share issue - should we pay to get inherited shares?

sdooley

You could ask if they would consider waiving it as you are unemployed etc.

The situation is different from a bank. A bank is paying you money it has on deposit. Computershare is ordering someone else to pay you money. It has to look after its customers (the companies) as well as their shareholders. And it can't legally rely on the will as you haven't got probate.

kazzah

i do know what you are saying, but presumably Bradford and Bingley ( who issued the shares) pay computershare to administer their share issues and dealings on their behalf - so in effect computershare are being paid twice- and Bradford and Bingley released the funds from her account on sight of the will and death certificate at the time she died- so they do already know who the beneficiary is and that she has died.
I know you all think I am being unreasonable - but this kind of behaviour from large companies with no flexibility in their procedures is very upsetting.
why can't they issue the money and take the £69.00 from the funds if they really must have it?
I wonder how many people who think that this practice is aceptable have made claims against thier banks for unfair bank charges? in my opionion this is far worse - IF my MIL's estate was larger we would have had to go to probate - so in other words if we had received MORE money from her estate we could produce a document now which negates the necessity of paying £69 - but because her estate was small we MUST pay to release these funds- so once again, the people who can least afford it are being held to ransom by a big company.

If I go overdrawn at my bank or with my credit card then I KNOW that I am liable to incur charges - this letter advising us of the "administration and indemnity fee" was the FOURTH item of correspondence we received from computershare - we had already sent off identifying doucmentation and responded to several requests for further information from them before they casually asked for the fee.
Their behaviour is hardly transparent had they mentioned the fees in earlier correspondence then I possibly wouldn't feel quite so irritated - but it does seem underhand and un-businesslike to me .

G42

kazzah wrote: »

why can't they issue the money and take the £69.00 from the funds if they really must have it?

Why don't you ask them to do that?

kazzah

we did - but they won't - they say they must have the fee before they can register the death on the system and following the registration of the death they will release the funds.
At least they have now said there will not be any further payments we need to make - if there are we won't be able to find them as we have had to borrow the £69 as it is!

vicallen2004

Hi there. I work for a stock brokers and that is the usual procedure I'm afraid. They will be charging you an admin fee for raising a small estates indemnity form. This is the legal document required to register the death in the absense of the Grant of Probate. Once this is in place, you will receive a share certificate in the name of your husband which you will be able to sell if you wish.

As I am not at work I can not check but if Bradford & Bingley do pay dividends then the cash will still be owed to the estate. I would check with computershare about this one.

Hope it works out ok.

kazzah

many thanks for your help - I think their lack of transparency about costs involved led me to believe it was a scam to get money from us, whereas now I just think it's 21st century highway robbery!

who would have thought a death certificate wasn't enough proof of death - I am starting to see the funny side now - it reminds me of the Monty Python sketch about the dead parrot !
I am thinking that the next piece of evidence they might require will be physicial evidence............ quite how I'll get the coffin into a jiffy bag is a least giving me a good laugh!

vicallen2004

I agree. It is a horrible way of making money. It happens all the time and can be so expensive especially as they can charge the admin fee per share holding.

I have queried it before but their excuse is that the death certificate doesn't detail the exectors but surely if this was submitted with the Will then the problem would be solved.

The process may take a while as well and it is worth getting the names of anybody you may speak to on the share holders help line.

jonesMUFCforever

This charge is not just for death - they would charge you the same if you had lost a share certificate.

vicallen2004

They do charge for lost certificate but this is usually about £28 for the basic admin fee to generate a Letter of Indemnity and an additional countersignature fee. The cost would also be tierred on the value of the share holding as well.

kazzah

I do understand that - but it does seem odd that they can STILL charge £69 even though NO SHARE CERTIFICATE was ever issued.
I appreciate that you think I am being unreasonable about these charges and that I don't understand what they are for.
I do understand why the company wishes to charge me - they want to make more money - and that is the top and bottom of the situation.
They have been paid by Bradford and Bingley to deal with their share issue and now in addition to being paid by B&B they want us to pay as well.
The money is NOT held by computershare it is held by Bradford and Bingley and as such in my opinion the money SHOULD be forwarded to my husband on production of a vaild will and death certificate just as the funds that were in his mothers account were on her death.
there is NO reason why we should be required to pay a fee -other than Computershare wish to make as much money as possible - my distaste is that they are doing so at the expense of the poorer people in society and holding people to ransom.
If they had any kind of scruples or customer service idea - they would allow the £69 to be deducted from the amount owed to the customer- the fact that they don't simply PROVES they are not remotely interested in the customers well being.
I have now borrowed the £69 and hope that another fee is not required to release the funds - otherwise we will be left in a very precarious situation owing money to people with no other means to repay it - hardly what my late MIL would have wished for us
but at least Computershare will be indemnified against a fraudulent claim and I am sure that is much more important than our finances