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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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A  7th of Jul, 2015 by  User  Agree Disagree 0 Votes
My family has owned Southern Co stock for 40 years. I used their website to buy, sell and transfer stock at will - never had a glitch. Then they changed to Computershare. Seven months ago I began trying to open an account for a new grandson. It has been a NIGHTMARE in the first degree. As a way to identify yourself they list a series of ridiculous questions, and you guess at the answer they are seeking. I have a son named Peyton Andrew. He is called Peyton, signs Peyton and has never used Andrew except for a middle initial. One of the questions they asked "Was Andrew born between 1960 and 1967? PEYTON was born during that period, I sat and pondered over the question and decided it deserved a 'does not apply' answer since our son was known as Peyton and not Andrew. Well as soon as I clicked that answer, the page shut down and displayed at prompt saying something to the effect that I could not continue to process my order online and paper work would be sent to the address on my account to complete the transaction. I will even attempt to list the frustrations that have occurred since that time. After reading this board, it is clear that my experience will not get the attention of Computershare nor of Southern Co. I will now seek to find another stock to purchase for my new grandson.
D  8th of Aug, 2015 by  User  Agree Disagree +1 Votes
ComputerShare is a total scam. It stole $5000 worth of my stock and and now lost all record of it despite my proof sent in via certified mail. Then CS will freeze your online access and no longer communicate with you, Steer clear from this Scam company.
A  27th of Aug, 2015 by  User  Agree Disagree +1 Votes
If you're lucky enough to ever get through to them on the phone, good luck with trying to understand them!! Too bad we ship all of our customer service departments to India or other countries. If they talked so you could understand them, that'd be a bonus. I've had it with them. They screwed up one too many times, and cost me a bundle. My advice: Steer clear! Go with Scottrade, Schwab, Vanguard, or some other good company. They can all reinvest the dividends and you can understand them.
N  1st of Oct, 2015 by  User  Agree Disagree +2 Votes
I have had Computershare for keeping stock I bought while working for the same company. I have been getting quarterly statements regularly from the for at least 15 years but never sold any stock from the website. I tried to access my account on a new iPad and the website kept sending me E-mails warning me that my account was being accessed by a computer it was not familiar with. Then it shut down the function that allows me to sell on the drop down list. I called several times ar the 800 number and the first rep directed me to the company that the stock was issued for and of course this was no help. The second rep I called told me I would have reset my account but I don't want to have to reset my login everytime I use a different computer to access the website so I called in my order on the phone which still hasn't transacted yet. Since when do online brokers shut you down for accessing your account on a different computer? That's rediculous. I don't think this site is a scam but I do think they are a low cost for the company's issuing the stock because they are incompetent.
N  28th of Oct, 2015 by  User  Agree Disagree 0 Votes
I just got locked out of my account for typing in the wrong password although I am sure that I had the right one. I wanted to see how they resolved your login issues. I need to know because I have a sale awaiting settlement. I hope that this is not a delaying tactic.
A  13th of Nov, 2015 by  User  Agree Disagree +1 Votes
One of the tricks with this company is: Fractional Shares. They claim one can only transfer WHOLE shares to, say, a broker. So, a fractional share is left in your account. You then instruct them to sell this fractional share - the commission they then charge can be as high as $25.00 + 12c per share. They do not inform you that they have at least 2 levels of commission...guess what.. you have to MAIL in instructions in order to get the lower rate (batch fee) to sell online or by phone incurs the higher rate ($25) This means that commission fees can be 60% or even 70% on quite a small sum!
Just glad I made a full transfer out of this company...I will never deal with them again!
A  28th of Nov, 2015 by  User  Agree Disagree -1 Votes
Had purchased 1 share of Ford Motor Company and a Certificate about 10 years ago. Upon her Death this past year I found the stock in the bottom of my safe & tried to find the transfer agent. I was told it had been transferred to Computershare. So I contracted the CIS company. They told me as of March 2014 my wife share had been TRANSFERRED TO THE STATE OF VA UNCLAIMED PROPERTY division because she had not cashed her Dividend checks from Ford in 2014 ! ( My wife suffered from Cancer this year and passed in February of this year) Needless to say, this company CAN and will transfer your property to the STATE UNCLAIMED service bureaus if you do not comply with their request by mail. Am sure my wife with Cancer Stage IV was much to sick to comply with this companies silly demands.. To make a Long story short, went through a 7 month retrieval process through the State Of Virginia Dept of Treasury, had to submit Death Certificate, Marriage Certificate, Adminstration Certificate and then they sent me a ceck for $ 1.25. Now they tell me that my wife's one share had a cost basis of 14.04 and THEY ELECTED TO SELL IT IN OCTOBER of 2015. for which they charged me a commission fee of $15.00 essentially wiping out my wife's share of the Ford Motor company and they invite me to buy more shares through them at a cost of $15.00 per transaction fee. HEll I own 10, 000 shares of Ford Motor company and my cost to buy 100 shares is only $9.95 WTH would I ever use this company. ( The only reason I was interested in the 1 shares was to pass it on to my nephew.. But Computershare took that share from me ..and distributed the proceeds without EVEN CONSULTING the owner..

