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Computershare / Seems like a scam

Posted:   User 
Complaint Rating:  76 % with 102 votes
76% 102
Contact information:
United States
I was interested in buying stock in a public company and the company's website referred me to Computershare. I visited Computershare's site but noticed the lack of live contact ability. There was an address in Canton MA and (I think) one in RI. I started to go through the on line purchase process but then backed out as I realised I didn't know anything about this outfit. I did a Google and Yahoo search and nothing substantial came up. Also searched under Consumer reviews and only found this Complaints Board site. Asked around the office and no-one had heard of them. I saw nothing on their site, anywhere, documenting how a person's online purchase of stock with them would be documented and recorded. I emailed Computershare twice asking for someone to contact me to verify who they are and to provide some evidence of a non-Enron/Madoff/Fannie Mae profile. I have never heard a thing. Now I suspect that this outfit is tied in to DC and a bunch of corrupt politicans who are keeping them afloat because if they were truly market based they'd be more responsive and interested in new business. This one doesn't pass the sniff test and I'm staying clear of it.
Complaint comments Comments (66)    Updated: Complaint country United States Complaint category Savings & Investments


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N  28th of Oct, 2008 by  user  Agree Disagree 0 Votes

Computershare - Awful experience
United States

Trying to sell my shares as the market was up after it was down for a long time. The online and telephone service of computer share was not working all day. On 19-9-08 the 0870 number answer and keep you waiting then ask you to ring back later so the only gain on the day is computer share premium line.
N  6th of Nov, 2008 by  User  Agree Disagree +2 Votes

Computershare - no response
United States

I purchased shares of Oshkosh online through computershare. The transaction charged my account correctly. My complaint is I have not recieved any kind acknowledgement of that transaction from computershare. Is this company legitimate or did I get ripped off?
D  20th of Apr, 2010 by  User  Agree Disagree -1 Votes
My boyfriend works for them, they are a legit company who has a division is a stock transfer agency that big companies hire to take care of thier stockholders. They also handle class action suits for the stockholders and companies. :) So no they are not scam artists!
D  2nd of Jun, 2010 by  User  Agree Disagree +7 Votes
Their web site sucks big time. It's like the web sites that were developed in early ages of internet. Anyway here is more info about ComputerShare and I agree with you, they should have better customer support.

D  28th of Jun, 2010 by  User  Agree Disagree +2 Votes
you conspiracy theory ridden goofball. Computershare is the transfer agent for thousands of company's... Exxon, AT&T, VZ, to to many to list. and basically the transfer agent (computershare.. another big one is Bank of New York Melon, Wells Fargo) will take care of all shareholders or potential shareholders (not held with a broker).

so do not fret mi amigo... no scams here and ussually much less expensive than trading through a broker... however there are no abilities to lock in prices with the transfer agent which is a set back which comes with the savings...

shares can also be purchased through a broker and sent to be held by the transfer agent if the minimum amount (ussually $500 or $250) is more than you want to purchase for your initial.

you must not of searched that hard for the limited info you retrieved first so i suggest trying one more time ... and heres the tel # that came up on google when I searched their address in canton, ma 781-575-2000 I'd suggest calling them between 9-5 eastern time... as they are in mass.
N  18th of Oct, 2010 by  User  Agree Disagree +3 Votes
they are in mass? good catholics huh
A  27th of Jun, 2011 by  User  Agree Disagree +6 Votes
Computershare is a RIP OFF...I was rifted from my company in April 2009. I had them sell my stock shares immediately. There was one left over somehow. Today it's value is $73.10 and after all the fees associated with them I am going to get a check for $37.98...Give me a break. They say they send you certificates. I never received one. That is $20 right there, and a $15.12 selling fee. There is no reason one share should have been left in there. SCAM BEWARE!!!
A  13th of Jul, 2011 by  User  Agree Disagree +4 Votes
A  6th of Jan, 2012 by  User  Agree Disagree +1 Votes
Horrible company. Sold about $200 in stock & they charged $18.00 "transaction fee". What a rip-off. STAY AWAY. Buy with good brokerage.
A  12th of Feb, 2012 by  User  Agree Disagree +4 Votes
Computershare is horrible. I've about given up on ever getting the $2, 000 worth of shares I own (company put stock with Comptershare). Impossible to reach. Impossible to access from the web. May not be a scam but not far from it. I've given a 'donation' to Computershare and warn all from getting mixed up with this bogus company. Yes... it does seem like a scam.
N  7th of Jun, 2012 by  User  Best Best Advice Agree Disagree +7 Votes
Computershare is a company used by legitimate companies who may or may not know any better to manage their customer's directly purchased stocks at (presumably) discount rates, including paying dividends to shareholders, etc. It has the worst customer service I have ever encountered. They insist on mailing you information to confirm your identity after you have already verified your DOB, SS#, and god knows what else if you want to change anything. The company's business model seems to be essentially... make it cheap for companies to hire us, make it insanely difficult for customers to leave. F*#$ THAT!

