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Post by chang on Mar 21, 2024 6:49:57 GMT
I initiated an online TOA of VIG (all shares) from Fido to VG yesterday. I noticed that the whole number of shares disappeared from Fido (reflected in the “Activity” tab) leaving 0.747 shares.
Does anyone know - will Fido transfer the fractional share later, or sell it to core, or keep it in my account? Do I need to sell it to core myself? TIA.
Edit : I just realized that VIG has an XD date on 3/22 with Record and Pay dates on 3/25 and 3/27. The shares will probably be in transit during this time - I hope the dividend follows them and shows up at Vanguard. Had I thought about it, I would have waited a week.
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Post by yogibearbull on Mar 21, 2024 11:12:09 GMT
Fractional shares don't transfer. If your instructions were to transfer ALL, fractional shares may be liquidated and transferred later. Just wait a few days, and if not, you may have to do it manually.
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Post by chang on Mar 21, 2024 11:18:38 GMT
Fractional shares don't transfer. If your instructions were to transfer ALL, fractional shares may be liquidated and transferred later. Just wait a few days, and if not, you may have to do it manually. Do you mean liquidated and transferred to Vanguard as cash?
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Post by yogibearbull on Mar 21, 2024 11:30:22 GMT
chang, yes. Fractional shares at brokers are by arrangements via odd-lot brokers. That is why they cannot transfer - each broker has a different arrangement. So, they have to be liquidated into cash (in a follow up sweep, or by you) and transferred as cash.
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Post by chang on Mar 28, 2024 14:31:09 GMT
Just an update-
Fido never transferred or liquidated the fractional share. I have 0.750 shares of VIG in my account. They even paid the dividend on it. Guess I’ll liquidate it myself (… or not?).
FYI - Fido paid the divvy on the Pay Date 3/27. Vanguard paid the divvy a day after the Pay Date, on 3/28. They always seem a bit sluggish compared to Fido.
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Post by Capital on Mar 28, 2024 22:35:21 GMT
Just an update- Fido never transferred or liquidated the fractional share. I have 0.750 shares of VIG in my account. They even paid the dividend on it. Guess I’ll liquidate it myself (… or not?). FYI - Fido paid the divvy on the Pay Date 3/27. Vanguard paid the divvy a day after the Pay Date, on 3/28. They always seem a bit sluggish compared to Fido. chang, Fidelity may not be able to transfer fractional shares. You actually hold fractional shares as a share in whole shares that your Broker, Fidelity, owns.
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Post by catdog on Mar 29, 2024 23:45:29 GMT
Chang, I have waited quite a while (a week) for fractional shares to settle, but it was a sale within fido.
catdog
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Post by chang on Mar 30, 2024 7:01:18 GMT
Thanks catdog and others. I actually decided to sell the 0.75 share on Thursday on a blip (the day’s high!) before the close. Fortunately the full position (rounded down to the nearest whole share) made it to Vanguard without any trouble, and so did the dividend (a day late).
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