I'm new here and would really like a little advice.
I have just set up an investment account with Banc of America Investment services. What I intend to buy are some Bank of America preferred shares, now paying about 9% interest. I know the dividends are paid out four times a year, but my question is, how does the Bank of America know who to pay the dividends to? Does the broker provide Bank of America with the necessary details, or do I need to do something myself? Where are the dividends sent, am I asked to where they should be paid?
As you can see I know next to nothing about this and would feel a lot better with some more knowledge. Regards, Fynen