This Wire Transfer Agreement (Agreement) Governs The Wire Transfer (Transfer) Servic: Fill & Download for Free

Firstly, as others have said, the fee only happens after 180 days with no withdrawals/spending or deposits. Internal policy is to contact the customer after 90-120 days to help them avoid the fee, and in fact the fee will never be charged unless we are completely unable to contact the customer through all the methods available to us. As another note, we are looking into how we can scale back or eliminate this fee. We know that on its face, it seems punitive, and thus, something counter to our mission. We're also working on trying to explain it better in the account agreement and fees page. We could have done better about messaging around this fee.Now then. The reason for the fee is that it's expensive for us as a company to keep open inactive accounts. Simple isn't fee-free, but we only charge fees when a service is too costly for us to cover, and we only charge enough to cover the cost of the service (that is, we never profit from fees). So in that regard, the fee is similar to some of the other fees we charge, for example, for international wire transfers, which are quite costly.Why is it expensive for us to keep an inactive account open? Because of the possibility of escheatment (http://www.sec.gov/answers/escheat.htm).Under state escheatment laws, unclaimed or abandoned property (including money) must be turned over to the state. Every state has a slightly different escheatment law, and the period of time before property is considered abandoned varies between 2 and 5 years. In practice, this means banks (and utilities, etc) must track how long an account has been inactive, and depending on the state of the resident, launch one of 50 different processes to attempt to trace the owner, and failing that, give the unclaimed money to the correct state.This is all extremely expensive and time-consuming for the bank/utility. State governments have also become much more aggressive about prosecuting companies for failure to comply with escheatment laws. So, in the rare case where we are unable to contact the customer, and completely exhaust our methods for returning the funds to them, we start charging an inactivity fee after a six months of inactivity. That way, long before the account reaches the escheatment mark, the balance has hit $0 and there is nothing to escheat. Fees can't be charged retroactively, so the inactivity fee needs to be in the account agreement.To be honest, no one benefits from an inactive checking account. Simple isn't making money, and the account holder is only earning a tiny amount of interest. I'm mostly making note of that to underline that it's in everyone's best interest if we either help you become active, or help you close your account-- long before you have to worry about this fee.That's the long answer. The short answer: hopefully we can get rid of it :)

→ TLDR ANSWER ←If you read your grant documents they will tell you how to exercise your options. Usually that's sending in a grant notice along with payment for the option price, and then executing a bunch of agreements relating to the stock. The company then sends you a certificate and records the stock certificate and your contact information in its ledgers.These days, the agreements and signatures are moving online, the ledgers are all in a spreadsheet or database, and the certificates themselves may be online / electronic or there may be no certificates at all. The whole thing can be on the cloud with a service like eShares.→ LONG BACKGROUND ←Options are issued under an option plan, a program managed by a plan administrator designated by the company. The plan is governed by plan documents drafted by the firm's lawyers and approved by the company's stockholders, board of directors, and typically also approved by the company's investors. A number of the company's common shares are reserved (set aside) for use by the plan, generally by a board resolution that has also been approved by company investors. Nothing tangible happens when the shares are reserved, it's just that the company keeps track of those shares and promises not to issue or reserve them for any other purpose.Once the option plan is in place company executives may grant options to various people, and the company records those grants in its records, generally keeping an option table, typically in a spreadsheet or database (these used to be in paper ledgers). Companies issue grant notices to inform each grantee of the terms of their option: exercise price (also known as "strike" price), grant date, number of shares, vesting and vesting acceleration terms, exercise procedures, and so on. There is often a grant agreement by which the employee acknowledges and approves all of the terms and conditions with respect to the options they receive. The grant package also typically includes a copy of the option plan documents, and a set of documents to use in the event they decide to exercise: an exercise notice and a sample stock purchase agreement (a "SPA") together with all of the attachments associated with the SPA: a stockholder agreement, spousal consent, and in cases of "early exercise" a share escrow agreement, assignment in lieu of certificate, and 83(b) form.Ideally, the option plan documents and option grant agreements specify that the form of exercise notice and procedure is only an illustration for the grantee's convenience, and that the company may establish new agreements and procedures as technology advances and as the company's structure evolves, for example a new stockholder agreement put in place in connection with a funding round.When the optionee decides to exercise, they sign the grant agreement and all of the stock purchase documents necessary for them to hold shares. Depending on the company and how it is running its stock plan they may sign paper or online documents or else sign through a hosted service. Exercising also requires paying the exercise price by cash, check, etc. Some cashless exercise options may be available for well-regarded employees: the company may loan the money to cover the exercise, or else allow for a "net issuance" exercise where the optionee turns in some option shares as payment for exercising the others.The company first verifies that the optionee is eligible to exercise, for example due to vesting, and making sure the options have not expired. If all looks good it becomes a standard stock purchase at that point: they record the transaction in their books and if they are using stock certificates they send one to the new shareholder. Sometimes companies permit "early exercise" of unvested options, and the whole structure for dealing with unvested shares comes into play: the share certificate is held in escrow by the company rather than issued (generally a filing cabinet, or simply not printing the certificate until needed), and there are vesting terms and additional documents to sign.All of this is moving online, so it may be just a matter of clicking on a website until the website tells you that you have clicked enough.If the optionee is exercising in connection with an acquisition of the company, or an IPO, the procedure is often abbreviated with intermediate steps skipped. The optionee just signs a few documents and then gets their payment of the merger consideration (a wire transfer and possibly new share certificates or a brokerage account record in the acquiring company)* * *Whew, I did this all from memory, which means I've seen a few too many stock plans!

