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DRIP Plan Highlights |
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Enrollment |
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Initial Purchase |
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$1,000 |
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Purchases |
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Minimum |
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$50 |
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Maximum |
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$120,000 |
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Fees |
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Account |
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$10 |
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Automatic |
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$0 |
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Optional |
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$0 |
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Reinvestment |
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$0 |
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$15 |
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Company |
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Additional |
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BAC DRIP Details:
This Bank of America Dividend Reinvestment Plan is your middle of the road DRIP. While the BOA stock plan allows an initial purchase, it is higher than average. It also has a $10 account setup fee. Depending on your investment style you may want to consider looking at a low cost brokerage with free dividend reinvestment such as Sharebuilder.
Pros:
No dividend reinvestment fees
Cons:
$10 account setup fee, higher than average initial purchase