Dividend Settlement Service (DSS) is a centralized claims-processing system that manages the collection of dividends and interest owed to participants by other participating financial institutions.
DSS enables users to claim funds due them by charging other DSS participants through NSCC's clearance and settlement system. Money settlement normally occurs within five business days.
DSS is frequently used for processing three kinds of dividend and interest claims:
All NSCC members involved in dividend and interest collection can use the service, provided they are able to settle through NSCC.
DSS streamlines the processing and collection of dividend and interest claims, facilitating timely, safe and economical settlement:
Through DSS, claimants notify other participants of dividend and interest claims by filing Notices of Intention. Copies are enclosed in DSS envelopes, which are identified by clearing numbers and sent to the appropriate brokers/banks.
Using the PTS function ECSP, users electronically enter envelope control lists that detail all dividend and interest claims filed on given dates. These lists, each of which can contain up to 15 entries, are transmitted to NSCC for processing. Notices of Intention and charges can be recorded on the same list.
NSCC documents the receipt of the dividend and interest claims and forwards claims to the indicated brokers and banks, which have five days for review. On the fifth day, claimants can submit actual charges by sending remaining parts of the claims forms, via DSS, to the brokers and banks.
DSS credits claimants and debits the designated brokers and banks, and provides both parties with reports (Final Settlement Statement) for each transaction.
Dividend and interest claims eligible through DSS are:
Dividend and interest claims not eligible for settlement through DSS are:
Please call Relationship Management at 1 888.382.2721.