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Non-Tech : TD Waterhouse service - appalling
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To: Condor who wrote (590)4/17/2007 8:13:19 AM
From: Sexton O Blake  Read Replies (1) of 595
 
Thanks - I will take a look for a lark - does it cover complete "household" accounts? I don't trade enough to warrant any prepaid flat fee based commissions at this time.

With TDW I have 3 accounts that are moderately active and 4 more that are less so. They apply the "9.99" based on 30 trades / qtr across all the accounts. But as with a SMA, if you trade 20 in month 1, in month 4, you lose that month high. :-) Though no I have yet to qualify. However, based on the types of trades I have made - and not "mentally doing things different", so far I would have not paid more than the $29 anyways.

I really think the purpose of doing this was driven by the realtime account updates model. Before doing the trades during the day they kept having to change the balances - now each trade is "final" if you will. (of course screwing people was somewhere on that list too)

An (in)Sane buddy of mine uses BOMO - they offer a cheaper plan (9.99) that you can qualify for - but it is not a forced system like TDW. I suppose for once - the fact that BOMO is so backward and old school, it is a boon for existing clients - for a while - while their crappy programmers scramble to copy the TDW model.

But as with everything - I would say in a few years, all the banks will be following a similar structure - except each will be different - enough to force us to spend hours fiddling with which is better with certain trades etc. Of course - CIBC's model already is doing that very thing.

Of course it is those that play the cheaper stocks - that are forced to use limit orders (w/partial fills) which will suffer.

cheers!
blake
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