I currently have two stock certificates for a total of 400 shares.

I wish to sell some of these shares.

However, I do not currently have a broker or a brokerage account.

I'm also not interested in buying any additional stock, I just wish to sell some of my current certificated shares.

What would be the best way to do this?

I suggest you select a discount broker (such as Schwab, E-Trade, Fidelity, Vanguard, etc) and set up an account. Yuo can set up a new account on line or in person and deposit the shares in the account either by mail or in person, and then sell however many shares you wish. The remaining shares stay in your account. By the way if you have other stock certificates lying around I would really recommend that you put them into the account as well - putting the stock shares into an account like this in "street name" as opposed to keeping the actual certificates makes it much easier and safer for you (and someday your heirs) to keep track of them.

Quote:

---

Originally Posted by ebaines

I suggest you select a discount broker (such as Schwab, E-Trade, Fidelity, Vanguard, etc) and set up an account. Yuo can set up a new account on line or in person and deposit the shares in the account either by mail or in person, and then sell however many shares you wish. The remaining shares stay in your account. By the way if you have other stock certificates lying around I would really recommend that you put them into the account as well - putting the stock shares into an account like this in "street name" as opposed to keeping the actual certificates makes it much easier and safer for you (and someday your heirs) to keep track of them.

---

I looked into those business as per your advice, and while they seem reasonable, they also require an initial deposit of $1,000 or more. The reason I was looking into selling my certificated stock in the first place was because I'm currently short on cash. Do you know of any discount brokers that don't require a minimum deposit?

Quote:

---

Originally Posted by ionize

I looked into those business as per your advice, and while they seem reasonable, they also require an initial deposit of $1,000 or more. The reason I was looking into selling my certificated stock in the first place was because I'm currently short on cash. Do you know of any discount brokers that don't require a minimum deposit?

---

Try Scottrade - I believe they allow you to fund your account with physical stock certificates as opposed to requiring cash.

A quick Google search reveals that Scottrade was found guilty and fined by the FCC a couple years, and has an awful lot of negative reviews online.

Do you know if there's a database of established stockbrokers with good reputations that I could just peruse?

Given that all you want to do is sell a few shares of stock I wouldn't worry about the fine that Scottrade had to pay for inadequate money laundering controls. Your assets are protected by SIPC (Securities Investor Protection Corporation) and FDIC (Federal Depoist Insurance Corp). If you want to build a longer-lasting relationship with a broker then the $1K funding issue that you raised should be irrelevant.

Quote:

---

Originally Posted by ionize

A quick Google search reveals that Scottrade was found guilty and fined by the FCC a couple years, and has an awful lot of negative reviews online.

Do you know if there's a database of established stockbrokers with good reputations that I could just peruse?

---

I agree with ebaines. All you appear to be looking for is someone to sell your shares for you. To sell stock, one has to have a seat on the exchange where the stock is traded.Otherwise any person just just go sell. Since you are not interested in an ongoing relationship, then the issues that Scottrade had in the past shouldn't be of major concern.

There is another alternative, however. Contact the Investor Relations dept of the company that issued the stock certificates. Sometimes they will be willing to purchase the holdings of small investors. While you will probably not get highest trading price, you also will probably not have to pay a commission if the company buys your shares back.