I received a letter from Scottrade that said I needed to reply by July 12 at 8 p.m. with my choice for the upcoming dividend. When I called Scottrade this morning, the broker said I could not give him my election until July 13. I actually missed the last one and I received the divvy in cash. I want the ADRs so I want to make sure I don't mess it up again.Anyone know when you're supposed to make your election on how to receive the dividend?
July 13th earliest date to request cash or newly issued Santander ADRs shares
Fidelity accepted election yesterday.
I've experienced similar troubles with Scott trade. Last divy they told me something along the lines of not knowing what the ADR will be until after that date but you still should be able to elect for that option prior to July 13th.
Your broker just does no make sense about such late notification. I yesterday notified Merril Lynch about my choice (ADRs), and no problem. Perhaps, you should dump your broker.