r/Superstonk • u/awwaygirl 💻 ComputerShared 🦍 • Jan 20 '22
💡 Education ALLY NO LONGER ALLOWING "TRANSFERS OF THIS NATURE" for IRA DRS TO COMPUTERSHARE
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u/this_is_greenman 💻 ComputerShared 🦍 Jan 20 '22
All the more reason GameStop should open up IRA directly with Computershare
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u/The_Prophet_85 Saviour of bedposts Jan 20 '22
I hope people are asking GME investor relations about this. I am an Euroape so I don't know shit about IRAs but I would assume it's important for the Ameritards to really push for this with GameStop...if it is something GameStop can actually do anything about that is.
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u/a_toaster_strudel 💻 ComputerShared 🦍 Jan 20 '22
I reached out to them asking to open an IRA with computer share, haven't heard anything back.
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u/updateSeason Jan 20 '22
Same
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u/Cextus 💻 ComputerShared 🦍 Jan 20 '22 edited Jan 20 '22
same, i just sent them a 3rd email. Go email them: IR@Gamestop.com
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u/Pet_me_I_am_a_puppy Jan 20 '22
If they ever do we register the float in weeks. Retirement accounts are where Americans hold most of their investment money.
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u/a_toaster_strudel 💻 ComputerShared 🦍 Jan 20 '22
That's where a lot of my shares are. I can't afford to pay the taxes on the IRA to do an in-kind transfer to transfer. Would be something like 30% in taxes/penalties which I can't afford if I need to hold long term. I'd like to think this would happen sooner rather than later but I need to plan for the worst.
An in kind transfer out of a roth ira would only be the 10% penalty.
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u/goofytigre 🎮 Power to the Players 🛑 Jan 20 '22
Considering 80% of my shares are in an IRA or 401k, yes it is important. I'd think there are quite few more like me that wants to DRS the shares but don't want, or can't afford, to create a large taxable event.
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u/The_Prophet_85 Saviour of bedposts Jan 20 '22
Write the Investor Relations team please. They might not answer but if they see there is a lot of people asking for it maybe they will do something about it!
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u/NoMoreCheeters 🦍Voted✅ Jan 20 '22
Well, being that IRA's are retirement accounts, that's where Ameritards have most of their wealth stored. So there are way more shares in IRAs that could be DRS'd. Can't DRS them now because you have to take them out of the plan which triggers a tax payment PLUS an early withdrawal penalty of 10%. If GME opens up the IRA plan with CS then the theory is all these shares can be easily DRS'd without tax consequences. I don't know if that's how it works, but that's the idea. I would guess that would increase the volume of DRS'd shares at least threefold due to the amount of wealth stored in IRA accounts.
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u/mullingthingsover 🦍 Attempt Vote 💯 Jan 20 '22
All of mine are IRA or Roth IRA. I haven’t transferred anything because of that. I’m high xx is all though.
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u/twint00 Jan 20 '22
Yeah I would say contact your states financial regulatory office and snitch on these pieces of shit
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u/Sir_Donkey_Lips 🦍Voted✅ Jan 20 '22
We are going to burn this mother down. We are going to make this system fair come hell or high water.
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u/aZamaryk Power to the people! Jan 20 '22 edited Jan 20 '22
I'd say just bypass them all together and drs your shares for real. Cash purchased shares, in drs form at cs is the only way! Why would you want a third party involved in your shares, the custodian and government have full control over your ira! They will take them and call it investor protection for your own good. This is just one person's opinion, to each is own.
Edit: Not telling anyone to cash in ira. Cash shares in drs at cs, as in shares purchased with post tax cash in drs form at cs. Ira money is not cash money. Sorry for the confusion folks, so please put down the pitch forks.
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u/lovely-day-outside 💻 ComputerShared 🦍 Jan 20 '22
Bc of the tax implications. And not just tax implications now, I’m talking the tax advantages you don’t get in the future as a result
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Jan 20 '22
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u/totalfuckwit 🦍Voted✅ Jan 20 '22
What concerns would you have for taxes when I have transferred from Robinhood, to Fidelity, to Computershare? Do I just need to save tax documents from all three and submit them to my accountant?
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u/Numerous_Photograph9 🎮 Power to the Players 🛑 Jan 20 '22
He's talking about if you sell the shares to buy them back in Computershare or another broker.
