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How do I sell a single share of stock without losing everything to fees?

Discussion in 'Ask any question!' started by Billy Ray Jepsen, Jan 3, 2020.

  1. Billy Ray Jepsen

    Billy Ray Jepsen New Member

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    Many years ago I was gifted a small amount of stock for a present in order to teach me about investing and whatnot. I didn't pay attention to it for years, and in the interim the stock split, merged, became different companies, and did all those thing stocks can do.

    Eventually, (along with some other stuff) I ended up with one share of MoneyGram International Inc (MGI). Recently I flipped through its annual report, and saw that the company has been doing bad for a long time. In addition, I don't have a favorable opinion of the company in general. So I decided I wanted to cut my losses and sell this share of stock.

    My share of MGI is currently on a site called Shareowner Online (https://www.shareowneronline.com/). When I went to sell my share, I saw that Shareowner would charge me $30.30 ($30 for a batch sales order and $0.30 per share sold) to do so (fee schedule is located behind the account login, otherwise I would link it). This seems pretty high in general, and considering MGI is currently trading for around $2 per share, wouldn't leave me with anything. I even called up their customer service line and asked for some type of relief considering I was just selling a single share of a low value stock. I didn't press the matter too hard, but I was told no there wasn't anything they could do about the fees, but at least they'd drop the remaining fees after the sale ($2 stock - $30.30 fee = -$28.30 balance). Great :/

    So my question is, how can I sell 1 share of a stock without losing everything to fees? I get that I'm going to be charged something during the sale, but I'd like to walk away with some amount of money in my pocket, even if it's just change. My thought was maybe I could transfer ownership (management? control? I'm not sure of the proper term) of the stock from Shareowner online to some place else (would this be free?) that charges more reasonable (aka much lower) fees and sell it there. I am located in and a citizen of the USA.

    On a side note, this has been a very different problem to research. Googling "Sell a single share of stock" (or similar queries) just results in page after page of basic 'How to sell stock' pages that don't touch on the matter of fees at all. So asking on a forum like this and chancing upon someone with the proper knowledge seems like my only hope to figure this out. Thanks.
     

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