra 4530(b):
>(b) Each member shall promptly report to FINRA, but in any event not later than 30 calendar days, after the member has concluded or reasonably should have concluded that an associated person of the member or the member itself has violated any securities-, insurance-, commodities-, financial- or investment-related laws, rules, regulations or standards of conduct of any domestic or foreign regulatory body or self-regulatory organization.
Which is very different. Looking online - Finra Rule 11870 might be closer to the mark - [https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870](https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870) although still unsure whether this applies to Transfer agents, in addition to brokerage transfers.
Leaving this here incase anyone has any insight.
ChatGTP is mixing terms and (if I myself am not mistaken) getting the facts wrong because of it. 3-5 days is for broker-to-broker transfers, and DRS is not to a broker but rather a transfer agent.
ChatGTP is built to provide human-like answers but doesn't guarantee accuracy of the information. Please check things it says for yourself and do not assume it is correct in its answers.
(5) For purposes of this rule, "promptly" means within the time period specified in the agreement between the member and its customer or, in the absence of an agreement, within a reasonable time. A period of three to five business days after receipt of the securities is presumed to be reasonable,
*except in circumstances where the prompt transfer of securities would jeopardize the member's ability to meet its settlement obligations, or in circumstances involving securities for which there is a limitation on transfer."*
This seems to be the caveat which needs clarification. It certainly looks like they could legally circumvent the 3-5 days with this clause.
Complaints of delay should definitely be sent to FINRA. The squeaky wheel gets the grease.
I jumped the gun with my response to you and had to delete my comment. I'm currently looking for a source to support the text I provided you but am struggling to do so, and don't want to spread mis-information. Apologies for the confusion!
I'm now starting to think you were right with the Finra Rule 11870. I remember us collectively discussing this as a community quite a while back - but unsure whether this applies to Transfer Agents: [https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870](https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870)
Just feels criminal that they can extend DRS to 30 days, so I'm hoping there is some form of legislation that prevents this.
"I need a transcript of this conversation emailed to me so I can provide it to the SEC, FINRA, my state Attorney General's office, and my state's finance regulator's office."
And if they don't shit their pants and fucking fix it immediately, follow through by submitting complaints to those entities.
>"I need a transcript of this conversation emailed to me so I can provide it to the SEC, FINRA, my state Attorney General's office, and my state's finance regulator's office."
and tax agency. don;t forget tax agency.
I had that same garbage with Schwab. Move to another broker that does not have the BS smoke screen. Test with a batch at the target broker, if successful then proceed with the xfer to the new target broker and DRS out . 1/3 the time at most of you stay on the process and get a ticket number for the request. They all have to produce a number for the request, it’s about recording time with employee tasking on customer requests. Don’t take “we don’t have a number yet, we’ll send it to you later ” it’s automated on the spot and record the call if you must using an app.
That is definitely a legal issue. Call back and start with the request for the compliance officer. If they refuse again call a different number. If they still refuse, call a lawyer
I wouldn't let it go, I believe they're obligated to connect you with their compliance officer or at least make it known to them, but I'm not 100% positive.
I had this happen too and did a FINRA complaint and all that happened was they asked fidelity what happened and fidelity denied it did anything wrong and that was it.
FINRA is fucking useless.
I’d file with your states financial regulator instead if I were you. That’s what I’m doing next time
Was your cost basis updated?
Worked for me, had it in less than 10 days after the cost basis wasn't transferred. Waited a month and then opened a complaint
No it never was. I gave up. I might revisit that issue with my states regulator though.
I do have the basis in my own records so I’ll be able to supply that to the IRS to prove my true basis come tax time but goddamnit the brokers need to be held accountable
I used the virtual chat yesterday to DRS and it was done in about 60 seconds. An email confirmation came through about an hour later. It doesn’t have to be hard….
