09 Dec Selling stock without a broker

 Q. Quite a few years ago I bought 25 shares in Hudson City Bank. I would like to sell the shares but I’m told I need a broker, which I don’ t have. Is there another way to get access to the small amount of money invested?

A. You have a couple of options.

Generally, with any stock certificates you hold, you can reach out to the company’s investor relations department, which is usually pretty easy to find on a company web site.

Many custodians offer low-cost/free trading to new account owners, said Alison Williams, a certified financial planner with Stonegate Wealth Management in Oakland.

“Open an account and complete a transfer form to move your shares in,” she said. “If you are holding physical stock certificates, you’ll likely need a medallion/signature guarantee. This is similar to notarization and can usually be taken care of at your local bank.”

Once the shares of stock show in your account, you can sell, she said. The cost to execute a trade can be anywhere from $0 and $25, depending on the custodian and active promotions.

Even if you do nothing, in the case of Hudson City Bank, the opportunity to sell your shares may present itself, said Stephanie Sherman, a certified financial planner with Stephanie Sherman & Assoc. in Whippany.

That’s because in 2012, Hudson City Bank entered into a merger agreement with Wilmington Trust, Sherman said.

“According to my research, the companies have until Dec., 2014 to complete the merger,” she said. “When mergers like this occur, stockholders of record receive a letter asking them whether they would like to exchange their shares in the old company for shares in the new company or simply sell their existing shares.”

The Hudson City Bank web site directs investors to its transfer agent.

If there is any confusion, a representative can provide more clear instructions, Williams said, and you can just call the toll-free number.

“Selling the stock can be taken care of online or via phone call,” she said. ” Once the shares are successfully sold, a check is cut and the funds are mailed.”

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This story was first posted in December 2014.