Sold 9 shares and BNY Mellon sent me a check missing about $600

Discussion in 'UPS Discussions' started by Pentel, Apr 9, 2011.

  1. Pentel

    Pentel New Member

    of course i get the check on saturday and can't call until Monday where they're reps will be too busy to answer the phone....

    I sold 9 shares for a net amount of $649.92 and this morning i received a check for $63.03!!!!!!!!!!

    WHAT HAPPENED? has this happened to anyone else. I didn't read anything about them paying in installments.

    I thought i had it set for them to deposit into my bank account directly but i got this check that says its for the sale of shares.
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Are you registered on their website? If so, why don't you see if you can find out what happened? There should be a transaction history or something to that effect.
     
  3. Pentel

    Pentel New Member

    i did...the transaction history is what showed me the price of $649.92....nothing of 63.03 shows at all
     
  4. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I wouldn't want to be on the other end of the phone Monday morning.
     
  5. over9five

    over9five Moderator Staff Member

    Sounds like they deducted their commission...
     
  6. Baba gounj

    Baba gounj pensioner

    their commission is only $10 per transaction.
     
  7. Baba gounj

    Baba gounj pensioner

    every time I sold, all the funds-commission where direct deposited.
     
  8. over9five

    over9five Moderator Staff Member

    I was being a w/a.
     
  9. dannyboy

    dannyboy From the promised LAND

    Yeah, but like UPS, there will be countless surcharges. Fuel, remote area, residential surcharge, and the list goes on and on.

    Read the fine print, then read all the disclaimers. Then read how they can change things they want, when they want to, just because they can....

    Only when you get the final bill (and sometimes you get a bill several weeks later saying that the final bill is not really the final bill, this one is) do you know what happened. So I agree with Ovah.

    Question, you didnt get a statement listing what the differences were? You should have gotten, or will get a detailed statement where the difference should be explained.

    d
     
  10. air_dr

    air_dr Member

    Take this for whatever its worth...

    BNY Mellon is the merger of the Bank of New York and Mellon Bank.

    I have personally had the misfortune of dealing with Bank of New York shareholder services for stock held in companies other than UPS...and I have sensed the merged company has all of BNY's negative traits.

    The service has been such that I absolutely refuse to have any further dealings with this organization... I moved the shares of stock I held in companies for whom BNY Mellon serves as transfer agent into "street name" at a brokerage firm. Now, I don't believe you can do that with UPS class A stock, unfortunately.

    Be sure you write down the name of every person you speak with AND find out what call center they are in. Also, you may want to see if there is a shareholder services dept at UPS corporate. While BNY Mellon handles the transactions, UPS like many companies, may have a dept to which people can look to for help. It was the weight brought on by a representative of this company that finally brought resolution to my situation.

    Good luck, you'll need it! If your experience is at all like mine, this will require multiple phone calls and take at least a month to resolve.
     
    Last edited: Apr 9, 2011
  11. Pentel

    Pentel New Member

    i hope its nothing like that....hopefully they just mistakenly screwed up and can fix it with ease w/o asking me to mail back the old check and go through that whole hassle cause i won't. I am paying THEM a service charge i shouldn't have to do anything other than mail the class a/b transfer form. UPS stock is around $74, so even if i sold one share...$63 would barely cut it. They better not pay me one share at a time lol
     
  12. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    There is nothing you can do about this until Monday--relax and enjoy the rest of your weekend.
     
  13. Anonymous 10

    Anonymous 10 Guest

    Serves you right it's not even worth the effort.


    Ps when you sell stock it comes in two checks. You just got the first one that's all.
     
  14. Pentel

    Pentel New Member

    i never saw anything that said it would come in two checks? how seperated are these, and is there any reason why there are two seperate?
    Is it normally less than 1/10th of the total your due on the first check?
     
  15. Re-Raise

    Re-Raise Well-Known Member

    I didn't know you could sell less than 100 shares at a time. I do know that if you buy the shares through the DESPP that you can't sell them until 2 years after the shares were purchased.

    Maybe you didn't have that many "available" shares.

    I sold 500 shares in February and it all came in one lump sum to my bank account.
     
  16. Anonymous 10

    Anonymous 10 Guest

    It has something to do with the partial shares.
     
  17. Re-Raise

    Re-Raise Well-Known Member

    Possibly if Pentel sold everything in his account it could include partial shares instead of 9 shares exactly.. Why would they split the checks though?
     
  18. Anonymous 10

    Anonymous 10 Guest

    I once sold 160 something shares and I got two checks because something about partial shares and over two years in purchase. I received one very big check and one that bought me a case of Great Lakes Christmas ale.
     
  19. Pentel

    Pentel New Member

    you can sell your shares if you convert them from class b to class a or vice versa....i have about 20 shares, but only 9 available to sell that i've had for 2 years...so i converted those available and sold them.....

    the website tells me i sold the 9 and that i got 660ish or whatever i wrote. they just screwed up the check
     
  20. Anonymous 10

    Anonymous 10 Guest

    We'll see