Recently, I executed a sell order for some shares held by Shareowneronline. A portion of the sale was executed. When I tried to initiate another order to sell the shares that previously didn't sell, the software wouldn't allow me to sell despite the earlier successful partial order execution. I contacted them and was told the selling feature was disabled due to security concerns and I would need to complete a form and secure a Medallion signature stamp. There's already a two-factor authentication process in place so the security "issue" seems bogus at best. Anyway, based on this unsatisfactory experience, I decided to close out my account with them. Let's see how long that takes. If the stock price drops during this process, I will be very interested in joining a class action lawsuit.Update: After mailing the form they required me to complete ten days ago, I followed up today to find out the status of my request to sell all remaining shares and close out my account. I was informed that the shares were sold yesterday and that I could expect a mailed check within ten business days. This was a shock since I specifically noted on the form that I wanted funds transmitted electronically directly to the bank account included on the form. WTF! Talking about security concerns, do they actually think it’s more secure to send a large check by snail mail rather than by electronic transfer? Or do they want interest-free use of my money as long as possible? Ten working days to mail a check? Good grief.
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