BNY Pershing in
Jersey City (NJ)

Billy Bob loves I c e bbsksz

Do NOT invest with them! They are incredibly incompetent. They couldn't even transfer a simple check to my brokerage account correctly, making several attempts there, and then it was supposed to be sent directly to me. Instead they finally sent it successfully to my brokerage account, only to rescind the check a few days later, causing me to have a negative balance and be charged a fee. Don't trust them!

Outdated systems and ridiculous requirements on transfers. I had a stock in our account that was worthless. Trying to abandon this worthless stock so I can transfer my funds to a real investment company like Vanguard has been a trip through Dantes 9 levels of hell. On the form to abandon this worthless stock they require a notary. This coincided with a trip I was on so my wife and I used an online notary much like we used for our last two house closings since we were in different cities. Unacceptable Pershing said for getting rid of this worthless stock! It must be an in person notary they say! All of this is on top of the three weeks it took my advisor to get an answer out of Pershing on how to abandon the worthless stock. Keep in mind we're not taking about eliminating something of value but something that is worthless and had been of zero value for at least 4 years. I find the Pershing lack of customer service, antiquated processes, slower than a snail communications with our advisor and general ineptitude to be most frustrating.