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Computershare / Seems like a scam

1 United States Review updated:

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.

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Comments

  • El
      18 hrs 15 mins ago
    0 Votes

    My husband and I have spent months attempting to get funds held at Computershare.
    The have done nothing but give us the runaround with one excuse after another as to why they won't provide the funds.
    The customer service is beyond horrible and they seem to be a company that exists for the sole purpose of scamming people out of what is rightfully theirs.

  • Ev
      17th of Mar, 2018
    0 Votes

    ComputerShare is now in the trust business, in that they handle personal trust accounts. However, in my experience, they are most incompetent trust company I have ever dealt with. Our former trust company got out of the business and recommended that we transfer the handling of our investment shares to Computershare. This outfit offered the first year free of charges, so we went along with that. Big Mistake! They can't get anything right.
    It has been 6 months now and they still can't figure out how to distribute our funds on a monthly basis even though we have sent in multiple documents and had many phone calls trying to get it straight. Initially they couldn't find a consistent date by which to forward those monthly payments. We never knew when they were going to arrive. Even though we agreed on a specific date, we were pretty much guaranteed that they would always be late.
    And now it becomes almost impossible to get into my own account online to see what we hold in our various accounts. For some reason the ID number is never the same each time. So once again I can't get at my account and I have to wait until after the weekend to talk to any body about that. In my experience, that alone may take a couple of weeks.
    Frustrating operation, this ComputerShare.

  • Ve
      25th of Feb, 2018
    0 Votes

    They are slow to respond unless you have an account number. K finally got my number and after weeks I got a check under Principal, bought a car, wrote the check only to have it returned. I will be at the bank tomorrow to find out why. 2-25-18

  • Ze
      3rd of Mar, 2018
    0 Votes

    @Verle Did you mange to get your issue resolved?

  • To
      30th of Jun, 2017
    0 Votes

    ComputerShare is a scam. They starting charging me an annual maintenance fee, so I moved the shares to a broker. The transfer had a cost and disposing of the fractional shares had a cost. I ended up paying over $100 just to get the shares transferred. If I would have liquidated the shares, it would have cost even more. It also took several calls to make it happen. Their system is unstable and they are a scam company. Avoid!

  • De
      17th of May, 2017
    +2 Votes

    Similar to some of the comments above, Computershare managed the Employee share plan for the company that I worked for. When I quit, neither did they send me any notification and about a year and a half later I find out that they just sold my shares and apparently sent me a cheque or something. To this day I am waiting for the cheque. I am seriously considering taking legal action! :/

  • Ld
      26th of Oct, 2016
    +2 Votes

    I too am having issues dealing with my Dad's estate and Computershare. I am trying to get my deceased dad's accounts transferred into my mom's name (of which one of the accounts she is Joint Tenant). I have provided them with a Probated Will, a Death Certificate, a Letter of Direction, new account applications and a Medallion Signature Guarantee from Canada's 4th largest bank and they are STILL refusing to make the transfer. My Dad's estate is extremely straight forward. The will (which I remind you has been probated) clearly states everything goes to my mother, she is the executrix, nothing has been contested. Her address is the same address as Dad's, which is the same address as the accounts, She is listed as Joint Tenant on one of the accounts and they still won't make the transfer. This is ridiculous! They must have clients die every day how is it possible this process isn't easier. My husband and I will NEVER have any of our holdings with Computershare again.

  • Jo
      18th of Sep, 2016
    +2 Votes

    They are not a scam, but their customer service is truly deplorable. For some reason, they moved the account from being in my name to a managing company for my benefit. They couldn't produce any documentation to support the action, but required me and the other company to jump through a slew of hoops including a document requiring a "guarantee" that seems extreme. After complying with all their requests, they denied it based on a couple of technicalities on the part of the other companies filling out of their form. I have talked with multiple customer service reps there to no avail. The company, Nationwide, has made numerous attempts to rectify it with them personally also to no avail. I have a dividend check from 6.29.16 that today 9.18.16 is still uncashed because it is in their name for my benefit and no end in sight. Filed a complaint with the SEC, BBB and any other alphabet soup organization I could find and haven't even gotten a phone call or email one. They suck.

  • Wo
      15th of Sep, 2016
    +2 Votes

    My account portfolio just disappeared. The tech support said "just create a new account and your stock holdings will come back"... What's stopping another thief from doing the same thing? I hate these people and why Coca Cola, McDonalds, Intel, etc. go somewhere else is beyond me. They must like getting screwed just like the hookers down the street.

  • Mi
      4th of Aug, 2016
    +2 Votes

    Absolutely Horrible! For years..dating back before 2008 I put money into several stocks. Just wit till you try to get your money out!!
    Just horrible. Customer service in Philipines, very very poor online service. I have been on the phone and net all day. Finally through no fault of theirs I was able to make a breakthrough and was able to get to one of my accounts...which has simply been missing even though I have had it for 7yrs...
    and then it turns out that the page I need to go to supply banking info so that I can sell stock (14 day waiting period) was not available at this time.
    If you like to get really really lividly angry...to feel that you are going to blow a hose..to elevate your blood pressure and stress hormone levels...
    than these are your guys. And if you like high fees...and fees and fees..than GO FOR IT ! These are your guys...this is your company.
    Unbelievable! Truly mind blowing...And it's MY $$$$$$.
    DON'T DO IT! Steer clear of these BOZOS no one can be this inept. Oh but all the while, they have your money!

  • Ze
      3rd of Mar, 2018
    0 Votes

    @michael grosser Did you manage to get your issue resolved.

  • Ol
      21st of Jul, 2016
    +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.

  • Ze
      3rd of Mar, 2018
    0 Votes

    @Ollie Woodard This company thrieves on providing "kiss [censor]" business to gov. departments. Did you manage to get your issue resolved.

  • Sh
      12th of Jul, 2016
    +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

  • Ze
      3rd of Mar, 2018
    0 Votes

    @Shares2nobalance These people are ripping off the small guy...did you manage to get your issue resolved.

  • Li
      12th of Jul, 2016
    +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.

  • Fr
      12th of Jul, 2016
    +2 Votes
    Computershare - Connection Issues
    ComputerShare
    Rock Island
    Illinois
    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!

  • Ze
      3rd of Mar, 2018
    0 Votes

    @Frustrated89992 Have you managed to get your problen resolved.

  • No
      6th of Jul, 2016
    +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.

  • Ji
      12th of Apr, 2016
    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

  • Vc
      29th of Mar, 2016
    +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.

  • Ze
      3rd of Mar, 2018
    0 Votes

    @vch123 Did you manage to get your problem solved.

  • Vi
      7th of Mar, 2016
    +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!!

  • Jo
      22nd of Feb, 2016
    +1 Votes

    Next to no customer service, most correspondence sent to incorrect addresses, website which is mostly non-functional, truncated accounting statements.

  • Ze
      3rd of Mar, 2018
    0 Votes

    @Joel Monkarsh Are these deliberate errors?

  • Jo
      22nd of Feb, 2016
    +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.

  • Ro
      23rd of Jan, 2016
    +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.

  • Ze
      3rd of Mar, 2018
    0 Votes

    @Ron Todd Is it possible that others did not receive their shares promply as well.

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