I calculated my shares back and they came in at 32.394. I am not #$%$ about that at all.
Wish the pps would go up instead of going sideways.
I checked this morning on the price of the new shares - it was $34.10 . The closing price on Wed was $33.57 - I lost money
I don't use Schwab, but I was under the distinct impression that Schwab (also Fidelity, TDAmeritrade, and several other brokerages) were full participants in the 5% DRIP discount program. Vanguard is not and never has been. The current DRIP price (after 5% discount) was $32.3922. The average price for the day was $34.0970. Interestingly, the current DRIP is the lowest it has been in many quarters, meaning the unit price has declined while the distribution has increased.
Everyone should be aware that holding your shares directly through the transfer agent will be charged a FEE of $15 PLUS a commission of 12¢ per unit to sell or buy. This does not apply to the DRIP (EPD pays the fee for that.) To avoid the outrageous fees and commissions, you can transfer your units to your regular broker by instructing your broker to do a DRS (direct registration service) transfer from Wells Fargo to your broker. My broker charges nothing, nada, zip for doing that. It's free..... both ways, but it does take some time. If you're planning on selling, leave about 2 weeks to move the units. Your broker will notify you when they receive your units from Wells Fargo. Remember.... the request has to go through your broker, not Wells Fargo. Your broker then has to deal with Wells Fargo. For security reasons, the transfer has to go to an account with the same name, address and Social Security number. Seems logical.
My accountant has a love/hate relationship with me. She loves the check I write her, but hates the stack of K1 forms (on top of everything else) I give her each year. That's part of the reason why I'm simplifying my taxable account this year. My taxes will suck next year (and be complicated), but I think after that it will be much easier. I'm hoping to start doing it myself at that point and save the hefty CPA fee.
Good advice though about selling all compared to a portion. I am following that. I'll add to an MLP position, but when I sell I sell it all.
Rules to owning MLPs:
1) Never sell a portion of your position. Sell it all or sell none of it. This is critical to 'release' your suspended passive losses (treated as ordinary not capital losses) that you want to offset your ordinary gain recapture (due to accelerated depreciation) and likely capital gains (due to your reduced basis created by prior losses (practically guaranteed) and distributions).
Your accountant is going to love you.
Sentiment: Strong Buy
I called about my Fidelity account this morning (Wed) - the transaction was posted as a dividend pending reinvestment on Friday. The word is that the revised transaction is on hand and should be posted tonight, definetly by Friday. The share price will be $32 + change - I can not remember the exact change.
G_squared_57, I am in the same boat with fidelity. I haven't received my shares yet. Any idea what price we are marked in for? My account says pending shares as of the 7th, but I hope I'm not bought in at the current price today ( 34.00)
I like the May 7th price better :)
Huh? Schwab has been re-investing my EPD distributions automatically each quarter to purchase additional shares. Been doing it for years.
I spoke with Schwab agent this morning. In order to take advantage of the 5% discount for the DRIP, you have to hold your shares directly through the transfer agent. That discount is not available for shares held in a Schwab account.
Never. I use Wells Fargo because my regular broker does not participate in the 5% discount program. I can go into the account the morning following the pay date, and the details are all there. I suspect that Fidelity, Schwab, TDAmeritrade, et. al., all use Wells Fargo which just happens to be the transfer agent for EPD. Wells Fargo does not charge anything to handle the DRIP program; the fees are paid by EPD. Wells Fargo does charge a huge commission plus a small fee if you sell the units through them. You can eliminate the fee and the commission by having your units transferred to your regular broker before selling them. You simply request a DRS (direct registration service) transfer of your units to your broker. I use Vanguard, which charges me no commission or fee to buy or sell. I get all the benefit of the 5% discount and still get to use my commission-free broker to buy and sell. Nice deal! Excellent service. I'm happy. I'm even happier that EPD was finally up today, for a change!
Yes, have the same thing happening to me, except, in my case it's a Fidelity account. I will wait 'til the end of the week before I call.