Transferring accounts from Webull to ComputerShare is easy. Since ComputerShare is a transfer agent, you will have to do it through the Direct Registration System (DRS).
This guide will teach you how to transfer securities from Webull to Computershare via the DRS.
To transfer your Webull account shares to a new or existing account at ComputerShare, you need to contact Webull and request that they initiate the transfer via the Direct Registration System (DRS).
1. Email Webull to request an outbound DRS transfer.
2. Key in the necessary information to facilitate the transfer (e.g. account number, contact number, social security number, and tax ID).
3. Indicate the account type you wish to transfer.
4. Specify ComputerShare as your transfer agent.
5. Wait for a few days for the transfer to come through.
You cannot use the Automated Customer Account Transfer Service (ACATS) for this transaction. ACATS is utilized when you transfer securities from one brokerage to another.
Since ComputerShare is a transfer agent, you need to do it using the DRS.
DRS enables an investor to electronically transfer security positions held in direct registration book-entry to a brokerage.
Using the DRS profile system, a broker will request securities to be transferred from their book-entry account to the transfer agent’s account.
The initiating broker will also need to submit a valid insurance number or surety with instructions.
Once the agent receives the request, they will validate the information and respond with a corresponding delivery order via the DRS.
If you are switching accounts from Webull to ComputerShare, you should contact Webull’s customer service so they can initiate an outbound DRS transfer.
Aside from your personal information, you also need to indicate the stock you want to transfer, its ticker, and the CUSIP number.
A CUSIP (Committee on Uniform Securities Identification Procedures) is a unique identification number, typically a nine-character numeric or alphanumeric code, assigned to stocks in the United States and Canada.
For the transfer agent, you should write down ComputerShare. Specify also their Depository Trust Company (DTC) number and address.
If you already have a ComputerShare account, you should indicate your account number.
You also have the option to direct Webull to transfer your oldest shares first (first-in, first-out) or your newest shares first (last in, first out).
If you do not have an existing account with ComputerShare, there is no need to worry. Webull and ComputerShare will take care of the transfer and open an account for you.
Opening a new account will add two to three business days to the transfer process period.
For investors with an existing ComputerShare account, Webull will transfer the securities based on their name and address.
Sometimes, ComputerShare needs to create a second account for you if your account name in Webull does not match your existing account.
As with opening a new account, this will add two to three days to your waiting time.
Once your securities leave Webull, you can go to the ComputerShare website and click on Login to Investor Center, then Register Now.
You will be asked to answer security questions such as your social security number and the name of the stock you hold.
Afterward, ComputerShare will prompt you to create a username and password. A verification letter will be sent to your email within three to five days.
Once you receive it, you need to verify your identity immediately by answering several security questions.
You should navigate to the ComputerShare website, then log in using your username and the password you created. After entering the verification code, you can have full access to your account.
Account transfers from Webull to ComputerShare can take up to five to eight business days to be completed.
Most transfer agents commonly need five days to deliver the requested shares. For accounts that require additional documentation, this can take up to ten days.
Sometimes, external circumstances out of ComputerShare's control may delay the transfer process.
DRS provides efficient and quick transfers between transfer agents like ComputerShare and broker-dealers. It also ensures that all electronic transfers are secure, reducing the risks associated with forged securities.
However, if there are problems originating from your current brokerage, this can result in unnecessary holdups.
One potential problem is the trading activity in your Webull account after you have already initiated a transfer request.
You should also have sufficient funds left in your account in Webull to cover the transfer fee. If you do not have enough money left in your account, your request to transfer may be put on hold until such time you provide the transfer fee required.
Restrictions may also be imposed on certain accounts. If this happens, you should communicate with Webull to see what went wrong with the transaction.
Webull will charge you a $115 fee for outbound DRS transfers to ComputerShare.
ComputerShare does not charge transaction fees. The payment you give is the money charged by the holding company.
As the security holder, you shall handle all fees involved in transferring of account from your brokerage (Webull) to ComputerShare.
This is why you need sufficient funds on your Webull account when initiating a transfer process.
If you do not have enough funds left on your current firm, this may result in a debit balance.
ComputerShare does not function the same as Webull because it is not a brokerage firm. It is a stock transfer agent whose function is to keep the corporate shareholder records.
As an agent, it is ComputerShare’s job to connect an individual stockholder to the company holding their shares.
ComputerShare is a trusted investor service provider for over 21 countries across the globe. Currently, it has 125 million shareholders receiving stock plans from over 16,000 holding companies.
It offers Direct Stock Purchase Plans (DSPPs) and Dividend Reinvestment Plans (DRIPs) on behalf of thousands of companies in and out of the United States.
DSPPs and DRIPs are generally considered better investment options than the regular stocks that you buy and hold.
Regardless if the stock rises or falls, you will receive a steady payout from the holding company's profits, usually quarterly.
With DRIPs, you also have the option to receive the funds as a direct payment or to reinvest it into purchasing more stocks.
This potential for consistent growth despite the volatility of the market motivates many investors to utilize the services of ComputerShare.
ComputerShare can process any transfer request to direct ownership as long as all the necessary information is provided by the investor.
You can purchase, sell and transfer stock from the companies uniquely managed by ComputerShare.
If the receiving company supports cryptocurrency, then you can transfer the digital money via the agent.
ComputerShare does not offer general stock market trading like online brokerages. It also does not offer mutual funds, bonds, exchange-traded funds (ETFs), and other retirement accounts.
What it does is act as a conduit between you and the holding company so you can do transactions.
This depends on the holding company you will be transferring assets to via ComputerShare.
You can transfer option contracts from Webull through ComputerShare if the holding company (that is ComputerShare’s client) supports options.
Note that option contracts have set expiration dates. Once they expire, you can no longer use them for trading.
All options contacts can be transferred if they are not expiring within seven days.
The receiving company should also first approve your options applications before you can initiate a transfer.
Your transfer request from Webull through ComputerShare may be rejected or delayed for several reasons.
One probable cause is that you are transferring ineligible assets to the holding company under ComputerShare.
The setback may originate from your Webull account. If you have a negative or margin debt, the transfer process may be delayed until the problem is fixed.
Buying and selling stocks during the switch is another cause for a holdup. You should avoid trading when you have already entered the transfer request stage.
Finally, keying in incorrect information when composing a transfer request may set you back a few days or weeks.
You should always check if you indicated the correct account name, number, and other data needed for the transfer to take place.