Hi, Ron
The ML program is 1% of assets, with a minimum of $1500 p.a. It's a sliding scale, with the fee dropping to 60 basis points above a certain limit.
In case anybody is interested in the program, here's my thumbnail view, based on six weeks' experience -
The internet trading site is rudimentary and not particularly fast. It does not permit short sales, and does not update positions and balances during the day - however, the option is always open to call your rep if you want to day trade a stock. Nor does it give buying power (unless I just don't know where to look). In other words, not an adequate trading platform yet.
So far as I can tell from questioning my rep, there is no intention of limiting trading to exclude heavy traders attracted by the commission free nature of the deal (commission free on a per share basis, that is).
That said, it is a very satisfying feeling to receive a confirm showing zero in commissions.
As an aside, it seems to me that Schwab finds itself as the ham in the sandwich - attacked by ML from above, and the traditional deep discounters from below. It's my favorite short right now. |
