IRA in DRS, with Computershare as custodian.
EDIT: A great OG IRA-DRS ape, u/winebutch found a non-broker custodian, Mainstar Trust, who offers SDIRAs, has already DRS'd multiple IRAs with them, and has outlined the process beautifully here:
For any who may not know, no surprise that Ally/ Apex has dropped the ball and a lot of potential clients, myself included, by requesting any previously DRS'd IRA shares be pulled back or they will be coded as a taxable distribution. Had a hunch, so below I attempted to transfer within CS to a different custodian, without pulling them out of book entry-- this worked temporarily, but Computershare did catch on and moved my shares back, so I do not recommend the process I used in this post.
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(original post:)
Have a look see at this fancy new Roth IRA held at Computershare with Computershare Trust Company NA listed as custodian...
The full name got cut off here but just like the Portfolio view with the purple circle; add FBO (me) Roth IRA (as shown way down below)
Notice the "Book" share type -- afaik all IRAs at CS are in Book Entry -- At least for GME.
For anyone else who doesn't especially like the idea of keeping all their GMEggs in a basket with Apex as the custodian, but still not wanting to cash out all your IRAs, here's how I just moved most of my Roth shares to a new Roth account with COMPUTERSHARE NAMED AS CUSTODIAN. This is from my IRA that was already DRS'd via Ally (per my previous posts):
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- Open Computershare's Transfer Wizard, or better yet open it with half the info pre-filled in for you by going to your IRA portfolio in CS, clicking on "Actions" > then "Transfer Shares" as shown below
(below is a screenshot of my original - still existing - DRS'd Roth with Apex listed as custodian -- notice the 40 less shares)
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- I selected "Partial transfer" just to keep the original account open. If you follow anything I do, I like to leave huge messes for my future benefactors to try to clean up... (NFA)
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- I just picked one account to transfer into. Even I am not THAT crazy. Also, since I, of course, failed to do screenshots when I did the actual transfer, now I am just throwing numbers in here for this post. For the original I had 46 shares and transferred 40 of them out.
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- Ok this is the last step and I think you can take it from here. I filled in my info with Computershare Trust Company, NA as custodian since that is exactly how Computershare lists themselves as custodian to the IRAs that they do administer, such as Ford or Exxon...
I realize I am taking a chance here since Computershare does not even offer this service, but I'm ok with taking chances. Sometimes they even pay off.
The thing is, I believe it would only be an issue if I were to sell directly from CS, which I will not be doing.
An NFT dividend would be another story, and I *really* look forward to crossing that bridge when I come to it.
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5, 6, 7, 8 After you fill out all your info, you will get a printable form with a place for a Medallion stamp.
Here's what I did with that.
- Print it out and sign it.
- In the "Other" field (account type of destination) I added the words "Roth IRA"
- In the area for the Medallion stamp, I wrote my check number and checked the "Medallion stamp waiver option" or something like that. It's in the fine print, but basically since I transferred less than $10,000 in value, I had an option to waive the Medallion stamp by throwing in a check for $50 to Computershare. It was worth it for the time saved and I sent this out on the weekend, but now I will be getting stamps to do the rest of my IRAs.
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And once again, another screen shot of the new account created, this time listed with the full account name.
Since I don't even have an account (until now) with Computershare Trust Company, I have to believe it is possible to name any legitimate, IRS approved custodian (such as Fidelity, Vanguard, TDA, et al.), and that is exactly what I am planning to do.
In doing so, this *should* effectively remove any remote possibility of Apex or their mother from trying to fraudulently or otherwise kife my GME shares.
Also, I have no idea what tax forms or implications this will have, but I should know within a month, and if what I just did here causes a taxable event, I will have another 30 days to move these shares back to a broker IRA in order to "undo" said event, via the 60 day rollover rule.
TA;DR
- Many apes, including myself, have issues trusting any one financial institution (other than Computershare) to be custodian over what will be millions of dollars in assets.
- In order to spread it around, I have begun the process of transferring my DRS'd IRA shares to multiple IRA accounts with various listed custodians, still in DRS and still within Computershar.
- Above are the steps for how I successfully did this, listing Computershare as custodian.
- Cost: 50 bucks to avoid the medallion stamp (if transfer is less than $10K value), but if your bank offers this then it's usually free.
- I am not a financial advisor. In fact, I don't even really like money, which is why I fling it around aimlessly. Fling at your own risk.
Edit: Here's the confirmation chat with CS on listing the custodian - seems the one named on the account is the official custodian on that account...
And, Advice showed up in the online account. Yep, we broke 110,XXX.
EDIT 2/09: As luck would have it, Computershare did come back and figure out what I did here, transferred these shares back to the DRS’d Apex cust Roth (still at CS) — just in time for my transfer over to Mainstar, so no need to further explain or otherwise attempt to undo my retardation. Thanks again, Computershare!!
Have a Happy New Year, everyone!!! See you on the moon! 💎👊🚀🚀🚀🌚
Posted Dec 30, 2021, 6:48 PM UTC · edited
DRSing legendary ape gettin me PUMPINATED for the 500 trillion IRA GME share injection to ma computayshare system