I am getting my money. I just graduated from college and don't have the luxury of donating my 1k in KO stock to their incompetency. I will hound them.

Note to person above, it is actually possible to get a "live" person on the phone through their automated system, but you need to trick it. I told it I needed help filing out an account ownership transfer form. The person seemed half-dead and was perhaps less helpful than the computer, but it was technically a person.

This company is decidedly not a pyramid scheme. They lack the requisite flashiness. They would never make it far using that kind of model. Instead, they are more like quicksand. Your money goes in and doesn't come out. It just gathers at the bottom where you can see it and perhaps poke it with a stick but not really get to it without investing huge amount of time and/or paying stupidly large fees for a discount brokerage.

There are a number of decent discount brokerages online. Many have free accounts with no minimum balance. Buy your stocks through one of these. They are reviewed annually in Smart Money magazine and elsewhere. Just search "discount brokerage rankings" and you should find what you are looking for (an easy way to buy and manage your stocks cheaply and conveniently).

I, myself, am currently switching to Fidelity for a variety of reasons.

One thing to say in computershare's favor. They have a program where you can redeem dividend checks that you forgot to cash by having them reissued electronically into your account. I haven't seen a similar program on any of the other investment sites. Though, I think they all use electronic deposits into a central account or dividend reinvestment so having your dividend checks expire may be a non-issue for them.

You, of course, must go through several obnoxious account verification steps to reach the point where you can use this feature, including that aforementioned 10 day waiting period for something they sent by snail mail.. The most aggravating part of this whole process is that the delay gives you plenty of time to forget what you needed to do and push it to the back burner.

The whole point of the company's design seems to be to increase customer inertia so they give up, like Hokievandal and leave their money where it is.
A  26th of Oct, 2012 by  User  Agree Disagree +1 Votes
They charged us $1500 to "replace" share certificates that they neglected to issue in the first place, then sent out the certificates (worth thousands) by regular mail-- no courier, not registered-- no security at all! Basically, they charged us $1500 for a postage stamp. While they may be a legitimate company, their business practices and services stink!
A  28th of Oct, 2012 by  User  Agree Disagree +6 Votes
Computershare is horrible.

I had the "fortune" of my employer's stock purchase plan being transferred to this joke of a company. My company probably saved a few dollars, and it's clear why Computershare's bid was lower.

Their website is something that looks like it came from 1995. When you want to sell your stock, it asks for things that are completely irrelevant or country-specific. E.g. it requires you to enter a zip code in a UK format... even if you live in the US. And it won't even tell you what is wrong - it simply refuses the continue to the next page with no explanation.

They will send you letters that they are "merging your holdings, " and go on to state there are four possible reasons for that, but then they neglect to say which is the case for you. Oh did I mention I never gave an order to do so, leaving me to wonder what the heck is going on and if my account has been hacked.

