Computershare (Transfer Co) Frustration. IBM / KYNDRYL spinoff. Escheatment.

[John Galt III]

I am a retiree from IBM. I have 101 shares of IBM in ESPP form at Computershare. Been a good experience for many years. Get dividends from them quarterly. No probs. No need to contact them. Do not have online access to them, haven't wanted it.

Just got a letter from Computershare saying I have 21.8 shares of KYNDRYL stock, so I assume I got the 21 shares during a 'spinoff' from my IBM stock a few years ago. Received zero notice of this from Computershare. First I heard of it is this letter warning me that I need to 'contact' them in order to prevent my shares from being 'escheated' to the state I live in.

Seems like not a scam, so my current plan is to eventually 'contact' them by calling an 800 number the letter provided, and entering a 'control number' from the letter.

But before that, I just want to find out if I really do have the 21 shares and how much they are worth.

I am calling 800 564 6253 (number their website says to call) which has been a disaster so far. It can't understand me when I say 'IBM' into the phone. So I agree I have said some other company, and it then says an agent will be with me, the elevator music comes on for 3 minutes, and I get disconnected.

I was able to get half way to setting up a user account with them, but got some error message. Anyone know how to set up a user account ? Anyone know an 800 number that will actually get me a person to speak to?

Thanks for any clues, lol.

 

[braumeister]

I think I would just create an account with computershare.com and contact them through their messaging system. Any reason you can't do that?

 

[John Galt III]

I think I would just create an account with computershare.com and contact them through their messaging system. Any reason you can't do that?

Thanks. Possibly could. I tried creating an account using my account number, an got some error message. There is an option to use my SSN instead of my account number. I suppose if I am in a the secure computershare website, then I have to trust it, and go ahead an enter my SSN, and see what happens.

 

[USGrant1962]

I've been dealing with very similar issues in just the last few weeks. DF left many shares of IBM and now KD in Computershare. Dad worked for IBM for 33 years. He also had 8 shares of INTC which generates annoying $1 dividend checks. Turns out they were one share that came from a 1990s era investment club when it terminated. He passed long ago and DM didn't touch the account.

Setting up an account for DM wasn't a problem. Turns out I did it 4 or 5 years ago, then my sister did it again a couple of years ago - that caused some confusion but otherwise no big deal.

We just had Vanguard pull the IBM and KD from Computershare into DM's Vanguard brokerage account. You could do that if you have a real brokerage account somewhere.

Computershare is hard to reach and they are mostly an agent for employee stock purchase plans. They do not appear to be a broker. But I think I had good results using their chat function (once you make an account).

Her 8 shares of INTC are quite a mess. Computershare won't let it be sold, INTC has DMs name wrong (I think from when her lawyer sent a letter to transfer shares from DF to DM), I am holding one 2-share certificate that I found in her files (which Computershare has a record of and is now worth 4 shares), and I don't know where the certificates for the other 4 shares are. Computershare shows her INTC as "certificated" but not "in plan" like her IBM/KD were.

Anyway, I got on chat and they told me they would send me a report on the status of her shares. An oh by the way he said, it looks like the INTC was escheated to the state. Which I can't figure out because my sister says she is still getting $1 dividend checks. There is nothing in the state's unclaimed accounts page. So we'll see what the report says and go from there. A huge PITA for $160.

 

[John Galt III]

US Grant, wow, what a mess. Worse than mine, lol. I will try to create user acct, then poke around quietly to see what I have there, before Computershare can screw things up. I may not need to 'contact' them after that, anyway, since logging onto the account is considered a 'contact'. (And why on earth does someone need to 'contact' his or her money to prevent it from being taken? Jeez Louise. )

 

[braumeister]

And why on earth does someone need to 'contact' his or her money to prevent it from being taken?

Because you have to prove it:

 

[John Galt III]

Ha HA! Is that Monty Python?

