Monday, October 21, 2019
-=Bank Of America (BAC) expands commission-free trading for Preferred Reward members
Bank of America said Monday its Merrill Edge Self-Directed platform will expands its offer of zero-dollar online trading, offering unlimited commission-free stock, exchange-traded fund and options trading. About 87% of trades on the platform were already commission-free through benefits offered to members of the company's Preferred Rewards program, the company said in a statement.
The news comes after Charles Schwab (SCHW), Fidelity Investments and TD Ameritrade had eliminated commissions on online trading earlier this month to lure clients amid increased competition from several fintech startups that offer quick and cheaper services.
In addition to moving to zero-dollar trades for all members of the program, Merrill Edge Self-Directed clients not enrolled in Preferred Rewards will now receive flat-rate pricing of $2.95 for online stock and ETF trades, down from $6.95, with no trade or balance minimums.