Their letters will instruct you to call a certain phone number for help, but that number won't match what's printed on the letterhead. Oh, did I mention they have no US toll-free number? Because clearly the customer base in the US isn't large enough to warrant it... so enjoy calling the UK at 2 dollars a minute. Oh, and if you live on the west coast (or god forbid, Alaska or Hawaii), that just means you'll have to get up at 2 in the morning)

When you complain to them, they don't respond to your emails. When you complain again and use stronger language, they contact your employer to ### about you, breaking

Avoid this pond-### at all cost.
A  6th of Mar, 2013 by  User  Agree Disagree +1 Votes
Comptershare are crooks. Bought 5000 HBOSS shares on a Friday 4 years ago over the weekend read some negative information on the bank HBOSS so decided to sell on the Monday. Computershare refused to sell them for me despite a small profit being achieved at that time. Computershare admitted they were wrong not to sell the shares but as I refused to pay for them because of the breach they sold then months later loosing £8000. They assigned what they considered to be a debt to the stockbroker TD Waterhouse who sued me for the sum. My Solicitor recommends paying £6500 as out of court settlement as I may have to pay the 8K plus up to 11K costs.if I loose in Court. Avoid Computershare avoid TD Waterhouse they are the lowest form of ###.
N  6th of Mar, 2013 by  User  Agree Disagree +2 Votes
They are the worst transfer agent I've encountered. Before they bought Melon bank, my transfers were a breeze.. now i have to wait and wait and WAIT and wait some more... before they find it necessary to process my certificates. customer service is hard to reach and incompetent. email support is non-existent. they charge shipping fees, while my previous transfer agent didn't and shipped everything within 3-5 days. These guys take a full week and then some more and they LIE saying they've shipped something when they haven't. I'm very annoyed by these folks.
N  13th of May, 2013 by  User  Agree Disagree +2 Votes
This is the worst registry service out there of the 4 I regularly use. On a request to replace lost certificates, it took them 14 days to even mail the affidavit to START the replacement process.
Each time you call, the phone is answered promptly by a virtual rep "Penny". Unlike other sites, it is impossible to get away from her until she has drilled down through all the minutiae of multiple menus. Someone suggested speaking gibberish- I might try that next time.
Finally, their fees are exorbitant and they routinely ignore disposition instructions until you call back at least 2 times AFTER the transaction occurs to straighten out their errors.
A  18th of May, 2013 by  User  Agree Disagree +2 Votes
The website was coded by amateurs. The helpdesk personnel are one step above ###s and are useless. I am now in the process of cashing in my shares of stock which are managed through Computershare, and would advise anyone who wants to feel secure about having access to their accounts on a timely basis to steer clear of doing business with this site. Was told by the helpdesk that they didn’t have my email address, therefore my password reset would arrive within 10 business days via the postal service, which doesn’t add up since you need an email address to setup your account. The worst business that I have ever dealt with and I intend makes a formal complaint to the Ombudsman.
A  6th of Jul, 2013 by  User  Agree Disagree +4 Votes
UPS started using ComputerShare for stock purchases, transfers, etc. First thing I noticed was my old password didn't work. Then after getting numerous temporary passwords sent to me via email, I was still unable to access my information. There was a message that my security questions were required and invalid? Figure that out. After getting the security questions to finally work, I never got past the account password re-set. Not sure why, there was no info provided except that my " password had expired". Even the online chat agent "Penny", was pre-programmed with useless responses. The acronym POS fits this company's service behavior.
N  23rd of Jul, 2013 by  User  Agree Disagree +2 Votes
CS sucks, definitely real company, if you ever try to execute a stock transfer in the event of death they are brutal. They will bury you in a mire of paperwork and endless requests. Whatever you do MAKE SURE you cash out if you are getting on in years... do not die while ComputerShare is holding stocks
A  8th of Aug, 2013 by  User  Agree Disagree +4 Votes
Seems like a scam to me. We've been MetLife customers for 20 years and have been receiving dividend checks for years. Now we've received a "Verify your SSN" form from CS which says if we don't mail them our SSN then they'll hold our checks and we'll get fined by the IRS. So if we've been customers receiving checks for all these years, why just now ask us for SSNs? MetLife had our SSNs years ago. Smells like a phishing scam to me.

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Yarra Falls, 452 Johnston Street
Australia - 3067
+61 394 155 000
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