I called and talked Schwab into it the end of last week. They got me signed up and last night I got my shares bought at 47.908. I called this AM and was told you had to be signed up by the day after date of record to get the discount, SOOOOOO I won't get it until next div. The div dept acted to my rep like this was all a big secret and wouldn't even give him a list of stocks that offered this. How stupid, if you are there to help your clients, why not automatically enroll them into any available.
Obviously, Schwab went to market the day after the pay date whereas Etrade bought drip shares on the pay date. Both got the cash on 2/14. Schwab won't pay for yesterday's buy until 2/21, the third business day after the trade date (2/20 is market holiday). IMO, Schwab "stole" a week's interest on your ETP cash.