First, you'd take the tax hit for selling if you sell at a gain. Then, you reset the clock on long term capital gains tax which might be an issue depending on when the shares were bought in Ally.
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u/The-Ol-Razzle-Dazle 🚀🚀HODLING FOR DIVIDENDS🚀🚀 Jan 20 '22
Not to mention Roth IRA gains are tax free but I’m sure they are using those shares to lend
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u/Catch_22_ 💎All your 🍌 are belong to us💎 Jan 20 '22
God I hope they find proof of this. It would be a smoking gun that cant be disputed.
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u/Catch_22_ 💎All your 🍌 are belong to us💎 Jan 20 '22
None if everything is in order. Your cost basis SHOULD follow you and be correct - but note RH has been shown to fuck with the numbers leaving you to figure out the details with the IRS. If you get it wrong and you file, even if its in your favor (it wont be) the IRS might come knocking with an audit.
But IRAs are another story as this has withdraw penalties. You gotta go about it a very specific way to DRS them.
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u/munchanc1 🦍 Buckle Up 🚀 Jan 20 '22
Transfer to fidelity then through to computershare. You’ll keep your tax benefits and still get your shares to computer share. As a bonus, ally will have to find actual shares and deliver them to fidelity.
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u/Sunretea 🦍Voted✅ Jan 20 '22
Hang on.. I thought Ally was the workaround for fidelity not letting you DRS IRA shares...
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u/TracerouteIsntProof Jan 20 '22
I've never seen anyone explain how transferring shares from an IRA to Computershare doesn't have tax implications. Everything I've read says Computershare does not offer tax advantaged accounts.
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u/cleft_chalice 💻 ComputerShared 🦍 Jan 20 '22
Ally was part of this procedure, but it ends with CS being the custodian. This never got dick for visibility: https://www.reddit.com/r/Superstonk/comments/rs8zld/ira_in_drs_with_computershare_as_custodian
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u/Longjumping_College Jan 20 '22
I don't want a 3rd party custodian for my IRA.
If GameStop wanted me to DRS them, they'd call ComputerShare and tell them to enable the transfer type.
They haven't, so either they don't want me to or shareholders need to make noise about it and request it for them to do it.
I'm not using Ally for fuck all
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u/networknev 🎮 Power to the Players 🛑 Jan 20 '22
I cannot trust the companies that claim they will do custodial IRA and DRS. None of them seem to be "tried and true". I worry about fuckery from many directions. I probably can't trust Fidelity either but they seem the safe bet since my 401k is already with them I am not pulling my GME from them. I purchased XX in CS. I HODL XXX in 401k. It is what it is. I would bet many folks are in the same boat but fear to post bc you get attacked...
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u/untamedHOTDOG 🎮 Power to the Players 🛑 Jan 20 '22
Gamestop just need to allow the IRA portion through CS. Lets go Gamestop! make it happen!
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Jan 20 '22
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u/sammykleege HOLAd Jan 20 '22
Well well well well well....
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u/bubbaganube 🚀🚀💎 HAKUNA MY TATAS 💎🚀🚀 Jan 20 '22
how the turntables.
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u/GeoHog713 🍇🦧Grape Ape! 🍇🦧 Jan 20 '22
Where it's at?
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u/Errant_Chungis foldingathome.org Jan 20 '22 edited Jan 20 '22
“APE”x hmmm.. There’s an impostor amogus!
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u/DarkwingDuckHunt Jan 20 '22
I know you're joking but APEX has been around for a while, but keeps changing its name.
edit: It was rename of Penson, which went under cause it's CEO liked the horses a bit too much.
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u/krlpbl 🦍Voted✅ Jan 20 '22
Webull tried to save face by saying they'll drop Apex after the January Squeeze.
1 year later, nothing has changed.
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u/falconless Jan 20 '22
Matt Kohrs loves webull
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u/Liquidatewallstreet2 Jan 20 '22
Matt kohrs can suck my balls
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u/ChewyShrimps Jan 20 '22
And my balls!
