Direct from Scottrade regarding dividend...
Post# of 11038
Posted On: 08/21/2015 11:49:03 PM
Direct from Scottrade regarding dividend...
Thank you for your message. I hope I can clarify the issue for you a bit.
Because this dividend is more than 25% of the stock's price it is subject to special rules. As with all dividends the important date is the Ex-Date. Any shares bought before the Ex-Date will be eligible to receive the dividend. Because in these special cases the Ex-date is actually set after the payment date the shares trade with a book entry called "due-bill" which makes the new holder the rightful owner of the dividend. What happens is the owner of record (the seller of the shares) is actually paid the dividend and then is obligated to turn the dividend over to the new owner. Due bill is generally settled several days after payment of the dividend which is why you see the delay.
The Ex-Date for the recent CRGP dividend is 8/19. If you bought shares before then you will be eligible for the dividend. Because of the special rules, the dividend may be paid to account holder on record and then transferred to your account, delaying the payment.
Thank you for choosing Scottrade. Please let us know if we may be of further assistance.
Sincerely,
Mike S.
National Service Center | Scottrade, Inc.
Thank you for your message. I hope I can clarify the issue for you a bit.
Because this dividend is more than 25% of the stock's price it is subject to special rules. As with all dividends the important date is the Ex-Date. Any shares bought before the Ex-Date will be eligible to receive the dividend. Because in these special cases the Ex-date is actually set after the payment date the shares trade with a book entry called "due-bill" which makes the new holder the rightful owner of the dividend. What happens is the owner of record (the seller of the shares) is actually paid the dividend and then is obligated to turn the dividend over to the new owner. Due bill is generally settled several days after payment of the dividend which is why you see the delay.
The Ex-Date for the recent CRGP dividend is 8/19. If you bought shares before then you will be eligible for the dividend. Because of the special rules, the dividend may be paid to account holder on record and then transferred to your account, delaying the payment.
Thank you for choosing Scottrade. Please let us know if we may be of further assistance.
Sincerely,
Mike S.
National Service Center | Scottrade, Inc.
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