| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 225.1 | me too | GUESS::DOUCETTE | Chuck, Expert Systems Tools Group | Fri Aug 24 1990 14:39 | 7 |
| When I got a DCU car loan, they sent the dealer a check for $12000 in US mail
with just a stamp. Then, the people at the other end claimed they never got it.
Finally, they found it just before/after the check was cancelled. It may be
different than live stock certificates; but, I agree that they have no regard
for something's value or how to treat it in mail etc.
Chuck
|
| 225.2 | | CSC32::S_MAUFE | ____/^^^^\^/\/\^^^^______ | Fri Aug 24 1990 21:02 | 11 |
|
instead of whinging in here and hoping to find a sympathetic audience,
go tell your branch manager what happened and ask that the person who
mailed the letter be told off. At least they were prompt in returning
the collateral.
I can understand why you're angry though
Simon
|
| 225.3 | | NOTIME::SACKS | Gerald Sacks ZKO2-3/N30 DTN:381-2085 | Mon Aug 27 1990 09:56 | 6 |
| re .0:
Since stock certificates are registered (they have your name on them),
they're not negotiable. If they get lost or stolen, you simply ask
for new ones to be issued. If DCU mailed you bearer bonds or cash
without taking precautions, you'd have reason to be upset.
|
| 225.4 | Here I go again... | GLDOA::REITER | | Mon Aug 27 1990 14:05 | 16 |
|
It seems to me that there is a vast gulf of difference between
throwing something in the US mail
and
sending something via Certified Mail.
Am I missing something here?
How else should they have sent it?
Help me to understand...
\Gary
|
| 225.5 | | 16BITS::DELBALSO | I (spade) my (dog face) | Mon Aug 27 1990 22:52 | 17 |
| re: <<< Note 225.4 by GLDOA::REITER >>>
You're right. There's a vast difference. I contend that they shouldn't
have sent them in the mail at all! I never requested a timely return
and they never did it that way before. Nor did they inform me that
they were about to this time.
re: non-negotiability
Probably wouldn't stop someone from taking a chance on stealing them
and selling them with a forgery. And why should I have to chase after
a reissue when I took the trouble to insure their safety in getting
them to DCU to begin with (i.e hand-carried)?
-Jack
|
| 225.6 | Send shares at least Certified Mail | ULTRA::KINDEL | Bill Kindel @ BXB1 | Tue Aug 28 1990 00:18 | 19 |
| Re <several>:
Once DCU no longer needs shares or other property as collateral,
they're expected to return same promptly. At the same time, they're
also responsible for exercising reasonable care.
Registered mail is a PERFECTLY ACCEPTABLE means of returning shares to
their owners. Second best is Certified mail (with return receipt).
Either of these would be reasonable for share certificates, though the
former is preferred if we're talking thousands of dollars worth. For
bearer bonds and other highly negotiable instruments, registered mail
(or private courier) would be the ONLY acceptable means. Ordinary First
Class mail is inappropriate in EITHER case and would NOT (to my mind)
indicate that due care was being exercised.
Frankly, I don't blame DCU for wanting to get your collateral back to
you ASAP (rather than waiting for you to come pick it up). Too many
things could go wrong and they don't want the liability. That doesn't
excuse their failure to exercise proper care in mailing same, though.
|
| 225.7 | It is sort of SOP for stock certificates | BSS::S_MURTAGH | | Fri Oct 12 1990 18:56 | 9 |
| How do you supposed certificates are transferred between brokers and
clients when signatures are required for sale?
Seems to me that is Registered Mail is good enough for hundreds of
thousands of certificates exchanged by the securities industry, it
ought to work for DCU also. It is more like mailing a valuable
document than mailing cash. (Say a vehicle registration, which is
also sent by mail.)
|
| 225.8 | Official DCU Response | HPSCAD::LEEBER | | Fri Oct 26 1990 12:15 | 39 |
| This is an official response by Mary Madden of the DCU. The portion of
that response, dated 11-OCT-1990, that applies to this note topic is
included below. See note 2.22 for more information.
Whether you agree or disagree with the response from the DCU, please
either direct your comments to the DCU directly (dtn-223-6735) or
post your comments as a REPLY to this entry in this conference.
Carl Leeber
*****************************************************************************
Response to 225.0
Once a DCU stock loan is paid in full, members may
contact our loan service department at DTN/223-6735 x112
or 508/493-6735 x112, to arrange for the return of the
certificates. Stock certificates may either be picked
up at the credit union or sent by certified mail.
DCU will automatically send stock certificates to the
member via certified mail if other arrangements have not
been made.
Stock certificates in a member's name are non-negotiable
items, and therefore, cannot be cashed or transferred by
another party if lost or stolen. Digital Credit Union
is insured if any stock certificates are forged or
stolen.
Certified mail is a safe and expedient way to return
stock to its owner. In addition, the post office
requires positive identification and the member's
signature upon receipt. This confirmation provides us
with an audit trail for our records.
If you have questions regarding our stock loans, please
call Mary Madden at DTN/223-6735, x207 or 508/493-6735,
x207.
*****************************************************************************
|