When accepting the new FNZ Terms and Conditions, account holders were presented with the option to have their dividends redirected to their Selfwealth Trading cash account. One or more account holders on your account selected ‘Yes’.
This instruction was processed and your Selfwealth cash account details were submitted to the share registries that manage your holdings.
As a reminder, the step where that question that was displayed is below.
Are there any benefits of having my dividends credited to my ANZ cash trading account?
Your Selfwealth cash trading account is a trust account registered in your name which is facilitated by ANZ and is used to meet all your settlement obligations. Some clients see benefit in directing income to this account — for example, ease of reporting, readily investable funds, and removing need to update banking instructions upon purchase of new holdings.
Many of our clients have requested this feature in the past so we are pleased to launch this initiative.
I’ve noticed some deposits suddenly appearing in my cash trading account. What are they?
When accepting the new FNZ Terms and Conditions, all account holders were presented with the option to opt out of the redirection of cash dividends to your Selfwealth cash account. If you selected ‘yes’, this instruction was processed and your Selfwealth cash account details were submitted to the share registries that manage your holdings.
If you have never set up your dividend direct credit instructions, your dividends have been accumulating with the share registry. Upon receiving the dividend redirection instruction, the share registries credited these dividends to your Selfwealth cash trading account.
How will I know what shareholdings the payments relate to?
We would recommend you log into the share registry that manages your holdings and download your dividend statements. They will have all the details you need. Dividend statements will also be mailed to your postal address.
I would like to opt out. How can I reverse this?
1) If you’re opting out, you need to let us know. This helps us ensure your preferences are applied to all future investments through our platform.
2) Contact your respective share registry, or registries, and submit new instructions so that your dividends continue to be paid to your original bank account. If you need any further advice on this, please let us know.
What happens to my Dividend Reinvestment Plan (DRP) Elections?
Please be advised that if you had a DRP election in place, these instructions should remain as is. However, we would recommend that you log in to the relevant share registry to confirm your DRP election is still enabled.