You can change banking instructions for dividends (or distributions) through the share registries of the stocks you own. This can be done per holding with the share registries and needs to be set at each share registry.
We can also change this setting for you for all your current stock holdings and future purchases. When we make this change it will send a message to all share registries to be sure to credit all future dividends to the bank you have selected via our form.
Please note: If you choose to make a change though us, it will overwrite any current instructions you had with the share registries. With the exception of any Dividend Re-investment Plan (DRP) instructions, these should not be affected.
You have three options:
Credit dividends to your Selfwealth AUD cash account (note: you may have already selected this when you created the trading account)
Credit dividends to your Nominated Bank account, that you have registered with us for deposits and withdrawals.
Self-manage - turn off any instructions and allow you to self manage your dividend instructions via the respective share registries.
To proceed with making a change to your dividend bank instructions please fill out the following Change of Dividend Income Direction form (at the bottom of this guide). Then submit it via our secure contact us form, using your registered account email address and selecting Account Updates > Dividend Bank Change.
How long does it take to make the changes?
Once you have received confirmation that we have made the changes. It can take 1 business day to register your new banking details, with the share registries. You will normally start receiving confirmation from share registries via letters/emails once changes have been made.
Why haven't I received the dividend to my selected bank account yet?
Please check when the record date was for the specific dividend. If the bank you selected was not changed before the record date, the dividend would have been handled with previous instructions. Please check with your share registry where the dividend was credited too.
Can I select another third party bank account?
For security reasons, we can only change your dividend bank to either your Selfwealth AUD cash account or your registered nominated bank account with us, under the same name as your trading account. If you would like to select another third party account (whether it's under your same trading account name or not), you will have to select option 3. Self-manage, and make those specific changes at the share registries.