I have asked E-Trade through e-mail messages and through my assigned broker who calls on occasion. They do not offer any reasoning for this irresponsible customer dissatisfaction. I have opened my latest account with TD Ameritrade and as soon as I feel comfortable with TD`s program, I`ll be moving all my accounts where I use DRIP.....and if that`s satisfying, I`ll move everything to TD. Mind you, these aren`t immense accounts, but they are significant and I buy shares every month. E-Trade needs to hear this same reaction from more than me. I do like E-Trade`s systems, but missing the DRIP discount is just unacceptable. I recently wrote a letter to the editor of Money magazine explaining that this was a significant drawback to E-Trade customers since they had just published an article on broker satisfaction.
Has anybody else contacted E-Trade about this issue?
What is so hard to understand about eTrade - close your account and go elsewhere. Ameriprise does not do specials either. They bought in the open market the day following the DRIP at market open. That part made the most sense and funds were invested promptly after receipt and on a predictable manner.
I closed my account with them some time ago over the DRIP discount issue. The only thing I know for sure is every company does DRIPs differently and when a discount drip program causes something to be totally different then some will not participate.