What is the CommSec Dividend Direction Service?
Our Dividend Direction Service allows you to have your dividends paid directly to your settlement account, rather than waiting for a cheque in the mail. If you opt in to the service, it will apply to any existing securities on your CommSec Share Trading Account, as well as any new holdings you buy.
What's covered in this article:
How does it work?
When you opt in, we’ll give your account number and BSB to the share registries for your existing holdings. We’ll also do this whenever you buy new stocks on your CommSec Share Trading Account, so you only need to opt in once.
Not all companies or share registries will do electronic payment of dividends. So if you hold shares in any of these companies, you may still receive a dividend cheque to your registered address.
How do I opt in?
- Log in to your account and go to Portfolio, then Accounts
- Select the account you would like to update
- Click on “View or Edit Account Details”
- Complete any additional security steps
- Click “Edit” in the Dividend Direction section
- Tick the checkbox and click Save to confirm your changes
How do I opt out?
If you don’t want your dividends to be paid to your nominated settlement account, you can opt out by doing the following:
- Log in to your account and go to Portfolio, then Accounts
- Select the account you would like to update
- Click on "View or Edit Account Details"
- Complete any additional security steps
- Click Edit in the Dividend Direction section
- Untick the option to “Deposit all dividends for my current eligible share holdings, as well as additional securities I purchase, into my settlement account”
- Click “Save”
Contact the share registry to arrange a new payment method
Opting out of the CommSec Dividend Direction Service means we’ll stop sending your bank details to the share registry whenever you buy new stocks. However, you’ll still receive dividends to your nominated settlement account for your previously purchased stocks (and any extra shares you buy in those same companies) until you contact the share registry to arrange a new payment method.
If you’re not sure which share registry to contact, you can check via the CommSec website:
- Log in to CommSec
- Enter a stock code or company name in the search box
- Select the correct company and then click on About
- Scroll down to Share Registry Details.
You can also go to the company’s website and search for the “Investor” section. The share registry details will be shown there.
Need a hand? Call us on 13 15 19. between 8am and 6pm, Monday to Friday, Sydney time (or +61 2 9115 1417 if calling from overseas).
