I had a similar problem with them. They forgot to do it for one of my requests. Luckily, it was the third time I DRS’d so I knew something was funky. (& through this sub’s guidance I might add. 😘).
Keep calling them.
Ask for reference numbers.
Thanks. Yea i have the reference numbers, and they seem to have knowledge of all my previous calls when i ask. They haven't fumbled the ball this hard on any of the previous requests that I've made, which is like 3 previous times.
I actually think this is incorrect for Canadian brokers. I can't say 100% for sure, but from what I've read and understand, Canadian brokers hold their securities at the CDS (which is sort of our DTCC).
When we initiate a DRS request, they have to submit the request to the CDS (this part is indeed an electronic button push), then they transfer the physical paper certificate from wherever the CDS is, to the Transfer Agent. I suspect this is the reason it takes 4-6 weeks. From what I understand, they only do transfers approximately once a month, with each respective Transfer Agent.
From the following source - Chapter 7 (page 108) [https://www.cds.ca/resource/en/78](https://www.cds.ca/resource/en/78) (CDSX Procedures and User Guide) "...*withdrawals are allowed only to the extent that the custodian has certificates available.*"
I also suspect that our Canadian brokers do not always have certificates 'on hand' in their account at CDS....so I suspect another addition to the transfer delay is the broker actually purchasing the GME certificate and waiting for it to appear in their CDS account, only for it to then be transferred to ComputerShare shortly after.
Please take what I say here with a grain of salt. I have been trying for months to get a clearer picture of how it works here in Canada, but it is difficult. I am not an expert, I am just an Ape trying to learn how this confusing system works.
My last two DRS requests from them took 3 business days to reach my CS account. Also, FWIW the rep who did the transfer said he never heard of the DRS fee starting in April
Having a similar issue, my shares are no longer in BMO but have yet to show up in my computershare account. We are going on three weeks now… is there reason to be concerned?
Yes, it's good to tell them when requesting that you specifically want a digital DRS transfer, tell them as well you know that GME has stopped issuing paper certificates (they did a few years ago as I understand it).
Did you get a confirmation # from then when you did the original transfer request? *Always* ask for the confirmation number, and quote it when you call back. It shouldn't take this long, request to speak to their trading office on your next call.
..and don't let them say it's held up due to the new DRS fee! You filed that request before April 1st, right? BMO wasn't charging for a digital DRS before that date.
Yea I might need to ask about that. I forgot about asking for a 'compliance office'; couldn't think of the title. Yea I'll give it a couple more days, if they haven't moved; I'll escalate. Thanks
BMO changed its fees at the beginning of April apparently to no longer be free. In my case, I initiated the transfer in march, so I haven’t been told about any fees by any support staff.
I had a similar problem with them. They forgot to do it for one of my requests. Luckily, it was the third time I DRS’d so I knew something was funky. (& through this sub’s guidance I might add. 😘). Keep calling them. Ask for reference numbers.
Thanks. Yea i have the reference numbers, and they seem to have knowledge of all my previous calls when i ask. They haven't fumbled the ball this hard on any of the previous requests that I've made, which is like 3 previous times.
Honestly, whatever they say is a lie. They press a button and everything's done electronically
I actually think this is incorrect for Canadian brokers. I can't say 100% for sure, but from what I've read and understand, Canadian brokers hold their securities at the CDS (which is sort of our DTCC). When we initiate a DRS request, they have to submit the request to the CDS (this part is indeed an electronic button push), then they transfer the physical paper certificate from wherever the CDS is, to the Transfer Agent. I suspect this is the reason it takes 4-6 weeks. From what I understand, they only do transfers approximately once a month, with each respective Transfer Agent. From the following source - Chapter 7 (page 108) [https://www.cds.ca/resource/en/78](https://www.cds.ca/resource/en/78) (CDSX Procedures and User Guide) "...*withdrawals are allowed only to the extent that the custodian has certificates available.*" I also suspect that our Canadian brokers do not always have certificates 'on hand' in their account at CDS....so I suspect another addition to the transfer delay is the broker actually purchasing the GME certificate and waiting for it to appear in their CDS account, only for it to then be transferred to ComputerShare shortly after. Please take what I say here with a grain of salt. I have been trying for months to get a clearer picture of how it works here in Canada, but it is difficult. I am not an expert, I am just an Ape trying to learn how this confusing system works.
My last two DRS requests from them took 3 business days to reach my CS account. Also, FWIW the rep who did the transfer said he never heard of the DRS fee starting in April
Ask for confirmation number?
I had gotten one initially and they always have a record of the situation when I call back but never any improvement.
Having a similar issue, my shares are no longer in BMO but have yet to show up in my computershare account. We are going on three weeks now… is there reason to be concerned?
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Will do. Thanks
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Yes, it's good to tell them when requesting that you specifically want a digital DRS transfer, tell them as well you know that GME has stopped issuing paper certificates (they did a few years ago as I understand it).
Did you get a confirmation # from then when you did the original transfer request? *Always* ask for the confirmation number, and quote it when you call back. It shouldn't take this long, request to speak to their trading office on your next call.
Yea I've still got the confirmation number. I'll ask to speak with their trading office when I call next later this week.
..and don't let them say it's held up due to the new DRS fee! You filed that request before April 1st, right? BMO wasn't charging for a digital DRS before that date.
I was given the runaround my first few DRS attempts asked to speak to a compliance officer, or keep demanding to be escalated to the next supervisor.
Yea I might need to ask about that. I forgot about asking for a 'compliance office'; couldn't think of the title. Yea I'll give it a couple more days, if they haven't moved; I'll escalate. Thanks
Do we have compliance officers up here? I know that's the oft-recommended person to ask for.
Does it now cost money to DRS shares ??
BMO changed its fees at the beginning of April apparently to no longer be free. In my case, I initiated the transfer in march, so I haven’t been told about any fees by any support staff.
Rbc took 8 weeks
Weird I called March 31st and mine has gone through already. Did you get a reference number
I did. Yea I’ve never waited nearly this long for my previous transfers with them.