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Non-Tech : Waterhouse Securities

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To: Cage Rattler who wrote (410)	3/26/1998 11:19:00 AM
From: John M. Hammer	Read Replies (3) of 2076

Yesterday I received an offer to open a checking account and receive overdraft protection and a separate unsecured line of credit from Waterhouse National Bank. WNB is a wholly owned subsidiary of Waterhouse Securities Inc, which itself is a wholly owned subsidiary of Toronto Dominion Bank. By the way, I have a brokerage account and an IRA account with WSI and am a very happy customer. What I don't understand is why anyone would bother with WNB's offer. To get fee waiver, a customer would need $2000 or $5000, depending on the exact account type, in order to avoid all fees; the minimum amount to open a taxable WSI account and avoid all fees is $2000. The interest paid on the checking accounts at WNB is far below what I can get in even the lowest-paying, taxable, FDIC-indured money market at WSI. In fact, except for the overdraft protection and unsecured line of credit, my account at WSI offers me everything that an account at WNB would offer, but at less cost. Even the overdraft protection is sort of available at WSI since I am covered past the cash in my account by the margin value of my investments. Any comments would be appreciated, John

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