 

[braumeister]

and the Holy Grail

 

[euro]

I've had my share of trouble with Computershare. A long time ago, I had a lot of DRIP plans that I invested in regularly. Most were managed by the respective companies, but eventually "outsourced" to places like Computershares. So, I ended up with them managing about half a dozen DRIP plans for me. Ultimately, I decided to consolidate everything in a Fidelity Brokerage account, so I tried to have Computershare transfer the shares over to Fidelity. Turns out they were willing to transfer full shares only, but not fractional shares. For the fractional shares, they wanted me to liquidate to cash in their existing system at a signifcant cost (something like $50 per account). Well, turns out that most or all of the fractional shares that were left over were worth LESS than the $50 dollars that they wanted to cash them out and close the accounts. There was a lot of back and forth, but ultimately, I got tired of it and told them to just keep those fractional shares - I wasn't going to pay $50 in order to cash out $30 worth of fractional shares. They would not budge. So, I walked away. I never heard back from them. It's been several years - I'm guessing they will ultimately have to turn those shares over to the state.

 

[copyright1997reloaded]

I am a retiree from IBM. I have 101 shares of IBM in ESPP form at Computershare. Been a good experience for many years. Get dividends from them quarterly. No probs. No need to contact them. Do not have online access to them, haven't wanted it.

Just got a letter from Computershare saying I have 21.8 shares of KYNDRYL stock, so I assume I got the 21 shares during a 'spinoff' from my IBM stock a few years ago. Received zero notice of this from Computershare. First I heard of it is this letter warning me that I need to 'contact' them in order to prevent my shares from being 'escheated' to the state I live in.

Seems like not a scam, so my current plan is to eventually 'contact' them by calling an 800 number the letter provided, and entering a 'control number' from the letter.

But before that, I just want to find out if I really do have the 21 shares and how much they are worth.

I am calling 800 564 6253 (number their website says to call) which has been a disaster so far. It can't understand me when I say 'IBM' into the phone. So I agree I have said some other company, and it then says an agent will be with me, the elevator music comes on for 3 minutes, and I get disconnected.

I was able to get half way to setting up a user account with them, but got some error message. Anyone know how to set up a user account ? Anyone know an 800 number that will actually get me a person to speak to?

Thanks for any clues, lol.

KYNDRYL was a 1 for 5 spinoff, meaning you got 1 share of KYNDRYL for every 5 shares of IBM. For Computershare, they are able to issue fractional shares. So, for 101 shares of IBM -> 20.2 shares. (I just validated this w/some IBM and KD I have at Computershare (not in certificate form)) Perhaps you had more IBM than you thought?

For Brokerage accounts, fractional shares were paid "cash in Lieu". This would have been done around 11/4/21 or 11/15/21. I verified this at Schwab (where I held some IBM).

From the Computershare website, contact information (Company specific):
IBM 888 426 6700
KD 833 981 KYND
Under the general contact section, it specifies to use the company specific number:
"

Telephone​

If you have questions about your account, please call the Shareholder Services telephone number for the Company in which you own stock. You can locate the telephone number by entering the Ticker Symbol or Company name in the Contact information for a specific company section."

 

[John Galt III]

Reloaded, Thank you! In a stunning turn of events, something went very right. I called the KYND number, entered my acct number, and the voice told me I had 20.371 shares, valued at $704.84. The voice ALSO said (the Borg must have tapped into my purpose) that this phone call has satisfied the requirement to contact Computershare (or Kyndryl?) and that no escheatment will occur, and that no further action is required on my part! Plus, the voice was clear and understandable, having a normal American accent. What a deal, eh ?

So thanks, reloaded, for that number! (I think I must have come across that KYND number in my ordeal, but never called it, since the similar number for IBM didn't work for me, lol. )

Sort of want to leave well enuf alone at this point, and not create a user account with Computershare, but I suppose it makes sense to do so.

Thanks again !

 

[jim584672]

US Grant, wow, what a mess. Worse than mine, lol. I will try to create user acct, then poke around quietly to see what I have there, before Computershare can screw things up. I may not need to 'contact' them after that, anyway, since logging onto the account is considered a 'contact'. (And why on earth does someone need to 'contact' his or her money to prevent it from being taken? Jeez Louise. )

This is a requirement of financial regulations. You probably want to have those put into Street name (Cede & Co.) so you can trade them like any other stock.

