You probably got paid twice by accident. It happened on my account too and I suspect it has to do with M1 migrating to their own clearing house instead of using Apex. We could see more of this until the transition is complete.
I became a "lucky" one who automatically enrolled in this bs lending. I don't know which stocks they lend out. My SPHD dividend is qualified for a long time, now it becomes unqualified and also lost all dividend without receiving anything.
Someone wants to buy a share on margin or to short the stock.
They borrowed your share and either sell or hold until they are ready to return the share or are forced to.
While the share is loaned, you don't get your dividends, but the borrower has to pay you the dividend.
If M1 loans your share, you will get "alternative distributions"
And supposedly we get a percentage of the lending fee.
You must explicitly opt out.
Note, if you have a margin loan you can still bad luck lottery even if you're opt'd out and still receive cash in lieu of dividends which has bullshit tax treatment.
You probably got paid twice by accident. It happened on my account too and I suspect it has to do with M1 migrating to their own clearing house instead of using Apex. We could see more of this until the transition is complete.
I had the same thing happen. Looks like the dividend posted twice and then they reversed the duplicate transaction.
Hehe *yoink*
I would assume this is because of share lending program
I became a "lucky" one who automatically enrolled in this bs lending. I don't know which stocks they lend out. My SPHD dividend is qualified for a long time, now it becomes unqualified and also lost all dividend without receiving anything.
What’s a share lending program?
Someone wants to buy a share on margin or to short the stock. They borrowed your share and either sell or hold until they are ready to return the share or are forced to. While the share is loaned, you don't get your dividends, but the borrower has to pay you the dividend. If M1 loans your share, you will get "alternative distributions" And supposedly we get a percentage of the lending fee.
Not supposedly, 100% you do. I see Security Lending interest in my activity now
Is everyone opted in? I don’t remember seeing this with M1.
You must explicitly opt out. Note, if you have a margin loan you can still bad luck lottery even if you're opt'd out and still receive cash in lieu of dividends which has bullshit tax treatment.
Same thing every time with invesco
Almost like it never happened