WoodinVirginia... Ford - get rid of this company they do UNJUST things to shareholders..
N  4th of Dec, 2015 by  User  Agree Disagree +3 Votes
I have been trying for 5 months to remove my dead husband's name from our joint account and sell the stock (worth only about $1k). I have sent letters, filled out forms, talked (with difficulty) to them on the phone. Each time they say I have to fill out another form. I have had forms notarized; I have sent the death certificate; I have sent the obituary; I have sent affidavit of domicile and heaven knows what else. I have never encountered such poor service in my life. Did I forget to mention that I've already sent them more than $80? If they ever get around to selling my stock, they'll collect another $15 or so. This has to be the worst company ever.
A  5th of Jan, 2016 by  User  Agree Disagree +2 Votes
I agree this company is the worst. They request personal information (phone numbers, SSN ...), but can not provide any information about your account or money they are holding in your name. My old company was sold and Computershare are being the transfer agent. I assume the money from the sale of these stock will never be recovered from Computershares. They are terrible. Don't use them. I am losing $3000 on this matter.
N  23rd of Jan, 2016 by  User  Agree Disagree +1 Votes
I had shares from a company share scheme. The scheme was run by computershare. When we got made redundant everybody else got their shares in a few days, when the price was 55 - 60p a share. My shares did not arrive a contacted them was told wait 28 days after; 28 days a contacted them again was told I would get then in 10 days after ten days I was told two weeks, eventually I got them 5 months after everybody else with no explanation other than 'unexplained error' By that time the shares had lost half their value and were well below the price I had intended to sell at.They offered £150 compensation (the cheque had 'UK Errors' printed on it) less that the fall in the value of the shares since their last promise to deliver them.
N  22nd of Feb, 2016 by  User  Agree Disagree +1 Votes
Based on Computershare's inability to send most correspondence to the proper address, truncated account statements, fees without any real service, and delays in transferring stock, useless website and next to nonexistent customer service, I would avoid using them.
N  22nd of Feb, 2016 by  User  Agree Disagree +1 Votes
Next to no customer service, most correspondence sent to incorrect addresses, website which is mostly non-functional, truncated accounting statements.
A  7th of Mar, 2016 by  User  Agree Disagree +3 Votes
Oshkosh uses these crooks for employee stock purchases as well.. Everything seems fine until you want to sell and that's when they really stick it to you. Aside from that, there is a $35 dollar fee to withdraw money via check/wire and I paid about $100+ in fees selling $1000 worth of shares that took 3-4 days after I sold them to finally go through. That's outrageous and also your dividends get fees as well. For the $1.53 I got in dividends $1 was charged in fees Thanks Computer Share you really know how to f$#k me when I try to leave you!!
A  29th of Mar, 2016 by  User  Agree Disagree +1 Votes
COMPUTER SHARES is a total pick your pocket scam.
On 3/29/16, after working for nearly 2 years to SELL DOW STOCK since my moms death, here is what they say: COMPUTER SHARES WANTS TO CHARGE US$539.54 to cover losses they might have for sending shares held in certificate form, but they have no record for where shares were allegedly mailed from or what address to, because they acquired the business from another company that doesn’t have the information.
1. They rely on regular non tracked mail, to send out certificate shares
2. They don’t follow up to ensure they’re received or do any confirmation of receipts for shares
3. They use regular mail and document all the details
4. I asked LORUNNA BONAOBRA, SUPERVISOR OF COMPUTER SHARES MANILLA DIVISION, she said that BNY bank used to do this mailing, but COMPUTER SHARES acquired the stock services portion and all their records of where and to addresses, were unavailable since the purchase
5. I explained, do one of the following
a. PROVIDE PROOF OF DELIVERY, FROM AND WHAT ADDRESS TO, they were allegedly mailed to
b. PROVIDE CONFIRMATION, that your regular mail was received and confirmed to be received by the recipient that you allege had been sent to on 12/28/2001
c. No tracking, no follow up, regular mail and you use a 3rd party SURETY COMPANY to ensure THEY ARE covered in the event of a loss. But, the recipient, that doesn't matter. They charge you to protect them, and do no follow ups or confirmation that you've received the shares. They don’t know where they were mailed to, no proof and no idea where they went to (because they acquired the business from BNY).
d. You charge 3% of the stock fair value, to insure these certificates that are mailed with regular mail & no confirmation steps taken but we are free to hire our own surety agency to ensure the loss of your mishandling the stock certificates which you don’t have and don’t know where they went to
e. You are not dow chemical, realize that we never contracted with you to do any of these transactions, but you’re holding these stock shares that are the property of dow chemical who we did business with, and assigned all rights to these shares to another party without our consent, and then you bought another company that you didn’t get the detail from.
