Sidewinder Posted September 23, 2022 Share Posted September 23, 2022 Well I might want to noodle around a little bit (a very little bit, these days) in yon stock market; see. As a still-happy Bank of America customer (I get that they were probably spending more on customer service for Minnesota customers ten years ago, when they were first introducing themselves around here, and offering sweet deals ($300 bonus for new checking accounts) but it's been ten years now so I'm waiting, with more and more incredulity, for the other shoe to drop : / ), I visited the "Investing" part of their website and I do not believe that you can ACTUALLY make "unlimited" trades with 0% commission. First ten or so trades per month, sure; that's a bit more believable. Unlimited? At zero per cent commission? I WILL NOT BE SUCKERED INTO... whatever the scam is there. They're not actually doing UNLIMITED 0% trades. What would be in it for them? (Should I go back to TD Ameritrade? Was pretty happy with Scottrade, before they got eaten.) Burgerwars 1 Quote Link to comment Share on other sites More sharing options...
Nocturne Posted September 23, 2022 Share Posted September 23, 2022 Many places have been doing 'unlimited' trades for years now. Robinhood started a trend, piles of others piled on, and the 'big guys' turned to joining it. Schwab, TD Ameritrade, and others, including Merrill. So.... TD already does it...I guess I'm not sure why you think Merrill (BofA) wouldn't....though moving it there I guess you have the preferred rewards potential benefits. But yes, they do it. What's in it for them? Lots of holding cash at lower-interest rates, probably in the brokerage accounts where people don't remain fully invested...spreads...and more. Here's where TD does the same, though...so shouldn't be a surprise. hegemony 1 Quote Link to comment Share on other sites More sharing options...
Sidewinder Posted September 24, 2022 Author Share Posted September 24, 2022 6 hours ago, Nocturne said: Many places have been doing 'unlimited' trades for years now. Robinhood started a trend, piles of others piled on, and the 'big guys' turned to joining it. Schwab, TD Ameritrade, and others, including Merrill. So.... TD already does it...I guess I'm not sure why you think Merrill (BofA) wouldn't....though moving it there I guess you have the preferred rewards potential benefits. But yes, they do it. What's in it for them? Lots of holding cash at lower-interest rates, probably in the brokerage accounts where people don't remain fully invested...spreads...and more. Here's where TD does the same, though...so shouldn't be a surprise. Which, is what I said basically. Quote Link to comment Share on other sites More sharing options...
Burgerwars Posted September 24, 2022 Share Posted September 24, 2022 Payment for order flow: https://slate.com/business/2022/09/robinhood-payment-order-flow-securities-exchange-commission.html hegemony 1 Quote Link to comment Share on other sites More sharing options...
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