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Direct Purchase Program
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A direct purchase program allows an investor to buy stock directly from a company, without using a broker. In order for a company to offer a direct purchase program it must register its intent with the SEC, which means that not every company offers a direct purchase program to the public. Using a direct purchase program investors eliminate broker's commissions and, in fact, by using a direct purchase program an investor does not need to have a brokerage account at all. Investors are also able to more easily purchase odd lots and small numbers of shares (often as few as a single share) through a direct purchase program. A direct purchase program may also be called a Direct Stock Purchase Plan (or a DSP).
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