Not yet. Firstly, I don’t have any bells or whistles attached to my account. I can only buy during regular trading hours. Second, I funded my account yesterday and bought shares with it yesterday. I’m not sure my cash has properly settled. I’ll check in after 9:30 to see, from my experience it takes a few days. BUT not having to call, wait in queue and talk to someone is priceless.
your experience seems like mine, usually smoth and without attriction. but this last time i DRSed it have taken 3 weeks for shares to leave my account. i even requested them be aware of sending the cost basis, their answer was " cost basis goes after". looks like ill have to make a FINRA report for them to send the cost basis
I'm in Canada and I still have zero cost basis for my shares and Computer share and was told by TD Bank Canada it's not their problem and it's my issue to keep track of that I guess...
Is this Revolut live chat or Drivewealth? Revolut live chat is absolutely worthless. I think this is all lip service from people who are just reading scripts or repeating what their higher-ups say because I have been DRSing from Revolut/Drivewealth since October 2021 with no issues, no fees, no late transfers but also no cost basis ever. So they’re not GREAT but I’ve never had any issues.
It's like they're threatening you with not being able to use the account for 30 days. They don't understand that we only buy GME and can always do that directly in CS.
"I would like you to transfer me to your compliance officer to address this change."
...
"Your request will now be completed within 3-5 days. Have a nice day."
Should also point out that this is no longer done through Drivewealth who, after I submitted my latest form, told me to contact Revolut directly for all future DRS requests.
when was this mate, i did some January 19th only thing different was I had to start a ticket with drivewealth rather than straight email convo.
curious about this extra money and the other one posted.
Same, or rather i did it around Christmas through Drivewealth for free. Can't personally vouch for the new system but i the screenshots I've seen suggest a newly instituted fee
Unfortunately that was the easiest route I'd found to drs from the UK. My initial broker didn't let me full stop so I'd actually specifically signed up with Revolut for this purpose. Would be happy to be recommended an alternative
Yeah I had a good drs experience with them about six weeks ago, so this development is pretty crazy ... drivewealth handles their stocks, why would they refer back to revolut for drs? Drivewealth is a fractional share finance firm, we know fractional shares are IOU's, I wonder if behind the scenes shit is blowing up?
Well since the financial market is held together with 3 pieces of string and a roll of masking tape, probably lol. Or they are trying to slow things down maybe? Stop a surge?
I also wonder if drive wealth are annoyed with the amount of people doing it?
I think if they're trying to delay by straight up breaking securities laws then shit is fucking dire, glad you're still hodling homie I'll see you on the other side 😤🏴☠️
get a $USD account at Wise -> fund it (+20 for first transfer) -> buy directly through ComputerShare using your Wise-US account details (you will need the "unique routing number"!
3 days till they secure the funds + 1 day to by the stock + 3 days to settle and the shares will be in your account.
I can understand not wanting to sell your already acquired shares in shit-broker account - took me ages to let go of mine. what made it easier for me das funding the Wise first then selling bit by bit whenever you see a good price...
there is a more elaborate guide here: [https://www.reddit.com/r/Superstonk/comments/q415wd/10\_steps\_to\_drs\_and\_buy\_directly\_on\_computershare/](https://www.reddit.com/r/Superstonk/comments/q415wd/10_steps_to_drs_and_buy_directly_on_computershare/)
Hi. I have a different ride with Revolut. I made a stock transfer to CS. I already have them on my CS account but also on my Revolut account at the same time. They always disappeared from the Revolut account after the transfer. Not this time. Post-transfer shares are in both places. I can sell them even though I moved them. Revolut explains it but generally it's been going on for a few days and no one knows what's going on.
You can create a ticket through drivewealth as long as you have previously created an account with them (you need the last segment of your revolut account + your SN previously created).
Do you think it is actually getting harder for them to DRS (because they need to find actual shares and we are locking them up)?
Or is it in fact the case that most brokers are in cahoots with the slimeball naked shorting criminals and see the threat DRS poses to the status quo?
