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A comment on Netflix stops charging customers who never watch. Parent comment

Re:Netflix stops charging customers who never watch by fedups on Saturday May 23, 2020 @09:58AM (#23282977)
Planet money had a story where a similar superficially good idea ended up with Etrade selling a man's Amazon stock and deactivating his account after he didn't log in for a certain period of time. He was able to reclaim about $8000 for stock that would be worth ~$100k today.

https://www.npr.org/transcripts/799345159

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Re:Netflix stops charging customers who never watch by JMTQp8lwXL on Saturday May 23, 2020 @11:01AM (#23283478)
This is mildly infuriating because the whole point of long term investing is to buy a stock, and well, do nothing -- besides hold it for decades. The stock should continue being held whether a user logs in or not.
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Re:Netflix stops charging customers who never watch by jedberg on Saturday May 23, 2020 @01:37PM (#23284813)
> The stock should continue being held whether a user logs in or not.

FWIW ETrade agrees with this. It wasn't their policy that closed the account, it was a law that was in theory to protect consumers... from themselves?

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Re:Netflix stops charging customers who never watch by kevas on Saturday May 23, 2020 @04:53PM (#23286328)
Shouldn’t that have gone to the state’s Auditor & Controller’s Unclaimed Property dept? If you look at California’s Unclaimed Prop., you’ll see shares sitting in there. Heck, I have a few shares I need to claim.
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Re:Netflix stops charging customers who never watch by brianpan on Sunday May 24, 2020 @01:06AM (#23289258)
If I remember it did go to unclaimed property. The problem is that the stock today was worth much more than the selling price when they closed his account (and he intended it to be a long term holding).
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Re:Netflix stops charging customers who never watch by jedberg on Saturday May 23, 2020 @07:24PM (#23287547)
Yes, but different states have different rules. Apparently in that guy's state, they won't take shares, only cash value of shares.
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Re:Netflix stops charging customers who never watch by JMTQp8lwXL on Saturday May 23, 2020 @10:00PM (#23288448)
This could work for you, in the chance an investment didn't pan out and you're liquidated at the top. But for long periods of time, cash loses value to inflation. Seems off that states wouldn't accept shares. They're not as liquid as cash, but not far from it.
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Re:Netflix stops charging customers who never watch by xmprt on Saturday May 23, 2020 @01:47PM (#23284887)
Sounds like a lot of this could be fixed if the policy was to not sell the stock.
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Re:Netflix stops charging customers who never watch by jackdh on Sunday May 24, 2020 @05:21AM (#23290303)
For interested people. He didn't actually reclaim the $8000. Instead he is still fighting to get it's full potential worth.
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Re:Netflix stops charging customers who never watch by cdolan on Saturday May 23, 2020 @11:53AM (#23283937)
Perfect example. I forgot about this until now but I recall listening to this episode. Thank you!
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