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I submitted an on-line "At Market" order to sell my entire shareholding of XOM (exxon mobil corporation) shares approximately 48 hours ago.
The order was apparently accepted and showed that the price achieved was USD$69.43 each.
My chosen bank and currency for the "Electronic Wire" of the proceeds was my bank account here in Australia (in AUD).
This was nearly 48 hours ago and the website is still showing "Awaiting Settlement"
I have tried 4 times to contact the company using the secure on-line contact form on the website but to date have had nil response.
The company charges a fee for this supposedly fast International wire service and my details were submitted correctly some period of days prior to the actual sale.
The details when i filled them out asked for an IBAN (Australia does not use these) so i contacted them via the "Secure On-line" form to let them know the SWIFT code of my bank here in Australia.
Now i am facing an approximmate 13% loss of proceeds so far and still no sign of them releasing my sale proceeds or trying to answer any of my attempts to contact them.
The Chosen Currency was AUD and now the exchange rate is fast moving against my position that i have sold. I appreciate and accept a certain risk associated with exchange rates/fluctuations etc, but my order was placed during trading hours of the NYSE and 48 hours later there is still no sign of the "International Wire" being sent to my chosen account.
To whom should i address my complaint since i cannot get any response from this company (there is also a significant time zone shift between our locations so a call during their business hours is difficult).
In Australia we have a "Financial services Ombudsman" to whom i would direct such a complaint. However, i cannot seem to find the correct contact for the regulatory Authority whom goven these such "Shareholder and shareholding sales companies" in the region in which this company is listed.
Can anyone help to put me in direct contact with the correct regulatory authority whom control such businesses. I wish to register an official complaint and seek recompense for the huge financial loss that their actions (and lack of actions and contact) are causing me.
regards
Ray Binstead
Ray,
By now your issue has been resolved, hopefully to your satisfaction. I post this, though, to send the information to anyone else who Googles "computershare awaiting settlement."
I, too, had an issue similar to the OP's above. On Computershare, once you poke the Sell button on a market sale, the sale is processed immediately and locked in at the price available at the time of sale. The proceeds for the sale, however, can take 3 - 4 business days to process and be deposited into your account (or for the check to be mailed if that was your choice).
Rest assured that your market sale is locked in at the price available when you clicked Sell. It just takes a somewhat frustrating few days to receive the funds.
Regards,
James J. Thompson
I'm also seeing the same issue as Ray, and I thank James for the responses -- I am one of "anyone else who Googles 'computershare awaiting settlement.'"
I just got this response from ComputerShare, by the way:
"'Awaiting Settlement' means that your shares have sold, however, there is a mandatory three business day settlement period on stock transactions. On the third business day after the shares are sold, the transaction is completed. At that time, the proceeds from the sale are released and distributed as you had directed. "
So there's the answer to what's going on. I wish they'd put it on the page when you sell.
My JNJ shares were due for sale by Computershare on July 30th. I was informed they sold on 2nd August at 30th July price. Now 16th August and still no money in my UK account. Lots of misinformation, expressions of hope and expectation and unfulfilled assurances but no money and no cogent explanation. I am left with the feeling that no one in Computershare knows anything and after this length of time I feel they must be unconcerned otherwise I would have my money. Although the last status update promises the money has been wired (for the third time if I believed everything) there is no transaction identification code available from Citibank who are handling this part of the process. I do have a communication from Computershare stating my payment has been credited to my designated account but apparently this is an automatic notification and of no relevance. Learn from my experience and believe nothing from Computershare until you have the money in the bank
I feel sorry for all the mugs who have been duped into joining Company sharesave schemes, only to find when they sell their shares they are at the mercy of such companies as Computershare, to give them a fair price and not to rip them off with scandalous exchange rates/fees!
I'm wondering what's going on as well. I submitted an excercise order on April 16th. It is now April 28th and the status is still "Pending Proceeds FX Rate". Seems like a scam to me.
So here is what the timeline should look like if you want to use a wire transfer:
To transfer to you bank you need to put in banking information = 14 DAYS
To be processed = 2 DAYS
To be settled = 2 DAYS
TOTAL: 18 days + weekends and Holidays comes to about 1 month.
Here is the timeline for mailing a check to your house
To be processed = 2 DAYS
To be settled = 2 DAYS
To receive the check = 7 - 10 DAYS
TOTAL: 11-14 DAYS + weekends and Holidays comes to a little over half a month, but take a few days off if you pay the $25 courier fee!
I have a problem similar to the ones I have been reading about. I directed Computershare to sell (all) of my Harley Davidson stock. After filling out a second form and after another week I received a letter saying my account had been closed and a check had been mailed to me. Now it is December 4th and still no check in the mail. I shall call them tomorrow but my patience is running thin. Where is my money? Does any government agency take responsibility for this operation.