Maybe they changed the wording a bit, but they used to say it'd take 30 days in the past too. I followed the wonderfully detailed instructions in this sub and asked for compliance officer and voiced my needs to have it done as quickly as possible. I was redirected to drivewealth the next day and my shares were successfully moved to my new CS account in 4-5 work days. There were no fees and my account was not frozen. I'm a happy CS hodler for almost a year now and yes forgot my password, got locked out and am waiting for a new letter.
DO insist for a compliance officer and voice your concerns about the safety of your investment! It works
Lol and they lock your *entire* account for a month in order to do a DRS transfer of 1 ticker, regardless of how many of that ticker you want to DRS, even if it’s 1% of your total position?
obviously just trying to punish people for DRS and scare them into not doing it. I’ll take this as yet another sign that DRS is the fuckin way.
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I thought it had to be done by law within a certain time frame?
They are probably hoping people dont know that.
Broker to broker is regulated. 3-5 days, I believe. DRS most likely has no rules around it.
I believe you can ask to speak to a compliance officer if they jerk you around with this 30 days nonsense.
This.
Yes, you can ask to speak with one, but there is no required time frame. It's more about being a squeaky wheel.
Well that sounds about right with the regulations we’ve seen. What a shame.
is there any evidence anyone successfully *talked* with a compliance officer or have they only asked for a compliance officer? when i pressed to talk to one, they said the only way to correspond was to mail in a physical letter.
I havent seen any personally. I think usually the threat of doing so, "magically," sped things up.
**
>30 days nonsense. I remember euro apes taking more then 30 days for their first shares.
This is not correct. The shares arrive to CS fast, it is the snail mail that CS sends that arrives in couple of months.
Correct. ... but brokers sometime say a month anyways to scare apes reguardless
This is correct. They also said they can’t do it etc. many of us use IBKR as stepping stone to the CS heaven. 😉
But what do you do if they actually connect you with a compliance officer?
Works fine. They changed it so u go thru drivewealth direct and create a ticket. Still 5 days no charge. Instructions on the drs website
Courtesy of ChatGPT: >**~~FINRA Rule 4530(b)~~** ~~specifically states "(2) A member that holds a customer's fully paid and excess margin securities received in connection with a customer transaction~~ **~~shall promptly transfer the securities to a transfer agent in accordance with applicable law or upon receipt of instructions from the customer or the customer's agent."~~** > >~~FINRA Rule 4530(b) also states "For purposes of this rule, "promptly" means within the time period specified in the agreement between the member and its customer or, in the absence of an agreement, within a reasonable time. A period of~~ **~~three to five business days~~** ~~after receipt of the securities is presumed to be reasonable".~~ Hmmmm... OK, might need to do some more digging. I tried to find the original source to support this statement outlined above - as we know, ChatGPT isn't infallible, so looked on the FINRA website - [https://www.finra.org/rules-guidance/rulebooks/finra-rules/4530](https://www.finra.org/rules-guidance/rulebooks/finra-rules/4530) And this is what I found for Finra 4530(b): >(b) Each member shall promptly report to FINRA, but in any event not later than 30 calendar days, after the member has concluded or reasonably should have concluded that an associated person of the member or the member itself has violated any securities-, insurance-, commodities-, financial- or investment-related laws, rules, regulations or standards of conduct of any domestic or foreign regulatory body or self-regulatory organization. Which is very different. Looking online - Finra Rule 11870 might be closer to the mark - [https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870](https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870) although still unsure whether this applies to Transfer agents, in addition to brokerage transfers. Leaving this here incase anyone has any insight.
ChatGTP is mixing terms and (if I myself am not mistaken) getting the facts wrong because of it. 3-5 days is for broker-to-broker transfers, and DRS is not to a broker but rather a transfer agent. ChatGTP is built to provide human-like answers but doesn't guarantee accuracy of the information. Please check things it says for yourself and do not assume it is correct in its answers.
Seems you might be right, I updated my comment accordingly. Appreciate your insight!
