Capital One to ETrade transfer

[Al18]

I just read the email received this week from Capital One, explaining the transfer of accounts to ETrade.


As I understand the letter, they are selling all fractional shares before the transfer of shares and money to ETrade. I have only dividend paying stocks in a Capital One's non-retirement account - so I'll be dealing with short term/long term gains ranging from $.59 to $161.16. Lucky me



The total amount sold is under $1000, but not looking forward to all the transactions that will need to be recorded for tax purposes.


Anyone else in the same situation?

 

[MRG]

No but it makes sense.

 

[COcheesehead]

Turbo Tax is your friend. They will make it super duper easy.

 

[jazz4cash]

So what is the issue with fractional shares? It seems like more cost and more hassle for all parties.

 

[COcheesehead]

So what is the issue with fractional shares? It seems like more cost and more hassle for all parties.

You can just have dividends go to cash. That’s what I do. Then I reinvest as I see fit.

 

[Al18]

Capital One says fractional shares can't be transferred to another brokerage. I don't know why - I've had fractional shares in my Fidelity accounts for 20 years now. Any brokerage that deals with dividend shares has to pay the dividend in cash or reinvest in incremental shares.

 

[willatl]

In the same situation here, but you can sell the fractional shares now without commission. I did a few yesterday. One was .0012 of a share, .10 proceeds! I do have all my dividends go to my cash account. But since I was part of the Sharebuilder plan from years ago (via Costco) I usually bought in dollars instead of number of shares.

 

[Circles]

they are not charging fees for these transactions. I don't believe they have the ability between brokerages to transfer partial shares.