Updated Terms for Payments in Fractional Shares

Alpaca is introducing changes to its brokerage services, starting August 2nd, 2021, which include paying out fractional shares in the event of a stock split and removing cash-in-lieu transactions. Cash-in-lieu transactions are paid instead of fractional shares when stocks are consolidated or restructured, reducing customer confusion around mergers, acquisitions, and splits. With this change, Alpaca aims to provide world-class services and APIs, including its native Fractional Shares API, developed to offer innovative solutions like this one. The changes will affect users who have positions with fractional shares in their Alpaca accounts, requiring them to consider alternative options for managing these shares, as Alpaca does not make recommendations on fractional share trading or specific security investments.

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