Bank DRIPs - how long after the dividend pay date do they show up in your account?

will888 wrote: ↑ Usually the next business day.

Sonbuster wrote: ↑ thank you , for which bank would you know?

Sonbuster wrote: ↑ thank you , for which bank would you know?

will888 wrote: ↑ CIBC. Wife's BNS dividend was showing in the account this morning with DRIP shares issued at $77.922 as of July 28, 2021.

joshnet wrote: ↑ For iTRADE on my XGRO the transaction stated it was received on June 25th but paid June 30th, which is the transaction date in my account. On that same day was the DRIP and it seems as though the price on the 30th was used for the DRIP.

HammerRFDer wrote: ↑ The answer to this might be complicated because the banks all have 'corporate' DRIP plans. So your broker isn't just waiting for a wire transfer from the broker, but the actual issuance and settlement of shares into their name from the bank's treasury.

As opposed to "synthetic DRIPs" (most stocks) where the broker buys shares with your dividends when they get it and hands you shares + cash.

When you're receiving actual shares, you probably don't care about when you get them as much as you would with cash.

I've always wondered how it works at the broker level: Does the broker tell the bank they hold 1234225353543 shares in aggregate, 234234234 are in the DRIP so send us the shares that means we'd get in DRIP, and then the broker figures out how many full shares you get and sells some shares to get cash to make up any partials?

Or does the broker tell the bank we have 3242423423 accounts, here's how many shares are in each, we need 343454 shares and $43583430 because we don't do partials?

(All numbers random)