How To Close Computershare Account (2024) (2024)

How to close a Computershare account online or on the phone. How to transfer Computershare shares out to a broker. Fee to delete an account.

How to Close an Account at Computershare

Maybe you were gifted a few shares of a blue-chip stock back 10 or 20 years ago as a child, and you're ready to cash in.

Maybe you inherited a portfolio of ComputerShare-managed shares from a family member and want to roll it into your primary brokerage portfolio.

Or maybe you got caught up in the Gamestop allegation that brokerages and hedge funds were colluding to lend shares for short sales. You direct-registered your three shares of GME to stick it to the hedgies, and now realize that working through a stock transfer agent is a hassle. The fee schedule is also destroying your gains, so you're ready to go Charles Schwab.

No matter what, if you’re ready for a transition from directly registered shares through a stock transfer agent, you need to know how to close your ComputerShare account.

ComputerShare’s Complications

If you didn't recognize a few terms in our introduction, don't worry. ComputerShare is a nonstandard account and uses nonstandard jargon, which can be confusing. The confusion compounds if you:

1. Inherited shares
2. Didn't have to do due diligence before opening a ComputerShare account
3. First interacted with the platform while trying to close the account.

In short, ComputerShare is a stock transfer agent. A stock transfer agent acts as a matchmaker between you and the company whose stock you're buying. This type of transaction is called a Direct Stock Purchase Plan (DSPP). A direct registration system, or DRS, manages stocks bought under a DSPP.

Unlike a normal brokerage, ComputerShare doesn't facilitate trading on secondary markets but only acts as an administrative manager of the account and is effectively limited to:

1. Maintaining a record of your ownership
2. Managing proxy votes and dividend distributions on behalf of the company
3. Facilitating purchase and sale of the stock to and from the company only (not active trading between third parties on a secondary market, as you experience with brokerages like Charles Schwab, Webull, etc.

For our examples, we'll assume you're an independent investor and don't have shares registered with ComputerShare under your employer's Investment Plan. If that's the case, you'll need to work with your employer to determine account closure protocols.

The good news? Although day-to-day management of stocks through ComputerShare is complex because of the nuances of DRS and DSPP, account closure is comparatively easy.

At least on paper.

Closing your ComputerShare Account

Since ComputerShare only acts as an administrative assistant or intermediary between you and the company you invest in, closing an account is straightforward and doesn't involve closing anything. Instead, you remove ComputerShare's records of your stock registration by either selling all shares or transferring them to a brokerage.

Selling Shares on ComputerShare Online

To sell all shares, you’ll have to navigate to your Investor Center page.

From there, you'll see a "Sell your Shares" button. If you navigate to this, ComputerShare will walk you through the sale process. The problem? Often, as it did when we tested it for this article, you'll see this page:

Error pages are frustrating, but not to worry. Anticipating site issues, ComputerShare will let you close your account by selling all shares through the phone.

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Selling Shares Via Phone

If you need to sell shares through the phone, it isn’t as easy as calling up customer service. Instead, you’ll need to call ComputerShare’s phone number for the specific company whose stock you're selling. That means you will be on the phone for some time if you have an extensive portfolio.

To find the company's phone number, navigate to ComputerShare’s “Contact Us” page and select “Contact information for a specific company." You'll then enter the stock ticker or company name. We'll use Exxon (XOM) for our example.

Once you're on the company page, you'll see the phone number – call and tell the agent you want to sell all shares in the company.

Transfer ComputerShare Shares to a Broker

You can transfer the shares if you already have a brokerage and want to roll your DRS shares into it or want to avoid capital gains taxation. To transfer, you'll need to go to ComputerShare’s Transfer Wizard.

The Transfer Wizard will walk you through all necessary steps, including administrative data like account holder name, social security number, gaining brokerage, and shares to transfer. It's easy until you reach the end.

Instead of an electronic automated process, the Transfer Wizard will use your inputs to generate paperwork you'll need to snail mail to ComputerShare. The transfer usually takes several weeks, so be patient. We also recommend using certified mail with a tracking number to ensure the transfer request is received.

Alternatively, some brokerages are willing to act on your behalf and request a transfer. You'll need to check with your brokerage, but the steps are more straightforward and less prone to error than using the Transfer Wizard and mailing documents:

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How to Close ComputerShare Account Conclusion

If you've read this far, chances are that you're fed up with ComputerShare for their fee structure, the lag time when transacting, or the difficulty in actually initiating basic transactions.

If that's the case, you're in for a final disappointment as the fees for selling all shares or transferring to a broker to close your ComputerShare account are steep, and the process is slow. Rest assured, though, the steps needed for both are pretty straightforward, and closing your ComputerShare account isn't tricky, just time-consuming, expensive, and slow.