Small investment in IPO at Loyal3

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iain168
Posts: 15
Joined: Wed Feb 01, 2017 1:39 pm

Small investment in IPO at Loyal3

Postby iain168 » Thu Apr 20, 2017 10:49 am

I invested a small amount of money ($1100) in Square IPO in 2015 that was offered at Loyal3. Now Loyal3 is becoming FolioFirst and they're going to start charging me $5 a month to keep my account there.

While I would like to like to keep my Square shares, I don't want to pay $5 a month to maintain my account at Foliofirst. They detail two options:

1) Transfer your account to another brokerage firm. You will need to instruct your new broker to send us a Transfer Instruction Form (TIF). Per industry standard, fractional shares cannot be transferred. By submitting a request to transfer your account to a brokerage firm other than FolioFirst, you are also authorizing us to sell any fractional shares remaining in your account that cannot be transferred to your specified brokerage firm, return the proceeds to you and close your account. By submitting this request, you also authorize LOYAL3 to liquidate any cash equivalents that are part of LOYAL3’s money market sweep program for purposes of returning your funds to you.


2) Or, sell all your shares held at LOYAL3 and transfer the cash to your bank account. You can do this on the LOYAL3 website using your current login username and password. You will need to enter your sell order by 1:45 PM ET on May 16, 2017. By submitting a request to sell all of your shares, you are authorizing LOYAL3 to return the proceeds (including any other cash or proceeds from cash equivalents held in your account) to you if you have not done so by May 19, 2017. By submitting this request, you also authorize LOYAL3 to liquidate any cash equivalents that are part of LOYAL3’s money market sweep program for purposes of returning your funds to you. For more information about transferring your account, please see the information described below under the caption Sell Your Shares, Withdraw the Proceeds and Close Your Account.


I would like to keep my Square stock if possible, but I don't want to sell them and then rebuy them at the higher rate (because my Square stocks is now worth $2200). Does Option 1 allow me to keep my whole shares without selling them?

alex_686
Posts: 1834
Joined: Mon Feb 09, 2015 2:39 pm

Re: Small investment in IPO at Loyal3

Postby alex_686 » Thu Apr 20, 2017 10:58 am

Yes. This seems pretty straightforward.


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