 

[RetiredHappy]

Computershare is the worst. When I moved, you would think that the company would give them my new address since my dividends go to them automatically. Anyway, 2 decades later I managed to get my $ back and they had sold of the shares and held as cash. In my husband's case, he requested Computershare to transfer his shares out to his brokerage account. Guess what, most of them had no cost basis. Fidelity said he had to contact Computershare. He called Computershare and they said that they had no clue why several of the shares were missing cost basis and they did not have the cost basis in their system.

 

[MarieIG]

Reloaded, Thank you! In a stunning turn of events, something went very right. I called the KYND number, entered my acct number, and the voice told me I had 20.371 shares, valued at $704.84. The voice ALSO said (the Borg must have tapped into my purpose) that this phone call has satisfied the requirement to contact Computershare (or Kyndryl?) and that no escheatment will occur, and that no further action is required on my part! Plus, the voice was clear and understandable, having a normal American accent. What a deal, eh ?

So thanks, reloaded, for that number! (I think I must have come across that KYND number in my ordeal, but never called it, since the similar number for IBM didn't work for me, lol. )

Sort of want to leave well enuf alone at this point, and not create a user account with Computershare, but I suppose it makes sense to do so.

Thanks again !

I got "the letter" about two weeks ago regarding a stock I didn't know I had. I subsequently deduced that it was a spinoff. I googled Computer Share, got the 800 #, called in and entered the account number on the letter. The robo voice advised that satisfied the contact requirement.

As far as logging in, I didn't recall my password, and was told by robo voice that my password would be mailed to my address of record. I'm still waiting. If I ever can access the account, I will transfer the stock to my brokerage account.

 

[Texas Proud]

Be aware that when I had to deal with them after my mom passed that talking to someone about one account does nothing for any others... I had to give them the numbers off her stmts for them to talk to me...

My mom had two O&G companies... started in the 1980s.... I sold some share and it cost me $25... so opened an account at Vanguard and had all shares moved there... easy pesey after the move...

 

[FiveDriver]

CompuShare is a Horror Show. I went thru Hades with that IBM to KD spinoff. I finally sold the KD and claimed a Capital Loss last year.

Today KD stock is up a little, but that stock is jumpy. If you can sell it, you might be able to take a LTCL back to the spin-off date.

My DW has more trouble with CompuShare......she inherited GE stock and that has now spun-off a couple of different entities. GEV is doing quite well for itself. But at tax time, the Compu 1099's are always late.

 

[NXR7]

Yup, Computershare is a real ****show. My wife tried to move some stock out of Computershare for her aunt (as her power of attorney) to put multiple beneficiaries on it before she passed in hospice. They do NOTHING online. They required four medallion stamps and it took literally five months, three of which were after the aunt passed away and my wife was the sole beneficiary. So she got everything and now has to disperse funds as gifts to the beneficiaries her aunt wanted (a moral obligation, not a legal one).

 

[MarieIG]

I'm still waiting for the password which was allegedly mailed to me over a month ago.

 

[indiajust]

I have spoken with several RIA and schwab folks. Nothing gives more fits than computershare. Roll and run, abandon the leftovers. They made great sense... in the 50's to the 70's. Today they lean dinosaur.

 

[azxracer]

We had to deal with Computershare 8 years ago when my FIL died. Called my Schwab consultant and they handled the whole process at no charge. Transferred 20 shares of some bank that FIL had bought years before into our joint account.

 

[neihn]

Thanks everyone for the discussion - 25 years with big blue, I have some IBM ESPP shares with Computershare. From what I have learned here, that is I could transfer IBM shares from Computershare to Vanguard brokerage account.

Wish me luck, I am going to explore that possibility.

 

[MBAustin]

We just had Vanguard pull the IBM and KD from Computershare into DM's Vanguard brokerage account. You could do that if you have a real brokerage account somewhere.

We did exactly the same thing with some stock shares I inherited from my mother. VG took care of all the details.

 

[ransil]

My Computershare experience went well, transferred to Vanguard , left the fractional share with them.

 

[MarieIG]

I never got the letter from Computershare with the temporary password, but yesterday was eventually able to get through to a human and get access to the account. The next step is to see if I can transfer the shares online to Fidelity.

 

[Tadpole]

I tried to report my husband's death and have our joint stock transferred to just my name. It was such a hassel I gave up after a few days of trying unsuccessfully and left it to my heirs with my wishes for better luck.