You recently invested in the stock market and made stock trading a fulltime hobby. Right after you submitted the requirements and paid the initial participation amount, you finally received your first preferred stock certificate. Since the certificate has monetary value, your stockbroker immediately deposited it in a custodian bank for safekeeping and to prevent it from falling into the wrong hands. After a few months of stock trading and making friends from your newfound hobby, you then found out about the reputation your current custodian has by word of mouth. Afraid of putting all your hard work at risk of loss, you then decide to file a Change in Custodian Form to change the custodian of your stock certificates.
What Is a Change in Custodian Form?
A Change in Custodian Form is a change form which is filed as a notice of intent to change the custodian of your financial assets. What this form does is that it formally transfers the financial asset’s custodianship from the current custodian to a new one. The Change in Custodian Form is filed to the district controller’s office in the state where you filed the change of custodianship.
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What Is a Custodian?
A custodian in finance is the term used for banks or entities that offer safekeeping services to clients who wish to secure their financial assets. The most common form of custodians are banks, and they are the first ones as well. Custodianship of banks can be traced back to the early periods of banking history. In the 17th century, goldsmiths were considered the first modern bankers due to the safekeeping or custodianship services they offer. Once a client avails for the safe-keeping services of a goldsmith, clients will then be issued a bearer note as proof that they deposited something valuable and a guarantee that they could collect their deposit upon presenting the bearer note.
Today, custodians still offer the same safekeeping or custodianship services that the goldsmiths of the old offered. Custodians now extend their services over financial instruments, property deeds, and anything considered as an asset or of monetary value, instead of being limited to providing custodianship over gold bars, gems, and money.
Although custodians are generally identified with banks, it can also be natural persons assigned for the safekeeping of funds such as petty cash funds. A high-ranking official of an institution usually appoints these custodians or elected by members of the board in corporations.
How to File a Change in Custodian Form
You heard the colorful reputation of your current financial custodian, by word of mouth from your new-found friends. So you then came into a decision to change your financial custodian with a new one. Also, being the cautious investor that you are, you can’t afford to trust your newfound friends’ advice on that matter. So you take matters into your hands, scoured the internet, and learned, as much as you can, about Change in Custodian Forms. One of the things that you learn from your research is how to file a Change in Custodian Form, and here are the steps on how to do it.
Step 1. Notify your Present Custodian of your Intention
Notify your present financial custodian about your decision to replace him with a new financial custodian. During this process, all you need to do is let him know of such a decision without the need to tell him the reason for such a move. This also allows your present financial custodian to prepare the withdrawal process of your financial assets in his safekeeping.
Step 2. Download a Change in Custodian Form Sample
After notifying your present financial custodian about your decision, you can now proceed to the next step in making your Change in Custodian Form. To do that the easy way, all you have to do is download a Change of Custodian Form sample provided in this form. To begin, choose among a list of Change in Custodian Form samples that you find easy to answer.
Step 3. Answer the Change in Custodian Form
After downloading a Change in Custodian Form from a list of samples found in this article, you can now begin in answering the form. To answer the Change in Custodian Form, fill out the fields with the information that is asked for. The Change in Custodian Form will ask for the information about the current and new custodians. The form will include spaces that are intended for the present and new custodians to answer, so its best to leave it blank.
Step 4. Print and Sign the Change in Custodian Form
After you’re done answering the Change in Custodian Form, the next thing to do is to print the form itself. You can have the Change in Custodian Form printed using your office or home printer. After printing the Change in Custodian Form, affix your signature on the block intended for it. You can find the signature block at the bottom part of the Change in Custodian Form. Make sure you sign the form above your printed name. Have the Change in Custodian Form signed by the current and new financial custodian as well.
Step 5. Submit the Change of Custodian Form
After completing the previous stages of the change of custodian process, the next and final thing to do is to submit the Change in Custodian Form. Submit the Change in Custodian Form to the district controller’s office in the state where you filed the transfer of assets. The office may require you to pay a filing fee to have your change of custodianship further processed. The filing fee required to handle your Change in Custodian Form will vary from state to state.
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