Changing the bank account where you receive dividends is a straightforward process. You can typically do this through your brokerage account or directly with the company paying the dividends.
Here's a breakdown of the steps involved:
Changing Bank Accounts Through Your Brokerage Account
- Log in to your brokerage account: Visit the website of your brokerage firm and log in using your credentials.
- Navigate to account settings: Look for a section titled "Account Settings," "Profile," or "Preferences."
- Locate dividend disbursement settings: Within the account settings, find the option related to dividend payments or payouts.
- Update your banking information: Enter your new bank account details, including the account number and routing number.
- Confirm and submit changes: Review your updated information carefully and submit the changes.
Changing Bank Accounts Directly With the Company
- Visit the company's investor relations website: Find the website of the company paying the dividends and navigate to their investor relations section.
- Locate dividend information: Look for a section related to dividend payments, shareholder information, or investor resources.
- Contact the company directly: You may find a form to update your bank account information or a contact number for customer support.
- Provide your updated bank details: Contact the company and provide your new bank account details.
Important Notes:
- Timing: Changes to your bank account for dividends may take a few business days to process.
- Verification: Some companies may require you to verify your new bank account information before updating their records.
- Dividend frequency: Depending on the company's dividend payout schedule, your updated bank account may be reflected in the next dividend payment.
