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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (26025)4/10/2007 10:12:16 AM
From: Spekulatius   of 78747
 
OT (somewhat) regarding WFC & Free trades

I did open my Welltrade account PMA checking combo with 100 free trades and so far like it. Trading interface is basic but functional. They do not have a quote streamer for example. I did not notice any executions problems with my limit orders so far. Execution and speed seems fine for occasional traders. I do like the fact that cash earns 4.6%+ regardless of balance in my brokerage account. I peruse the brokerage account as a backup savings account for checking (WFC PMA is my backup checking).

I also learned that I could open several brokerage accounts (IRA etc.) with Wellstrade and get 100 free trades with each account as long as they are attached to the PMA checking account. Furthermore the 100 free trades apply to mutual funds as well.

It looks to me that banks get more like brokerages and brokerages more like banks. E*Trade had just added a online savings as well as interest checking accounts to their growing list of services as well. Not a bad thing to put short term cash there considering the lousy interest rates E*trade is paying in their regular brokerage account.

As we discussed before i do not think that free trades are the end of the discount brokerage industry but i do think that trading commisions are bound to come down as a consequence of offers from BAC, WFC or Zecco and this is great for investors.
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