A few days back I posted about my excitement about the prospect of investing directly in companies though DRIPS (dividend reinvestment plans) offered directly by companies and facilitated though a company called DirectInvesting or more accurately MoneyPaper. I’m very disappointed with the way this company has represented themselves and wanted to share my opinion.
I purchased full website access at DirectInvesting.com with the intention of buying into several companies to grow a DRIP portfolio facilitated though this company. The cost was not exorbitant at $100 / year for access to premier service, research etc…
For citizens in the United States who have easy access to US based checking accounts allowing for the issuing of payments to DirectInvesting/Moneypaper via ACH or check it may be an ideal solution. If however you permanently live outside of North America such as I do it’s not an ideal to work with Direct Investing. I can’t believe that they don’t accept wire transfers as a means of accepting payments. They were quick to take my payment for access to their site via credit card which by the way I’ve requested a refund on based on the circumstances with no reply from them as of yet… 4 e-mails sent and counting.
Just an FYI that this post is intended to make expats aware of the hurdles that they too may encounter when dealing with this company.
The idea of DRIP investing is very sound IMHO.