[I thought I wrote this down somewhere before, but now I can't find it, so..]
With the market rallying over 11K, I decided maybe it's a not so good to continue reinvesting dividends for some of my mutual funds. I already don't do it for the funds in my non-retirement accounts (for tax tracking purposes), but I still have it done for most of my funds in my IRA accounts.
Anyway, since FLPSX is my largest position in my Fidelity IRA, I have decided to take the dividends in cash this quarter (though this may be dumb in this case because this is one of the best funds that I own).
Anyway, you can do this from the Fidelity website without having to call anybody.
Click on Customer Service, Update Your Profile, Dividends and Capital Gains Settings. Then Update the fund you want.
It doesn't update automatically though, it sends a message to Fidelity and apparently they have to manually update on their end as I get the following message.
Your request to modify your dividend and capital gains distributions was successfully received. Fidelity will reflect this change within three to five days.
Schwab is more straightforward. In the more actions drop-down box is Dividend Reinv. It tells you the current status and gives the following message.
To change the status, please contact Client Phone Services at 800-435-4000.