Selling shares of bank stock is simple to do if the shares are already held in a brokerage account on your behalf. In this case, all that is required is calling the brokerage firm and speaking with a registered representative to place a sell order. However, if you have the certificates in hand, you have one of two options. The first is depositing the certificates into a brokerage account. The second option is selling the shares through a bank transfer agent.
Deposit into a Brokerage Account
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Step 1
Open a brokerage account at any brokerage firm. Most banks now have subsidiary companies that are full-service brokerage firms that can assist you.
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Step 2
Endorse the stock certificate on the back, similarly to how you would endorse a check. Make sure you sign your name as it appears on the stock certificate or as the trustee of an estate (if this is inherited stock).
Step 3
Give the stock to the representative. If this is part of an estate liquidation, provide any will, trust or court probate documents proving your authority to sell the stock.
Step 4
Obtain a receipt for the stock certificate that includes the date it was deposited, the number of shares and the company name.
Step 5
Place a sell order with the representative as soon as the stock certificates "clear" the account. Just like a check, it may take a few days for the stock to show up on the computer database. Technically, you can sell it sooner, as long as the stock shares are in the account by the end of the fourth day. However, this is risky, as older certificates may not reflect stock splits. It may be best to wait for the computer to update the shares.
Sell Through Transfer Agent
Step 1
Call the bank's investor relations department. If you are unable to locate this information online, call your local branch and ask for it. Obtain the transfer agent's name and address to find out if there is any special procedure for selling the stock.
Step 2
Endorse the stock certificates on the back. Make a copy of the certificates on the front and back, making certain that the stock certificate number is clearly shown as well as the number of shares.
Step 3
Write a letter of instruction stating that you want to sell 100 percent of share ownership. If you are acting as an estate executor, include all documentation stating who you are and your authority. Have this letter signature-guaranteed to confirm your signature.
Step 4
Mail the stock certificate and letter of instruction by certified mail. It is worth the extra few dollars to get a confirmation receipt that the certificates were received in good order.