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Email this1:45 pm
October 5, 2017
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This is the second time in 3 months that TD Webroker has missed paying monthly dividends that were due today.
A CSR at TD has said they can not do anything about this situation as it a back office function and have no resolution time frame.
Very annoying and frankly very unprofessional.
Has anyone experienced missing dividend payments ?
2:31 pm
October 27, 2013
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Please be more specific in what you are talking about. The TDB ISA that pays interest via $10 units?
4:17 pm
October 5, 2017
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bhuc said
This is the second time in 3 months that TD Webroker has missed paying monthly dividends that were due today.
A CSR at TD has said they can not do anything about this situation as it a back office function and have no resolution time frame.
Very annoying and frankly very unprofessional.Has anyone experienced missing dividend payments ?
I am referring to the stock "XTD" which pays monthly on the 10th of each month.
This a TD DI issue of failure to pay a dividend on the payment due date.
Has anyone experienced TDDI missing dividend payments on due the date?
5:50 pm
September 11, 2013
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Pay date is June 10 for May distribution (monthly pay dates range normally between 7th and 10th of following month), give it another day, say by noon tomorrow, to see if it hits your TDDI account.
Nothing to do with TDDI, it's a Quadravest Capital Management product, I'd contact them if you're concerned with anything.
6:30 am
April 6, 2013
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Nothing is missing if a dividend is posted by discount broker next business day and backdated to payment date. That's normal.
Even trades are posted the next day and not on the day the trade fills.
7:26 am
October 5, 2017
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I'm not sure I would agree to post 5.
That's like having your weekly paycheck deposited a day late or savings interest payments posted a day late.
In any event this is the reply Quadravest sent me.
Thank you for your email.
Yes, a dividend was declared for XTD Class A shareholders on record as at May 30, 2025, payable June 10th. Please click here to view the news release which provides the dividend information.
We have not heard of any issues with the payment wire being sent to the financial institutions, nor have we had any additional investor enquiries. Once the wire is sent, it is then up to each firm to credit the appropriate investor accounts based on the number of shares held, therefore it may be a delay or error at the financial institution level which does occur occasionally.
Our funds are book entry only meaning we do not have access to investor account information or details. Therefore if you did hold XTD Class A shares on the May 30th record date, we recommend you please follow up with your financial institution directly if the payment does not appear.
Please let us know if you require additional information.
Kind regards.
QUADRAVEST
Investor Relations
This is a TDDI issue for failing to pay a dividend on the payment due date.
Has anyone experienced TDDI missing dividend payments on due the date?
7:38 am
January 4, 2015
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I'm also missing the June 10th dividend.
Curiously for the April 10th dividend I received it twice. I contacted my brokerage support and they pulled the duplicate dividend back.
7:02 am
January 4, 2015
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Got the dividend now, back dated. Don't know if that is because I contacted my brokerage support or something else.
7:13 am
October 27, 2013
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In every case in every brokerage I have had accounts at for 20-30 years, recurring investment income payments (dividends et al) are posted the next business day (or two occasionally) after payment date and backdated to payment date.
It is simply the mechanism of back office processing which updates transaction activity of the day (Day 1) overnight and showing in one's account on Day 2. There is nothing nefarious about it.
7:44 am
January 4, 2015
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AltaRed said
In every case in every brokerage I have had accounts at for 20-30 years, recurring investment income payments (dividends et al) are posted the next business day (or two occasionally) after payment date and backdated to payment date.It is simply the mechanism of back office processing which updates transaction activity of the day (Day 1) overnight and showing in one's account on Day 2. There is nothing nefarious about it.
This is different in that it is a day later than all previous dividends. As well as the issue 2 months ago.
8:18 am
October 27, 2013
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As I mentioned, I have occasional ETF cases where there is an extra day before posting of distributions, especially with my US domiciled ETFs.
It can also happen with ISA interest re-invested distributions, and did for May payouts in my BMOIL account as an example. May 30th was payment day. The transactions did not show in my brokerage account until June 3rd backdated to May 30th.
It simply does not matter in the overall scheme of things. I realized decades ago that micro-managing accounts is not a productive use of time. Once a week, e.g. Friday, is more than enough to see what transpired for the week just finishing.
8:26 am
April 6, 2013
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bhuc said
I'm not sure I would agree to post 5.
That's like having your weekly paycheck deposited a day late or savings interest payments posted a day late.
