nabtrade and US Shares - MSFT, How to Opt into DRP if Any?

Hi guys,

I've purchased Microsoft shares in the last month or so but have not received any paper with account numbers or any sort of information through Nabtrade.

I am wondering if anyone has experience with holding overseas shares such as MSFT and if/how we would be able to apply for a DRP rather than have dividends go straight to a bank account/trade account.

Any help would be wonderful, thank you.

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Comments

  • You probably don't get any paperwork because they are held by a custodian not directly by you through something like CHESS. So NAB US (or whoever they have outsourced it to) hold your shares on your behalf, any dividends go into a segregated account and then allocated to you the portion of you are entitled to. I don't think you identify as an individual shareholder therefore DRP for some and not others is a nightmare.

    • 100% this. You don't actually own Microsoft. Someone else does on your behalf. This is the same as local Wrap platform providers such as NetWealth, BT, Macquarie to name a few. Worth noting you also generally lose the ability to vote etc. in company matters. The custodian will vote on 'your' behalf.

  • I recently transferred US stocks from a NABTrade international trading account to a differnet broker - both brokers took so long they kept on timing each other out. Forget DRP - this sort of stuff is too complicated for the finance industry.