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Non-Tech : DRIPs -- Dividend reinvestment plans
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To: Victoria Walley who wrote (90)1/13/1997 1:30:00 PM
From: David Marsh   of 263
 
Vicki: I've had a Mobil IRA drip for three years now. I'm quite happy with Mobil's price movement and its market positioning. But a few comments about the folks who run the IRA. The annual IRA fee is only $15 which is very reasonable compared to other IRA plans. And of course there's no fees for contributions to the drip IRA. Mellon Securities Trust Co. is the transfer agent. You have to keep an eye on your contributions with them. The first year they sold part of a share in my IRA to cover the annual $15 fee without informing me. Since that time, they now send letter letting you know to send in $15 earmarked for the fee. As you also know, you can make contributions to your IRA till the due date of tax return (about April 17th). If you make IRA contribution between end of year and April, you are suppose to include letter letting them know that money is going to previous tax year. I did this and they still recorded the contribution to the wrong year. I had a hell of a time getting this corrected.
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