Source: Bank of America
Responding to steadily growing consumer demand for its free online equity trade offering, Bank of America today announced that its primary retail brokerage company, Banc of America Investment Services (BAI), has further accelerated the rollout schedule of the offer, which is designed for self-directed investors who maintain a combined balance of $25,000 or more in Bank of America, N.A. deposit accounts.
Introduced in the Northeast in early October and the Mid-Atlantic and Southeast in early November, free online equity trades through BAI are now available to Bank of America customers throughout the Midwest and Southwest regions of the US New markets as of today include Alaska, Arizona, Arkansas, Colorado, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Utah, West Virginia, Wisconsin and Wyoming. Based on strong market response, the offer to Midwest and Southwest region states, originally scheduled for early 2007, has been accelerated. The offer will be available in all 50 states by the end of first quarter, 2007.
Free online equity trades at BAI represent the latest opportunity for consumers to benefit from a broader relationship with Bank of America, with preferred pricing across banking and investment products and services. Approximately 52 million American households, or 40 percent, are eligible for this offer based on household assets. BAI self-directed brokerage customers also have access to more than 1,300 no-load, no transaction fee mutual funds and a broad suite of other investment products and tools, although other fees may apply.
"The introduction of free online equity trading is helping to redefine what consumers can expect from Bank of America," said Barbara Robinson, Southwest Division Executive for Bank of America's Global Consumer & Small Business Bank. "This move responds to our customers' needs and represents a major step forward in the financial services industry. Customers appreciate the ease and convenience of using Bank of America and its affiliates for all their banking and investment needs."
Mark Benson, Central Division Executive for Bank of America Premier Banking & Investments, added, "When BAI introduced $0 online equity trades along the east coast over the last month and a half, customers told us they were enthused by the preferred pricing stemming from their broader relationship with the company. As we accelerate the rollout schedule of the offering, we continue to use the unique size, scale and strength of Bank of America to help customers more efficiently and cost effectively manage their families' finances."
Latest Relationship Offerings from Bank of America
Commission free online equity trades is the latest relationship-based pricing offer from Bank of America. Previous innovations introduced by Bank of America, N.A.'s Consumer & Small Business Bank include free Online Bill Pay service, free remittances to Mexico (SafeSend) and Easy Online Payroll.
BAI already offers highly competitive relationship-driven pricing, with online equity trades ranging from $5 - $10 depending on the type of deposit account customers maintain with Bank of America, N.A. Through the new offering, BAI self-directed investors that maintain a combined balance of $25,000 or more across their Bank of America, N.A. deposit accounts may be eligible for as many as 30 commission-free online equity trades per month. The offering is now available in the Northeast, Mid-Atlantic, Southeast, Midwest and Southwest; it is expected to roll out nationwide through early 2007.