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

[Pentel]

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.

 

[UpstateNYUPSer(Ret)]

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.

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.

 

[Pentel]

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

 

[UpstateNYUPSer(Ret)]

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

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

 

[over9five]

Sounds like they deducted their commission...

 

[Babagounj]

their commission is only $10 per transaction.

 

[Babagounj]

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

 

[over9five]

I was being a w/a.

 

[dannyboy]

their commission is only $10 per transaction.

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

 

[air_dr]

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.

 

[Pentel]

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.

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

 

[UpstateNYUPSer(Ret)]

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

 

[Anonymous 10]

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.

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.

 

[Pentel]

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.

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?

 

[Re-Raise]

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.

 

[Anonymous 10]

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?

It has something to do with the partial shares.

 

[Re-Raise]

It has something to do with the partial shares.

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?

 

[Anonymous 10]

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?

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.

 

[Pentel]

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

 

[Anonymous 10]

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

We'll see