Here's the quarterly drip poll thread. We know the discount drip price is 43.9717.
Please post to this thread as follows:
Drippers who pay the discount price, please name your broker and the date and time the drip shares are posted to your account. From recollection, Ameritrade is fast and Fidelity is very slow. Of course, no broker posts until the drip administrator releases the new drip shares, but that is done electronically so all brokers are credited with drip shares at the same time.
For drippers who pay more than the discount price, please name your broker and the price you paid for this drip to 4 decimal places. From recollection as of the previous drip, Etrade and Vanguard screw their clients by not participating in the discount plan and it appears Schwab does not participate unless asked to by the client.
E-Trade 2/14/13 47.076 per share. I sent a etrade couple emails asking about the price to which etrade sent replies which indicated they did not have a clue or did not want to give a clear answer. I called them today and finally referred the guy on the phone to this yahoo finance site. He put me on hold for few minutes and came back and said something like: 'to get the discount I needed to go to another broker'. When I repeated that back to him he realized how bad it sounded and reworded it a little but same story - bottom line, Etrade does not give it's customers the discounted price. So I am looking for a new home for my 1095.6 shares of ETP.
Vote with your feet. I suggest you try Fidelity. 7.95 commissions and a real good website.
You can start by transferring just your ETP shares. After they hit the account, set them to drip.
Then you have plenty of time to explore all that's available at Fidelity. If you like it better than Etrade, it's easy to transfer the balance.
Then you can have the pleasure of telling Etrade why they lost a customer.
I see in my Fidelity account under history something about ETP today. No new shares
I do see I got my drip in MWE in #$%$87. that is much lower then the current PPS.
I have been with Fidelity for years and really have no complaints. They might not be the cheapest for commissions but I like their service.
Thanks again for your effort on the board.
Until this etp drip Fidelity showed cash distribution amount in history with a note something like "pending reinvestment price". This time no amount and no pending, but etp distribution is noted.
As to MWE, Fidelity goes to the open market knowing how much drip cash they have to invest 3 business days before the pay date. They buy as many shares as the drip cash will buy. These buys settle on the pay date. In this case Fidelity bought your drip units last Monday. Check Monday's high and low. Your cost per drip unit will be between these numbers.
Other brokers buy drip shares on the pay date, thus getting the use of your drip dollars for 3 business days. Ameritrade buys drip shares the first business day after the pay date. So, if the pay date is Friday and the following Monday is a holiday, Ameritrade buys on Tuesday and pays for them on Friday. They use your drip cash for free for a whole week.
I too like Fidelity. Tax lot identification on the order screen, performance percentages over various time periods each month, great executions, quality website.