Interactive Investor and Dividends

sorcerer

Has anybody noticed that II seem to be very slow at paying out dividends. I used to be with Hargreaves Lansdown, and my dividends would show up on the day they were due to pay out. But with II they can show up to a week later or more.


I wonder why their system take a lot longer to update, it seems to be something like a manual system, which I can't believe it would be.


I have at least 10 funds due to payout on the 31st May, but nothing is showing on my account yet.

le_loup

... ditto ...
I was waiting until tomorrow when I will ring them to find out where they are.

sorcerer

le_loup wrote: »

... ditto ...
I was waiting until tomorrow when I will ring them to find out where they are.

I guess it's not just me having this issue, I would have expected at least some of them to come through by now.


Last month two arrived on time, and the rest 4 or 5 days later.


If you do ring them tomorrow I would love to know what they say to you. Otherwise I will wait a few more days and give them a ring also.

planteria

i will follow this with interest too.
i have just 1 fund in my SIPP with them, and 2 funds in my ISA with them, and all are Accumulation shares. but i have individual company shares too, so i'll be pleased to see Glaxo, Astra and Vodafone dividends appearing nicely:lovethoug

le_loup

sorcerer wrote: »

Last month two arrived on time, and the rest 4 or 5 days later.

If you do ring them tomorrow I would love to know what they say to you. Otherwise I will wait a few more days and give them a ring also.

I only have two which were due 30st May/1st June and it is the first time that any of my funds were due a payment since the transfer to II. My initial thought was the way the weekend fell but you saying you had similar experiences last month is troubling.
I s'pose a few days for the divi is neither here nor there in the grand scheme of things but it is yet another indication of a lesser service!

le_loup

OK, made my call.
Apparently it can take "up to ten working days" for dividends to be made available, because "we have to receive the money from the fund manager and then split it over all our customers". What, says I, you do this manually?
So my next complaint was that a transfer cheque received by them from Nationwide on the 29th "that will be available to me in 3-5 working days" is not available to me on this, the fifth working day, is not their fault because that's how banking works!
Am I p'd off about this? You bet. I have been investing for 30 years and have never experienced this kind of built in delay. I feel a formal complaint building!

sorcerer

Ahh so in fact it's as I thought, it's done manually, which is indeed very worrying, you wonder if they are getting the right dividends sent to the right people. I did think it strange that when I looked at the times the dividends come in, they are all over the place, but mainly in the afternoon. Maybe the person who does this only works part time


It just seems very odd, that HL can pay on time but it can take two weeks for II to payout. I wonder why they don't have an automated system for this.


Like you said in the scheme of things it doesn't really matter to me when they get paid, as long as they do get paid and it's correct. But it's more of a concern that if a human does this, a mistake is more likely to happen. I will keep a much closer eye on the payments made in future to make sure they match what I was expecting.

sorcerer

I can see myself sending a secure message every month chasing them up for my missing dividends. That's going to be fun... not.

BLB53

This was one of the big problems when they moved away from the Halifax platform over 2 yrs back - sounds as if little has changed!

I moved my ISA over to AJ Bell Youinvest partly as a result of the dividend issue and now get everything due on the day.

le_loup

BLB53 wrote: »

and now get everything due on the day.

.... as you should!

sorcerer

BLB53 wrote: »

This was one of the big problems when they moved away from the Halifax platform over 2 yrs back - sounds as if little has changed!

I moved my ISA over to AJ Bell Youinvest partly as a result of the dividend issue and now get everything due on the day.

That's pretty shocking that after two years, they haven't advanced this, only three out of my 12 dividends have paid out so far, and it's already the 4th working days into the month.