I like this way of investing, as I really just have them draft some cash every month from my account, and then the dividends just go to buy more stock.  I pay the taxes on the dividends at tax time every year.  Some excellent companies doing this.

So I have some stock in 2 electric companies that have DRIPs.  The first one, my dad started for me when I was young, with him listed as custodian - he just transferred me a few shares to get started.  The second one, I was a customer of, and customers could start investing directly, without a broker.  

Question is, how do you get stock in a company that has a DRIP but you don't have stock in?  I've never invested in stocks directly.  Specifically, I know you can get an online account and buy stock, but then is the stock held in the same of the online brokerage?  because some of the DRIP companies will let you put your stock in the DRIP program, but the stock has to be in YOUR name, not in the name of a brokerage company....  

Some DRIP plans allow you to make a small initial stock purchase to start your plan.

Try googling Computershare.

There is another one also, but the name escapes me.

I don't know about about investing directly but pretty much every stock I hold through Merrill Lynch permits automatic dividend reinvesting.

From my online account page I just go to the Dividend Reinvestment page and select how I want dividends from each stock to be handled.  Works the same way with E-Trade and I'd imagine most other online brokers.

Well you need to have some stock of the drip company or you won't have any dividends to reinvest. If you use the dividend payment from one company to buy shares of second company there will probably be a transaction fee. It will depend on the brokerage

Computershare.com

My fidelity account allows me to DRIP or deposit the cash into my account.

this is pretty much how it works every where.

For those companies that don't have a direct stock purchase plan but have a DRIP someone needs to transfer at least 1 share to you

Look at computershare, broadridge corporate issuer solutions, Wells Fargo share owner services

Me too.

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I have to DRIP stocks, RPM and Aflac

Set it and forget it.

While you are looking at Computershare take a look at Aqua America.  WTR

They have a DRIP where dividends purchase new shares at a discount.

Now, WTR does have a high PE, so you might want to wait for a price drop.

Prices some times drop in October, don't they?

I've been using computer share to amass some Exxon over the last two years. It has been super easy and I'd recommend it to anyone. I have a baseline amount I purchase twice a month, and I can make additional one time purchases to take advantage of market dips.

dupe

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I highly recommend DRIPs. One of my stocks I have DRIP for over 30 years and it went from 100 shares to nearly 1000, even after I sold my original 100 to recover my cost.

This is my emergency fund that will pay off my house if I need it.