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Merrill Lynch self-directed account


Sidewinder
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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.)

 

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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.

 

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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.

 

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Which, is what I said basically.

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