The Clearinghouse provides one-stop shopping to receive enrollment information for Direct Stock Purchase Plans. No more multiple phone calls. Its that easy. This service on the web and the call are FREE to investors. Bank of New York's Direct Purchase Plans Direct Purchase and Sale Plans permit existing shareholders and interested first-time investors the opportunity to purchase shares in a company s stock directly from the issuer or administrator, without having to go through a broker.
Most plans allow for optional cash investments and the sale of plan shares.
Services and fees can vary from plan to plan and each particular plan is governed by its specific plan materials. In the past few years, no-load stocks and mutual funds, which enable individual investors to invest without the use of a broker and without paying high commissions, have become increasingly popular. In April 1996 Morgan introduced the Shareholder Services Program, or SSP, as the first no-load ADR purchase plan. Investors can make investments in an expanding selection of non-U.S. companies.