# Canadian Stock Transfer (CST) issues



## 44545 (Feb 14, 2012)

Has anyone else had problems with CST as a transfer agent?

Their website is awful (compared to Computershare) and they seem to take an inordinately long time to cash cheques for optional share purchase plans.

This came up (well, I brought it up) on another site, the DRIP investing forum, here: http://dripinvesting.org/Boards/Read.asp?MID=141849&Thread=Yes

Since then, others have weighed in to indicate their displeasure with CST and I've written letters to each of the companies I have shares in that use CST as a transfer agent.

I'm wondering if anyone here has put pressure on them to improve.


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## Toronto.gal (Jan 8, 2010)

CJOttawa said:


> 1. Their website is awful (compared to Computershare) and they seem to take an inordinately long time to cash cheques for optional share purchase plans.
> 
> 2. I'm wondering if anyone here has put pressure on them to improve.


1. I also prefer Computershare, however, I have not had any significant problems with either CIBC Mellon nor CST, but I really don't use their website that much; I simply send them cheques and all looks fine in my statements.

With respect to cashing your cheques late for OCP, could be because you're not sending your cheques on time. Are you aware that different companies have different rules? For example:

*- MFC:* [quarterly only] - cheque must be received 5 business days before the dividend date.

*- CM:* [monthly] - cheque must be received 5 business days before the 1st of the month.

If you miss the cut-off date, then your shares don't get purchased until the following month. 

I was late once submitting a cheque to Computershare for BMO purchases and my cheque did not get cashed until the following month.

2. Not yet, but I'm the type to put my complaints in writing for inexcusable errors. 

Welcome to the forum!


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## 44545 (Feb 14, 2012)

Toronto.gal:

For sure, I understand a nominal delay to process a cheque and the requirement to get in before the OCP deadlines.

When a cheque clearly arrives weeks or months ahead of a quarterly payout and "isn't cashed in time" I get suspicious of administrative neglect.

FYI, what started my digging was the lack of downloadable T5s through CST where Computershare offers them online.


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## Toronto.gal (Jan 8, 2010)

CJOttawa said:


> When a cheque clearly arrives weeks or months ahead of a quarterly payout and "isn't cashed in time" I get suspicious of administrative neglect.


If this is happening a lot, then you have every right to complain. 'Administrative neglect' happens everywhere unfortunately. 

I wouldn't mail cheques 'months/weeks' in advance, do it a couple of weeks before the due date and see what happens.

I don't know about CST as I haven't tried their website yet, but with CIBC Mellon, it was not possible to change passwords without writing them a letter and I found this very annoying. No problem doing so with Computershare.


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