Post by
bjgreenway1945 on Jan 10, 2022 3:43pm
SU DRIP Dividend
I am a new SU shareholder in both a TD Cash account and a TD TFSA account, which is set to DRIP all dividend payments.
SUNCOR paid its regular cash dividend right on time on December 24th.
However nothing in the DRIP account till January 6th, when there was a dollar entry for the correct Dividend amount BUT also a second entry for Jan 6th titled DRIP with a dollkar deduction for the exact same amount.
Have contacted TDW to inquire what is going on. The TDW explanation is that SU uses a Treasury DRIP mechanism, which means the DRIP shares are purchased from the corporate Treasury as opposed to a Market DRIP, where shares are purchased on the open market.
I have been waiting 2.5 weeks for SU to pay out the DRIP shares plus residual cash. TDW says it is in SUNCOR's hands and has no idea when this dividend will be paid.
Have others had similar experience?? Please advise. Seems to be a shabby way to treat DRIP investors.
Comment by
UNKLAL on Jan 10, 2022 4:46pm
My BMO account hasn't even received the divy yet!!! As a new shareholder in SU, I'm pissed. UNKLAL
Comment by
Experienced on Jan 10, 2022 4:57pm
With all due respect my friend...I would recommend taking a valium to calm down. Life is too short to worry about an extra day for the bank to sort out its paperwork. If you owned the stock before the X dividend date you will get the dividend!!
Comment by
JohnnyDoe on Jan 10, 2022 6:41pm
I just checked, I received my cash divvy in my TD account on Dec 24