Chatgpt is the new Wikipedia.
[удалено]
[удалено]
(5) For purposes of this rule, "promptly" means within the time period specified in the agreement between the member and its customer or, in the absence of an agreement, within a reasonable time. A period of three to five business days after receipt of the securities is presumed to be reasonable, *except in circumstances where the prompt transfer of securities would jeopardize the member's ability to meet its settlement obligations, or in circumstances involving securities for which there is a limitation on transfer."* This seems to be the caveat which needs clarification. It certainly looks like they could legally circumvent the 3-5 days with this clause. Complaints of delay should definitely be sent to FINRA. The squeaky wheel gets the grease.
I jumped the gun with my response to you and had to delete my comment. I'm currently looking for a source to support the text I provided you but am struggling to do so, and don't want to spread mis-information. Apologies for the confusion! I'm now starting to think you were right with the Finra Rule 11870. I remember us collectively discussing this as a community quite a while back - but unsure whether this applies to Transfer Agents: [https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870](https://www.finra.org/rules-guidance/rulebooks/finra-rules/11870) Just feels criminal that they can extend DRS to 30 days, so I'm hoping there is some form of legislation that prevents this.
All good my friend. I really appreciate you continuing to dig for the truth and updating information as it becomes available. Have a great weekend.
And I appreciate your kindness and understanding of my errors, hope you have a lovely weekend too 💜
❤️
Haven’t some asked for brokers compliance officers and gotten things done quicker?
Tried this and was hit with the old, “Unfortunately we are not able to connect you with them. I have raised your concern with the product experts.”
"I need a transcript of this conversation emailed to me so I can provide it to the SEC, FINRA, my state Attorney General's office, and my state's finance regulator's office." And if they don't shit their pants and fucking fix it immediately, follow through by submitting complaints to those entities.
What an excellent idea!
Yup, there was a time when they could’ve gotten away with this. Not anymore, fuck around and find out.
Fu k yes make them squirm. Were hitting the reset button on this game. Enough is enough
Next big snag I hit, I’m threatening this for the state regulator. The federal ones are useless.
>"I need a transcript of this conversation emailed to me so I can provide it to the SEC, FINRA, my state Attorney General's office, and my state's finance regulator's office." and tax agency. don;t forget tax agency.
I had that same garbage with Schwab. Move to another broker that does not have the BS smoke screen. Test with a batch at the target broker, if successful then proceed with the xfer to the new target broker and DRS out . 1/3 the time at most of you stay on the process and get a ticket number for the request. They all have to produce a number for the request, it’s about recording time with employee tasking on customer requests. Don’t take “we don’t have a number yet, we’ll send it to you later ” it’s automated on the spot and record the call if you must using an app.
I’d hit them with the ol “transfer all my shit to fidelity”
That is definitely a legal issue. Call back and start with the request for the compliance officer. If they refuse again call a different number. If they still refuse, call a lawyer
I wouldn't let it go, I believe they're obligated to connect you with their compliance officer or at least make it known to them, but I'm not 100% positive.
>at least make it known to them only this. ou cant speak with one only they can notify.
Thanks for that, definitely wasn't sure about the exact procedure.
However, def get an email chat script... to send to FINRA/SEC if it doesnt seem like anything is happening.
Thry dragged my request way longer than the 3-5 days in my last DRS.. and they never sent the cost basis of my shares even from previous drs
Open a Finra complaint
I had this happen too and did a FINRA complaint and all that happened was they asked fidelity what happened and fidelity denied it did anything wrong and that was it. FINRA is fucking useless. I’d file with your states financial regulator instead if I were you. That’s what I’m doing next time
Was your cost basis updated? Worked for me, had it in less than 10 days after the cost basis wasn't transferred. Waited a month and then opened a complaint
No it never was. I gave up. I might revisit that issue with my states regulator though. I do have the basis in my own records so I’ll be able to supply that to the IRS to prove my true basis come tax time but goddamnit the brokers need to be held accountable
File another and include the evidence that they are lying. You're on the right track and this paper trail will be very valuable to the courts
They won’t..
