❤️DIST-LOVE · 2024-09-19T08:14:25.287185Z

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

9Lun

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

9Lun

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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Nico@itZNico

9Lun

@Der_Geldsammler I'm happy when I get more shares, but it's funny. The new shares were booked in on September 17 at a price of €19.26, the price was fluctuating around €18 at the time. The ex-date for September is 13.09 and the payment date is 30.09. So maybe there will still be a dividend in September and that was really just the retroactive booking of the March stock dividend.

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Marty G.@Der_Geldsammler

9Lun

What should I say to you now? I wasn't thrilled yesterday either. Less because of the amount, more because of the situation - when the custodian bank realizes after almost 6 months that it has not booked costs or shares correctly. In my opinion, the broker is less responsible for this, but it still leaves a bad taste - but at the end of the day, people work in a bank too and mistakes happen. My next course of action here is to take note and, if it happens again, possibly change my custody account, as I generally don't want to do that - but even with regular banks like Comdirekt (such) mistakes can happen.

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Thoranos@Thoranos

9Lun

Also affected. Traders Place (Baader).

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Reminder@Reminder

9Lun

@Der_Geldsammler But it can't be right that something is booked into my account without prior information and that I have to pay for it! In my case it was only a small amount of €1.95, but it still can't be. And if it were a stock dividend, it should logically have been booked free of charge. Either way, something is wrong.

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Marty G.@Der_Geldsammler

9Lun

I completely agree with you, see comment above > taste; therefore observe and change if necessary.

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Reminder@Reminder

9Lun

@Der_Geldsammler but where to switch to? The problem seems to be Baader Bank. So you need a (neo)broker who doesn't work with them. Which limits the choice considerably. Most banks are too expensive for me as a small investor, so I have to rule them out. Besides, I didn't want to commit myself to a single broker anyway. I am already a member of Trade Republic. So what would be an alternative with comparable conditions to Scalable or Zero?

As far as I know, JustTrade doesn't offer any savings plans in shares, only ETFs, so it's out of the question for me. The same applies to tradegate. With etoro, I'm put off by the low deposit protection of €20,000, which I fully intend to reach in the foreseeable future. So what? 😩

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Marty G.@Der_Geldsammler

9Lun

@Reminder Good question, I don't know how high the fees currently are at Bitpanda for shares, I have a small crypto custody account there. Otherwise it's somewhere between quality with costs or just cheap with deductions. 😅

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Johannes@Jb9

9Lun

@Reminder Deposit protection is only relevant for the clearing account. The shares, funds, etc. are special assets and should be protected against bank insolvency.

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Markus@_xempex_

9Lun

@Reminder die gleiche Frage habe ich mir auch gestellt. Und mich entschieden, SC zu beenden und alles zum Hauptdepot bei der ING zu übertragen. Die paar Euro ist es mir wert, in Zukunft auf den sogenannten "Support" bei SC verzichten zu können.

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Markus@_xempex_

9Lun

@Reminder die gleiche Frage habe ich mir auch gestellt. Und mich entschieden, SC zu beenden und alles zum Hauptdepot bei der ING zu übertragen. Die paar Euro ist es mir wert, in Zukunft auf den sogenannten "Support" bei SC verzichten zu können.

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Marty G.@Der_Geldsammler

9Lun

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

9Lun

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

9Lun

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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Markus@_xempex_

9Lun

@Reminder Very well formulated! 100 percent agreement with the lousy #scalablecapital support.
But instead of looking for the next cheap shop, I decided to transfer everything to my main account at ING. Sure, it's more expensive, but the support there is really great. There are also free tax vouchers for special topics such as CH shares, which makes things a lot easier.

The important ETFs are also available there, and the ETF savings plans are generally free of charge. Buying shares or savings plans cost money. I will simply change my behavior a little. Instead of ten savings plans of 25 euros each, I'll simply collect them and buy shares in batches of over 1000 euros. The fees are hardly an issue any more. I've been on the stock market long enough now that I'm familiar with the really high fees. The additional costs at #ing compared to SC are simply worth it to me.

For real specialties like options etc. I still have my small securities account with Interactive Brokers (via Estably).

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Reminder@Reminder

9Lun

@_xempex_ The funny thing is: due to the announced, considerable deterioration in conditions, I only terminated my current account with ING last week after 20 years, which had only been a secondary account since then. And in this context, I also canceled my custody account there, which was only used for a single ETF anyway due to the fees... 😎

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Staatsmann@Staatsmann

9Lun

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_

9Lun

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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wasi@wasi

9Lun

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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❤️DIST-LOVE@DISTLOVE

9Lun

@wasi I'm not sure as I didn't give explicit consent or make a setting. It's the first time I've seen something like this in my portfolio. Since it is fractional, I assume it works - but it may depend on the broker. As far as I know, not every broker supports fractional shares.

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Kevin E.@KevinE

9Lun

@DividendFocus I don't know of any broker who doesn't offer savings plans these days. Accordingly, these must be possible everywhere.
What is usually not possible is the transfer of fractions to another custody account

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Tabularasa@Tabularasa

9Lun

The curious thing is... the same thing happened to me but only with Ares 70€ but now minus on the account

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Markus@_xempex_

9Lun

@Tabularasa then you should have received the reminder today, if you haven't already balanced the account in the meantime. I find SC's behavior in the whole matter (i.e. doing virtually nothing except stupidly posting and spamming standard replies) pretty borderline.

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Tabularasa@Tabularasa

9Lun

@_xempex_ I put something in instantly on the same day. Reminder came anyway 😂

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Markus@_xempex_

9Lun

@Tabularasa I thought until the end that this was a mistake and would be corrected. I transferred something today, but to be honest I'm really annoyed by the poor or virtually non-existent support at SC.

I will now terminate all savings plans at SC and transfer the entire custody account to my main custody account at ING. That may cost a few euros more, but I've never had any major problems in the dozens of years I've been there. And ING also manages to proactively report things before they become an issue. :) This has often been a topic here at GQ. Cheap isn't everything, SC is perfect proof of the classic resource triangle dilemma. 🤣🤣

I've just initiated the deposit transfer, let's see how long it takes.

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U D.@market_analyst_466

9Lun

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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9Lun

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❤️DIST-LOVE@DISTLOVE

9Lun

@Levinson_G Is that usual? I've never had it before. I would like to understand it, purely out of interest.

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