I am owning 561 share of IDTG, today they distributed £0.0485 per share, in my case it’s 27.2085.
I got only 27.20, which gives £0.0085 difference. I believe it was delivered to FreeTrade by fund manager but wasn’t distributed to my account because of some rounding issues on FT side?
So what is your point/question? I’m assuming you are not demanding FT pay £0.0085 into your account.
Ok it makes things clear.
I still think they are able to transfer even fractional values to my account, as it’s only numbers, not physical pennies.
I mean I will not be able to withdrawal this money now, but with other fraction dividends it will become penny, you know.
But anyway, I think that’s my money If we assume that there are 1bln under assets, it means that in average FT takes about £100,000 as profit for free from his users per year
I get your point but very bad math, that would only be possible if people had that exact number of shares at the exact same price giving the exact same dividend. To make those numbers work the whole 1B assets would need to be that exact breakdown.
In reality many shares don’t give dividends and many more give rounded up dividends to the penny.
So actually they make a tiny amount of money which they clearly state and don’t try and hide from. Not to argue your point about the principle though
Have you seen this help information in FT T&C?
I do not want to treat their help page as a legal document
Is there a section that related specially to dividend payments?
In all areas of business funds are rounded down when a fraction off a pence occurs. The only expecting that I know of is VAT refunds where they generously round up to the nearest penny.
HMRC refunds round up to the nearest pound. I was pleasantly surprised.
Makes sense. If they’re refunding you, the Government have had the benefit of borrowing less for the period of time they were holding the cash. Sometimes the more precise you try to be, the more diminishing the cost-benefit ratio for all parties.