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DRIP Transaction Download from E*Trade - Commission and 2 Register Entries

MangoMan

Ever since the Morgan Stanley conversions the DRIP (dividend reinvestment program) transactions now come as 2 separate transactions (Dividend and Bought) instead of a single Reinvested Dividends. Also, the Bought transactions show a commission charge.

Annoying to have 2x the number of transactions and unclear if the commission charge is really there.

Anyone else seeing this and have you reported it to E*trade or Quicken Tech Suport?

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Comments

Tom Young

I'm going to guess that the change to Div - Bought is because there is a commission associated with the DRIP.

Years and years ago I had an Etrade account and there was a commission associated with a DRIP I'd established, though it didn't come through expressly as a commission, it came through as an invisible adjustment in the actual purchase price. In this case the DRIP had been established not with Etrade but with the subject company itself so I could see the difference. One of the reasons I left Etrade. Maybe MS is just being more honest about the situation and showing you the commission.

Easy way to figure this out: call Etrade/MS and ask.

MangoMan

They say there is no fee for DRIPs.

https://us.etrade.com/knowledge/library/getting-started/what-is-a-dividend#:~:text=In%20most%20cases%2C%20DRIP%20purchases,made%20in%20fractional%20share%20accounts.

Tom Young

"In most cases, DRIP purchases are free from commissions"

I'd still call and ask about your specific case. If there is no commission in your case then you'll have to talk to Official Quicken Support to see why you're seeing what you're seeing.

MangoMan

There's no commission - I checked. Still interested if others are seeing the same thing in their E*Trade DRIP transactions.

Doug Giannotti

Yeah, I've been seeing the exact same thing the past couple of months. Really started around 1 month after the Morgan Stanley transfer once all the Dividend Record dates were now at Morgan Stanley.

But if you look at the buy transaction, I do see a couple cents worth of commission per transaction.

Tom Young

@MangoMan @Doug Giannotti

If there's really and truly no commission in these transactions - but maybe a "fee" of some sort that gets plunked into the commission bucket? - then it's time to talk to Official Quicken Support.

Some DRIP programs offer a small discount, some DRIP programs use "average price" on the day of purchase, some use EOD prices, so before calling Official Quicken Support I'd make sure of exactly how this DRIP works if it's offered by the issuing company or how Etrade does things, mechanically, in the DRIP program if they're the ones doing the dividend reinvestment program. Obviously that cost must be floating around in Etrade's computers somewhere; I don't think Quicken is the driver here.

q_lurker

Has anyone checked the basic equation ?

Shares x price + commission = amount

I am suspicious that Quicken (or someone) is forcing that commission in rather than adjusting the price.

What price is being used in Quicken as compared to what shows from the brokerage?

Tom Young

@MangoMan @Doug Giannotti

It would also be helpful to clarify if this is a company-administered and company-sponsored DRIP or if it's actually an Etrade offer to "reinvest dividends."

Doug Giannotti

@Tom Young at least for me, this is NOT a company admin / sponsored DRIP. My situation is straight Etrade dividend re-investment

Bob@45

Interestingly this happens for me only one some DRIP activity. Attached snapshot shows Div/Bought for PAYC, and ReinvDiv for TGT.

Given the earlier comments, my guess would be that Quicken is taking the share count, price, and total from the download, and when there's a discrepancy it is dropping th

at discrepancy into the commission field, and when there is no discrepancy, it's posting a simpler ReinvDiv instead.

Doug Giannotti

I noticed the same thing on Fri. My divs for IP follow the Div / Bought pattern, while my div for KO was a straight re-investment

MangoMan

It would be helpful for more people to report this to E-Trade/Morgan Stanley web tech support. I suspect it is something that has happened after the DRIP was folded into Morgan Stanley operations/process. I am guessing they are sending bad data to Quicken with the two transactions. It used to be so much easier when E-Trade sent a single Reinv transaction. Still better than the 3 transactions that Merrill Lynch sends for DRIPs. 😠

MangoMan

https://community.quicken.com/discussion/comment/20403794#Comment_20403794

It is strictly the E-Trade DRIP. You can specify in each account which securities you want to have dividends reinvested.