Computershare Wrong Address, Won't Give Me My SRN without Charging Me $49.50

revo on 30/03/2017 - 15:22
Last edited 30/03/2017 - 15:22

Hi all,

I worked in a company (let's call it,"XYZ") which I acquired shares under their share program. Solium dealt with their shares while I was at the company. XYZ had provided Solium with the wrong address (incorrect suburb and postcode). When I left, they passed it on to Computershare. After waiting months for a letter with my SRN (Securityholder Reference Number), it never came. So I called them up and it appears it was the wrong address on record. After writing multiple letters to Computershare and provided certified documents, they finally changed it.

However, their base rule is: they cannot provide SRN over the phone, and only through post, which they charge a ridiculous $49.50, "for the service of posting the SRN".
Because the address was wrong, I am also still waiting on the March dividend pay run, which I am not even sure when I will get it. They said the only way to get it for 'free' is to wait to the September dividend pay run which they will provide the SRN on the letter, which is too far away.

I asked if they could just resend the letter that bounced back, but they said Australia post had not returned anything. And so, my SRN could be floating in Sydney somewhere, yet they can't provide the proper share holder with their SRN without charging them this ridiculous fee.

Are there any other options or legal obligations they have? I have complained so much to no avail.

One option I had heard is, Commsec could do a 12A request ($25 charge) in which they could sell my shares, but still not provide me with my SRN and the only option would be to wait for the September dividend pay out from Computershare to retrieve the SRN and then transfer it over to Commsec for free.

Any advice would be much appreciated!

Thank you.

Financial

Comments

  • fersea on 30/03/2017 - 17:48

    You should be able to set up a log on to their internet site (although I don't know if you need the SRN to be able to do that). Pretty sure you can then see your dividend statements.

    • Baysew on 30/03/2017 - 17:48
      +2

      Yes, you need to have the SRN.

  • bobbified on 30/03/2017 - 17:48

    That's strange - I called them up with the same request to provide my SRN back in January and after telling me that they couldn't give it to me over the phone, just sent it to me. There was no mention of any fees, etc.

    • revo on 30/03/2017 - 17:51

      You must've gotten pretty lucky! I've spoke to about 10 reps and all gave me the same response, pay $49.50 for a holdings request.

      • bobbified on 30/03/2017 - 18:00
        +1

        Given your situation, (I don't know anything about a 12A request) if Commsec don't need you to quote your SRN to sell, then use that option. Once it's all sold, then the SRN is useless anyway.
        So not point paying $49.50 for the SRN and then paying another fee to sell the shares after that.

        One way or another, you're going to have to pay a fee to sell those shares. $25 is not expensive for what I'e seen to sell one-off shares.

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