One gripe against Scottrade has been their lack of DRIP (aside from removing their no commission-free ETFs, but thats another topic).
So they have come up with something called FRIP - Flexible Re-Investment Program, which is very similar to a DRIP.
If you have cash dividend paying stocks, you could set your account up so that these cash dividends get collected into a 'pool' of cash and then used to buy other securities at a set schedule. So unlike a DRIP where it gets re-invested in the same security, you can use it to buy something else, commission-free. But you can't buy fractional shares. So if you have $50.00 in your FRIP pool coming from dividends generated by your other holdings, you cannot have it buy VTI (if VTI is at 84.00). It will skip that date. But once you get more cash dividends in your pool, (say its $100.00 now), it can now to buy 1 share of VTI when the next scheduled 'buy' date comes around (assuming VTI is not more than $100.00).
-is commission free
-has somewhat flexible auto scheduling: monthly, quarterly
-works on 'most' stocks and ETFs.
-maxes out at 5 stocks/ETFs to reinvest in.
-allows you allocate dividend reinvestments by percentage of funds in your pool (60% to VT, 40% to BND)
-mutual fund dividends
-interest earned in the pool