I've been out in the back woods since the 31st of May. Didn't watch the market at all. Will be home for a few months. May start to add a few shares to my portfolio. Have been hanging on for quite a while to see what was going to happen. At least I have the dividend.
Are you in the Shell Provident Fund? If you are you are not subject to the Dutch withholding tax, but Fidelity fouled up and did not file the appropriate forms with the IRS in time for the fourth quarter of last year. Not sure what is going to happen with the first quarter of this year. Depends on who you talk with in Fidelity. Most disorganized group I have ever had to deal with. Seriously considering moving my account to another investment firm.
And Fidelity is handling millions of dollars of Shell retirement funds. Might be time to transfer my Provident Fund to another company. Not sure if others are any better.
Got a call from Fidelity yesterday.It was a representative that I talked to about a month ago. Telling me what we already knew, that the 15% Dutch tax was taken out of the fourth quarter dividend. I asked why it was us that had to catch the mistake and inform Fidelity. He had no answer, all I got was apologies. Which we know was a bunch of BS. Also told me that he didn't know when we would see the 15%.
Shell is paying a pretty penny for these people at Fidelity to handle our accounts, and they sure are not getting their moneys worth. I think we retirees should start calling Shell Retirement Services and let them know what is going on, as far as Fidelity's lack of competence. SEC might also take a dim view of how Fidelity handles our funds.
Just received a letter from Fidelity, yesterday about the Dutch Tax. This is a direct quote of paragraph four of the letter.
"Participants received about 85% of the dividends posted March 20, 2015 and will receive the remainder once Fidelity reclaims the funds. The additional 15% was withheld due to an administrative error. "
I have been in contact with Fidelity several times, since March 20th, and have received several different answers from several different people. This is the first response I have received in writing, and it was just signed, Benefits Specialist. Fidelity also gave me a reference number to refer to. Less