Does anybody participate in the DRIP program with Schwab. I think my shares are in the "streets" name and I want to start getting the dividend with the 5% discount. I know Schwab uses Equiserve as a transfer agent. Should I ask Schwab to transfer shares in my name? Would that be enough? Seems that some of these brokers are not that receptive to dividend servicing. My Schwab dividends that are re-invested always seem to be the high price for that day that they finally get around to re-invest divvy's. Any help or suggestions would be appreciated.
It is not that they don't want to, it is that they don't have the software to handle it. (The official response I got was "technical problems".) I ended up taking possession of my shares and moving them somewhere else who could do it.
With regard to always getting the "high" on the automatic re-investment, I also noticed that with all of my automatically re-invested shares (including ACAS). I personally think it is a way for them to grab a few dollars of extra profit (by "selling" it to you at a higher price for which they bought it), but impossible to prove of course.
I don't know if I will switch my ACAS shares to auto re-invest or not but you will be buying at the market, open, and you don't have a decission on the price, they do offer the discount on shares purchased that way though. I have auto on HD, SBC and all mutuals.
The only way to not buy the high, and sell the low is to do market limits. With computer trading and commissions that don't matter, I do many more market orders now. I still have done limit orders on about 500 shares of various stocks recently, got them all, and covered my commissions on every purchase, but the commission expense, now, really doesn't matter if you what a company's stock.
Good luck to all, think this one still is set to hit $35 by March 05. I'm not buying more, but it seems to be set to do that.
I also found Schwab aways seemed to reinvest my dividends at the days high. I stopped having them reinvest them and bought shares in the open market at a better price, even after commissions. The commission are very reasonable on my account and I like Schwab.
I have over 25,000 shares of acas w/ schwab and also talked of moving my account to take advantage of the 5% discount. If we all got together possibly that would make a difference. Time is running out. We need a contact at Schwab that can get this done.