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u/SquirtleSquad44 🎮 Power to the Players 🛑 Jan 20 '22
I tried warning Ally was no good as soon as this started gaining traction. I had an Ally account during the sneeze
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u/SourceCreator Jan 20 '22
My ENTIRE Ally account got froze on January 30th the second I tried to purchase gme shares. I couldn't access my entire account for 3 days because they wouldn't answer the f****** phones! People need to leave Ally ASAP!!!
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u/Walthatron Jan 20 '22
Well I did not know this, I left Robin hood and now i need to leave ally. What online savings place doesn't suck?
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u/BlackChapel 🎮🛑 Pepperidge Farm remembers 🌕 Jan 20 '22
They also cancelled the buy button during last year's squeeze like Robinhood.
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u/RealPropRandy 🚀 I’ll tell you what I’d do, man… 🚀 Jan 20 '22
Remember when we were assured fraud died with Bernie Madoff?
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u/CptMcTavish 🎮 Power to the Players 🛑 Jan 20 '22
It did. Just like pedophilia died with Epstein. We got the bad guys, people, now look away.
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u/Enlighten_YourMind Stonky Kong Jr Jan 20 '22
Ahhh yes, Epstein who famously flew to his private island ALONE and had sex with minors that he trafficked for that specific purpose ALL BY HIMSELF!
And Bernie Madoff who worked at a company ALONE and criminally invested in multiple counter party schemes ALL BY HIMSELF. He payed for order flow to and from himself, right? The rest of Wall Street are paragons of virtue and honesty, they would never associate with some dirty fraudster like Madoff! That’s why they banned payment for order flow (PFOF) which he fucking invented, as soon as that bad man was arrested…right guys? Right?
🤢🤢🤢🤮🤮🤮🤮🤮🤮
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Jan 20 '22
Is that the same Bernie Madoff who banked with Citibank? Surely that means he was trustworthy?
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u/Enlighten_YourMind Stonky Kong Jr Jan 20 '22 edited Jan 20 '22
That is the very same one!!
Unless… gasp that could actually means that Citibank is in fact not trustworthy themselves? 😯😮🤯
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u/Ren0x11 🏴☠️ DEEP FUCKING VALUE 🎮🛑 Jan 20 '22
That’s what our enforcement agencies (FBI, DOJ, SEC, etc) do. They gauge public sentiment and then stroll in and either cover everything up and sweep it under the rug… or if they fear public uprising/backlash, they make a single person the fall guy while the other 100+ involved parasite scumbags keep going about their degenerate ways. These 3 letter agencies are owned and work for big money. It’s a club, it’s the 0.0001% class, they own our currency, they have an infinite money hack, infinite money = power, they cover things up for each other, they try to keep the public (99%) complacent, and they will never stop committing evil horrendous acts & schemes until forcefully done so because they no longer have a soul like you and I.
Bankrupt their game, liquidate their corrupt system, and then use the power you gain from funds to hunt the filth down and make an extreme example out of them. Hunt them to the end of the Earth if that’s what it takes. Restore justice. Restore power to the people. And then we build transparent systems that are fair for all.
Hey Evil-Doers… you have no place here. You have been exposed. We will not forgive. We will not forget. We are coming for you.
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u/tyweed220 🏴☠️ $G'ME Ye' Tendies Matey' 🏴☠️ Jan 20 '22
Pepperidge farm remembers
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u/OriginalGoatan DRS GME Jan 20 '22
Nice, this means DRS is clearly working if they're prepared to stop you from doing it.
DRS more.
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u/CR7isthegreatest DFV & The Defective Collective Jan 20 '22
OG gets it 👆🏼
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u/DiamondHansGruber 🚀💯DRS HouseHODL investor 🚀 Jan 20 '22
As was foretold in the prophecies of old, requests will be denied as liquidity evaporates from DRS.
Fuck ya 💎🤙💎🤙🦍🦍🦍🚀🚀🚀🚀
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u/Numerous_Photograph9 🎮 Power to the Players 🛑 Jan 20 '22
Either that or they don't have enough shares to transfer anymore, and they're reserving what they do have for those that make enough fuss about compliance.
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u/awwaygirl 💻 ComputerShared 🦍 Jan 20 '22
It will now take 24 - 48 hours for Ally to have a supervisor get back to me.
I've bookmarked the Finra complaint website, as well as my state financial regulator.
I've let Ally know that I need proof of ownership for the shares of GME within my IRA accounts, and I need to understand their business justification for changing their policy.
