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What is a residual transfer?

April 26, 2017residual transfer

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What is a residual transfer?

1 Answer

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Posted

• Residual transfer – a process by which the former custodian (BrownCo), reconciles distributions to accounts transferred to the new custodian (E*TRADE Securities) on a periodic basis. E*TRADE Securities will then post the distribution to the security holder’s account. • Regulatory Reporting – The custodian receiving the distribution (BrownCo) handles the reporting of distributions received in your account, and the activity will be reflected on your statement in which the distribution takes place and 1099 from BrownCo.