Where does the stock money hide?

Discussion in 'UPS Discussions' started by wornoutupser, Jun 20, 2005.

  1. wornoutupser

    wornoutupser Guest

    If you have weekly employee stock purchase,you know that the money seems to "disappear" for several weeks between the first day of the quarter and whatever day it manages to hit your account.
    What does Mellon do with the money?
    I know that UPS has to buy the stock, but today is the 20th and I STILL do not have credit in my account for the purchase from the June 1.
    Yes, there should be a delay but it is never the same amount of time.
    I did call Mellon about this quite a while back and I was told that " Southerners just can not understand high finance".
    I told them that I DID understand grand theft, and the money was credited to me the next day.
    Does anyone else have this problem?
     
  2. brownmonster

    brownmonster Guest

    Since the stock is bought at the lowest price on the first day or last day of the quarter I would assume they sit on it for the entire quarter until a determination is made as to the purchase price. Your statement shows one purchase per quarter at one price.
     
  3. ja7618

    ja7618 Guest

    wornoutupser I sure hope that you have the name of the person who said that. I'm sure Mellon would like to hear about that conservation. I would not settle with a supervisor I would keep at it till I talked to some one very high, do some research and find a name, call and aske for that person. Remarks like that should not go unreported.
     
  4. trickpony1

    trickpony1 Guest

    while they are "sitting" on that money someone is skimming interest off it. Probably similar to taking such a long time to return COD money to customers.
     
  5. my2cents

    my2cents Guest

    Good question. I always assumed UPS held the deductions in some sort of escrow account until the share purchase was made. Additionally, I don't recall any language in the prospectus stating where the deductions go.

    I know with the 401(k), you can track your payroll deductions and see when those deductions are credited to your 401(k) account. Every once in a while, I'll grab a few paystubs and check the figures to see if they match the amounts posted in one's account. There is usually about a week's lag or so between the payroll deduction and the credit to one's 401(k) account. As far as I can tell, you can't do this with the stock deductions, although it is easy to add up the stock deductions for the quarter to see if it matches the purchase transaction.
     
  6. moreluck

    moreluck Guest

    Can you trace your union dues as accurately?
    Just curious.
     
  7. my2cents

    my2cents Guest

    You can trace union dues by matching paystubs with monthly dues receipts. If you really have to to, you can go down to the union hall and have them print out your payment history.
     
  8. moreluck

    moreluck Guest

    Not whether or not you paid dues, but where do they go from that point.....?
     
  9. my2cents

    my2cents Guest

    Payroll deducts them and remits a check to the Local. Is that what you mean? You can also write the local a check each month, if you revoke check-off and use your cancelled check as a receipt.