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Article: Bank of America promoting free trades
- Article from:
- Chicago Sun-Times
- Article date:
- October 12, 2006
- Author:
CopyrightCopyright 2006 Chicago Sun-Times. (Hide copyright information)
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Bank of America Corp., seeking to attract new clients, is offering
free online stock trades to customers with accounts of at least
$25,000, sending shares of discount brokers lower.
The second-largest U.S. bank said customers in New York, Boston
and other cities in the Northeast will get 30 free trades a month as
long as they maintain the minimum balance in any combination of
accounts. Such trades usually cost $5 to $10, meaning customers might
save as much as $3,600 a year. Bank of America said the program,
which is effective immediately, will be extended nationwide over the
next few months.
Online brokers "will probably have to follow suit" with price
cuts, said Thomas Kaylor, an ...