DRIP account type?

scijriley

I have several investment accounts where the account type is DRIP. I'd like to create a new one, but I can't seem to find an option to create a new account with that account type, the closest I can find is a brokerage account. Did Quicken eliminate using the DRIP account type? Or is there a trick to this that I have not found? Thanks in advance.

UKR

IIRC, there never was a DRIP account type. A regular Brokerage account will do just fine.

Chris_QPW

I find it interesting that the financial industry even coined that phrase "DRIP account". I guess it just a phrase for an account where they took away the ability for the customer to decide. In a normal brokerage account, you get to decide on a security basis if it is DRIP or not.

scijriley

Thank you for the responses. There must have been a DRIP account type at some point because I definitely have accounts set with that type, but they are accounts I setup over ten years ago. But I'll just use the brokerage account type going forward.

mshiggins

Checked the Q2010 Official Quicken Guide book and it lists the standard brokerage account as the account type to select for a DRIP.

Rocket J Squirrel

https://community.quicken.com/discussion/comment/20393875#Comment_20393875

It was kind of the opposite. The investor chose to open the DRIP account. In the days of steep commissions, it was cheaper than using a broker. The corporation issuing the stock administered the account with no brokerage or commissions involved.

Rocket J Squirrel

https://community.quicken.com/discussion/comment/20394361#Comment_20394361

I would love to see a screen shot showing the account info for one of your DRIP accounts. I never knew such a thing existed in Quicken.

mshiggins

Maybe somene like @splasher who has Q2013 could check to see if DRIP is mentioned or shown in the account creation screens?

splasher

https://community.quicken.com/discussion/comment/20394436#Comment_20394436

DRIP was not a term I was familiar with, but I found that I had been doing it for my whole investing life. Being a buy/hold/reinvest investor has been my motto so far.

I looked thru the in program Help in QW2013 and found no reference to DRIP or anything that sounded like it. The online help was no help since it points to Intuit servers of that time which obviously aren't still in place.

If I get a chance later, I'll see if I can get QW2008 installed in a VM and look there, but don't hold your breath waiting.

Chris_QPW

I have found over time that the "old Quicken" tends to get features it never had as one's memory fades. 🤣

Rocket J Squirrel

@splasher

DRIP was not a term I was familiar with, but I found that I had been doing it for my whole investing life. Being a buy/hold/reinvest investor has been my motto so far.

DRIP is actually not a way of investing but rather a specific type of account administered by a corporation to allow individuals to reinvest the company's stock dividends at low or no cost.

I am also a buy-and-hold investor, and recently encountered an issue with that methodology. When I needed to sell some securities to raise cash, my capital gains were so huge that my tax burden this year will be sky high. It might have been better to dollar cost average out of some positions and into others over time.

splasher

Well, I installed QW2008 (all the way to R9) and can't find anything in it that refers to DRIP. I chased it all the way thru from creating an account and then adding some stock in case it was buried in that process.

Somebody else can do QW2004.

@Rocket J Squirrel I know where you are at the the huge gain stock. I've got some MSFT sitting on a 950% gain. Luckily I don't have any requirement/need to sell it at the moment.