How do I change the type of dividends i receive? - Seedly

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Asked by Anonymous

Asked on 05 Apr 2019

How do I change the type of dividends i receive?

Initially i signed up to receive my dividends as shares. However, i realised it is hard to sell off odd lots. Hence, I would like to change it back to cash. How do I go about doing it? The stock I have is OCBC.

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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 6. Master
Updated on 07 Jun 2019

How was this setup done in the first place? If its through your broker give them a call to get it sorted out

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Question Poster

05 Apr 2019

I got a letter stating what kinds of dividends do i want to receive. If I’m not wrong, the letter is from OCBC itself instead of the broker.
Jonathan Chia Guangrong
Jonathan Chia Guangrong

05 Apr 2019

Right. Then in this case, I believe you can decide to accept in cash when the next dividend is declared. I face the same with AIMS AMP Reit where they give you a choice to accept in cash or shares. If the previous dividend was already reinvested into shares, you can't really do anything about it except to either hold or sell off in the odd lot market through your broker. Which may not be ideal given the higher commission levied. Alternatively, you can also reinvest and accumulate till you reach 100 shares. That way you can sell it off in the normal open market. The letter you receive from OCBC may allow you to determine how many shares you want. At least I can do so via AIMS if I recall correctly.