Do you own Wells Fargo stock and are looking to cash in on your investment? Perhaps you've reached a financial goal, want to diversify your portfolio, or simply need the funds for another purpose. Whatever your reason, selling stock can feel like a daunting task, especially if you're new to online trading. But fear not! This comprehensive guide will walk you through the process of selling your Wells Fargo stock online, step-by-step, making it as smooth and straightforward as possible.
Let's dive in and empower you to take control of your investments!
A Step-by-Step Guide to Selling Wells Fargo Stock Online
Selling stock online primarily involves utilizing a brokerage account. If you already have one, great! If not, don't worry, we'll cover that too.
Step 1: Engage with Your Existing Wells Fargo Account (or Open a New One)
Are you already a Wells Fargo customer with a WellsTrade account? If so, you're ahead of the game! You can likely use your existing Wells Fargo Online login credentials to access your WellsTrade brokerage account. This makes the process incredibly seamless.
If you don't have a WellsTrade account, or any online brokerage account for that matter, this is your crucial first step.
Sub-heading: Opening a WellsTrade Account (or another Online Brokerage Account)
To sell stock online, you need an investment account, commonly known as a brokerage account. Wells Fargo offers its own online brokerage service called WellsTrade.
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Research and Choose Your Brokerage: While WellsTrade is a natural choice for Wells Fargo stock owners, it's always wise to research other online brokerage firms too. Consider factors such as:
- Fees and Commissions: Many brokers, including WellsTrade, now offer $0 commissions for online stock and ETF trades. However, be aware of other potential fees like mutual fund transaction fees or agent-assisted trading fees.
- User-Friendliness: Is the platform intuitive and easy to navigate? Does it offer a robust mobile app if you prefer trading on the go? Many brokers offer demo accounts where you can practice trading with "play money" before committing your actual funds.
- Tools and Research: Does the brokerage provide valuable tools like stock screeners, real-time quotes, and research reports to help you make informed decisions? WellsTrade offers proprietary research from Wells Fargo Investment Institute, which can be a significant advantage.
- Customer Support: What kind of support do they offer (phone, chat, email)?
- Investment Options: While your current focus is selling Wells Fargo stock, consider if you might want to invest in other assets (ETFs, mutual funds, options) in the future.
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Gather Necessary Documents: To open an online brokerage account, you'll typically need:
- Proof of Identity: Government-issued ID like a driver's license or passport.
- Proof of Address: Utility bill, bank statement, or rental agreement.
- Social Security Number (SSN) or Taxpayer Identification Number (TIN).
- Bank Account Information: For linking your bank account to fund your brokerage account and receive proceeds from sales.
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Complete the Online Application: Visit the chosen brokerage's website (e.g., WellsTrade on Wells Fargo's site) and follow the prompts to open a new account. This usually involves filling out an online form with your personal and financial information. You may be able to e-sign documents to complete the process.
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Fund Your Account (if necessary for future trades): While you're selling, you might need to deposit funds later if you plan to buy other stocks. The easiest way to fund a WellsTrade account is often by transferring money from a linked Wells Fargo Banking account.
Step 2: Locate Your Wells Fargo Stock in Your Brokerage Account
Once your brokerage account is set up and accessible, it's time to find your Wells Fargo stock.
Sub-heading: Navigating Your Online Brokerage Platform
- Log In: Access your brokerage account using your username and password.
- Navigate to Your Portfolio/Holdings: Look for a section often labeled "Portfolio," "Holdings," or "My Accounts." This is where you'll see a list of all the investments you currently own.
- Identify WFC (Wells Fargo & Company): Your Wells Fargo stock will typically be listed by its ticker symbol, which is WFC. You'll see the number of shares you own and their current market value.
Step 3: Initiate a Sell Order
This is the core of the process – instructing your brokerage to sell your Wells Fargo shares.
Sub-heading: Placing Your Sell Order
- Select the Stock to Sell: From your portfolio, click on your Wells Fargo (WFC) holding. This will usually take you to a dedicated page for that specific stock, showing its current price, historical data, and trading options.
- Choose "Sell": Look for a button or option clearly labeled "Sell."
- Enter Order Details: This is where you specify how you want to sell your shares. Key details include:
- Quantity: Enter the number of Wells Fargo shares you wish to sell. You can sell all of them or a partial amount.
- Order Type: This is crucial. Common order types for selling include:
- Market Order: This tells your broker to sell your shares immediately at the best available market price. Market orders are executed quickly but offer no price guarantee. They are suitable if you want to sell immediately and are comfortable with the current market price.
- Limit Order: This allows you to set a specific price at which you want your shares to be sold. Your order will only be executed if the stock's price reaches or exceeds your specified limit price. Limit orders offer price control but might not execute immediately if the market doesn't reach your price.
- Stop-Loss Order: While primarily used to limit potential losses, a stop-loss order can also be thought of as a trigger for a market order. You set a "stop price." If the stock price falls to or below this stop price, it triggers a market order to sell. This is often used as a risk management tool.
- Stop-Limit Order: This combines aspects of both stop and limit orders. You set a stop price and a limit price. When the stock hits your stop price, it triggers a limit order (rather than a market order) to sell at your specified limit price or better.