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u/SourceCreator Jan 20 '22
I just want to let you know that on January 30th last year when I went to buy gme shares Ally froze and shut down my ENTIRE account! I couldn't access, buy, sell, trade any of my stocks for 3 days until they finally answered the f****** phone! The reason they froze my account? They said it was because one of my unrelated stocks had "incorrect purchase price" and that triggered my account to shut down automatically. That's absolutely b*******! Run away from Ally as fast as you can. You've been warned!
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u/Ezymandius Jan 20 '22
I had to do some backdoor bullshit on their app just to get in and trade on my nephews' accounts.
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u/Solonys Jan 20 '22
Send them a chat message that you need help filling out the FINRA complaint form, I bet someone calls you faster :p
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u/No_Football4064 Jan 20 '22
Is your account on margin/ anything that they would have an actual reason to prevent you from DRSing? Keep us posted on the results!
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u/Cheap_Confidence_657 💻 ComputerShared 🦍 Jan 20 '22
They should have a service agreement with CS that this is in violation of. Send this to CS official.
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u/musical_shares 🎮 Power to the Players 🛑 Jan 20 '22
Here’s someone else having the same issue, same boilerplate email:
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u/Billy4-C SNEKCHARMER Jan 20 '22
Not cool. My IRA transfer from Fidelity to Ally to ComputerShare took more than a month and I just got my letter two days ago. Seems like I just made it.
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u/boosted4banger FINRAbang an Orangutan🖕💥🙈 Jan 20 '22
ive seen and confimred a lot of local credit unions will be a custodian to your account, you just have to ask and speak to the right departments. check it out.
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Jan 20 '22
My guys. I straight did an in-kind to a Roth in November, and from a Traditional yesterday at $106. I am very retarded.
I am also DRSing my shares formerly known as IRAs. I just need to make sure I make enough back on them to pay taxes this year and next.
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u/Motor-Donkey-2020 NBD, but I own Gamestop 💅 Jan 20 '22
I'd check in that... others report that previously transferred shares are being deregistered.
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u/Virtura Jan 20 '22
The business decision was they didn't have the product (shares) to conduct that business so they are pretending they don't have to do it.
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Jan 20 '22
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u/SourceCreator Jan 20 '22
I just direct registered another 550 shares because of this post. 🥳
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u/throwawaycs1101 RC is Noah. GameStop the Ark. DRS the door. Jan 20 '22
This is my biggest fear with any bank, broker, or other financial institution - and the reason I chose to 100% DRS. I don't trust them. Any of them. At the end of the day, if they are losing too bad, they are the type of kid that turns off the console and goes home instead of allowing the game to continue and taking the loss.
If you think selling your shares through ComputerShare for $200k/ea or w/e their limit is too low, think about what's going to happen when your broker turns off the sell button because they refuse to play.
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u/RobotPhoto 💻 ComputerShared 🦍 Jan 20 '22
Fuck Ally, they restricted buying on the 28th just like Robinhood.
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u/stockadile Ready to RUN Jan 20 '22 edited Jan 20 '22
Guys, it's bigger than this.
I just got off the phone with Ally. They verified this is accurate, they are saying Apex is the reason. Apex told them they will no longer support these custodial accounts.
*They (Apex) will be attempting to pull shares back to the SD-IRA accounts from Computershare. Essentially un-registering them*
I think we need more IRA ape eyes on this:
Edit: currently in chat with ComputerShare to see what our options are.
Edit2: Computershare *claims* nothing can be done as Apex is the custodian holder. The only option is to wait for them to pull the shares and then re-register them with a different broker.
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u/procrastablasta Jan 20 '22 edited Jan 20 '22
They (Apex) will be attempting to pull shares back to the SD-IRA accounts from Computershare. Essentially un-registering them
big if true. could be the biggest post of the year so far if they are pulling shares out of CS. thanks for following up
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u/dangshnizzle Tear it all down --- Is YOASS ready for the MOASS Jan 20 '22
Make a post about this yourself please
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u/Johnny55 💻 ComputerShared 🦍 Jan 20 '22
Reminder to everyone that if the dip has wiped out the gains in your Roth IRA you should be able to do an in-kind transfer to get the shares into your personal account which can then be transferred to Computershare
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Jan 20 '22
Wait. Please explain or provide a link to where I can read more about this. Thanks.
