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I am new at this and looking to invest monthly in three DRIPs. I would like to do automatic investing after my initial investment...but my question is if there is a way to monthly send in $$$ to each of these DRIPS without an automatic investment setup....just in case each month I may want to send in more or less ( if the wife buys too many shoes!) than a fixed amount.

Any feedback on if this method may be too much a pain in the ....

Thanks
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<<my question is if there is a way to monthly send in $$$ to
each of these DRIPS without an automatic investment setup>>

Yes, that's what I do. Almost all DRIPs offer Optional Cash Payments (OCPs), and you can write a check and mail it in. Or not.
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<<I am new at this and looking to invest monthly in three DRIPs. I would like to do automatic investing after my initial investment...but my question is if there is a way to monthly send in $$$ to each of these DRIPS without an automatic investment setup....just in case each month I may want to send in more or less ( if the wife buys too many shoes!) than a fixed amount.>>

Hey, Ricster!

As yotommy said, you can invest in pretty much the way you want when it comes to DRiPs. I've yet not gotten involved in automatic contributions, though many people are very happy with them. Many companies that charge fees for OCP's will in fact offer you a discount to do it this way.

Still, I enjoy sending in my checks. Doing it this way allows me to skip a month if I choose, or send in whatever amount I'd like. It's really a simple process, as all you need to do is tear off the section of the statement, and put it into the envelope with your check.

If you have any further questions, don't hesitate to ask. If you haven't checked yet, there's a slew of Foolish info in our DRiP Port at http://www.fool.com/dripport/dripport.htm, and of course many of the basics can be found at http://www.moneypaper.com/.

Hope this helps, and Good luck!

Tony
...but I still am...

Off2Aruba
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<<I am new at this and looking to invest monthly in three DRIPs. I would like to do automatic investing after my initial
investment...but my question is if there is a way to monthly send in $$$ to each of these DRIPS without an automatic
investment setup....just in case each month I may want to send in more or less ( if the wife buys too many shoes!) than
a fixed amount.>>

This is where on-line banking really comes in handy. I use my on-line banking service and schedule a recurring payment for my DRiP's. If I want to send more or less this month, I log on and change the amount going out for the next transaction. It's about as automatic as you can get, while still maintaining the flexibility you demand.

CeeDee
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CeeDee,

I use online banking as well. I think it's a tremendous way to go. Especially nice when you don't want to make any changes and don't even have to think about it.

Fool on!

Vince
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Tony, "I've yet not gotten"? ANd you call yourself an English teacher?

:-)

racerboy

Ricster,
as Tony so intimated, any questions you may have regarding this awesome investment vehicle (DRIPS), please feel free to post them here and some Fool will undoubtedly do their best to provide you with helpful advice. Some may actually use intelligible English!

racerboy :-)
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Cee Dee and Vince,
if you don't mind my asking, what on-line banking services do you use? I was just beginning to lean towards that route and any advice would be greatly appreciated.

Thanks!

racerboy
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Rikster:

My Plan is a simple and very easy way to do this and I hope it will help you, too. There are banks that are checking-free accounts where there is only a fee paid when ordering checks which I'm sure you know is cheaper going to an outside source.

What I did was to open up a separate checking account solely for DRIP investing and anything related to stock buying. This excludes Mutual fund buying or any other places to park monies. This account is solely used for DRIP stock buying. It will be easy to find out how much I've invested and when ,but most importantly, it's money that is taken out of each and every paycheck to be used in this manner. If you follow this format and invest per your pocket allows, you will see that you are in control.

Wannabechef
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Racerboy, my man!

I use Michigan National Bank, located in Michigan as you might guess. Many banks are offering the same types of services, though, and the number is increasing each day. Shop around and compare.

I must say that I would never go back to any other method after trying it.

Foolishly, Vince
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Cee Dee and Vince,
if you don't mind my asking, what on-line banking services do you use? I was just beginning to lean towards that route
and any advice would be greatly appreciated.

Thanks!

racerboy

I use the services provided by my Credit Union - SoCal Edison FCU. Most banks have an online equivalent. Bank of America, for example, has great online banking services (just the rest of it sucks...).

Make sure you check the fees before diving in. SCEFCU, for example, does not charge fees for on-line banking, but they do charge .75 per cheque they send. Considering the stamp, envelope and time cost to do it myself, that's pretty cheap...

CeeDee
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Vince,
thanks for your input, but MI is a bit far away from me. Actually, I care little about the distance, since everything is done via the Internet, but my concern would be that if I shifted my accounts to a bank outside of the area, every time I went to the MAC machine I would be levied the despicable $1.00 fee for not using my bank's ATM!

Thanks anyway! I'll keep looking in my immediate area.

racerboy :-)
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<<Tony, "I've yet not gotten"? ANd you call yourself an English teacher?>>

Geez, he's at it again. : (

What can I say, racerboy, I was out of uniform. ; )

Tony
...but I still am...

Off2Aruba
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Tony,
I knew that would illicit a response from you! I feel triumphant!
Fool On!

Racerboy :-)
(notice the capital R in Racerboy?)
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what on-line banking services do you use? I was just beginning to lean towards that route and any advice would be greatly appreciated.

racerboy:

Check out Fleet Bank - they're in NJ (and CTtoo, I think). And they don't charge any fees at their ATM machines if you have an account with them. I find them pretty convenient - there's a branch in practically every town down here at the shore.
Happy banking.....
Mary Ann
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Mary Ann,
Thanks for the info! I do knkow thaqt there are several Fleet banks in the vicinity, but was unaware that they offered on-line banking. I amgoing to stop by one and pick up some info.

Thanks again!

racerboy :-)
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Mary Ann,
Thanks for the info! I do knkow thaqt there are several Fleet banks in the vicinity, but was unaware that they offered on-line banking. I am going to stop by one and pick up some info.

Thanks again!

racerboy :-)
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racerboy said:<<I knew that would illicit a response from you!>>

I hate to jump into the grammatical correctness thread, but don't you mean "elicit"? Sorry for adding to the mirth.

DougFool
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DougFool,
I was waiting for Tony (the English teacher) to jump on that, but you beat him to it. I'll have to come up with something a bit more clever next time!

Darn!

:-)
racerboy
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<<racerboy said:<<I knew that would illicit a response from you!>>
I hate to jump into the grammatical correctness thread, but don't you mean "elicit"? Sorry for adding to the mirth.

DougFool>>

You Go, Doug!! ; )

Tony
...but I still am...

Off2Aruba
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Tony,
Sorry, but you have to be the one to catch the mistake. You can't live vicariously through Doug.

Maybe next time.

racerboy ;-)
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