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+--- Thread: BP DRIP (/showthread.php?tid=1184)
BP DRIP - Jimbo - 05-13-2015
So I have BP in several different accounts with 3 different brokers.
My Merrill Edge acct does not automatically reinvest, it is an option, which it automatically cashes out, have set the DRIP plan for DRIP.
Called Merrill Edge and was told in order to DRIP I have to call every quarter and have it done manually.
I put the question to M.E. and they dont have a clear explanation as to why this is other than that is the way BP does it. TD does not do it this way nor my other broker.
I know this is confusing to put in type.
Does anyone have this kind of trouble??
RE: BP DRIP - Main Street Stock Investor - 05-14-2015
Jimbo, Since no one has posted to your thread, here is a link to how I handle DRIP's. Hope this is helpful.
http://seekingalpha.com/article/2708555-an-alternative-way-to-execute-a-dividend-reinvestment-strategy
M$$I
Jim ....Jimbo to some of my close friends :-)
RE: BP DRIP - ChadR - 05-14-2015
E*TRADE is the same way. I have to call every quarter to reinvest the dividend as stock otherwise it comes to me as cash.
RE: BP DRIP - rapidacid - 05-14-2015
(05-14-2015, 11:09 AM)ChadR Wrote: E*TRADE is the same way. I have to call every quarter to reinvest the dividend as stock otherwise it comes to me as cash.
How is this even remotely a thing? WTF switch to TD Ameritrade or something else
RE: BP DRIP - crimsonghost747 - 05-14-2015
If there is a function you need and your broker isn't offering it, then there are tens of other brokers who would love to have you as a customer. It really is as simple as that.
Since you already have accounts with multiple brokers, can't you just sell what you have at Merrill Edge, transfer the money and buy them again into another account?
RE: BP DRIP - Roadmap2Retire - 05-14-2015
(05-14-2015, 11:18 AM)rapidacid Wrote:(05-14-2015, 11:09 AM)ChadR Wrote: E*TRADE is the same way. I have to call every quarter to reinvest the dividend as stock otherwise it comes to me as cash.
How is this even remotely a thing? WTF switch to TD Ameritrade or something else
I agree. That sounds like the dumbest move on E*Trade's part...spending hundreds of man hours answering people's phone calls if they want to reinvest instead of automating things. Talk about bad business decisions...
RE: BP DRIP - Jimbo - 05-14-2015
Well thanks for the responses, about as I expected.
I have a call in to the gal that helped set these M.E. accts up
Let's see the response.
When I spoke with the 2 guys there yesterday I told them, what a waste of time on mine and your parts. Let's see what shakes out.
Selling and moving is not b an option as some of the L ost COG would kill me (example AAPL @ $3.24)
Jim
RE: BP DRIP - EricL - 05-14-2015
Isn't it possible to transfer assets without a sale? I did that with my IRA in the past.
Should just be able to do a share transfer from one broker to another without any sales. Just make sure to track your basis or make sure your new broker has all of that info to do it for you.
RE: BP DRIP - rapidacid - 05-14-2015
Jimbo this page makes it sound like there's some disconnect with the people you've been speaking to:
https://us.etrade.com/e/t/estation/help?id=1301060000
I couldn't click on "Enroll in a DRIP" because it said I had to log in, but the last question + answer has this verbiage:
Quote:Cancel participation in a DRIP
To cancel participation in a DRIP select the radio button to Withdraw Securities from Dividend Reinvestment (located on the Dividend Reinvestment - Start Page).
Which kind of makes it sound like you can check something off somewhere to enroll in the first place
Edit: Also this: http://www.brokerage-review.com/findbroker/drip-plans-brokers.aspx
Quote:Most stocks trading above $5 per share are eligible. ADRs and ETFs are not eligible. Sign up specific securities via Etrade web application
Double Edit: Woops sorry, got turned around and guess we're talking about both Etrade and Merrill. Here's what that same link says about Merrill:
Quote:You may set your reinvestment elections, either to the cash or reinvestment option online by going to Client Services > Profile & Settings > Account Preferences > Dividend Reinvestment Settings
RE: BP DRIP - crimsonghost747 - 05-14-2015
(05-14-2015, 02:30 PM)Jimbo Wrote: Selling and moving is not b an option as some of the L ost COG would kill me (example AAPL @ $3.24)
Jim
As Eric pointed out it is possible to transfer the shares without selling. This obviously has some fees related to it, only thing (that may or may not be related) I found from Merrill Edge website is "Full account transfer fee - $50" Usually it is in that range though, between $50 and $100. The new broker rarely charges anything.
Usually selling and transferring the cash is easier and faster but in your case it doesn't look to be financially smart. Point is, don't stick with mediocre service because you feel like you have to.
Also if I understood correctly this problem only happens with the DRIP for BP? In that case you would only need to transfer BP shares, which should be pretty easy on the taxes right now even with "sell->transfer cash-> buy" method.
RE: BP DRIP - navyasw02 - 05-14-2015
(05-14-2015, 03:54 PM)crimsonghost747 Wrote:(05-14-2015, 02:30 PM)Jimbo Wrote: Selling and moving is not b an option as some of the L ost COG would kill me (example AAPL @ $3.24)
Jim
As Eric pointed out it is possible to transfer the shares without selling. This obviously has some fees related to it, only thing (that may or may not be related) I found from Merrill Edge website is "Full account transfer fee - $50" Usually it is in that range though, between $50 and $100. The new broker rarely charges anything.
Usually selling and transferring the cash is easier and faster but in your case it doesn't look to be financially smart. Point is, don't stick with mediocre service because you feel like you have to.
Also if I understood correctly this problem only happens with the DRIP for BP? In that case you would only need to transfer BP shares, which should be pretty easy on the taxes right now even with "sell->transfer cash-> buy" method.
Correct, I transferred brokerages twice last year and I didnt have to sell anything. The only "sell" if you could call it that is you can't transfer partial shares and those get sold and returned as cash a few days after the rest of the portfolio is moved.
I love Fidelity now that I've moved there. Trade costs are about average, but the features and interface are great. Also many no fee ETFs that I use to supplement my ROTH until I have enough contribute to a new position.
RE: BP DRIP - Jimbo - 05-15-2015
So I spoke with a "manager" at M.E., he told me the same thing as the rest. He then told me I should check other charges that my other brokers might slip on me for BP dtips, ha ha ha.
He will address this with his management as he says he gets lots of complaints from lots of customers.
I gave him 3 options 1 fix it, 2 I transfer all 3 accounts or 3 M.E transfers my shares no charge to TD.
He paused at that and said let me get back to you soon, but I can authorize a "free" transfer.
I really do like the M.E. platform so do not want to switch, plus the selling of partial shares stinks.