Stock Transfer from one Company to Another
 

I have a question for any of the stock brokers here. Or anyone that may know. Is there a time frame when a stock transfer from one stock brokerage firm (Morgan Stanley) to another (Schwab) has to take place?

Here is the story.

Morgan Stanley was told to transfer a sizable amount, all papers signed etc. One week later and nothing. Calls and all they say is maybe by next week. I think they are pissed they are loosing the account, not to mention the money.
Thanks for your replies. Schamp

I'm getting ready to transfer some stock myself. The etrade website says that an online transfer will take less than 10 days whole a paper transfer can take 3-6 weeks.

Wells Fargo to Schwab took three days.

I've seen it take a few days and I've seen it take a few weeks.

I'd give it 3 weeks and if it is not done by then you need to pick up the phone.

Thanks. But this has to be done before the end of the year. Phones will start ringing on Tuesday morning. I guess there isn't a set time like 5 days max.

I don't think there is a timeframe. I have done it and never had any problems, usually takes no more than 10 days total. There is no benefit to the transferring broker to delay the transaction.

Assuming everything is held "book entry", have Schwab (the recipient) handle it "in kind" (i.e. you're never out of your positions) and pull it from MS...that's what I've always done when consolidating stuff. Shouldn't take more than a few business days based upon my experience.