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No. of Recommendations: 1
I was in four DRIP plans, that I started in the late 1970's/early 80's. Now I'm down to two. There were not many alternatives back then for re-investing dividends.

Since most discount brokers will now re-invest dividends for you for most companies, you might want to think twice before signing up for the DRIP plan for an/y specific company.

1. Most companies have transfer agents that will manage the DRIP plan...agents like Computershare, etc. These folks will sometimes charge a fee to buy or sell shares.

2. Some companies offer a discount to the shareholders when they reinvest the dividends. But most companies no longer do this.

3. When you do sell shares out of a DRIP plan, its not an automatic fill like it is with a discount broker. I probably won't be able to set a limit price, so most likely you're not going to get the best price of the day.

I guess I'm ranting a bit, since I just sold shares out of a plan today, and it was a hassle. And I've still got an actual paper stock certificate for 5 shares tucked away in a safe deposit box that I still have to deal with (owning at least one share issued in your name was required back then).
To be honest, the plans have served me well for all this time, since the companies were just set-it-and-forget-it investments. And in one plan, the shares bought with reinvested dividends were sold to me at a discount. Maybe my opinion of a DRIP plan will change once I get out in the sun...its nice weather today.
Or maybe not. It just seems like there are better alternatives today, since you can buy one share,commission-free, and have the broker reinvest those dividends for you with no hassle. Thanx much to the companies and agents that offered up DRIP plans, but sadly, I think their time is over. Maybe you'll find a good DRIP offered by a company your interested in, but make sure you check out other options also. I have a martini (or a G & T if its hot out), and I haven't been struck with covid-19. You may make your own assumptions.
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