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!
- Call 1 888 776 6886.
- Select your preferred language from English, French or Chinese.
- At the prompt, enter your Account Number followed by the # symbol.
- At the prompt, enter your Login Password followed by the # symbol.
- Listen to the voice mail menu as it changes from time to time. For my call, I had to press 0 and 3.
- 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.
- 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.
- Gave me a Reference Number for the request.
- 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.
- Pros and Cons of Using a DRIP for BMO InvestorLine Dividends
- Can I DRIP US Stocks Using BMO InvestorLine?
- If I Use and InvestorLine DRIP Will I Get the Discounted Price for Re-Investing In Shares?
- Can I DRIP the Distributions from my Blackrock iShares ETFs at BMO InvestorLine?
Do you DRIP any stocks or ETFs using BMO InvestorLine? Are you satisfied with their service? Please share your experiences with a comment.