💰 (@DividendFocus) on getquin

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@DividendFocus

2Mon·

Hello everyone! Do any of you have any idea what exactly has happened here? #scalablecapital

17.09

Ares Capital

Bought x0.322 at €19.25

€6.20

30 Comments

Ronald@AlterMann

2Mon

This has also been posted at Finanzen.net Zero with the same share.
No idea why.
I'll write to the support team, they have one, unlike TR

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Marty G.@Der_Geldsammler

2Mon

I also had this with Zero yesterday, related to Baader Bank - also 0.322 shares. Baader Bank was probably only able to receive the dividend in March as a stock subscription and not as monetary remuneration.

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Marty G.@Der_Geldsammler

2Mon

That what my answer from Zero @AlterMann - let's see if they give you the same answer. ...many thanks for your request.

It concerns the booking of stock dividends. Baader Bank us as well:

"for this scrip dividend we had no instruction option at our depository.
As usual with US optional dividends, the default variant is stock, which is why we have subsequently received the mandatory reinvestment for this distribution for all customers.
As a result, we booked the reinvestment to the customers yesterday, analogous to the WM publication and the booking of the depository, against debit of the reinvestment price."

It is not possible to exchange the dividend for cash. However, you can sell the shares received.

Yours sincerely
Your finanzen.net zero service team

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Reminder@Reminder

2Mon

I had written to Scalable because my available balance had been reduced as a result of the book entry. So instead of a stock dividend, I had a "forced purchase".

The reply was a simple one: The negative entry is intended to reflect the derecognition of the derivative and does not represent a cash entry.

Yes, it does. By debiting my account with the amount. Which cannot be, must not be.

I have therefore replied to the support team again and also threatened them with consequences. If no solution is found, we may be able to join forces here, e.g. with regard to BaFin.

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Reminder@Reminder

1Mon

Feedback from Scalable. After yet another useless blabla reply, someone took pity on the issue after threatening to take legal action...

According to support, it concerns the April dividend, which has already been paid out in cash. Why Baader Bank only realized 5 months later that no cash dividend had been paid out for this dividend, but only a stock dividend, is a matter for investors to decide for themselves.

Ultimately, the entire entry can be explained as follows: the stock entry corresponds to the dividend entitlement from April. Which has already been paid out in cash. As a result, the cash payment was "reversed".

None of this would have been a problem if it had been communicated in advance. Simply explain the facts to the customer and inform them of the planned booking date, together with a reference to the reversal of the cash dividend, so that everyone can ensure sufficient credit on their account in good time.

Instead, the booking was simply made without warning or information, which certainly amounted to hundreds, if not thousands of euros for some customers. This understandably led to considerable annoyance on the part of some customers and a heavy rush on the support team. To make matters worse, the support team didn't know any more than the customers themselves, at least initially.

I am already putting out feelers for an alternative without Baader Bank. Unfortunately, every other broker without Baader Bank is currently a considerable step backwards in terms of tradable shares and ETFs as well as savings plans and / or fees, which are often considerably higher.

I have had a custody account with Trade Republic for 3 months "on a trial basis". So far, I have not noticed any of the many negative reports about this broker. Everything works smoothly and the dividends are credited very promptly. Could be a permanent alternative. However, I didn't want to have everything with one broker/bank, which is why I chose TR in the first place and why the search for an alternative continues.

But with regard to the restrictions mentioned above, I don't know what the alternative should be

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Staatsmann@Staatsmann

2Mon

Will probably be the conversion of the dividend into shares, or a right to choose between dividends and more shares.

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Markus@_xempex_

2Mon

In my opinion, Scalable topped the whole thing today. My clearing account is always zero, as it is emptied every month for my savings plans. As a result of this action, my account is now in the red. Scalable does not consider it necessary to inform me in any way about this incident. BUT I receive a reminder that I am not allowed to overdraw my account and that I should balance it because otherwise I will incur penalty interest.

I don't expect premium service for a free custody account, but this behavior is simply not acceptable. Very weak of them! I just don't know how to escalate it yet.

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Janet@Levinson_G

2Mon

Dividend in shares?

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wasi@wasi

2Mon

Don't you have to give your explicit consent if you want the dividend reinvested in the same share? And does this work for fractional shares?

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U D.@market_analyst_466

2Mon

I read something about this yesterday - that - I think - a capital increase was decided in March or at the AGM. That was somehow very strange. I'm surprised that the existing shareholders are being forced to contribute. Unfortunately, I can no longer find the page.
But it looks the same to me, even if it says "mandatory stock dividend" above it.

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