How To Deposit Stock Certificates With Brokerage Account?

If you are in possession of old stock certificates, there exist few choices for trading them. One of the options is to deposit the certificates with a brokerage account. The value of the stock can be researched to find out if you are holding a fortune or not, which can be analyzed by going through the Crypto code.

  1. Selling stock to a broker with whom you do not have an account.

Feel free to contact any stockbroker and ask them to sell the stock certificate on your behalf. Whereas, if you do not good an account with that broker, it’s highly likely they might charge a huge fee.

Previously, brokerage firms used to sell paper stock certificates free of charge or at a lower cost with the anticipation that customers will open an account with them and utilize their other services. But, most of the customers were not interested in opening accounts with the brokers, so the brokerage firms stopped extending this service.

  1. Transferring stock to street name registration

Make use of this service if you are planning to open an account with a brokerage firm or already have an existing account with them. Your stock is then registered by the brokerage firm under their name and lists you as the “beneficial” or “real” owner of the stock.  In the books of the stock issuer, the owner is the brokerage firm.

  1. Signing the certificate over to the brokerage firm

Before sending it to the brokerage firm you ought to sign to allow the firm to send the stock to street name registration. This has to be done either at a bank or financial institution that guarantees your signature.

  1. Sending the certificate to the broker.

Using certified mail, the certificate can be mailed to the broker which can be insured and the tracking information can be obtained. For the stock to appear in your brokerage account, it will take about approximately five days. Once done you can sell any time and in selling, the broker will send a Chequers or deposit the amount in your bank account that is linked with the brokerage account.

  1. Selling the stock

As soon as the stock appears in your brokerage account, you can trade it at any time. You can call your broker and ask them to place an order to sell it. On placing the order to sell, conditions can be set on how the order should be executed, also the price regulations and the time constraints for the order can be decided.