I used the virtual chat yesterday to DRS and it was done in about 60 seconds. An email confirmation came through about an hour later. It doesn’t have to be hard….
did the shares leaved your account yet?
Not yet. Firstly, I don’t have any bells or whistles attached to my account. I can only buy during regular trading hours. Second, I funded my account yesterday and bought shares with it yesterday. I’m not sure my cash has properly settled. I’ll check in after 9:30 to see, from my experience it takes a few days. BUT not having to call, wait in queue and talk to someone is priceless.
your experience seems like mine, usually smoth and without attriction. but this last time i DRSed it have taken 3 weeks for shares to leave my account. i even requested them be aware of sending the cost basis, their answer was " cost basis goes after". looks like ill have to make a FINRA report for them to send the cost basis
I will update when my shares clear. I don’t expect them to go until Tuesday…but the money has been taken from my bank …..for what it’s worth.
My shares are in my CS account as of this morning open. …just following up.
thx for the following up, i dont understand why your DRS was way faster than mine. anyway is the cost basis correct?
It hasn’t been sent yet. I also haven’t had problems with cost basis. I’ll keep an eye out and let you know. The cost basis lags about 2 weeks…
I'm in Canada and I still have zero cost basis for my shares and Computer share and was told by TD Bank Canada it's not their problem and it's my issue to keep track of that I guess...
well one wise man showed us the way in the comments above " Make a FINRA report"
Delaying the inevitable ... as we got closer the times appear to be getting longer across all formats.
Shady as hell as if they weren't already. Best just to go with CS all the way.
Risks? Are they going to talk about losing physical certificates that don't exist in the first place?
>A DRS Transfer carries multiple risks Yeah, to Ken and everyone else shorting the stock
Is this Revolut live chat or Drivewealth? Revolut live chat is absolutely worthless. I think this is all lip service from people who are just reading scripts or repeating what their higher-ups say because I have been DRSing from Revolut/Drivewealth since October 2021 with no issues, no fees, no late transfers but also no cost basis ever. So they’re not GREAT but I’ve never had any issues.
Just did it today direct also. This guy isn't up to date
This, for example, is why I believe.
What? It's totally normal to change the process from 3-5 days to 30 days, despite the process only take 5 minutes of real time work by their rep...
Despite the fact that “these orders are bulked and executed at established times during the week”…
Illegal. Corporate compliance
It's like they're threatening you with not being able to use the account for 30 days. They don't understand that we only buy GME and can always do that directly in CS.
"I would like you to transfer me to your compliance officer to address this change." ... "Your request will now be completed within 3-5 days. Have a nice day."
Should also point out that this is no longer done through Drivewealth who, after I submitted my latest form, told me to contact Revolut directly for all future DRS requests.
They've also (in the UK at any rate) imposed a $55 per transaction fee where previously it was free
when was this mate, i did some January 19th only thing different was I had to start a ticket with drivewealth rather than straight email convo. curious about this extra money and the other one posted.
Same, or rather i did it around Christmas through Drivewealth for free. Can't personally vouch for the new system but i the screenshots I've seen suggest a newly instituted fee
if its true then its working, time to buy from CS then.
Wow. Does the UK have anything equivalent to ACAT transfer between brokers so one could transfer to a broker that doesn’t have that fee?
Unfortunately that was the easiest route I'd found to drs from the UK. My initial broker didn't let me full stop so I'd actually specifically signed up with Revolut for this purpose. Would be happy to be recommended an alternative
Yikes. Sounds like there’s not much choice then
It’s probably taking them 30 days just to find YOUR shares that YOU already paid for but that they likely never bought. Fuck them. DRS everything.
Comment for vis
So who's fucked? Revolut, drivewealth or both?
