Bank of America today announced that Merrill Edge Self-Directed, the bank’s online broker, will expand its zero-dollar online trade benefits, offering unlimited commission-free stock, exchange-traded fund (ETF) and option trading to clients in all tiers of its Preferred Rewards program.
This expansion further enhances the benefits of this unique program, which rewards members for their full relationship across Bank of America deposit and Merrill investment accounts. Approximately 87 percent of trades on the Merrill Edge Self-Directed platform were already commission-free through the benefits offered to members of the program, according to a press release.
“We began offering zero-dollar trading 13 years ago as one of the many ways we reward clients for doing business with us,” said Aron Levine, head of Consumer Banking and Investments at Bank of America. “We take a unique and innovative approach to rewarding clients across their entire financial lives. By expanding to unlimited free trading for our Preferred Rewards members, we’re delivering on our promise to help make clients’ financial lives better.”
In addition to moving to zero-dollar trades for all members of the program, Merrill Edge Self-Directed clients not enrolled in Preferred Rewards will now receive flat-rate pricing of $2.95 for online stock, ETF trades, and option trades – down from $6.95 – with no trade or balance minimums. The new pricing is the latest offering within a powerful combination of tools, people and know-how to help Merrill clients in all life stages and across the entire wealth spectrum through Merrill Edge Self-Directed, Merrill Guided Investing, and Merrill Lynch Wealth Management.
Earlier this month, Charles Schwab, which holds about $3.72 trillion in client assets, said it was taking trading commissions for stocks, ETFs and options to zero from $4.95 each. That quickly set off a cascade as TD Ameritrade, E-Trade and Fidelity followed the race.
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