Dear Shari-Shari customers,
We hope this message finds you well. It is with a heavy heart that we write to inform you of a significant decision that Shari-Shari will be closing its operations on Friday, September 13 2024. Alpaca Securities, Shari-Shari's US Partner Brokerage, has informed us of their decision to pivot business focus and cease collaboration with Shari-Shari as a technology provider. This decision means that the Technology Provider Cooperation Agreement established with them in 2021 will no longer be renewed.
How will this affect you?
No new sign-ups and account funding effective immediately
No subscription fees will be charged when account has been closed and in cases of overpayment (e.g. paid annually), we will refund you the excess.
What do you need to do?
You need to decide among the options listed below and follow the instructions based on your selected option.
Option 1. Liquidate your assets, withdraw your cash and close your account
(Update: no longer available as the Shari-Shari platform has shutdown. Please refer to # 2 or # 3 for alternative options)
You liquidate your account by selling your assets and withdrawing funds via the Shari-Shari platform and Alpaca will wire your funds to your account.
Please note that this option will incur withdrawal and processing fees and will still be subject to the T+2 days settlement process. See pricing page for updated processing fees.
Option 2. Create an Alpaca individual account and move assets here.
(Please note: customer will pay all fees related to this option)
You create an Alpaca individual account and Alpaca will move your assets there. Your account assets (cash and securities positions) will be transferred to your new Alpaca account. After creating your login, you will be able access and transact in your Alpaca brokerage account. Please note that your account number(s) will change, and you will not be able to see historical activity from your current Alpaca account.
If you choose this option, follow the steps below:
- Visit https://alpaca.markets/ and select Sign-up in the upper-right hand corner of the website. Please be sure to use the same email address that was associated with your Shari-Shari account when you create your new Alpaca account.
- Open a new live trading account and send an email to support@alpaca.markets from the same email address with subject: “Transfer my holdings from Shari-Shari to Alpaca"
- Once we receive this email, we will move the assets from your account to your new Alpaca account
Option 3. Open an account with another broker-dealer
(Please note: customer will pay all fees related to this option)
Fill-out an Automated Customer Account Transfer Service (ACAT) request to the new broker-dealer, in which case, they should provide you with a form and instructions on how to complete it. Ensuring that the form is properly filled and sent to Alpaca will be your and the other broker dealer’s responsibility.
Please note that this step will likely incur fees from both Alpaca and the other broker dealer.
What if you have a recurring payment for subscription or have paid in advance?
Your subscription renewal will cease on account close date. Any overpayments will be refunded to your credit card.
In all of the choices above, our customer support team will remain available to assist you during this transition. Please don’t hesitate to reach out if you have any questions or concerns.
Wishing you all the best on your own journeys ahead.
Shari-Shari Team
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