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

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.

One thought 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

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