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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??
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.
crimsonghost747
Unregistered
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?
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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
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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.
crimsonghost747
Unregistered
(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.
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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.
