I have been watching to see when the dividend will post and as of today it is still not there. I reinvest so I called Schwab and asked about them. They said it will post on the 2nd. I asked him at what price the stocks were repurchased at and he said $93.64. He is now researching this for me. I am confused as they should have posted after business day on the 31st. I understand New Years was a holiday but why would they buy the stock after the run up on the second. If this is correct it will cost me $3.89 additional a share. Is this what you guys are expecting?
My dividend was reinvested at the closing price on Monday the 31st. I use a local broker and the account is serviced by First Clearing LLC. I suspect every brokerage house has their own policy and you probably agreed to something when you opened the account whether you knew it or not. But if Schwab waited until mid morning to reinvest your dividends I think you should be looking for a new broker.
The other thing that rocks about filing the complaint is if they find in your favor 2 months from now and the stock price has fallen they will have to put in your account the old higher value because you never had the opportunity to sell the shares that should have been there !
You have nothing to lose and even if its not a lot of money your Broker shouldn't be able to get away with that #$%$ !