Invest Direct

Invest Direct® is a convenient, no-load way for investors to buy shares in ALLETE (NYSE: ALE). You pay no brokerage fees and can enroll by making an initial investment of at least $250. The $250 will be waived for investors who commit to optional cash investments of at least $50 per month via automatic cash withdrawal from their bank for at least a six month period , custodial accounts may be opened for a minimum of $50 and customers of ALLETE and certain subsidiaries can begin by investing as little as $10.

It is a no-nonsense way of using your ALLETE common stock dividends any way you choose. Receive stock dividends in cash, reinvest them, or blend the cash-dividend mix the way you want it.

It’s a no-hassle way to deposit the ALLETE common stock certificates you now hold into an Invest Direct® account.

Enrollment Authorization Form

  1. Read the Invest Direct Prospectus | Invest Direct Prospectus Supplement
  2. Print and complete the enrollment form
  3. Send to: ALLETE, Inc, Shareholder Services, 30 W. Superior St, Duluth, MN 55802-2093

Enrollment materials may also be obtained by contacting ALLETE Shareholder Services.

Click here to create your account online.

Account Access

Shareholders of ALLETE now have electronic access to their shareholder accounts. Registered shareholders can easily view their account balance, certificate information and account registration. Your account information can be accessed through a secure internet connection when you provide your tax identification number and a Personal Identification Number (PIN). Click here to access your account.

Purchase More Shares

As a current shareholder you are able to purchase additional shares of ALLETE's common stock by making an optional cash payment of at least $10 up to a maximum of $250,000 per year.

  • Mail in the top third (tear off portion) of your statement along with your check or money order indicating the amount you are investing
  • If you do not have a statement available, download, print and mail an Optional Cash Payment form to us along with your check or money order, indicating the amount you are investing
  • Have your voluntary investment automatically withdrawn from your checking or savings account each month. Funds are withdrawn five business days prior to the investment date. To sign up, complete, sign and mail the Electronic Banking Form to our Shareholder Services office

ALLETE purchases shares for you on the first and fifteenth day of each month. Optional cash payments for Invest Direct®, ALLETE's Direct Stock Purchase and Dividend Reinvestment Plan, must be received from a participant five business days prior to purchase date.

Selling Shares

ALLETE's Invest Direct plan allows you to sell a maximum of 200 shares of common stock one time per calendar year. Any sale of more than one share will incur an administrative fee of $5. To sell more than 200 shares, or to sell more than one time per year, you may request that the shares be moved to the Direct Registration System (DRS). The fees for ALLETE to sell shares from DRS include a $15 flat fee and $.05 per share. There are no limitations for selling shares from DRS.

If you request it, a broker is able to electronically pull your shares held in DRS for the purpose of selling. You may also request that a stock certificate be issued for the number of shares you'd like to sell. The stock certificate can then be taken to a broker to be sold.

Complete the Transaction Request form, indicating the appropriate transaction, and mail or fax it to ALLETE Shareholder Services. All owners must sign.

Dividend Reinvestment

Invest Direct® also gives you the option of reinvesting all dividends paid, reinvesting a portion of the dividends, or receiving your entire dividend amount by check or direct deposit to a checking or savings account. To change the manner in which you would like to receive your dividend, complete and sign the Transaction Request form, and mail it to the Shareholder Services office. To sign up for direct deposit, complete and sign the Electronic Banking form and mail it to Shareholder Services.

Address Change

It is as important to us as it is to you that you receive all pertinent information about ALLETE and your stock account. Please notify us of a change in address to avoid delays in receiving up-to-date information. Complete the address change form or contact the Shareholder Services office.

Stock Transfer

To change your name on a stock certificate or transfer your shares to someone else, you will need to send us your stock certificate. You must endorse the certificate on the back exactly as your name appears on the front or attach a stock power. If the stock is registered to more than one person, all the owners must endorse the certificate.

The signature(s) must be Medallion Guaranteed, that is, your name must be signed on the back of the certificate or the stock power in the presence of an official of a financial institution that is a member of a Medallion Guarantee program.

If shares being transferred are represented by a stock certificate, mail the certificate(s) and required documentation by certified or registered mail to our co-transfer agent:

Wells Fargo Bank N.A.
Shareowner Services
1110 Centre Pointe Curve, Ste 101
Mendota Heights, MN 55120

To transfer shares held in an Invest Direct® account, send us a letter of instruction or download the stock power form and complete the necessary information. Your signature must be Medallion Guaranteed. If shares being transferred are held in the Plan, mail the required documentation directly to our Shareholder Services office.

Transferring shares is not difficult, but just about every circumstance requires a different procedure:

  1. To make a transfer or gift of shares that are held in certificate form, the registered owner(s) must sign the certificates on the last line on the reverse side, exactly as the name(s) appear on the front of the certificate. Signatures must be Medallion Guaranteed. The full name, address and Taxpayer Identification Number of the transferee must be printed in the area stating "I hereby sell, assign or transfer unto."
  2. If the stock is held in joint tenancy and one tenant is deceased, we will need the following documents and the stock certificate(s) to transfer to the surviving joint tenant:
    • A signed letter of instruction or stock power from the surviving joint tenant(s)
    • Certified copy of the death certificate
    If the surviving joint tenant wishes to change the registration out of their name(s) alone, we will require, in addition to the above, a stock power signed by the surviving joint tenant with the signature Medallion Guaranteed.
  3. If the stock is held in the name of a deceased individual alone, we will require the stock certificates and the following: Certified copy of Letters of Appointment dated within the last 60 days and Assignment by the Personal Representative appointed in such Letters with the signature Medallion Guaranteed. The name, address and taxpayer identification number of the new owner must accompany all stock transmittals. Stock may also be sent to your broker for transfer. Keep in mind that the above instructions are for commonly processed transfer situations. Please contact Shareholder Services for specific instructions on any other transfer situation.

Form W-9

Under federal law you are required to provide us with the correct taxpayer identification number for every shareholder account you establish on our records. If your account does not have a taxpayer identification number or if it is incorrect, you will need to provide us with a signed Form W-9. Failure to provide us with your correct taxpayer identification number will result in 28 percent withholding of your dividends.

Every year we are required to report to the Internal Revenue Service each shareholder's name, taxpayer identification number, the amount of dividends paid during the year, and any income tax withheld from dividends.


A safekeeping option is available to shareholders who now hold their ALLETE common stock in certificate form. You can deposit the shares for safekeeping into an Invest Direct® account where they will be held in book-entry form. Complete and sign the Transaction Request form. Mail the form and the stock certificate(s) by certified or registered mail to the Shareholder Services office.

Annual Meeting

ALLETE's Annual Meeting of Shareholders is held on the second Tuesday of May. All shareholders are invited to attend.