At least seven popular online brokers offer dividend reinvestment plans, or DRIP, for customers, according to Daily Finance in 2014. Customers manage their dividend reinvestment plans online through accounts with companies such as Scottrade, E-Trade and American Stock Transfer & Trust Co.
Investors may pool dividends from investments in order to trade as many as five eligible securities through Scottrade, the company website states. Customers may change these investments at any time under Scottrade's Flexible Reinvestment Program. Individuals select these five securities without paying a commission fee, as of 2015.
E-Trade customers can automatically invest their dividends in additional shares of a company's stock through E-Trade's dividend reinvestment plan, according to E-Trade Securities. The plan purchases shares for the client on the same date a dividend is paid instead of depositing the dividends as cash into an investor's account. Individuals don't pay commissions on this plan.
Investors manage dividend reinvestment plans with stocks they have already purchased through several funds offered by American Stock Transfer & Trust Co., states the company's website. Each DRIP plan requires a different initial and minimum investment, and some plans offer discounts.
Dividend reinvestment plans make an investment in stocks or securities go farther because many of these plans are commission-free or offered at a substantial discount, according to Investopedia. Most companies require a $10 minimum reinvestment for these transactions.