I hold the mutual fund SPAXX at Fidelity Brokerage and at Chase Self-Direct Investment at the same time. I choose the “dividend reinvest” option with both brokers. SPAXX at Fidelity is “Money Market” so it is automatically reinvested.
Over this long weekend, I realized that there is some substantial difference in the pay date of the dividend (interest) between Fidelity Brokerage and Chase Self-Directed Investment for the mutual fund SPAXX. Fidelity gave me the dividend from SPAXX on as early as Friday, 8/30/2024. But as of now, 9/3/2024 Tuesday evening at 9pm, Chase still hasn't given me anything from SPAXX. Note 9/2/2024 is Labor Day.
I wonder eventually Chase will give me the exactly the same amount (I mean “rate”) of interest payment from SPAXX, or while Chase pays the dividend from SPAXX at least four days later than the date of SPAXX payment from Fidelity, I will not be able to collect the interest for at least four days from the money of the previous month's generated interest? I know the dividend generated from reinvested dividend is very little compared to the principal but it is still quite a bit…
To make my question more concise, are there any monetary differences between buying SPAXX at Fidelity, versus buying SPAXX at Chase Self-invested (with dividend re-invest chosen in both cases)？(I hold different amount of SPAXX in two places for a short period of time so doing the math here is a bit of challenge for me…)
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