I hold some Lloyds bank shares with a broker, and want to use my dividend to reinvest rather than take as cash – we aren’t talking big bucks by any means.
The broker does not offer a dividend reinvestment service, so I called the administrator Equiniti and tried to clarify (to a very confused woman in a foreign call centre) that I believe my only option is to transfer my shares to Equiniti who can then in turn offer the reinvestment service.
I think she finally understood what I wanted and said yes they can offer this if I transfer my shares, but looking at the reviews of Equiniti and my experience of the call centre staff, I can only see any transfer going wrong, are they the only company who can offer this reinvestment?
Thanks.