Setting Up a DRIP for a Stock or ETF at BMO InvestorLine

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Today I decided to start a Dividend Reinvestment Program (DRIP) for a stock I hold in a registered investment account at BMO InvestorLine. Here’s what I had to do.

How to Set Up a Dividend Reinvestment Program (DRIP) at InvestorLine

Have your Account Number and Login Password handy.
I usually login using a Userid that groups all of my accounts at InvestorLine, so I actually had to go looking for this information!

  1. Call 1 888 776 6886.
  2. Select your preferred language from English, French or Chinese.
  3. At the prompt, enter your Account Number followed by the # symbol.
  4. At the prompt, enter your Login Password followed by the # symbol.
  5. Listen to the voice mail menu as it changes from time to time. For my call, I had to press 0 and 3.
  6. Wait on hold. I waited for 5 minutes, which they had warned me was the expected wait time.
    • I was calling mid-morning on a Thursday.
    • The hold music wasn’t as strange as ING Direct’s version of “Money for Nothing.”
    • Instead of selling products to me, the voice-overs offered tips for using InvestorLine to research stocks.
  7. Once the call was answered the assistance was super speedy. In less than one minute, the person
    • Confirmed my account number.
    • Confirmed the number of shares of the stock I hold that I want to enroll in the DRIP.
    • Warned that it usually takes 2 weeks for a DRIP to be created. Any dividends received during that two week period would be paid in cash not DRIPped.
    • Confirmed that the usual dividend payment for my holding was “Y” and that the cost per share is “Z” and therefore that I would receive several shares with each dividend payment and the balance would be paid in cash.
      If the dividend paid by a stock is less than the amount required to buy 1 share, then the entire amount will be paid as cash even if the stock is enrolled in a DRIP.
    • This was a good reminder that InvestorLine offers a synthetic DRIP. You cannot buy fractional shares. All shares must be purchased as whole shares.
  8. Gave me a Reference Number for the request.
  9. Wished me well.

Rating the DRIP Enrollment Process for a Stock Held by BMO InvestorLine

Overall, I would give this system 4.5 out of 5. The customer service was excellent. The wait time could be improved.
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Do you DRIP any stocks or ETFs using BMO InvestorLine? Are you satisfied with their service? Please share your experiences with a comment.

8 thoughts on “Setting Up a DRIP for a Stock or ETF at BMO InvestorLine”

  1. Pingback: Thanks Stompin Tom, Loose Money Continues, Tax Time, Pope Picking and Friday #Shoutouts

  2. I had a DRIP with BMO Investorline.. Checked my returns.. ie. Shares that acquired thru drip,(BMO Investorline statement only shows Dividend received and number of shares bought and totals) I calculated what I payed for them and it went as follows… say transaction date was 24th settlement date same day 24th. Went to the Company website (that I had the DRIP with) and searched stock price history and found that the price I paid for these shares was the highest price recorded by the market (not the opening and not the closing) for the previous day the 23rd. I believe more investors should be checking these details especially Broker Operated Synthetic Drip’s. Are they Honest?? and if not, what regulatory body over sees this……Is there a forum some where one might get information on these kind of subjects????

    • I’m sorry but I have not seen any information on how the price is determined for the synthetic DRIP. I have heard that the different bank brokerages hire an outside company to manage the DRIPs which is why it is so slow if you buy new shares close to the dividend issue date to get the info updated in your brokerage account.

      An internet search led to the article on Canadian DRIP Questions http://www.dripprimer.ca/canadiandripfaq that says:
      “7. How is the purchase price or reinvestment price determined?
      This is actually pretty complicated since it depends on which DRIP plan is in question. Each plan sets out the price calculation in their Circular or Prospectus. Since there are many different cases, you should check the circular. In most cases, DRIP or SPP purchase prices are determined using the average weighted share price of a Board Lot (100 shares) during the final 5 trading days before the purchase date.”

      so it looks like the stock purchase price rules are going to vary depending on the stock, and may be an average of several days sales price.

      I’m sorry for the slow reply to this question. I hope you are aware that I do not work for BMO or any government or financial institution.

    • I’m sorry but I am just a working taxpayer like you (I don’t work at BMO or any financial or government place.) I have not been able to write about my personal financial experiences (which is what this website is) for quite some time.

  4. The BMO DRIPP procedure is an absolute rubbish.
    Before you could send e-mail and they will confirm the enrollment. Now they don’t even reply to that; you have to waste yuor time on the phone.
    Guess what: in Scotia Itrade I do myself online all the time.
    Time for BMO to get on with program like other banks!

  5. I bought some shares on Sept 01, which settled on Sept 03. Ex Div was Sept 02. The dividend day passed a week ago and I still haven’t got the dividend. I am with BMO Investorline. Did I buy the shares too late, because I bought them a day before the Ex-Div day.

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