October 11, 2006

Bank of America Offers Free Online Trades

Bank of America announced today it will offer 30 free trades a month for any customer that has more than $25,000 in deposits. This is is a game changer for the online brokerage industry. As many as one-third of the banks 50 million customers may be eligible. The company is initially offering this to its customers in the Northeast, but plans to roll it out to the rest of the country by February of 2007. Executives at E*Trade, Ameritrade, Schwab, and Fidelity are probably feeling like the mom and pop store did when Wal-mart came to town.