Dividend Posting Discrepancies
I just noticed a discrepancy between TDAmeritrade and Schwab regarding the posting of dividends. I have the same Canadian stock in both of these online brokers. The dividend showed up in the Schwab account on the 15th, which was date of issuance. However in the TDA account, it still hasn’t shown up as of the 18th. According to TDA customer support, “it can take upto 10 days” for the money to show up in my account, because “thats how long the company takes to send it”.
Looks like TDAmeritrade is just enjoying a free 10 day ride on my money!
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September 18th, 2006 at 7:44 pm
That’s ridiculous- does the company send them a check in the mail?!
September 18th, 2006 at 8:20 pm
no, i think once a month they send a guy from the corporate headoffice in Toronto to drive to the different Canadian corporations, collect the cash and then they mail a check to the head office in the US.
From there its electronic
April 19th, 2008 at 8:18 am
This was 2 years ago so I am wondering now that you probably have the statement which the dividend is posted on, did it show it was posted on the date of issuance at TDA?
April 19th, 2008 at 6:37 pm
it took TDA an extra 2 days to post the dividends.
April 29th, 2008 at 4:32 am
I have Schwab and Sharebuilder accounts. I’ve noticed that although both credit the dividend on the date the company has announced, Schwab takes an extra day to reinvest the dividend– at the END of the second day– while Sharebuilder reinvests it immediately.
(Of course, I also have a Hong Kong-based brokerage, and there it’s not possible to reinvest dividends as no one deals in partial shares. So an electronic deposit simply shows up in my bank account within a couple of days).
May 4th, 2008 at 9:58 am
May 2008, I have Sharebuilder, Vanguard, and Mellon Investor which I track online. Sharebuilder almost always posts and reinvests dividends the same day they’re issued, occasionally a couple days late (are the payers commonly late to issue and therefore not trusted?). Reinvestment is always at the same time as payment. Vanguard and Mellon are both always late with dividends. Vanguard is even late with its own funds. Late often means a week or more! I always wonder why they don’t pay me interest for the use of my fund!