03-02-2016, 07:34 AM
I wrote the same thing to my brokerage, TD Ameritrade. This was back in September I believe:
Quote:Thank you for contacting TD Ameritrade. We truly appreciate this opportunity to assist you. TD Ameritrade will initiate the purchase on the first business day following the dividend payable date or the first business day following confirmation of receipt of dividend funds. If the combined funds do not total the purchase price of at least one share, the distribution will no be reinvested. On the same day, TD Ameritrade will credit your account with that number of shares, including fractional shares, equal to your eligible cash distribution divided by the purchase price per share. If more than one purchase transaction is necessary to satisfy dividend reinvestment for all participating account, the per-share purchase price will be the weighted average price per share for all such shares purchased. TD Ameritrade may utilize DTC's Dividend Reinvestment Service for certain distributions where it is advantageous to do so. Dividend reinvestment prices on such transactions will be obtained from DTC and will be distributed to clients when shares have been received from DTC, in most cases 7-10 business days following the payable date.