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<I was thinking the same thing and came here to post this thought. I plan on looking into this and may transfer my drips over to them. One question I have, does American Express allow the purchase of fraction shares with the dividends the way Waterhouse and other brokerages do?>

Don't know...the discussion on the AmEx brokerage is more active, for some reason, on the other DRIP board, "DRIP Investing - The Companies". Someone over there may be familiar with their policies. However, with no transaction costs, you can always buy a single share in any company in your portfolio with the "leftovers" from dividend payments from all of your holdings -- so you should never have more than $20 or $30 in cash (unless your DRIP'ing Berkshire Hathaway!).

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