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Strategies & Market Trends : Value Investing
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To: Carl Worth who wrote (26023)2/15/2007 10:03:15 AM
From: Spekulatius  Read Replies (2) of 78748
 
i'm not sure how 100 trades a year with WFC is better than 360 trades a year with BAC, but neither is much of a threat to etrade, ameritrade, schwab, etc

The requirements to get the free trades are different. With WFC you get free trades when the sum of checking, brokerage and 10% of you mortgage balance (some other balances count as well) exceed 25K. With BAC you need 25k of deposits in addition to you brokerage assets to qualify. This makes a big difference you are like me and do not like to have 25k of (low interest) deposits lying around.

In addition you get full checking with substantial interest as well as interest on you MM balances on your brokerage account with both BAC and WFC, which can add up to a few 100$ of interest as well ( E-Trades interest rates are crappy unless you move money funds into their savings account).

I use IB as well and like them, their trading commissions are low enough that it does not matter (1cents/share) in most cases, but in case of E-Trade 5 or 10$ trades can add up. I heard good things about the BAC brokerage account and do not know how you conclude that their trade execution is worse than E-Trade, but i appreciate if you could point to them.

I think you are right that E-trade currently does not appear to suffer much from bank competition. However , every competitive threat starts somewhere and I believe that the WFC offer is a serious one.
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