As part of the recent platform upgrade, Selfwealth clients have received new Selfwealth ANZ cash trading account details. The new bank account details need to be updated with the share registries to ensure dividend and distribution payments are directed to the correct account.
Below are answers to frequently asked questions about how dividend bank account details are handled and what to expect next.
Why am I hearing about dividend bank account updates now?
As part of a recent platform upgrade, you recently received a new Selfwealth ANZ cash trading account number. Selfwealth has started updating your new bank account details with the share registries to ensure your dividend and/or distribution payments are directed to the correct account.
Will Selfwealth update my details at the share registry automatically?
We will update your details on your behalf if the following conditions are met:
- You nominated your Selfwealth cash account for dividends
- Our system expects dividends based on stocks held in your portfolio
- Your ANZ cash trading account has received dividends in the past 6 months
If all three are true, your new account details will be updated automatically and a communication will be sent to you by us and the share registry office.
What if I receive a dividend from a new stock before my details are updated?
If your bank account details haven’t been updated at the registry yet, your previous account number can still be used.
You will receive a communication with your previous bank account details on it but don’t worry, payments will be redirected to your new Selfwealth account for up to 12 months.
Updates are processed weekly and applied progressively and we will let you know once it’s been updated. The share registry will notify you as well.
I received a letter from the share registry saying my dividend details were updated, however it states the old account. Why is it showing the old number?
This may occur if you recently traded and your new Selfwealth ANZ cash trading account has not yet been been updated with the share registry.
When a trade is executed, Chess transmits the existing bank details to the share registry. The share registry will generate a letter confirming your bank details have been updated. These will show as the old ones until they are updated. As noted in the previous question, payments will be redirected to your new Selfwealth account for up to 12 months so there is nothing to worry about. here.
What happens if I have updated my details directly with the share registry?
If you make updates via the share registry portal (either at the HIN level or stock level):
- The update applies only at the share registry.
- Selfwealth won’t see the change and your registry instructions may be overridden.
- The registry will notify you of any changes via email or post, depending on your communication preferences.
What communications will I receive if my details are updated?
If your details are updated by Selfwealth: you’ll receive an email notification from us informing you that your update has been completed. The relevant share registry will also inform you.
Can I still update my dividend/distribution details?
Yes. You can update your details directly via the relevant share registry portals or by contacting the share registries.
Will this affect my Dividend Reinvestment Plan (DRP)?
No. Any existing DRP elections will remain in place and are not impacted by this update.