Drippers, either directly or through a broker that participates in the company discount drip plan, should pay around 41.75 per share for the shares purchased with today's distribution.
We'll see how long it takes to process this one. The first one took around two weeks to be posted to my Fidelity accounts and the second, a shorter time.
Drippers, please post to this thread:
The name of your broker (or company direct).
The price you paid for the drip shares, to 4 decimal places.
The date the drip shares first appeared in your account.
I'm especially interested in Etrade as to whether they are still going to market to buy drip shares instead of getting their customers a 5% discount.
I know Fidelity and Ameritrade participate in the company plan because I drip ETP at both brokers.
I think it would be helpful to others to post the names of brokers who get the discount and those who don't.
There is no reason to collect the price info since the shares are issued out by the trustee. All DRIP shares must be at the same price IF they went through the company plan. Same as with EPD.
Also FYI - my shares issued by EPD in 2 days. Took a week in August.
All e-trade customers need to call e-trade and ask them why they aren`t providing their customers with the DRIP price like their competitors do. I did. If others call, maybe they`ll listen. Their brokers aren`t even aware of this shortcoming and the bad press they receive.
Fidelity posted within the last hour drip shares are dated 11/14.
Fidelity grossed up the discount to record a higher distribution and a higher drip price. All this does is decrease the tax basis of the distribution-paying lots and increase the tax basis of this drip lot by the same amount. This is correct as a matter of tax law but is meaningless to retirement accounts.
On a cash basis, the drip shares cost me, per share:
in 3 different accounts.
I just talked to schwab to add the company drip to my current position of etp.
schwab response was no way jose end of story. They will do the schwab drip program, but I wont get the 5% discount.
That is NOT servicing the customer.
Well, all you people at brokers who do not/will not participate in the discount plan.
If the discount amount is worth the work, you can move the ETP position to Fidelity, Ameritrade or any other broker who participates.
If you are angry enough, you can move the whole account, telling the broker why.
If your accounts are big enough, you can threaten to leave if they don't give you the same price as the discount drip. You may be surprised at the concessions a broker will make, when asked, if the accounts you control are big and profitable enough.
I'll be posting the same thread for this quarter's dividend. If enough prople from different brokers respond, we'll find out if there are any changes and provide some info to those considering a position in ETP.