Getting a Share from a Friend
Your cheapest way to buy a share will likely be to get a single share from a friend, but it does require a significant amount of paperwork. If you have a friend who owns stock in a DRIP, you can arrange to purchase a single share. Your friend can charge a nominal commission, and you’ll need to pay the market price of the share plus any additional transfer charges (if there are any).
Some companies make it easy by allowing the transfer of a single share into a new DRIP account with just a signed enrollment form. In other cases, a cumbersome share-transfer process will have to be followed.
• A DRIP owner would notify the company’s transfer agent to transfer a single share of stock to the buyer.
• The share owner would ...