I've never used JP Morgan or Chase, but I recently inherited some stock. There was no way to transfer the stock in-kind to another brokerage, for some reason it needed to go from a JP Morgan account to another JP Morgan account. (I didn't want to cash the stock out immediately because I couldn't get info on the basis and what the capital gains taxes would be).
Anyway, sibling knew someone who worked at JP Morgan private bank and they were willing to do all the work so I said "sure".
Turns out Chase and JP Morgan are integrated on the backend but not Private bank. So the transfer couldn't go through.All in all this was 15-20 emails and multiple phone calls.
And then I was told to open a Chase individual investment account instead.
Not wanting to continue to burn time during work hours when I was super busy with a project, I drove 20 minutes to a Chase branch to open an account with an investment banker to make sure all went smoothly (instead of doing it online).
He couldn't open the account for me, couldn't get anyone on the phone, either. Turns out that the backend is connected enough with Private Bank that I had a profile in their system, but he couldn't "do" anything with it.
A few more emails and phone calls and the Chase investment banker sent me a link to open an account online. So I do that and let the banker that controlled the original stock account know the account details. But he still couldn't transfer the stock. That private bank profile still causing problems I guess.
I was given an 800 number to call private bank to get them to close the account. I spent about a half hour on hold before I hung up. I then contacted the banker I knew at Private Bank and informed him, he said he'd take care of it. Later that day he emailed me and said he had put in the order and I would get a confirmation.
I did get the confirmation but was informed it would take a few days. Once that was done I contacted the broker that controlled the stock account. He tried again, no dice.
He then decided to get licensed in my state so that he could create the account for me. That took another week or so.
And, I was told to close the Chase account. I did that, again, a couple days. By this time I'm 20-25 hours in with phone calls, emails, conversations with my siblings, have driven into the city twice, and so on.
Finally, after about an hour on the phone the next week, the broker creates my account and is able to execute the transfer. Of course, by this time the stock market had tanked and the stock had lost ~20% of its value, meaning I netted less than my siblings, and spent a ton of time.
> I didn't want to cash the stock out immediately because I couldn't get info on the basis and what the capital gains taxes would be.
You'd need to figure that out eventually anyway. Better sooner than later.
But in any case, you could have sold the stock, transferred the money, and then re-purchased the stock and simply reported it as a wash sale.
> by this time the stock market had tanked
That can go either way. I've had stocks that I wanted to sell get held up, and go up in value in the meantime. So you have to just chalk that up to fate.
>You'd need to figure that out eventually anyway. Better sooner than later.
100%
> That can go either way. I've had stocks that I wanted to sell get held up, and go up in value in the meantime. So you have to just chalk that up to fate.
My plan was to immediately sell 50% of the stock (it was at an all-time high) immediately but now plans have changed. Oh well.
That's basically what it is, but for some reason it took some time for the folks at Jp Morgan to figure it out. Probably because the person involved died years ago? I dunno....
Anyway, sibling knew someone who worked at JP Morgan private bank and they were willing to do all the work so I said "sure".
Turns out Chase and JP Morgan are integrated on the backend but not Private bank. So the transfer couldn't go through.All in all this was 15-20 emails and multiple phone calls.
And then I was told to open a Chase individual investment account instead.
Not wanting to continue to burn time during work hours when I was super busy with a project, I drove 20 minutes to a Chase branch to open an account with an investment banker to make sure all went smoothly (instead of doing it online).
He couldn't open the account for me, couldn't get anyone on the phone, either. Turns out that the backend is connected enough with Private Bank that I had a profile in their system, but he couldn't "do" anything with it.
A few more emails and phone calls and the Chase investment banker sent me a link to open an account online. So I do that and let the banker that controlled the original stock account know the account details. But he still couldn't transfer the stock. That private bank profile still causing problems I guess.
I was given an 800 number to call private bank to get them to close the account. I spent about a half hour on hold before I hung up. I then contacted the banker I knew at Private Bank and informed him, he said he'd take care of it. Later that day he emailed me and said he had put in the order and I would get a confirmation.
I did get the confirmation but was informed it would take a few days. Once that was done I contacted the broker that controlled the stock account. He tried again, no dice.
He then decided to get licensed in my state so that he could create the account for me. That took another week or so.
And, I was told to close the Chase account. I did that, again, a couple days. By this time I'm 20-25 hours in with phone calls, emails, conversations with my siblings, have driven into the city twice, and so on.
Finally, after about an hour on the phone the next week, the broker creates my account and is able to execute the transfer. Of course, by this time the stock market had tanked and the stock had lost ~20% of its value, meaning I netted less than my siblings, and spent a ton of time.
What. A. Circus.