- Time in Force: This determines how long your order remains active. Common options include:
- Day Order (DAY): The order remains active only until the end of the current trading day. If it doesn't execute, it's canceled.
- Good 'Til Canceled (GTC): The order remains active until it's executed or you manually cancel it (typically up to 60 days).
- Review and Confirm: Carefully review all the details of your sell order before submitting it. Double-check the stock symbol, quantity, order type, and price (if applicable). A small error can lead to an unintended trade.
- Submit Order: Click the "Submit" or "Place Order" button.
Step 4: Monitor Your Order and Confirmation
After submitting your order, you'll want to ensure it executes successfully.
Sub-heading: Tracking Your Sale
- Order Status: Most online brokerage platforms have an "Order Status" or "Trade History" section where you can track the status of your submitted orders.
- If you placed a market order, it should execute almost immediately, and you'll see a "Filled" or "Executed" status.
- If you placed a limit order, it might show as "Open" or "Pending" until the market reaches your desired price.
- Confirmation: Once your order is executed, you'll receive a trade confirmation. This document typically includes details such as the number of shares sold, the execution price, the total proceeds, and any applicable fees or commissions. You can usually find these confirmations in the "Statements & Documents" section of your account.
Step 5: Receiving Your Proceeds
After your Wells Fargo stock is sold, the funds won't be immediately available for withdrawal.
Sub-heading: Settlement and Withdrawal
- Settlement Period: Stock trades typically take two business days (T+2) to settle. This means the funds from your sale will be officially available in your brokerage account two business days after the trade executes. This is a standard industry practice.
- Transferring Funds: Once the funds have settled, you can initiate a transfer from your brokerage account to your linked bank account. Look for options like "Transfer Funds," "Withdraw Cash," or "Move Money." You'll typically specify the amount you want to transfer and the destination bank account.
- Timeline for Funds to Appear in Bank Account: The time it takes for the funds to appear in your bank account after initiating the transfer can vary depending on your bank and the brokerage, but it's usually within 1-3 business days.
Important Considerations When Selling Stock Online
- Taxes: Selling stock can have tax implications, especially if you sell for a profit (capital gains). It's crucial to consult with a tax advisor to understand your specific tax obligations. Wells Fargo and other brokerages typically do not provide tax advice.
- Market Volatility: Stock prices can fluctuate rapidly. Be aware that the price at which your market order executes might be slightly different from the quoted price at the moment you place the order, especially in fast-moving markets.
- Fees: While many online stock trades are commission-free, always review the fee schedule of your chosen brokerage to understand any other potential charges.
- Diversification: Selling a portion of your stock to diversify your portfolio can be a sound investment strategy.
- Access to Online Services: Access to online services may be limited, delayed, or unavailable during periods of peak demand, market volatility, system upgrades or maintenance,
or electronic, communication, or system problems.
10 Related FAQ Questions
How to choose the best online brokerage for selling stock?
Look for $0 online stock and ETF commissions, a user-friendly platform (desktop and mobile), robust research tools, and reliable customer support. Consider WellsTrade if you already bank with Wells Fargo, but compare it with other top brokers.
How to transfer Wells Fargo stock from one brokerage to another?
Most brokerages use the Automated Customer Account Transfer Service (ACATS). You initiate the transfer from the receiving brokerage (the one you want to move your stock to). They will then contact your current brokerage to facilitate the transfer, which typically takes 3-6 business days.
How to sell Wells Fargo stock if I only have physical stock certificates?
You'll need to "dematerialize" your physical certificates by depositing them into a brokerage account. Contact your chosen brokerage for their specific process, which usually involves mailing the certificates with a signed form.
How to know the cost basis of my Wells Fargo stock?
Your cost basis is the original price you paid for the stock, plus any commissions or fees. Your brokerage statements or tax documents (like Form 1099-B) should provide this information. It's crucial for calculating capital gains or losses for tax purposes.
How to place a limit order when selling Wells Fargo stock?
When initiating a sell order on your brokerage platform, select "Limit" as the order type and then enter the specific price per share at which you want your stock to be sold.
How to check the status of my Wells Fargo stock sell order?
Log in to your online brokerage account and navigate to the "Order Status," "Trade History," or "Activity" section. You'll see whether your order is pending, executed, or canceled.
How to get the proceeds from my Wells Fargo stock sale into my bank account?
After the T+2 settlement period, go to the "Transfer Funds" or "Withdraw Cash" section of your brokerage account. Initiate an electronic transfer (ACH) to your linked bank account.
How to avoid paying high fees when selling Wells Fargo stock online?
Choose a brokerage that offers $0 commissions for online stock trades. Be mindful of other potential fees like agent-assisted trading fees if you call to place a trade, or fees for certain mutual funds.
How to sell fractional shares of Wells Fargo stock?
Many modern brokerages allow you to buy and sell fractional shares. If your Wells Fargo stock is held in an account that supports fractional shares, you can typically sell any quantity, even less than a full share.
How to get tax documents after selling Wells Fargo stock?
Your brokerage will issue a Form 1099-B, which reports the proceeds from your stock sales. This document is usually available online in your account's "Statements & Documents" section early in the new year.
