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.