No, its not.
Brokerage accounts are not bank deposit accounts. They don't work the same way.
Dividends are also not owed to beneficial holders by the companies that pay them. They are owed to the registered holders (the brokerage firms or their depository) and are wired to them sometime on the pay date.
Even banks are allowed up to 2 business days to post direct deposits. There's special handling to achieve those same-day direct deposits. Payroll processing companies send post dated direct deposits early so that each receiving bank can make the funds avaiable at the open of business on payday. As a benefit, some banks will front the money after they receive the post-dated direct deposit to provide access early!
Same as AltaRed, I never seen dividends, maturing bonds, share redemptions, and others transactions posted same day in my discount brokerage accounts. They have been posted next day and backdated. That includes money from bonds that redeemed at maturity.
3:56 am
October 5, 2017
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I really don't know what's going on at TD direct Investing these days.
TDDI has missed paying dividends for XTD and DFN several times times in the last few months on the specified payment date. So far however, it has shown up the next day with a back dated payment date.
Today, TDDI has reached a new low, instead of paying 10 cents per DFN share they only paid 1 cent per share.
Calling the Customer help line has pretty much been a exercise in futility, they pretty much say its not their problem, and they always blame the share issuer for late or missing dividends.
I am going to escalate this whole fiasco to their senior complaints and the TD ombudsman... enough is enough.
Failing a resolution, it may be time to move my portfolio to another brokerage!
4:30 am
September 30, 2017
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My situation is slightly different.
At times, I had issue with TDDI DRIPs on holdings with monthly distributions. I had XBB and XSH in the same account. This time, I received XBB drip last week, yet still waiting for XSH drip. I always received both on the same date before.
From a previous delay on a different holding, one rep told me SLA for DRIP is 4-6 weeks hinting back office team cannot act even if he opened a ticket!
7:18 am
October 27, 2013
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bhuc said
I really don't know what's going on at TD direct Investing these days.TDDI has missed paying dividends for XTD and DFN several times times in the last few months on the specified payment date. So far however, it has shown up the next day with a back dated payment date.
Today, TDDI has reached a new low, instead of paying 10 cents per DFN share they only paid 1 cent per share.
Calling the Customer help line has pretty much been a exercise in futility, they pretty much say its not their problem, and they always blame the share issuer for late or missing dividends.
I am going to escalate this whole fiasco to their senior complaints and the TD ombudsman... enough is enough.
Failing a resolution, it may be time to move my portfolio to another brokerage!
The brokerage does not control when the information comes in from the issuer. The brokerage back office only posts the information to your account when it is received from the issuer.
Every brokerage will operate the same way with the only real difference being that postings may be a day earlier or a day later than others. It is how it has worked with all 3 discount brokerages we have accounts with.
FYI, the DFN website says the 10 cent distribution will be paid Sept 10th (today). The issue with 10 cents vs 1 cent payment may indeed be a glitch at TDDI rather than the issuer but don't assume that is automatically the case.
8:11 am
October 5, 2017
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Has anyone at a different brokerage not at TDDI received a 1 cent per share dividend today for DFN ?
If so then it was the issuer that screwed up and not TD, but my guess is it TDDI.
12:23 pm
September 30, 2017
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TDDI admit the DFN error openly. There is priority message now when I sign on
6:07 am
February 11, 2024
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I have DFN and DFN.PR.A at TDDI. Yesterday I got $0.01 per share of DFN instead of $0.10 and today that has been corrected. I got nothing for DFN.PR.A yesterday, but today instead of $0.05833 I got $0.58330 per share. I hope they don't correct this one.
3:13 am
October 5, 2017
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TD direct Investing dividend payments, Mystery solved.
I just had a call from TD SCCO (Senior Customer Complaints Office) regarding missing, late and incorrect dividend payments for TD clients.
The individual confirmed the whole process is a manual one wherby dividend payment amounts and dates are manually entered and then processed overnight . He confirmed the information comes from a third party CDS (Canadian Depository for Securities).
He also confirmed it is "normal and not unusual that TD miss actual dividend payment dates and can sometimes takes days or weeks to show up as back dated payments".
My 2 cents:
TD should enhance their process to ensure payments are made on time with correct amounts to reduce human error.
TD should inform clients that dividend payments may not show up for days or weeks after the due date.
Errors do happen, but when they occur with such frequency it might be time to transfer my assets to another brokerage.
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