6. Lorunna Bonaobra, supervisor at Manilla, promised to have ANNA HORCA, manager call me by 3/30/16 by 3.30pm central time.
7. None of the information we discussed, can be emailed or faxed, because of the security risk, it can be only mailed in the regular mail, for which no confirmation can be made to determine they sent it to the correct address or the recipient received the mail and the postage was sufficient to be accepted by the post office.
8. Lorunna Bonaobra reports to Team Manager John Soriano, who reports to Anna Horca center manager.
9. Also, ED LUTAEO, manilla customer service rep, stated, that DOW SHARES cannot be sold in their form of being held in a trust. Ed stated, they can only be transferred to A THIRD PARTY, i.e. myself, at no charge, but will not be done so, until they receive $80 plus 3% of the fair value of all Dow shares held in certificate form (300 shares) before they will agree to transfer any shares.
10. I mentioned the following
a. Please show me where I have a contract, or my mother had a contract with Computershares
b. Please show where we agreed to allow you to transfer these stock shares to someone that we have no relationship with
c. Please explain that Dow Chemical will stand behind these aggregious behavior and make this right.
11. Please explain if DOW CHEMICAL is aware, that COMPUTERSHARES IS unavailable, cannot do business in writing, does not own the shares it is dow chemical that owns them, and very difficult to do business with this company.
APPARENTLY, they contract with LIBERTY INSURANCE, for their surety insurance in case anything goes wrong. This is only to protect COMPUTERSHARES, and if you file lost shares, THEY CHARGE YOU 3%+$80 PROCESSING FEE.
I'm going to contact the DOW audit committee, external audit firm regarding internal control deficiencies, but also executive management, because we never contracted with COMPUTERSHARES we did business with DOW.
N  12th of Apr, 2016 by  User  Agree Disagree 0 Votes
They are a real company, simply uncaring about providing good customer service or having an easy to navigate web site. Wells Fargo offers a similar service that is much more straight forward, you can find them here: https://www.shareowneronline.com/UserManagement/WFIndex.aspx
A  6th of Jul, 2016 by  User  Agree Disagree +3 Votes
Agree 10000% with the person who said they're horrible in the event of a death. I'm my dad's executor and they are doing exactly what he said...burying me in requests for more documents. Often the same ones multiple times. Either their heads are fully up their @sses or they're the evil spawn of Satan. AVOID.
N  12th of Jul, 2016 by  User  Agree Disagree +2 Votes

Computershare - Connection Issues
Rock Island
United States

I have been attempting to work with my former companies employee stock information, but this company keeps telling me I have to wait 5 days to mail a new code, though my password was accurate. Then once this is done, for the 3rd time, then their site just "grinds" and doesn't allow you access. They are scammers. Strongly recommend you use another company I NEVER had these problems with Fidelity. And I am trying to get away from this company without losing everything, but it isn't looking hopeful!
A  12th of Jul, 2016 by  User  Agree Disagree +2 Votes
I just sold some stocks. I was able to log in until a few minutes ago. I have the same message that you received. They will mail me my new password to my postal address. That is very odd considering our technology today. I was wondering if you resolved your issues.
A  12th of Jul, 2016 by  User  Agree Disagree +1 Votes
Computershare is a SCAM at the highest level - BEWARE of not having your shares bought - they said my balance is $0.00 and that maybe since I had contributed to this and that the annual fee is $35.00 (which I was never told before - and my statement does not show any charges of annual fees ? ) I talked with serveral reps today and all they wanted to do is have me read off the statement I have and than they gave me the runaround with charges of what it would cost me to retrieve the needed information in seeing that my account is now $0.00 - so they want to charge me $25.00 processing fee with than fees per page of information - she said because she could not retrieve any information from my file to see if she could properly identify me - What ? So they are charging me this amount because they don't have correct up-to-date information - on an account that has a $0.00 balance - What or where do I go or call in seeing if I can get justice ? I don't think this should be legal to charge someone without notice - If anyone is reading this and has information they want to provide to help me - Thank you
N  21st of Jul, 2016 by  User  Agree Disagree +1 Votes
Recived a notice from Computershare that my 250 shares of a local MA company were in danger of being confiscated by the state as unclaimed property. After reading all the above horror stories, I am hesitant to respond. I am contacting the company directly to ask for advise.

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