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Article: Schwab, E*Trade, Fidelity, TD Ameritrade stand pat on trading commissions; They have no plans to follow Bank of America's lead on free trades.(News)
- Article from:
- Investment News
- Article date:
- October 23, 2006
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Brooke Southall
SAN FRANCISCO - The Charles Schwab Corp., E*Trade Financial Corp., Fidelity Investments and TD Ameritrade Holding Corp. won't be swayed by Bank of America Corp.'s offer to grant most customers with $25,000 or more in deposits 30 free trades a month - for now.
The Charlotte, N.C.-based banking giant didn't extend the offer to clients of its financial advisers.
Zero-cost trading gets zero response from Schwab, the San Francisco-based discount-brokerage king, according to its founder, chairman and chief executive Charles R. Schwab, who echoed colleagues at other firms and some Wall Street analysts.
"We believe we ...