I am a Co-Executor of my deceased mother's estate. My experience trying to re-title shares held by EQ Shareowneronline in the name of the estate with the intention of selling those shares mirror the bad experiences reported by the majority of reviewers on this site. I had filled out the required forms to re-title the account in the name of the estate. The required Medallion Stamp was obtained. The forms, original stock certificate and certificate of administration dated within 90 days of submission were sent in using FedEx overnight delivery with signature requested to confirm delivery. After several weeks had passed without any communication from EQ Shareowneronline, I began the arduous process of contacting the transfer agent by phone. After many calls and hours on hold over several days, I was informed that FedEx had delivered the documents. I was then told that the original stock certificate which I had carefully placed in the FedEx envelope after copying it was missing. All the other documents were received. Now I have to go through the same arduous process again but have to report that "I lost the certificate for ___ shares." when the reality is that Shareowneronline "lost" the original stock certificate. This process of course requires payment of a $75.00 processing fee with the caveat that "There may be additional fees and documents required." This entire process was begun before the severe market decline we are now experiencing and the value of this asset has significantly declined. I am in the process of re-submitting the forms and requesting replacement of the "lost" certificate. I am doubtful that the certificate will be replaced in a timely fashion but am confident that the expense to the estate will not be trivial. In summary, I am very concerned that business practices such as those described above are allowed to continue without any oversight by regulators.
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