With stiff sentences for 21 conspirators last week in the United States and a round of indictments in India, the Justice Department says it has broken up what appeared to be the nation’s first large-scale, multinational telephone fraud operation.Over four years, more than 15,000 victims in the United States lost “hundreds of millions” of dollars to the sophisticated scam, and more than 50,000 individuals had their personal information misused, the department said Friday. The money was routed through call centers in India back to the ringleaders in eight states.The fraudulent calls came suddenly and frequently while the scam was active from 2012 to 2016, according to court documents. A person posing as an Internal Revenue Service or immigration official was on the phone, threatening arrest, deportation or other penalties if the victims did not immediately pay their debts with prepaid cards or wire transfers.The calls targeted the most vulnerable Americans, including immigrants and older people.[Worried about getting scammed? Here’s how to protect yourself.]An 85-year old woman in San Diego paid $12,300 to people claiming to be I.R.S. employees who threatened her with arrest for tax violations.A Chicago man paid $5,070 after being threatened with arrest and deportation by supposed state police and immigration authorities, the indictment said.The words “U.S. Government” showed up as the caller I.D. on a number from which a New Hampshire woman was told to pay the I.R.S. $3,980 in payment cards, the court papers said.In the announcement on Friday, the department said 21 people living in eight states — Illinois, Arizona, Florida, California, Alabama, Indiana, New Jersey and Texas — were sentenced last week in Houston to prison for up to 20 years for their role in the scheme.Two other conspirators in Illinois were sentenced in February to between two years to just over four years for conspiracy, and a third person in Arizona was given probation in a plea agreement, it said.In addition, 32 contractors in India involving five call centers in Ahmedabad, a city in western India, have been indicted on wire fraud, money laundering and other conspiracy charges as part of the operation, the department said.They have yet to be arraigned, it said.The sentences “represent the culmination of the first-ever large scale, multi-jurisdiction prosecution targeting the India call center scam industry,” Attorney General Jeff Sessions said in a statement.The investigation took years of work by Justice Department, Department of Homeland Security, Immigration and Customs Enforcement, and Treasury Department officials, the statement said.Some of the callers in the operation also pretended to be offering grants or payday loans linked to a borrower’s paycheck, prompting victims to pay a fee upfront before they could receive the fictitious loan, the 2016 indictment says. For example, a man in Houston was told he should pay a $195 fee to get a $1,000 loan, which he never did.The Internal Revenue Service has repeatedly warned Americans, especially just before the April deadlines to file taxes, about scams like this one.For example, in tips on how to avoid fraud, the I.R.S. says it does not demand immediate payment of debts using a specific method, such as a prepaid debit card, gift card or wire transfer.Generally, the I.R.S. will first mail a bill to a taxpayer who owes money, allowing for questions or a formal appeal. It will not threaten to bring in the police, immigration officers or other law-enforcement authorities, or revoke licenses or immigration status, the I.R.S. says.“Threats like these are common tactics scam artists use to trick victims into buying into their schemes,” the I.R.S. says.The defendants were of Indian origin living in the United States and coordinating with the call centers in India, federal officials said, citing information obtained partly through their plea agreements.Workers at the call centers impersonated officials from the I.R.S. or U.S. Citizenship and Immigration Services, threatening people in the United States with arrest, imprisonment, fines or deportation if they did not pay alleged debts to the government, the Justice Department said.They chose their victims through information obtained from “data brokers” or from other sources, the department said.The people who were duped were instructed to pay using prepaid cards or to wire money. The call centers then turned to a network of “runners” based in the United States, who typically used the cards to purchase money orders that were deposited into bank accounts.Runners also redeemed funds from wire transfers with false names and identification documents, or exploited the funds through gift cards and Apple iTunes cards, it said. The runners would earn a fee or a percentage, it said.“This type of fraud is sickening,” said Ryan Patrick, the United States attorney for the United States District Court for the Southern District of Texas in Houston, where last week’s sentences were imposed.Twenty-two of the defendants sentenced last week were told to pay restitution of about $8.9 million to victims who could be identified, the department said. The sentences also included judgments of over $72.9 million.The department named all 24 defendants, but it highlighted the role of the three men with the longest sentences.Miteshkumar Patel, 42, of Illinois, was responsible for laundering between $9.5 million and $25 million in his role overseeing a Chicago-based network of runners, the department said. He was given a 20-year sentence.Hardik Patel, 31, of Illinois, was given more than 15 years in prison for wire fraud conspiracy as a coordinator with call centers in India, laundering between $3.5 million and $9.5 million, it said.In Texas, Sunny Joshi, 47, was sentenced to about 12 years in prison for money laundering of between $3.5 million and $9.5 million, the statement said.