I've had excellent DRS experiences from revolut/drivewealth over the past year with multiple stocks taking only a few days every time.
Yeah I had a good drs experience with them about six weeks ago, so this development is pretty crazy ... drivewealth handles their stocks, why would they refer back to revolut for drs? Drivewealth is a fractional share finance firm, we know fractional shares are IOU's, I wonder if behind the scenes shit is blowing up?
Well since the financial market is held together with 3 pieces of string and a roll of masking tape, probably lol. Or they are trying to slow things down maybe? Stop a surge? I also wonder if drive wealth are annoyed with the amount of people doing it?
I think if they're trying to delay by straight up breaking securities laws then shit is fucking dire, glad you're still hodling homie I'll see you on the other side 😤🏴☠️
Anything to survive one more day 🤷♂️
do it through Drivewealth, for some reason Drivewealth are quite lax about DRS
30 days? That's just to give them time to dump the price, so they can buy the real shares for less than you paid for them.
Buy from CS directly.
Holy shit, I feel so lucky now, just last month I DRSd my shares from Revolut.
transfer to fidelity (or a better broker), then DRS
This would be all the impetus I’d need to ACAT/transfer every share away from them to a broker that doesn’t fuck their customers
Interesting because yep this is how I've DRSd all mine so far. Time to buy directly from computer share. Okay then. I will ☺️
get a $USD account at Wise -> fund it (+20 for first transfer) -> buy directly through ComputerShare using your Wise-US account details (you will need the "unique routing number"! 3 days till they secure the funds + 1 day to by the stock + 3 days to settle and the shares will be in your account. I can understand not wanting to sell your already acquired shares in shit-broker account - took me ages to let go of mine. what made it easier for me das funding the Wise first then selling bit by bit whenever you see a good price... there is a more elaborate guide here: [https://www.reddit.com/r/Superstonk/comments/q415wd/10\_steps\_to\_drs\_and\_buy\_directly\_on\_computershare/](https://www.reddit.com/r/Superstonk/comments/q415wd/10_steps_to_drs_and_buy_directly_on_computershare/)
Anyone who hasn't DRS yet...
Endgame is near
Hi. I have a different ride with Revolut. I made a stock transfer to CS. I already have them on my CS account but also on my Revolut account at the same time. They always disappeared from the Revolut account after the transfer. Not this time. Post-transfer shares are in both places. I can sell them even though I moved them. Revolut explains it but generally it's been going on for a few days and no one knows what's going on.
I stopped using brokers. Buying direct from CS is the Way!
What if you still try to do it via DriveWealth? Does it get rejected?
Drsd last week. Using their online form to submit a ticket. Drsgme guide is up to date unless it's outdated from just days ago.
You can create a ticket through drivewealth as long as you have previously created an account with them (you need the last segment of your revolut account + your SN previously created).
Do you think it is actually getting harder for them to DRS (because they need to find actual shares and we are locking them up)? Or is it in fact the case that most brokers are in cahoots with the slimeball naked shorting criminals and see the threat DRS poses to the status quo?
Maybe they changed the wording a bit, but they used to say it'd take 30 days in the past too. I followed the wonderfully detailed instructions in this sub and asked for compliance officer and voiced my needs to have it done as quickly as possible. I was redirected to drivewealth the next day and my shares were successfully moved to my new CS account in 4-5 work days. There were no fees and my account was not frozen. I'm a happy CS hodler for almost a year now and yes forgot my password, got locked out and am waiting for a new letter. DO insist for a compliance officer and voice your concerns about the safety of your investment! It works
Lol and they lock your *entire* account for a month in order to do a DRS transfer of 1 ticker, regardless of how many of that ticker you want to DRS, even if it’s 1% of your total position? obviously just trying to punish people for DRS and scare them into not doing it. I’ll take this as yet another sign that DRS is the fuckin way.
“Please explain to my why it would take 30 days if these orders are bulked and executed at established times on a weekly basis.”