Certain DWS Closed-End Funds Declare Yearly Distributions New York, December 20,
2011 – The Central Europe and Russia Fund, Inc. (NYSE: CEE) announced today that its Board of Directors declared a total distribution of $2.4860 comprised of $2.1150 long-term capital gain and $0.3710 ordinary income. The total distributions will be paid in stock except that any stockholder of record as of December 30, 2011 may elect to receive such distribution in cash.
And TD where I have the brokerage account informs me of the options I have (stocks or cash) in a letter that I receive on January 25. The deadline for client instruction was January 23 (!?!), so again I will receive shares (the default option) instead of the much-awaited cash.
It is a big bank, why don’t they have an e-mail system that sends an e-mail saying to log on to your account and read a ‘Corporate Action Notice’. They would save money on paper and stamps not to mention they would not have to deal with irate customers like me. ‘Interactive Brokers’ has this system and it is very convenient.
And yes, it is the second time this happens. After it happened first time (you could read the story here) I moved my brokerage account to TD (there were other reasons, but this was the last straw).
If ‘Interactive Brokers’ offered TFSA and RRSP, I would move all accounts with them, but now I am stuck somehow with TD and it seems all big institutions are the same.
UPDATE: TD informed me that they were informed late by DWS Investments (CEE is their fund), more exactly on Jan 18. Did they do it on purpose so shareholders don't have the time to choose to receive the dividends as cash ? Who knows.
Should I make a complaint to SEC ? It seems too much trouble and work.
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