Selling Your RSU NVO STock? If so Read This!

Discussion in 'Novo Nordisk' started by anonymous, Feb 13, 2019 at 8:50 AM.

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  1. anonymous

    anonymous Guest

    If you have an account with a nationwide bank such as Bank of America, then you can stop reading this now. If, like me, you have a checking account with a smaller regional bank, then you probably want to keep reading.

    I tried to use Computershare's website to sell the RSU shares of NVO I was awarded. To make an international wire transfer to my bank, Computershare's website required me to input my banks "SWIFT" code. I checked my banks website looking for it, and learned that my bank does not have a SWIFT Code. Their website said that I would have to have Computershare wire funds to a financial institution here in the U.S. that Computershare has a working relationship with, and that institution would then wire the proceeds from the sale of NVO shares to my bank. (Net of this is that my small regional bank does not accept international wire transfers)

    So I decided to sell the shares and have Computershare mail me a check. That'll work, but the check will be drawn on a bank in Denmark and will be issued in Danish Krones, not US Dollars. My bank will accept it for deposit, (I called and asked to be sure they would) but it will "take longer and fees might be incurred which the bank will pass on to you if there are any." Taking longer means that my bank will place a hold on my deposit until the bank in Denmark pays my bank for the full amount of their check, and only a small fraction of the total amount of the check I deposited will be made available to me immediately.

    I could go down to the local branch of J.P. Morgan Chase and open an account with them and have the funds wired into my new account. But I really don't want to open another bank account that I probably wont ever use again not to mention pay all those fees to Chase that my small regional bank doesn't charge me.
     
  2. anonymous

    anonymous Guest

    I have never dealt with trying to sell my own shares, so I’m completely confused with this whole process. There are many Novo employees who seem to have a lot of financial knowledge, so what do you think about selling vs leaving it?
     
  3. anonymous

    anonymous Guest

    OP here...
    You can leave the shares with Computer Share if you so chose. But only you know your own personal financial situation, so whether or not it's best to leave them or sell them is something that only you can determine.

    I decided to sell mine. I had zero experience with selling shares held by an overseas custodian which involves an international wire transfer. It was when I first tried to use ComputerShares website to sell my shares that I discovered there's a lot more to doing it than meets the eye.

    The best thing anyone can do is to Google international wire transfer and read about the process. I learned there are banks transaction fee's and exchange rate fees charged by the various banks involved with the process that will reduce the amount of money you will ultimately receive. Good luck!
     
  4. anonymous

    anonymous Guest

     
  5. anonymous

    anonymous Guest

    Having Computershare sell your vested NVO shares and mail you a check WONT work.

    I called the USA phone number and asked about that. The person I spoke with didn't know if that could be done, so they transferred my call to Computershares UK office in London. The Brit on the phone politely told me "We cant do that."

    They said you must use an international wire transfer if you sell your RSU shares of NVO. You may also transfer all of your shares from Computershare to a brokerage account here in the states. (That's if you have a brokerage account with an online stock brokerage like E*Trade, or a full service stockbroker such as Merrill Lynch)
     
  6. anonymous

    anonymous Guest

    You should’ve called your small bank directly. They would give you all the information and steps for transfer. Small banks usually have a larger bank that they go through, like Bank of America, so you would transfer to that larger bank using their swift code first, then you would “further to” your smaller bank. However Computershare doesn’t allow you to “further to” on their website. I called Computershare about this and they told me I’d have to submit as is and get an error notice from them. Then I could put instructions for 2nd or 3rd party bank to further to. Sounds kind of stupid to me to not have a process for furthering on to smaller banks in place. But it is what it is.
     
  7. anonymous

    anonymous Guest

    Correct you are! What's worse than the stupidity of Computershare's website not being able to handle "further to's" is the fact that each and every intermediary bank your money passes through will hit you with a transaction fee of their own. You don't want your money passing thru two or three banks after it leaves Computershare before the funds are deposited in your bank because if it does, that's less money you will receive.

    BTW - About the exchange rate: If you think you'll be charged the "midrange" exchange rate (the fee for converting Danish Krone to US Dollars) better think again. Banks charge a higher exchange rate for consumer transactions such as this. They don't use the midrange exchange rate, instead they use their own exchange rate which is higher than midrange. So this is just one more way you will ultimately receive less money when the funds finally hit your bank.
     
  8. anonymous

    anonymous Guest

    Computershare would not work with an intermediary. That is what I was told.

    I would love to know how much money the company saved by making us go through all these hoops.

    Also, anyone noticed no new RSU program announced? The last 3 were announced shortly after the previous vested.
     
  9. anonymous

    anonymous Guest

    Do you mean Computershares website wont work with intermediaries or do you mean Computershare personnel wont contact intermediary banks?

    It's already been said here that Computershares website does not work with intermediaries that's why I'm confused by what you wrote.
     
  10. anonymous

    anonymous Guest

    I called and they will not wire the money to an intermediary. Of course the person at Novo who made this decision was likely entirely unaware that a good proportion of us bank locally or use credit unions.

    My only option is to open a new bank account, which is a pain.
     
  11. anonymous

    anonymous Guest

    Right. They wire funds to the bank that you gave them a SWIFT code for (which is NOT an intermediary) and then THAT bank subsequently wires the funds to your bank. In my case Computershare wired money to Wells Fargo here in the U.S. and then Wells Fargo wired the funds they received from Computershare to my bank.

    Your answer makes no sense to me whatsoever.
     
  12. anonymous

    anonymous Guest

    Given the complicated process with receiving the proceeds for my RSU shares, and because I don't particularly need cash right now, I'm going to have Computershare transfer my shares to my US stockbroker.

    I currently don't own any Novo Nordisk stock (I'm not interested in buying any either) but because these shares were given to me, I'm willing to add them to my tiny portfolio and let them sit there.

    Good job Novo. You outsourced distribution of this RSU to a company that creates too much BS for your employees to have go through only for them to end up with less than 1500 dollars.
     
  13. anonymous

    anonymous Guest

    Typical disgruntled employee - you find a way to bitch about free money that you didn’t do anything to earn except for not getting fired. Really
    Sad.
     

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