If you took advantage of Un-carrier 11 and Stock Up to get some T-Mobile shares last year, then there’s some news regarding your stock that you need to be aware of.
LOYAL3, the brokerage partner that T-Mobile worked with on Stock Up, is sending emails to T-Mobile stock holders to say that it’s shutting down. On May 19, T-Mobile customers using LOYAL3 will have their stock transferred to FolioFirst, and the stock will be in your FolioFirst account on May 22.
If you move your stock to FolioFirst, you have a few actions available to you. First, you can sell your T-Mobile stock and remove the cash from FolioFirst within one year of the date that you received your T-Mobile stock. You can determine this date by going to the LOYAL3 site and going into My Account > Statements and Forms > Trade Confirmations.
Another option is to keep the T-Mobile stock in FolioFirst and do nothing else. You won’t be charged anything until February 1, 2018, at which time you’ll be charged a $15 annual account maintenance fee.
If you sell your T-Mobile stock after your one-year anniversary of receiving it or buy or sell any securities with FolioFirst, you’ll pay $5 per month. With this monthly payment comes brokerage features like commission-free trading (up to 2,000 per month in twice-daily trading windows) in more than 200 stocks and ETFs. FolioFirst says that it’ll waive this monthly fee until August 1, 2017 to let you try its features.
If you’d prefer not to have your stock moved to FolioFirst, you can either transfer your account to another brokerage firm or sell your shares that are being held at LOYAL3 and then transfer the cash to your bank account.
LOYAL3 says that if you want to have your account transferred to another brokerage firm, May 18 at 5:00pm ET is the deadline for having your new broker send your info to LOYAL3. The last day to withdraw funds from LOYAL3 is May 16 at 12:00 pm ET, and the last day to sell T-Mobile stock in your LOYAL3 account is May 16 at 1:45 pm. The money from stock sold on May 16 will be sent your bank account or by check.
So there’s all of the info you’ll need to make a decision about what to do with your T-Mobile stock. The news that T-Mo customers that’d like to continue holding on to their stock will have to pay a fee at FolioFirst may be disappointing since it was free to have your account with LOYAL3, but at least now you’ve got about a month to figure out what you want to do with your T-Mobile stock.
What are you going to do with your T-Mobile stock?