Bookie35@[EMAIL PROTECTED]
writes:
> I told you I am dumb, what do you mean "per trade"? I have 3
> certificates. 1 for 109 shares. 1 for 245 and another for 708 shares. If
> I sell them all is it 1,3 or 1062 trades?
It's one trade. You would deposit all three certificates for 1062
shares with a broker, and then tell the broker to sell all 1062
shares. That's one trade.
At Fidelity (which I use as an example because I have accounts there
and are familiar with the commissions structure), if you place the
order online, the commission on the trade will be just about $21. If
you place the order with a human being, the commission will be about
$190.
So at most, it'll cost you, say, $200 to sell your shares.
So again, the procedure would be to open a brokerage account, deposit
the certificates with the broker (they'll tell you how to do that),
then when the certificates have posted to your account, place an order
with the broker to sell them all. Once the order executes and
settles, you can tell the broker to send you a check for the proceeds.
At that point you can close the account if you wish. Alternatively,
you might want to leave the account open and invest some of the money
in CDs purchased through the broker. These CDs are issued by US banks
and are FDIC insured (though make sure to check the FDIC status of any
particular CD). There is usually no commission to purchase them. An
advantage of this approach is that you might find CDs with better
rates than at your own bank, and you won't have to go through the
paperwork of opening a CD account at each bank you're interested in.
One IM****TANT DISADVANTAGE is that brokerage CDs are generally NOT
redeemable at all before maturity.
You might as well start the process of opening an account with a
broker of your choice and getting the certificates deposited. Then
when you are ready, you can sell. Before selling, figure out what
your basis is in the stock so you'll know what your taxable gain on
sale is. You'll need that number when you file your tax return.
--
Rich Carreiro rlc-news@[EMAIL PROTECTED]
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