# Questrade/iShares DRIP problem...



## mesaana14 (Apr 4, 2009)

Hello

My iShares positions did not DRIP as they should have with the latest distributions. I contacted Questrade by live chat and the CS agent took my info and said he needed to follow-up with the "back office". He answered me today by email: 
...


> I have only been able to get an answer for XRE and XCS. These were added to DRIP list today and you will be eligible for DRIP in the next dividend. They were not previously available for DRIP. The shares that you seem moving in and out of your account on 04/21 is due to the CUSIP change.


...

I just sent an email back disputing this info as both these positions had distributions that successfully "dripped" in the past (prior to the CUSIP change, early April and early January this year).

Am I the only one with this problem? Thanks for your help.

Lyne


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## pnr (Jun 19, 2010)

>>Am I the only one with this problem?

No, I have the same problem. I did not get iShares ETFs (XSB, XLB, etc) from Questrade either.


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## mesaana14 (Apr 4, 2009)

pnr,

Have you contacted them?

I have received the following response today:



> I have looked further back into the history of the account and see that you are correct. I apologize for the confusion. I have further escalated the issue and shown a history of the account in order to show that the dividends were previously given as you have stated. I will contact you via email when I have received a response.


So we'll see...


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## pnr (Jun 19, 2010)

mesaana14 said:


> Have you contacted them?


Yes, I have. Here is their reply:


> You have enrolled into DRIP plan back in January, the XIU was the new symbol for S&P/TSX 60ETF because back in April, ISHARE updated all their ETF symbols. The new XIU was updated into your account in April.
> Please understand that "All Eligible Securities" on your DRIP form was only valid for stocks existed in your account before your enrollment date. Because of the symbol update, your XIU is considered new shares in your account.
> 
> To add new symbols to your DRIP plan, you need to email us a letter of direction to authorize the addition of your new stock symbols. You can scanned letter and email to us as an email attachment.


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## mogul777 (Jun 2, 2009)

Not likely, Questrade has notoriously poor customer service/accounting skills. Good luck.


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## CanadianCapitalist (Mar 31, 2009)

pnr said:


> You have enrolled into DRIP plan back in January, the XIU was the new symbol for S&P/TSX 60ETF because back in April, ISHARE updated all their ETF symbols. The new XIU was updated into your account in April.
> Please understand that "All Eligible Securities" on your DRIP form was only valid for stocks existed in your account before your enrollment date. Because of the symbol update, your XIU is considered new shares in your account.


That's not correct. XIU has been the ticker symbol for a very long time now. iShares did change the names of their ETFs recently but I don't remember exactly when.


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## pnr (Jun 19, 2010)

CanadianCapitalist said:


> That's not correct. XIU has been the ticker symbol for a very long time now. iShares did change the <em>names</em> of their ETFs recently but I don't remember exactly when.



Below is another response from Questrade. These guys are incredible. I am wondering what has happened to "dripped" iShares in other brokerages. 



> The change was in the CUSIP number and the name of the shares, thus they got removed from the DRIP plan. In new letter of direction you need to mention the you want to add these stocks for DRIP. You can also email us a new DRIP form and request to add all the eligible stocks for DRIP. This all the eligible stocks will get added for DRIP in your account.
> I apologize for the inconvenience caused to you.


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## mesaana14 (Apr 4, 2009)

Well, I just got an answer, and they said that if I purchase the shares that should have been included in the DRIP myself, they will rebate the commissions. The share price won't be where it was at the time, but for such a small number (in my case), in the grand scheme of things it won't make a big difference...

So I just sent the orders, and I'll be anxiously waiting to see if they do in fact rebate the commissions. I'll let you know...


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## mesaana14 (Apr 4, 2009)

Just wanted to update, in case anyone cares...

They actually did rebate all the commissions. I looked at my accounts today and all commissions incurred in buying the shares that should have been dripped have been put back in.


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