I would like to ask, has anyone recently had a dividend pay out from RDSA?
I ask, as I have RDSA in my ISA & Invest accounts. 212 paid out the dividend amount twice, then deducted one amount with a withdrawal! I was not aware of this until I head-scratched as to why my own spreadsheet figure did not tally with the dividend amount shown by 212.
212 withdrew the error amount but has not adjusted my final figure for my dividends!
Anyone else had the same issue?
They seem to be having some issues with the dividends lately, especially with Shell. I also had some issues. Best, advice tag some of the Staff here. @David @Tony.V @Rumen
Thank you for your response.
I had originally taken this matter up through their info@ email, but after two weeks I heard nothing back, except an email asking for me to rate their hero customer service on something I am still waiting for a reply too!
Today, I took it up on the chat service. Pretty much told my final deposits vs withdrawals are not effected. But agreed my Dividend figure is incorrect. I was informed, there is nothing that can be done about it. If I then still have a problem, to then contact Complaints Policy - Trading 212 and take it up with them! Nice!
The correct action would be to have contacted me and resolved it with me directly, instead of just taking a withdrawal and hoping I would not know about it! That is how it feels If I did not keep my own spreadsheet, I would not have seen it!
It gives me an uneasy feeling when a company is handling ones money, but cannot communicate fully or even show the correct amounts in its portal!
I do hope @David @Tony.V @Rumen can shed some light, please?
Sincere apologies for the inconvenience caused. Unfortunately, as you have noticed, the cited dividend had been distributed twice by the system, and we had to apply a correction.
The current technical specifications of our platform allow us to reflect the correction in the transaction field. The correction goes along with a note that explains the nature of the event. I fully agree that this is not the most elegant solution, but it is the only one for the time being. We intend to optimize the way corrections are reflected in the rare cases they are needed.
@Rumen, I’m curious about the correction process - humour me if you would.
If for example I was paid a dividend but the amount paid was more than I was eligible for (or duplicated in this instance), and it was large enough to trigger DRIP on a pie, how would this be rectified as presumably the auto re-investing would complete before you would have a chance to post a monetary debit on the account?
The options I can see in that scenario are:
- Force sell the shares which were automatically invested to recover the amount. This seems like a dodgy option because the share price might drop, so you may end up selling more shares than were originally auto-purchased with the DRIP to cover the balance.
- Work with the customer and ask them to ensure there is x amount of money in free funds so it can be debited directly from free funds. This seems like a better option because it gives a choice of how to fix the problem, so you could make a monetary deposit or sell some shares, but the choice is ultimately for the customer to make. It also takes into account that this is no fault of the customer, so an acknowledgement that you screwed up but are willing to be flexible to fix it would be welcomed I’m sure.
I appreciate everyone’s situation will be different, but if this happened to me then I would personally prefer to just keep the extra shares which were purchased by the DRIP and make a bank transfer for the incorrect amount.
As you say, communication would be nice directly with the affected customer and not as with me, behind by back! Then, when I take it up via email, I get not reply! Still have not! I then have go to on a public forum to get a better understanding!
I also have a Pie. So lets hope that does not happen.
Thank you for your prompt response.
I accept errors can happen with a system that is so intrenched and complicated. The nature of todays world.
I have an account with a larger main stream (Global) fund manager. My account had an auto-withdrawal to cover fees that was incorrect. The mistake was the fund manager. They contacted me advising of the error before I knew about it. They then corrected the error plus reimburse for the inconvenience. Nice gesture. But for me, it is was been advised promptly of the error and that they where taking the appropriate action.
I now have my Trading 212 ISA and Invest accounts both showing the incorrect dividends received. How can that be acceptable for a UK FCA registered financial company?
@BenP In cases where we have to apply a dividend correction, we check whether the client has the necessary monetary value as free funds in their account. We do interfere as far as the exposure of the client is concerned. A force-sale of shares is not an acceptable option. The client is informed via a platform message or via email about the necessity to ensure that the amount is present in the account.
@NF-Trading I understand why you are not happy with the way the dividend correction has been reflected. However, I cannot offer an alternative at the present moment. Currently, such actions are portrayed only in the transaction tab along with a tag that explains the root cause of the event in question. We are planning on improving this aspect of the platform but it is a long-term commitment.
Just to point out that if you’re UK-based, you may want RDSB rather than RDSA, which I think I’m right in saying is subject to withholding tax.
Yes, you are right, but once I had released it was too late! Mistakes one makes when starting out!
I look forward to the correction in due time