Just my take on DRIP plans......I only have one fund that I use drip reinvestment, the funds discount the price usually. I take the cash on every dividend stock I own, after divvies, the price often goes down below the drip price for a brief period. All you avoid is the trade fee which does matter. I reinvest all the divvies on a per quarter basis picking a new stock, or adding to a one owned. Just doubled down on MAIN Street Capital on Monday buying at $29.95.....whoops it's up to $30.58 by today. I would rather take the entire divvie basket of money and buy on my own. Each to their own method, retired with plenty of time on my side.
What is the benefit of using DRIP if you can't select the price you are going to buy in at? Does using a DRIP mean that the income is not reported to the IRS and no taxes need to be paid on it? Does the DRIP buy stock at a discount?