WaMu MoStan

My dad owned 450 shares of Washington Mutual stock. At one time it was worth, oh, about $20,000 I guess.

WaMu collapsed Sept 2008 due to over-reliance on sub-prime mortgages and some other financial improprieties. WaMu stock became worthless.

He had a brokerage account with Morgan Stanley, which I closed out as soon as I got control of his assets because Morgan Stanley were crooks. Their "portfolio servicing fees" usually exceeded any dividends he was earning, for a net loss every quarter. I told Morgan Stanley to transfer all the portfolio to my broker, and close out our investment account.

Unfortunately, the WaMu stock could not be transferred, since it's worthless.

I have asked, pleaded, cajoled, begged every quarter since Sept 2008 to PLEASE write off the WaMu stock and close the account.

Unfortunately, according to them, they cannot do that. So, every quarter, I get an 8-page statement from them showing a $0.00 balance, $0.00 in growth, and $150/year portfolio maintenance fee.

Since they have no financial ties to me anymore, that fee just sits there, unpaid. The Morgan Stanley broker says that's fine to just leave it.

But how many thousands, tens of thousands of brokerage customers are in my same position, I wonder, receiving statements for $0.00 and bills for keeping the account open because they tell us they are unable to close them?

Epic stupidity.

That's very strange. I had an account with Morgan Stanley and only paid transaction fees. When I closed the account they charged me fifty bucks, which is exactly what I had paid other brokerage houses for closing my account.

In fact, there was one stock I had sold which had several law suits pending. For several years after I closed my account, I would occasionally get a check for a few hundred or a few thousand dollars as the suits were settled. On stock which I had long ago sold.

I have the option to sign up for paperless statements but I prefer to just toss the envelopes in recycle, unopened. Let them pay for their stupidity.

Obviously though, after eight years, they're not learning.

Try telling them to give you the stock certificates and then close the account.