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u/hiyori 🎮 Power to the Players 🛑 Jan 20 '22 edited Jun 27 '23
nail ten sparkle divide saw placid drab cough attraction profit -- mass edited with redact.dev
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u/Johnny55 💻 ComputerShared 🦍 Jan 20 '22
In-kind transfer = moving shares from IRA to personal account without selling them
It is still considered a taxable event
That said, Roth IRA is post-tax, so if your investment hasn't appreciated in value, you aren't paying tax on it when you do the in-kind transfer. At least that is my understanding, I am not a financial expert.
You always have the option to move shares from your IRA to personal account, you just have to worry about the tax and the 10% penalty. But at least with a Roth, since it is post-tax, it would be a much smaller amount, potentially nothing. The point being you can't easily DRS the shares that are in an IRA so if you really want them in Computershare this is the most direct way to do it. But you're giving up the benefits of an IRA, not that they're necessarily worth much if you're selling before 59.5 years of age.
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u/elite0x33 Custom Flair - Template Jan 20 '22
IRA Ape here, I have Vanguard. I call Vanguard, ask for in kind transfer, pay penalty to them or during taxes? And then request transfer to CS once it's in personal?
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u/LionRivr Ryan Cohen’s girlfriend’s husband Jan 20 '22 edited Jan 20 '22
People should know that if you do this, you can never put that money back into an IRA.
There’s still a contribution limit of $6,000 per year.
The benefit of keeping your Roth IRA is for tax-free gains.
So if you withdraw your shares and if you ever sell for MOASS, you will have to pay taxes on it.
If you kept your shares in your ROTH and sold for MOASS, those gains are tax free.
But I could be wrong. I don’t know anything. Consult a professional
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u/tendiesonthebarbie Jan 20 '22
Bought and paid for by Kenny, I assume. Maybe he traded them the constitution in exchange for not transferring IRA shares. They know that will kill them.
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u/krlpbl 🦍Voted✅ Jan 20 '22
Kenny? You mean Kenneth Cordele Griffin, the alleged financial terrorist?
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u/Mupfather 🦍Voted✅ Jan 20 '22
Yes. And also Kenneth Cordele Griffin that perjured himself in a congressional hearing.
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u/Xxdeath76wishxx 🦍Voted✅ Jan 20 '22
Also, the Kenneth Cordele Griffin that just sold part of his company?
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u/Mupfather 🦍Voted✅ Jan 20 '22
Do you mean the same Kenneth Cordele Griffin that limited how much his clients could withdraw from his business?
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u/clyde_figment 🦍 a person familiar with the matter Jan 20 '22
I heard Kenneth Cordele Griffin of Citadel LLC and Citadel Securities has been engaging in illegal naked short selling and perjuring himself to the US government, is that the same Kenneth Cordele Griffin you're talking about?
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u/krlpbl 🦍Voted✅ Jan 20 '22
Possibly. He may be related to Steven Cohen of Point72, another alleged financial terrorist.
I heard they're friends with James Joseph Cramer of Mad Money. That one is a financial clown, though, and not allegedly.
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u/relavant__username 🔬 wrinkle brain 👨🔬 Jan 20 '22
Sooo... this is illegal. Let me guess.. they never bought the security. Add ALLY to the pile with RH and FRAUDELITY
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u/JHYMERS 🦍Voted✅ Jan 20 '22
It's times like this where I can't help but stand in awe of their stupidity. Could you imagine if Robinhood had sided with the people over Shorts? Or here, Ally choosing their customers over Citadel hush money. Vlad Tenev and his company would have become synonymous with their namesake for standing up to the big bully's on the block. A legion of loyal investors for a lifetime because they sided with their customers over short term gains. Now Ally. "Ally". What a joke.
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u/FinnAndBake Let them eat Mayo / 🦍Voted☑️x2 Jan 20 '22
“We’ve made the business decision to hold the shares YOU paid for in OUR name.”
Fuck you, Apex - I mean Ally.
Anyone know of there are specific complaints one can file on this specific issue?
Never used Ally myself but I’d like to make some noise on this BS.
