Where Art Thou, Stocks & IRAs?


I have accounts at ALL of the following Brokerage Houses, which are all SIPC insured. Here are some of their current, great promotional offers:

> Avoid paying a 2% replacement fee (FAQ #11) if stock certificates are lost – keep them at a brokerage house.
> SIPC is insurance, kind of like FDIC is for banks.  Read more about SIPC.
> If you transfer stocks or an IRAs from one brokerage house to another, be sure to inquire about reimbursement for any transfer fees charged by the old brokerage house.  The ACAT fee is usually about $75 and all the above brokerage houses should cover it.

Video Transcript:

Hey Everybody.  Welcome to ChipsMoneyTips, I’m Chip Chinery with another Geezer Alert. (I’m old) Although this info is useful to people of all ages (I’m a geezer), it may be something that applies to “the blue hairs” in your life (Old) – and we have to watch out for them.  Or you, if you are a geezer.  But, quite frankly, I don’t think you qualify as a Geezer if you are watching me on the internet.  Actually, you may get booted from A.A.R.P. if you have DSL, or FIOS…  Not to mention other acronyms.

This applies to everyone, not just the Geezers.  Where are the certificates for your stocks?  Did you know that you might pay thousands of dollars to replace them?

So, let’s say MeeMaw and PeePaw took the dirt nap and left you some stock.  And you have those stock certificates in your secret safe or lockbox in your home… which you hide under your bed or in the closet under a pile of clothes you’re going to give to Goodwill.  Burglars NEVER look there.  Or maybe the certificates are sitting at the company itself like Procter & Gamble.  Or maybe in a safe deposit box at a bank… which you pay, what, about $60/year – every year, to have.

I don’t mean to go all Andy Rooney on you, but…  Why do people call it a “Safety Deposit” box?  It’s a deposit box, in a safe.  A Safe Deposit box.  My eyebrows aren’t long enough for this impression.

Just like how you get something for storing your cash at bank – Interest, you can get something for storing your stock at a brokerage house.  And just like how cash at a bank is FDIC Insured, cash and securities at a brokerage house are SIPC insured.  If you are watching this at ChipsMoneyTips.com right below this video are links to several brokerage houses and their current promotional offers, from Cash to Kindles and more.

As I mentioned, if your certificates are lost, stolen or destroyed… you most likely will have to pay a hefty fee to replace them.  Procter and Gamble charges 2% of the value of the stock certificates to replace them.  So if you had $50k in stock certificates, it would cost you $1,000 – just to replace those pieces of paper.

Hey that’s a ripoff!  99%… Well…The P&G rep told me that they don’t get a penny of this.  The fee goes for an Indemnity Bond to insure against shenanigans in case someone “lost” them, got new ones reissued, then tries to cash in the old ones.  Do you, or your Geezers keep the certificates in a lockbox?  You should check on that.

Generally speaking, It is faster and a heckuva lot less expensive to buy and sell stock from a brokerage house than anywhere else – even P&G.

Your stocks and IRAs are going to sit somewhere.  Go get something for them!


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