Last week I called up FINRA to find out where the proposed dividend went to when it went ex-dividend and the amount was reduced from my brokerage account the morning before it opened.
Totally stumped, and suggested I call NASDAQ.
It's a question for FINRA.
Scottrade said it's a normal bookkeeping item, but also had no answer where it went to.
For me that was the removal of $1240 from my cash account.
Why is a dividend called a dividend when the money was ours to begin with.
Three months later the dividend was paid, and the stock took off, that is, until approximately 23 days later when the dividend was rescinded, and removed from my cash account.
So who got my original money deducted three months before ?
Note: It's the same everywhere as the amount of the future dividend is removed ex-dividend over all stocks through all exchanges.