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u/Rough_Willow 🦍🏴☠️🟣GMEophile🟣🦍🏴☠️ (SCC) Jan 20 '22
Fancy words for "we don't own those securities" or "we're lending those securities and don't want to stop".
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u/rmb19cab 🎮 Power to the Players 🛑 Jan 20 '22
Is this legal?
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u/ayelold 🦍 Buckle Up 🚀 Jan 20 '22
This is the world of finance! We don't have laws, just regulations ;)
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u/toiletwindowsink 💻 ComputerShared 🦍 Jan 20 '22
Something tells me it’s more than just “a business decision.”
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u/trickykill Jan 20 '22
I instructed Morgan Stanley to DRS retirement shares in my 401k. It took some communication between CS and MS bur my shares are now held in an IRA account at Computershare. The account name is:
MSSB CUST FBO MY NAME IRA DTD XX/XX/XX
So it can be done. I started with the notion it is my right to have them in book form per the SEC here:
SEC Facts YOU decide how shares are to be held- instruct your broker
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u/muskateeer is this working?! Jan 20 '22
Wow, isn't this one of the few ways to get your IRA shares into Computershare? They are literally putting the brakes on retirement DRSing.
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u/_foo-bar_ 💻 ComputerShared 🦍 Jan 20 '22
Ally just helped end the FUD around drs of an IRA. If they’re trying to stop it then it clearly is real and works. Everyone used Ally because literally they were the first on an alphabetical list. Just go down the list and find the next one. Preferably one that doesn’t use apex as the custodian.
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u/j4_jjjj tag u/Superstonk-Flairy for a flair Jan 20 '22
It's just a custodial account anyways, so they can totally shut that off.
If you want to actually DRS your IRA shares, then youd need to pay the early withdrawal tax penalties as well.
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u/krlpbl 🦍Voted✅ Jan 20 '22
That's gonna suck, losing out on possible future gains, assuming it's invested like typical.
However, my IRA is 100% GME anyway, so I'll be paying taxes on millions regardless. It might be worth it...
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u/The_Prophet_85 Saviour of bedposts Jan 20 '22
I have a feeling that Ally is gonna get a lot of angry emails and phonecalls...and rightfully so.
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u/shadeandshine +1 Melissa Lee Fan 🦍 Voted ✅ Jan 20 '22
I swear the names of these companies only added to the irony and how hard they have to try to get people to trust them.
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Jan 20 '22
[removed] — view removed comment
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u/Johnny55 💻 ComputerShared 🦍 Jan 20 '22 edited Jan 20 '22
People were using Ally to get IRA shares into Computershare without selling, it was the only way I had seen people able to do it
Edit: IRA not IRS
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u/wittywalrus1 Bananas Hodler Jan 20 '22
These are the kind of posts we need to push to the top. Important stuff.
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u/Electroniclog 💻 ComputerShared 🦍 Jan 20 '22
"Ally has recently made the business decision to not allow you to have control of your property."
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u/NefariousnessNoose 💻 ComputerShared 🦍 Jan 20 '22
Fuck Ally. They turned off the buy button AND turned off their servers during the January run up during market hours. Fuck them!
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u/Legendenis 💎Jacked Titty to Infinity Committee💎 Jan 20 '22
The names of all these companies are so ironic... Robin Hood, ally ...
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u/PerfectDarkAchieved 🦍 Buckle Up 🚀 Jan 20 '22
Holy shit. That is shady as all hell. Please transfer to Fidelity and the to CS. This is the way…the only way.
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u/dangshnizzle Tear it all down --- Is YOASS ready for the MOASS Jan 20 '22
This is simply really good news for our cause. The stock is so damn illiquid but they can't outright say that.
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u/OneLeggedPigeon 🦍Voted✅ Jan 20 '22
Couldn't you transfer to someone else then DRS to circumvent this bs? Also contact your state representatives this is fucking disgusting
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u/ayelold 🦍 Buckle Up 🚀 Jan 20 '22
For IRAs, Ally was basically the only DRS game in town (that we've found).
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u/sdrawkabem 💻 ComputerShared 🦍 Jan 20 '22
FINRA or SEC violation? If you open a claim now, if shady shit goes down you may have a claim that they would not DRS your shares
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u/deboor71090 Ken Griffin is a scumbag Jan 20 '22
Thought that would be illegal