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Strategies & Market Trends : Take the Money and Run
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To: Jorj X Mckie who wrote (2455)6/9/2002 3:46:56 AM
From: Jorj X Mckie  Read Replies (1) of 17639
 
Merrill Lynch Part Deux

Now I see why I was asked "what was the second thing". I must have inadvertently erased the second part.

As I mentioned, the reason that I went to merrill was the unlimited trading account. That is for a flat commission rate of 1% of my account value, I could make an unlimited number of trades. Well, after two years, they sent me a letter that said that the "unlimited" trading account was now going to have limits and that I was 20 trades away from that limit. So now my deal is this:
-Base Commission = 1% of account value
-maximum number of trades per year at no extra charge 300
-Additional charge if 300 trades is exceeded = 39.50 per trade

As I said, they sent me the notice when I had 20 trades left before they started charging and I have 7 months to go before I reset to zero again.

Their online trading sucks, they don't give updates on cash/positions/account balance until 2am pacific time, No way to look up options information. Schwab does all of this in real time.

I was willing to deal with the substandard service as long as I had the unlimited trading with a flat rate, but now that they took that away, there is absolutely no reason for me to use merrill.

so it was the changing of my commission structure that pissed me off enough to leave them. 39.50 on top of 1%...LOL!!!! FO Merrill Lynch.
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