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]

Quote:

Originally Posted by jazz4cash 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.