No stock certificate how can I check if My shares are registered
Hi, I bought Medisys (mdyo) and haven,t got a stock certificate how can I check if My shares are registered i
Answers
176 points
JPL answered 2 weeks ago …
Hi, davetom6,
I would suggest you to phone your broker, but most probably you’ve already tried. If not, then give him a call.
I also presume you’re new in investing, so here’s some basic info. Unless you intend to take possession of the stock certificate and keep it in storage indefinitely, or pass it to someone else, etc, you don’t really need a stock certificate.
The advantage of not registering the stock is that you can sell it quickly almost immediately any time you want, and don’t need to pay the extra cost of handling the certificate.
Hope the above helps.
JPL
11/05/2009
511 points
songcon answered 2 weeks ago …
I want to add some more information.
It's easy to verify that the shares that you have in your account is real. You place an order to sell your holding, your asking (selling) price is way much higher than the quoted asking price. If the order is accepted, your holding is OK. It's a day order and it will expire automatically, or you can cancel it after the posting is accepted.
Also, your deposit check, your brokerage holding statements are the sources of information to substantiate that you are the rightful owner of the shares.
457 points
SallyG answered one week ago …
This is a sore point with me. I started investing in the 1970s, and ALWAYS had my certificates sent—kept them in my safe deposit box. (I also got actual dividend checks, as reinvestment before computers meant INTENSIVE bookkeeping.)
Fast forward 30+ years, and most shares are kept in "street name" by brokers, which, as pointed out by JPL, allows for quick trade reconciliation, and caused the delivery period to be reduced from 5 days (perhaps that was 5 business days) to 3 days. In fact, some companies do not even offer paper certificates, and those brokerages that will "give" you a paper certificate (assuming that it is available) charge $100+ EACH. That means that your ownership is recorded only on their computer and your statements, so check those statements and keep them secure! For me, it also means dealing only with well-known brokerage firms and NOT trading online. (I do make trades on automated brokerage telephone lines, which have commissions of $20 to $20 per trade—I'm willing to pay it for security/peace of mind. At such brokerages, you can usually talk to a trader, who can act as a sounding board without the incentive of commissions to steer you toward particular investments. In fact, I don't think they are allowed to give advice, but often have a wealth of technical knowledge.)
In my opinion, one of the neglected potential factors in the "financial meltdown" was the ability of brokers/day traders to react to each little market move instantly—no time for even 5 minutes' reflection, creating a tremendous momentum, IMHO.
Bottom line—trust and verify your broker's credentials and track record
