I hate to say this, but one of my holdings had a dividend payment date come and go. Almost 30 days later, I still have not received the dividend. This is my first time dealing with this, but I’m taking it as a learning opportunity.
Update: this has been resolved. See my conclusion to this post.
Reviewing my facts:
- I owned 22 shares of Magna International (MGA) on its ex-dividend date of 5/24/2018. I have owned these since December 2017 and have not sold them, so there should be no mistake that I owned them on the ex-dividend date.
- MGA had a payment date of 6/8/2018.
- MGA is a foreign stock (to me), so I should expect a delayed payment. It is headquartered in Canada.
- This is in my Robinhood account.
My first reaction was to wait a few days, and then contact Robinhood support. This was my first time using Robinhood’s support, and I found it simple to use. I sent a request at 8:36 am on June 21, and received a human response via email at 1:03 pm on June 22. Not bad! I have heard Robinhood’s support is one of its weaknesses, but I was perfectly happy with this response time.
I was notified that “pending dividends from foreign stocks will not appear in your app until they’ve been paid. Please keep in mind, foreign dividends take additional time to process. You’ll most likely receive your dividend payment a few business days after the official payment date.”
This was a perfectly reasonable explanation, although I already was aware of it. I was hoping for more detail. I haven’t been able to find information on exactly when my MGA dividend will hit my account via Google searches. Robinhood did offer for me to respond with further questions, but I was satisfied to wait a bit longer to see if the payment would appear.
Looking back at my four previous MGA dividend payments versus payment dates, I have a few days of delay at most:
Payment Date – Date Actually Received
6/8/2018 – Not received as of 7/6/2018 (28 days and counting)
3/23/2018 – 3/26/2018 (3 days)
12/8/2017 – 12/11/2017 (3 days)
9/15/2017 – 9/18/2017 (3 days)
6/9/2017 – 6/14/2017 (5 days)
Unfortunately, It is now July 6 and I still have not seen a payment from MGA for its most recent dividend (payment date of 6/8/2018). It is only a few dollars to me, so I am going to wait a while longer. If I receive payment, I will update this post. Either way, this is one of my few foreign dividend growth stocks. I’ll have to take this payment delay possibility into consideration for future purchases.
Does anyone have any similar experiences or knowledge?