Temper of the Times Investor Services, Inc.
Temper of the Times Investor Services* is a fully licensed broker/dealer that specializes in DRIP enrollments. Unlike traditional broker/dealers, the Temper Enrollment Service (TES) provides an efficient way to open a Direct Investing Plan (DRIP) account. TES was originally organized to help subscribers to The Moneypaper qualify for entry into DRIPs. In 1996, it became registered and has since then offered its services to the general public as well.
TES buys the initial qualifying share(s) (or up to 100 shares) in the customer's name, deals with the transfer agent to get the account open, and sends the customer notices in accordance with FINRA reporting rules. It charges a one-time fee for the service and receives no further fees for subsequent investments.
Although The Moneypaper Inc. is not involved with the operations at Temper, Temper is an affiliated company that was organized to help Moneypaper subscribers qualify for DRIPs. Temper Enrollment Service order forms are available at this site. Orders can be placed online, or by mail (by printing out a form). You can also call 1-800-388-9993 for an enrollment order form.
Keep in mind that although the charge for enrollment is a one-time event and there are no further charges levied by the enrollment service, if the company plan has fees, the investor will pay these fees regardless of whether he or she joined the plan through the transfer agent or used the Temper service to become a shareholder. Investors should consider the effect of the fees on their investments.
How Does the Temper Enrollment Service Work?
Temper acknowledges your order immediately and accepts orders until the last business day of the month. Any corrections must arrive before the last business day of the acknowledgment month.
Temper closes its entry system for new orders on the last business day of the month. Stock orders are placed at the beginning of the following month, and the DRIP enrollment process should be completed by the end of that month or the middle of the next month.
You can use the enrollment service offered by Temper of the Times Investor Services, Inc. to become enrolled in the direct investment plan (dividend reinvestment plan or DRIP) of any company stated as available through the service.
Once your account is established, you will be able to send investments directly to the transfer agent for the company; in some instances, the company acts as its own transfer agent. No further fees are paid to the Temper Enrollment Service. The charge to become enrolled is $25 for subscribers and $50 for non-subscribers. The service fee for subscribers to any Moneypaper Inc. is subsidized by the Moneypaper Inc.
Temper is in contact with the transfer agent until the account is opened. Status reports/notifications are sent if there is an excessive delay in opening an account. You are expected to remit enough money to cover the cost of the share(s), the service fee(s), and a 10% refundable cushion against any upward movement in the market price of the stock. Any excess funds will be returned to you with the final accounting, at which time you would be billed for any underpayment.
In short: Your order is entered and acknowledged. With your acknowledgment, you are informed of your order number and given the opportunity to review and make any corrections in the registration. If the registration is correct, you do not need to return the notification. If a correction is required, it is important that you respond immediately. It’s crucial that your name and Social Security number are correct for tax purposes, as well as to avoid bothersome and expensive corrections after the account is open.
How Long Does It Take To Be Enrolled in a DRIP?
Each company plan is different and each transfer agent has its own method of operating. Some companies automatically enroll you in the plan without your first signing an authorization form. Some will open an account on a book-entry basis. In some cases, a stock certificate will be sent to you by the company’s transfer agent or by the Temper Enrollment Service. The enrollment service will make every effort to get the account open in the quickest and most efficient manner. However, it depends on the participation of the transfer agents, and some agents are more competent than others. Certain agents require that the shareholder request the enrollment form.
W-9 Forms and Enrollment Cards
If you are using the Temper Enrollment Service to become enrolled in Southern Co., you should send a signed W-9 form along with your order form.
In addition to a W-9 form, you should send a signed enrollment card along with your order form when ordering AFLAC and Otter Tail.
Otherwise, send a signed W-9 form to each company after you are enrolled.
To obtain forms, call 1-800-388-9993, or contact the Temper Enrollment Service by mail at 555 Theodore Fremd Ave., Suite B-103, Rye, NY 1058 or link to their web site: www.temperofthetimes.com.