LAST UPDATE (UPDATE#3) - Fidelity hasn't found where $10,000 dlls worth of GME shares went - You guessed it - they lent my shares even though I didnt have a margin. But wait, theres more.

  1. Well ya know…. We aren’t technically lending your shares… we we are just telling you the shares in your balance are yours.

  2. Yeah requested 413 shares drsd today and there’s/trader spent20 minutes trying to convince me that they don’t lend. So what motherfucker? Ifyoudont internalize orders or lend out the shares just transfer them to computershare.

  3. Remember the big push for everyone to move to Fidelity once Robin the hood removed the buy button? Yeah there was a reason why... Now Fudelity has loads of ammo for lending. They are making bank off of non DRS shares! Nothing to deter them from doing so.

  4. The fact that they cannot tell you if YOUR shares are lent out because the shares are all in a "pool" lol. Makes no sense. How can shares you bought not be distinguishable from shares another person bought?

  5. And when you have a margin account like OP. You may not have been using your margin but you still had a margin account

  6. Ive DRS'd a lot. I had hedged a small portion of my position with covered calls but as those are expiring, I'm transferring more shares to computershare.

  7. If any of you are in this situation, please consider DRSing your shares. I dragged my feet for almost a year but I finally DRSed and many others are as well.

  8. I will add that when I DRSed my first batch, maybe in September, I thought I might have waited too long. To date I’ve DRSed 7 batches (from Fidelity) and each time it took maybe 3 trading days at most, and the confirmation letter from CS like a week later. The knowledge that my name is on those shares … god it’s great. Do it. It’s not too late yet, but one day it will be.

  9. We know from Wes Christian through legal discovery that brokers are even lending out registered shares like IRAs, etc., even though the law forbids it. Therefore, it's reasonable to assume all shares at brokers are lendable.

  10. Fidelity doesn't lend out your shares bro because it's never in your name in the first place. It's Fidelity shares lol that's how they get us.

  11. Right, they could legally say they do not lend YOUR shares, because you are a beneficiary owner and they are the true owner....

  12. I have fidelity and have always been under the impression/information that your shares can be loaned out in any scenario other than a straight cash account.

  13. This is and has been the case, op chose to ignore the facts and everyone that says "if you have a margin account, your shares will be lent and you'll have a bad time"

  14. This is also the case for all those Apex clearing accounts (Sofi, etc). Your 'cash' account is actually a margin account so you can instant deposit.

  15. Welp guess no one should be hodling gme in an account that does anything with margin maybe like... Computershare

  16. It’s so funny. While I was DRSing 2 of my shares this morning. I asked the trader- “what does FINRA regulation state regarding to the timeline in which in asset is transferred from broker to transfer agent?”.

  17. So I need each of you to understand this simplicity. EVERY SINGLE CASH TRANSFER FROM YOUR BANK THIS MORNING THAT WAS USED TO BUY A SHARE TODAY WAS CREDIT EXTENDED TO YOU WHILE YOUR CASH TRANSFER CLEARS.

  18. I'm pretty sure Fidelity was lending out my IRA (cash account, not margin), or never actuality bought the shares. About a month ago I transferred my IRA shares out and DRS'd them. The shares showed up at Computershare, but they didn't send the cost basis, and the shares I bought in my IRA are still marked non-covered in Computershare, although the shares I bought from my individual account I transferred at the same time, and after all come over as covered.

  19. You would have to call Fidelity regarding this. I asked about it a while back and the rep said this is due to the penalty. I only ever had a handful and I never called, but I was told that is how you get the cost basis to ComputerShare from IRA shares sent from Fidelity.

  20. IRA shares are lent, full stop, margin is irrelevant if it's an IRA, that's the deal with them and why it's so frustrating when people refuse to DRS their IRA shares

  21. In all fairness, if you have shares in fidelity, you dont have shares. The clearing house has shares, you have an IOU. Fingers crossed fidelity backs you and not the customer that gives the more money.

  22. Thank you for being persistent with this and keeping us updated. I've been wondering what sort of loopholes they've been slithering through to loan out our shares.

  23. I’ve been saying this to a lot of Canadian folks who think banks don’t lend their shares. It’s all the same bullshit man. Every broker does this type of shit yet people are willing to give them benefit of the doubt. Please post this in the Canadian gme subs as well and other other subs u can.

  24. Fuck yes fuck the crooked brokers. DRS your property. I’ve DRSd over to 5,000 gme shares. Every share counts. A share left in broker/street name is a fucking pawn for the criminals of Wall Street

  25. Interesting fact, I got an unsolicited email from Fidelity last week saying they were upgrading me to level 1 options. It starts on the 8th. I suppose they sent these out to lots of folks and they will all of a sudden find more shares in their pool to loan out.

  26. We are not a movement but a group of individuals who make our own investment decisions but I'm going to get angry when their own independent actions don't coincide with my totally not groupthink mentality.

  27. It’s safe to assume they are lending your shares. They are lending your IRA shares; why should your taxable account be safe? Because they said so?

  28. Is this why they remade the option levels so that more people like me with the old level 0 options suddenly get access to calls and puts, because that lets them lend out shares from those additional accounts now?

  29. In other words, they are counting the margin loan you get while your positions settle as a loan that makes your shares lendable. This is a standard feature of a margin account.

  30. I got a 401k plan. I don’t think I can drs with those shares. How will I get effect if it moass and I haven’t drs

  31. Why am I not 100 percent drs 🤦‍♂️ they are using my fucking shares I know it. It ain’t much and I wanted them to be available just in case but I’m almost over that

  32. They are lending non existent shares! You don’t think they will lend real ones in their possession? You get wise you get to CS!

  33. My account with Fudelity magically went into a margin account with no notification because they were waiting on funds to settle...even though it was showing as available to use/trade.

  34. I trade options as well using fudelity. But I DRS my GameStop shares to avoid this. And just to have a clear performance of my options trading. But why not drs those bad boys?

  35. So are they lending your shares because you have a margin account for options? Would it be different if you had a cash only account?

  36. the problem is you account is indeed margin account (you trade options right?), so even you purchased your GME shares in cash, those share will be lend regardless.. there is a thing in Fidelity called Auto Journaling that make all margin account shares lend-able. If I'm not mistaken, you can turn off your auto journaling, or just switch your Fidelity Margin Account to Cash account and make other account from webull or something else just to play option

  37. So if I was able to vote on my shares, my shitty brokers actually have them. I know Drs. I can't afford to pay to move them. But at least that's a bit reassuring.

  38. Wow…..got em; though i hope u have the money to sue the shit out of thm for this! It’s completely unacceptable this wasn’t disclosed prior, especially with them lying about it up front to their entire customer base.

  39. Cant use shares as collateral for covered calls if held as type 1. That the whole reason why I still have GME shares there, cause they’re stuck as collateral. The rest is already DRSd

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