I just started buying DRIPs within the past few months. Companies such as Texaco, Exxon, Mobil, Duquesne Electric, Proctor & Gamble, and Merck allow you to purchase even your first share without a broker or a service such as the NAIC. I got my info from a mailing from DRIP Investor. It lists all of the domestic and foreign companies that allows you to by directly through the company. You then call an 800 number and request an application and prospectus. mail the company a check, and you're in business. It allows you to spend small amount of cash and purchase very small amounts of stocks with minimal fees. (Each company charges differently though >> check the prospectus when you get it) Exxon charges NO fees for Optional cash payments, whereas Warner-Lambert charges you $5 per optional cash payment.
My advice to you... consider looking into these companies that allow you to buy direct. The consider the automatic funds transfer... it's usually less expensive, as a previous poster noted. Lot's of luck to you all.
And one last thing>>> WAG has a minimum direct investment of $50. If you call 1-800-774-4117, you can request the info from WAG, as well as a few other companies. Later. Bri