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Wachovia, including its predecessor, Union National Bank, has paid a dividend every year since 1910. The quarterly dividend rate on common shares is currently $0.05 per share and is subject to approval by the board of directors.
Does Wachovia have a dividend reinvestment plan?
Does Wachovia provide for direct deposit of dividends?
When are dividends paid?
Wachovia has historically paid its shareholders a dividend four times a year. These dividends are subject to approval by the board of directors and other factors and considerations, with payment dates historically occurring on or about the 15th of March, June, September and December.
Does Wachovia have a dividend reinvestment plan?
Yes. If you are a registered shareholder of at least 50 shares of Wachovia common stock, you are eligible to enroll in and purchase additional shares through the Dividend Reinvestment and Stock Purchase Plan. You are a registered shareholder if your common stock is registered in your own name (including if you hold your shares in DRS book-entry form) rather than the name of a broker, bank or other nominee.
The plan allows you to accumulate additional shares of Wachovia common stock conveniently and cost-efficiently. You pay no service charges or brokerage commissions for purchases made under the plan. The plan also allows you to avoid safekeeping and record-keeping requirements and costs by providing free custodial service and reporting. As a participant in the plan, you may also make optional cash investments in Wachovia common stock of between $20 and $15,000 per month. Once you enroll, you will receive your dividend reinvestment statement each quarter (as well as each time there is activity in your account) listing the amount of dividends received and invested on your behalf, any optional cash you invested, the price per share and the date and number of shares purchased. (Learn more)
Does Wachovia provide for direct deposit of dividends?
Yes. Instead of receiving a dividend check, you may authorize direct deposit to an account at any financial institution participating in an Automated Clearing House (ACH). This free program provides faster access to dividend proceeds because dividends are deposited directly into your account on the payment date and eliminates the possibility of a dividend check being lost or delayed in the mail. (Sign up.)
The Jobs and Growth Tax Relief Reconciliation Act of 2003 reduces the maximum rate of tax imposed on qualified dividends received by individuals from the higher marginal income tax rates to 15 percent. The provision applies to qualified dividends received in taxable years beginning after December 31, 2002, and before January 1, 2009.
Generally, in order to treat dividends paid by Wachovia as qualified, an individual shareholder must own Wachovia common stock for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date (the latest purchase date for collecting a dividend). For additional information, please refer to the IRS publication Instructions for Form 1099-DIV.
The above is intended only as general information for federal income tax consequences. You should consult your tax advisor regarding the federal and state income tax consequences related to dividends on your Wachovia common stock.
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Related Links
•Stock Split and Dividend History
About Wachovia