10-31-2015, 10:50 AM
Moderators- I hope this is the correct forum, if not please move as applicable.
I caught an issue with my brokerage a couple of weeks ago, and it is obviously a problem with their system that has not been corrected as of today.
Here is the issue:
1. Day 1: I change positions (mutual funds, ETFs, individual stocks, it doesn't matter) to reinvest both dividends and capital gains. I may change one or more.
2. Day 2: The next day, the positions I changed on Day 1 to reinvest are set to my wishes, but other positions that were previously set to reinvest have arbitrarily changed to deposit to the core account.
3. Day 3: I reset the positions that changed Day 2 without my
input back to reinvest.
4. Day 4: The positions I reset on Day 3 are now set to reinvest, but other positions that were okay have now changed without my input. There seems to be no rhyme or reason to which get reset without my input.
This is a maddening jack-in-the-box game that is literally impossible. Thus far, two dividends that should have been reinvested were deposited in my core account. Hopefully, I can get that reversed.
I started keeping screen prints now for two days to prove this program bug. Friday I telephoned the brokerage to officially start a record of the issue. They reset the account default to reinvest, and earlier in the day I had reset two stocks that were arbitrarily changed without my input back to reinvest. All should have been fixed.
This morning I checked and the two stocks I reset are back to reinvest, but an ETF that was set to reinvest is now changed without my input to deposit to core. I am especially concerned about this issue because of upcoming capital gains season and further dividends.
I'm ready to move brokerage firms with all my account if this isn't fixed PRONTO.
So the purpose of this post is to alert people to check their status settings for reinvestment and ascertain if they are correct, and stay correct if you trade or make changes. This probably only affects people who are active or somewhat active traders. I specifically didn't mention the brokerage because I'm not sure of forum rules regarding naming brokerages, and I'm hopeful this issue gets fixed SOON, very soon. It's a bad time of year for surprises like I'm experiencing on a daily basis.
Please check your accounts.
I caught an issue with my brokerage a couple of weeks ago, and it is obviously a problem with their system that has not been corrected as of today.
Here is the issue:
1. Day 1: I change positions (mutual funds, ETFs, individual stocks, it doesn't matter) to reinvest both dividends and capital gains. I may change one or more.
2. Day 2: The next day, the positions I changed on Day 1 to reinvest are set to my wishes, but other positions that were previously set to reinvest have arbitrarily changed to deposit to the core account.
3. Day 3: I reset the positions that changed Day 2 without my
input back to reinvest.
4. Day 4: The positions I reset on Day 3 are now set to reinvest, but other positions that were okay have now changed without my input. There seems to be no rhyme or reason to which get reset without my input.
This is a maddening jack-in-the-box game that is literally impossible. Thus far, two dividends that should have been reinvested were deposited in my core account. Hopefully, I can get that reversed.
I started keeping screen prints now for two days to prove this program bug. Friday I telephoned the brokerage to officially start a record of the issue. They reset the account default to reinvest, and earlier in the day I had reset two stocks that were arbitrarily changed without my input back to reinvest. All should have been fixed.
This morning I checked and the two stocks I reset are back to reinvest, but an ETF that was set to reinvest is now changed without my input to deposit to core. I am especially concerned about this issue because of upcoming capital gains season and further dividends.
I'm ready to move brokerage firms with all my account if this isn't fixed PRONTO.
So the purpose of this post is to alert people to check their status settings for reinvestment and ascertain if they are correct, and stay correct if you trade or make changes. This probably only affects people who are active or somewhat active traders. I specifically didn't mention the brokerage because I'm not sure of forum rules regarding naming brokerages, and I'm hopeful this issue gets fixed SOON, very soon. It's a bad time of year for surprises like I'm experiencing on a daily basis.
Please check your accounts.