How to write an officially effective letter to UBS for....

[CLS]

Hi there,

This is a question for a friend who got a problem dealing with international bank account, paper works, phone calls... sort of things. He was once an employee of an international company which had an ESPP (employee stock purchase plan). Joint in without actually knowing what was going on, he has saved (and lost) a little money in the account anyway.

Things get more complex after he left the company, and that company was later merged by another bigger one... Oh well.

Anyway, the money in that acount is very few and not worth any effort to obtain (accross the earth). So, how to write an official letter to declare something like "I want to give up all the money in that account, just leave me alone... "?

I think of the following:

To whom it may concern,

I hereby declare to clear my investment account of the following:

Account name: ***
Account type: Company Sponsored Stock Plan
Account number: ***

For identification, my registered address is (was):

no. 123, abc st., xyz town, .....


Also, I hereby declare to give up (or give away, or equivalent) all assets under the account mentioned above.

Please provide proper paper form(s) for this purpose and the guidance of the process. Paper work (including email) is preferable. International phone calls shall be avoided as much as possible.

Thank you very much,
***

Does that work?

Or any comments?

Thanks a lot 🙂

 

[CLS]

Anyone?

Thanks a lot for any input🙂

 

[sofaspud]

He probably needs to find out who is managing the portfolio. Send a registered letter stating the unequivocal intent to divest of those assets as soon as possible, and a firm request that all necessary forms be sent within, say, 30 days, and that they in turn will be returned immediately.
I'd also send a copy to the proper department of the current company.

International phone calls shall be avoided as much as possible.

You're nicer than I am.🙂

 

[CLS]

Thanks a lot for the response. 🙂

It seems more paper works are invetiable and not so simple. Point is, after the merging, the stock droped like a xxxx, so there's so little money in the account (maybe not enough for buying a decent driver... something like that, I don't know the exact number ). And UBS is going to charge annual handling fee that is probably more than the amount in that account. How ironic.

And, is it possible to give up assets of an account? Can we really tell them "just take the money and leave me alone." ?

 

[sofaspud]

Probably can't just give it away. It's all about business, financial, legal, and regulatory stuff. Just like you can't give away your car; the title remains in your name. Banks seem to have eight ways from Sunday to nickel and dime a person to death, which is why it wouldn't surprise me if they want to drag their feet. Forget email and phone calls. Your friend needs to put a signature on a piece of paper "in triplicate" and then tell them to take a hike.