Here we go again. Let's see if we can get more brokers named. The discount drip price is 44.40 or a small fraction less.
Discount drippers, please post the name of your brokerage and the date the drip shares from this distribution first appear in your account.
Drippers who pay more than 44.40, please name your broker and the price you paid for this reinvestment, to 4 decimal places.
It will be interesting to see if the Schwab squeaky wheels with big enough accounts get the discount while other Schwabbers don't. Same with Etrade and Vanguard.
Fidelity finally got around to posting my drip shares this afternoon right at the discounted price with rounding differences at the hundreth of a cent.
While etp reports the reinvestment price on its website rounded to the nearest cent, there is no question they are dividing dollars by the drip price to 4 or 5 decimal places.
Any more Schwab clients NOT get the drip price?? Post here so others will know whether the client has to make noise to get the discount at Schwab.
The summary you gave is excellent. The various brokers have assorted policies from not participating, participating ONLY if you have an account with X dollars and call, to others that enroll everything.
When I complained to a prior broker they said too bad. I moved everything including my family pension trust to TD Ameritrade. Opened 4 seperate accounts, was paid $2400 to move my money there and other than the usual glitches have good service.
Do have one ususual happening, one of my discount companies - TD calls them "Specials" and does require a notification and seperate sign up - dropped about 7% between the dividend pay date and the date they got paid from the transfer agent in Canada. Instead of accepting the shares at the discount, they bought in the open market as it was cheaper for their customers.
Some of your posters have had some success with their brokers getting them to honor the 5% disc on ETP DRIPs. Can you tell me what is best app. and how to get my broker( Vanguard) to respond I also have ETE and EPD that Vanguard does not honor the 5% disc.
It's not a matter of Vanguard "honoring" the 5% discount. Vanguard didn't promise a discount, ETP offered the discount.
Vanguard has to enroll your shares in the ETP discount drip program with ETP's drip administrator for you to get the 5% discount.
From the price you paid, it's obvious Vanguard went to the market and bought your drip shares. They paid whatever the market price was at the time of their buy.
You can ask Vanguard to enroll your shares in the discount drip, as some Schwabbers have done successfully. If Vanguard refuses, you can simply move your ETP shares to another broker, like Fidelity or Ameritrade, which does participate in the discount drip without being asked.
If you are angry enough, you can move all of your accounts from Vanguard, letting them know why.
If your accounts are big enough, you can threaten to leave if they do not give you the drip price or some other financial equivalent.
I once ordered 9,000 shares of an IPO and Fidelity gave me 122. I went absolutely ballistic with rage. Fidelity knew they were going to lose all my accounts over this. Not only did they buy my puny 122 shares at a profit, they gave me 100 free trades.
As with last time, it appears Etrade went to market yesterday, the pay day.
ETP opened at 47.01. The low was 46.80, high was 47.68 and it closed at 47.52. The average of high-low is 47.24.
The good news is Etrade was early to market, buying at near the open.
The bad news is they screwed their customers by about 2.62 per drip share.