The Dividend Reinvestment Plan (DRIP) allows you to reinvest your cash dividend payouts towards buying additional shares of the company that paid you those dividends.
When you set up a DRIP for a stock or ETF, any cash dividends you earn are automatically reinvested for you to purchase additional shares or units of that stock or ETF. We purchase the largest number of whole shares based on market price with the dividend payment you receive. Any cash not used to purchase additional shares or units remains as cash in your account. For example, if you receive $105 in dividends and the market price of the stock is $25 per share, we will purchase 4 additional shares for you and the $5 remaining will stay in cash.
Setting up a DRIP
- Complete the DRIP form
- Print the form so you can sign and date it
- Scan or capture a clear image of the form and upload it to your account. You can also email the form to email@example.com
- To check if your stocks have been enrolled, log in to your account to review your submission. Once the status is accepted, your stocks are enrolled in the DRIP
Important to know
- The DRIP is free to enroll and has no transaction fees
- Nearly every stock and exchange-traded fund (ETF) can be added to the DRIP
- If you sell that investment, your DRIP is automatically cancelled
- To cancel your drip without selling the investment, chat or call us at 1.888.783.7866. We're available Monday to Friday, 7:30 am to 8:00 pm ET