UPDATE:
There is a bug in the broker's software that does not allow selection options to work as they should. As far as I know and was told, this issue has been turned over to the technical department.
I also discovered account level settings not available to the customer. The workaround involved changing a setting. Since I do not plan to make any further individual position settings at this point in time, I do not know if the issue is truly resolved and have no patience left to test their fix.
At the account level customer service has access to a default setting; namely, either 1. All positions default to reinvest capital gains and dividends, or, 2. Capital gains and dividends for all positions will be deposited to the core MM account. Edited to add: The customer does have a setting to apply the change to all positions in the account, but it DOES NOT WORK.
To recap the issue:
My account default was set to deposit all capital gains and dividends to the core MM account. This should NOT have precluded me from changing individual positions to reinvest, however it did.
When I changed individual positions to reinvest, the system did process the change. However, it then arbitrarily changed other positions that were set to reinvest to deposit to core. I then had to fix those positions, and the next day other positions had flipped. It was a real nightmare every single day.
The customer service rep changed the default on my account to reinvest capital gains and dividends. The last two equity fixed I made seem to have "stuck," and all equities are now reinvested. I don't dare change a mutual fund position to deposit to core and I don't want to take a chance on playing the musical chairs game again.
Interestingly, when I purchased an ETF, the customer service rep had to set it to reinvest for me because the default was deposit to core.
Truly a maddening experience, but at least I can ignore it now and take a breather.
I have been with this broker for about 15 years and never one time has this issue. It seems to have been introduced with a system upgrade that was not fully tested.
Again, my reason for posting was not to slam the broker, but caution people to check their accounts to make sure the settings were what they intended. I am satisfied that my account has been corrected and realize the customer service reps have zero control over these system problems, but are the ones bearing the brunt of responsibility for satisfying customers and fixing them.
There is a bug in the broker's software that does not allow selection options to work as they should. As far as I know and was told, this issue has been turned over to the technical department.
I also discovered account level settings not available to the customer. The workaround involved changing a setting. Since I do not plan to make any further individual position settings at this point in time, I do not know if the issue is truly resolved and have no patience left to test their fix.
At the account level customer service has access to a default setting; namely, either 1. All positions default to reinvest capital gains and dividends, or, 2. Capital gains and dividends for all positions will be deposited to the core MM account. Edited to add: The customer does have a setting to apply the change to all positions in the account, but it DOES NOT WORK.
To recap the issue:
My account default was set to deposit all capital gains and dividends to the core MM account. This should NOT have precluded me from changing individual positions to reinvest, however it did.
When I changed individual positions to reinvest, the system did process the change. However, it then arbitrarily changed other positions that were set to reinvest to deposit to core. I then had to fix those positions, and the next day other positions had flipped. It was a real nightmare every single day.
The customer service rep changed the default on my account to reinvest capital gains and dividends. The last two equity fixed I made seem to have "stuck," and all equities are now reinvested. I don't dare change a mutual fund position to deposit to core and I don't want to take a chance on playing the musical chairs game again.
Interestingly, when I purchased an ETF, the customer service rep had to set it to reinvest for me because the default was deposit to core.
Truly a maddening experience, but at least I can ignore it now and take a breather.
I have been with this broker for about 15 years and never one time has this issue. It seems to have been introduced with a system upgrade that was not fully tested.
Again, my reason for posting was not to slam the broker, but caution people to check their accounts to make sure the settings were what they intended. I am satisfied that my account has been corrected and realize the customer service reps have zero control over these system problems, but are the ones bearing the brunt of responsibility for satisfying customers and fixing them.