OSU Federal

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Depositing or Transferring Securities

So, you have certificates in your safety deposit box or assets at another brokerage? No problem. Get 'em over here - it's easy. You can deposit those certificates and transfer all or part of the assets you hold in an account at another financial institution to your CFS account.

Types of certificates you can deposit

You can deposit certificates for stocks into your CFS account as long as certain conditions are met. Once you send in certificates and they are booked into your account, typically, they will no longer exist in physical form. Instead, the securities will be registered in street name and held in your account.

See Depositing Certificates for more information.

Bonds

You cannot deposit bearer bonds into your CFS account.

Transfer assets from another institution

You can transfer cash or securities from another investment firm to CFS simply by completing an Account Transfer Form.

We don't accept mutual funds or foreign securities if they are not established in the United States.

The steps for starting a transfer are slightly different depending on your situation.

When account registrations are the same at both institutions

You will need an Account Transfer Form, and you'll need to open a CFS account to accept the assets.

  1. After you've gotten the Account Transfer Form, fill it out completely. Remember to include a copy of the most recent account statement for the account you want to transfer to CFS.
  2. If you want to transfer some (but not all) of your assets to CFS, see Transferring some of your assets to an CFS account below.
  3. All registered account holders must sign the Account Transfer Form. Give it to the CFS Service Representative at your local credit union branch, if available, or mail it to CFS at 10150 Meanley Drive, 1st Floor, San Diego, CA 92131.

Once we receive the Account Transfer Form and statement copy, the transfer should be initiated with the transferring firm within a week.

If all of your documents are in good order, the transfer should take no longer than 20 calendar days from the time of initiation. Standard processing time is 7 to 10 business days. The funds or securities you're transferring will appear in the Account Holdings, Account Balances, and Account History pages as soon as they have been entered into the account.

When account registrations are different

You'll need:

And you'll need to open a CFS account to accept the assets.

  1. After you've gotten the Account Transfer Form, fill it out completely.
  2. If you want to transfer some (but not all) of your assets to CFS, see Transferring some of your assets to a CFS account below.
  3. Send a Letter of Authorization. Include the name(s) on the account and the type of registration (for example, Individual).
  4. Include the name(s) of the owners on your CFS account. Also enter its registration type (for example, Joint-Rights of Survivorship).
  5. Have all registered owners of the CFS account sign the Letter of Authorization.
  6. If you're transferring from an individual account to an account with a different registration, you need not have the Letter of Authorization notarized. However, if you are transferring from any other registration type to an individual account, you must have the Letter of Authorization notarized.
  7. Sign the Account Transfer Form and take the Form and the Letter to your CFS Service Representative at your local credit union branch, if available, or mail both the Form and the Letter to CFS at 10150 Meanley Drive, 1st Floor, San Diego, CA 92131.

Unfortunately, we can't accept a fax or a photocopy of notarized forms. Please send us the originals, but be sure to make copies for your own records.

Once we receive the form, the transfer should be initiated with the transferring firm within a week.

If all of your documents are in good order, the transfer should take no longer than 20 calendar days from the time of initiation. Standard processing time is 7 to 10 business days. The funds or securities you're transferring will appear in the Account Holdings, Account Balances, and Account History pages as soon as they have been entered into the account.

Transferring some of your assets to a CFS account (partial transfer)

So you don't want to transfer everything to CFS. You can transfer part of your assets to your CFS account. To do it, use the Account Transfer Form - and please be specific. Be sure to read the directions and complete the Partial Transfer Section only. Sign where indicated.

  • Money market funds will be liquidated and transferred as cash.
  • For mutual funds, you can transfer "in kind" or liquidate the assets and transfer them as cash.
  • If all of your documents are in good order, the transfer should take no longer than 20 calendar days from the time of initiation. The funds or securities you're transferring will appear in the Account Holdings, Account Balances, and Account History pages as soon as they have been entered into the account.

Depositing certificates

If you have stock or bond certificates that you would like to deposit in your CFS account, follow the steps below. Securities with restricted legends (usually a red colored stamp on the front of the certificate labeled "Restricted Legend"), typically cannot be sold until the restriction is lifted. Proceeds from sales of restricted securities cannot be used until the restrictions are removed. CFS charges a fee to remove the restriction, and we must receive acknowledgment from you that you'll pay the fee – whether on a recorded phone line, in writing, or by e-mail – to remove any restrictions. For information about this and other fees, go to Pricing Information. For more information about restrictions, see Depositing Restricted Securities.

The steps for depositing certificates are somewhat different depending on your situation. In general, certificates must be signed by all registered owners in the same manner as written on the front of the certificates. Stock and Bond Powers may be used in place of signatures on the certificates.

When the registration on the certificate is exactly the same as the registration of your account

  1. Send the certificates to Pershing LLC, Department S, One Pershing Plaza, Jersey City, NJ, 07399. Sign them exactly as the name appears on the front on the back and appoint Pershing LLC as attorney.

    If you have not signed the certificates, or if you are bringing in the certificates to your CFS Service Representative at your credit union branch, we'll make sure you get a Stock or Bond Power Form. If you get this form, fill it out and sign it. We'll process them as a deposit.

