Esteban,
Nice to see you again, even if all this is your fault. :-)
Brown means that the certificates need be in street name, not in YOUR name in your safety deposit box. There's no problem with buying and selling seconds later. This might apply to people who are opening an account and haven't transferred their initial securities to Brown yet but might want to sell them. Or sometimes people want their stocks sent to them, put in their name. This could be because they just like to look at them, or to diminish the ease with which someone can SHORT their stock. So then, they decide they want to sell the stock, but they still have the certificate at home in their desk. Brown won't sell them because Brown doesn't have the certificate in house. I believe that no broker would, actually.
One nice thing at Brown, if there is a glitch on line, you can phone them to place the order at the same commission. Even if there is no glitch, suppose you are travelling and at an airport, you call Brown, and place your order at the same price as online. Also, you can reach them quickly. If the local office is busy, your call is auto routed to the least busy office. You rarely have to wait more than a half minute for someone to pick up the phone. They handle voice efficiently. They know what they're doing. The only time I've had to wait is when they have checked to see if short shares were available. They do have to phone to check that. I try to do it before the market opens.
Another thing about the commissions at Brown, a little bonus, is that there's a volume discount. If you trade a lot, you get back some of that $5 or $10 commission in your next statement, just a nice little surprise of extra money. I never count on it, but I'm always glad to see it.
Linda |
