Can I DRIP US Stocks from a CIBC Investor’s Edge Self-Directed Account?

We cannot DRIP US stocks like Walmart and McDonald’s using our BMO InvestorLine self-directed investment account. That led me to wondering whether we could set up a synthetic dividend reinvestment plan for US stocks under our CIBC Investor’s Edge account.

So I wrote an email to Investor’s Edge to ask. Unlike BMO, I could not use a secure MyLink email service to send the request. I had to use my regular email program to contact Investor’s Edge. They replied promptly and courteously.

Good News!
The answer was “probably.” If a stock pays dividends and offers a dividend reinvestment plan, and if the stock is listed on the S&P 500 index, then it probably can be enrolled in a synthetic DRIP through CIBC Investor’s Edge. They recommend that clients phone and ask about specific stocks prior to buying the stocks or prior to trying to enroll them in the DRIP.

They also advised that as of January 2013, both Walmart and McDonald’s stock were eligible to enroll in the Investor’s Edge DRIP through their ShareBuilder Plan program.

For more details on how the synthetic DRIP works, please see other articles on this site.

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Have you DRIPped any US stocks inside an Investor’s Edge account? Did it work as you planned? Please share your experiences with a comment.

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