  2. Check your Account Holdings page to confirm if the security was deposited.

When the registration on the certificate differs from the registration of your account

There are many different types of registrations. The paperwork needed to deposit certificates into non-identically registered accounts varies accordingly. Here you'll find information on how to deposit many of the most commonly registered certificates. In general, letters of authorization are required whenever the registered owner of a certificate chooses to transfer ownership to another party.

  • Joint registered certificate for deposit into individual account

    The certificate must be signed by both registered owners (exactly as the names appear on the front) and must be accompanied by a notarized Letter of Authorization, signed by both parties.

  • Individually registered certificate for deposit into joint account

    When the registered owner of the certificate is also a party in the joint account, the individual should follow the instructions above for depositing certificates into like registered accounts.

    When the registered owner of the certificate is not a party in the joint account, the certificate should be signed, (exactly as the name appears on the front) and must be accompanied by a notarized Letter of Authorization.

  • Custodial registered certificates

    When the child becomes of age and chooses to deposit the certificate into an account that they own, we require a copy of the birth certificate. If the child wanted to deposit the certificate into an account they don't own, we'd also need a notarized Letter of Authorization, signed by the child.

    For custodial-registered certificates, the child is the legal owner of the security. The custodian can only deposit the certificate into a custodial account for the child, and not into a trust account for the child or any other account for the benefit of (FBO) the child.
  • When your name is registered differently on the certificate than on your account

    Reasons your name might be registered differently include marriage, divorce, legal name changes, nicknames, and family name modifiers such as Jr., Sr., and II.

    For all these situations, you'll need to sign the certificate and provide a notarized one-and-the-same letter. If your name changed due to marriage, you could provide a certified copy of your marriage certificate instead.

  • Certificates in the name of a deceased person

    If the certificate is registered solely in the name of the deceased person, we need a certified copy of the death certificate, an affidavit of domicile, and letters testamentary dated within sixty (60) days of our receipt (otherwise the registration transfer will be rejected by the transfer agent for the security).

    If the certificate is registered joint with rights of survivorship (JT WROS) and one of the joint members is deceased, we only need the certified copy of the death certificate. The certificate must be signed by the surviving owner.

  • Organizations, clubs, partnerships, and corporations

    When you need to deposit a certificate registered in one of the following ways into an account registered differently, you may need to provide additional documentation as well as a notarized Letter of Authorization. Except as noted, all of the following registration types require endorsement of the certificate by the authorized signer(s) for the entity.

    Corporation-registered certificates should be accompanied by the CFS specific corporate resolution which is required by the stock's transfer agent. The form documents the authorized agent(s) for the corporation. In addition, the certificate must be signed by a person other than the person, if any, named on the certificate.

Tips on depositing securities

So that you'll have a record of mailing your certificates, it's a good idea to send them via certified or overnight mail.

It's a good idea to keep information on file regarding any certificates you send, such as the:

  • address you sent it to
  • registration on the certificate
  • certificate number and issue date
  • name of the security and the number of shares

Depositing restricted securities

Securities with restricted legends (usually a red colored stamp on the front of the certificate), typically cannot be sold until the restriction is lifted. CFS charges a fee to remove the restriction, and we must receive acknowledgment that you'll pay the fee from you - whether on a recorded phone line, in writing, or by e-mail - to remove any restrictions. For information about this and other fees, go to Pricing Information.

What makes a security restricted? In most cases, it's a stock or bond that was awarded to you but that you cannot trade because it is either time or performance limited. If it's time limited, that means you won't be able to trade it until you've held it for a certain length of time (months or years, usually). If it's performance limited, you won't be able to trade it until the company it came from reaches a certain revenue level (probably an income goal that the company has set).

  1. Send the certificates (see Depositing Certificates).
  2. If you will send the certificates, sign them exactly as the name appears on the front on the back and appoint Pershing LLC as attorney.

    If you have not signed the certificates, or if you are bringing in the certificates to your CFS Service Representative at your credit union branch, we'll make sure you get a Stock or Bond Power Form. If you get this form, fill it out and sign it. We'll process them as a deposit.

  3. We'll ask you if you're willing to pay a fee for research and removal of any restrictions. (This amount can be deducted from your CFS account.)
  4. If there are any restrictions on the certificates, we'll send you the appropriate documents, which you should complete, giving us permission to remove any restrictions.

Tips on depositing restricted securities

You may have restricted securities that will eventually be unrestricted, such as stock options that you must hold for a number of years before you can exercise them. Just because the time is up does not mean the restriction is removed. You must still go through the process having someone research the restriction and filling out the paperwork to actually remove the restriction. CFS will charge you a fee for doing this type of research. For information about this and other fees, go to Pricing Information.

If you get a Letter of Authorization from us asking permission to remove restrictions on certificates, each owner of the certificates must sign the Letter. You must have the signed Letter notarized.

It typically can take from 2 to 6 weeks to remove restrictions, depending on how quickly the transfer agents can process your request.

If there's a limit to the time available for trading an unrestricted security and we haven't heard from you, CFS will call to verify that you do want to deposit or trade the certificates that you sent us.

If you can provide legal paperwork that indicates that the restriction has been removed, CFS may waive the usual research fee.

Non-deposit investment products and services offered through CUSO Financial Services, L.P. (Member FINRA/SIPC) are:
• not NCUA/NCUSIF or otherwise federally insured • not guarantees or obligations of the credit union
• may involve investment risk, may lose value