100 Commission-Free Online Trades Per Year Unlike the BofA program which requires a minimum $25k in BofA bank deposits, the $25k minimum balance for a Wells Fargo PMA includes your brokerage accounts and loan balances as well as deposits.
This definitely heats up the brokerage commission price war!
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2 The PMA Package is free of the monthly service fees for each month the statement-ending balances in qualifying accounts total $25,000 or more; otherwise, a monthly service fee of $25 will apply. Wells Fargo accounts used for balance qualification include checking, savings, time accounts (CDs), retirement (IRAs), brokerage, trust (excluding irrevocable trusts), loans, outstanding credit cards and line of credit balances, and 10% of outstanding mortgage balance (certain mortgages not eligible).
any current 0% credit card offers for wells fargo? WF CB Platinum and Wells Fargo Visa Platinum are 0% for 6 months with $0 BT fee in the first 30 days of account opening
Seems much better than b of a, but only 100 trades (which is more than enough for most people)... those that want more can always use zecco.
Message edited by: dpid on 2007-02-13 11:19:47 CST
SeattleNative said:100 Commission-Free Online Trades Per Year Unlike the BofA program which requires a minimum $25k in BofA bank deposits, the $25k minimum balance for a Wells Fargo PMA includes your brokerage accounts and loan balances as well as deposits.
This definitely heats up the brokerage commission price war! Not to mention that BoA program is only good for equity only. It charges a minimum of $45 for no-load mutual funds/bonds and for no load mutual funds up to 100K+ is $260+0.08% for amount over 100K which is pretty steeped. I may even consider consolidating my trading account into my PMA if not for the speed of execution and the lack of online trading tools. It's interesting to note that this was a pretty drastic change from the original program of 250K limit and 50 free trades annually which means that WF wants to attract a pretty big population of investors out there.
I saw this ad last night in this month's Money magazine. Good find OP. I am viscerally opposed to Wells Fargo because of my horrible banking experience as a college student (charged me fees and STILL charged me additional fees if I wanted to use a teller. Talk about feeling like a no-good pathetic low-life! I switched to my credit union and never looked back. anyway, maybe the joke's on them - I now have a more measurable net worth and get frankly nauseated when I hear the words "wells Fargo." Lost customer for life). but hopefully others will find this helpful.
Wouldn't this be a great accont for those that occasionally trade ETF's? Without the trading fees, ETF's end up being very inexpensive (of course, you would have to limit the trades to <100/year).
ucsdgaspasser said:Wouldn't this be a great accont for those that occasionally trade ETF's? Without the trading fees, ETF's end up being very inexpensive (of course, you would have to limit the trades to <100/year).
That's what I was thinking too. The only drawback of ETFs to mutual funds was the trade commission. That's almost 2 trades per week (great for dollar-cost averagers)
I would be curious to know what their rates are on money market yields, and what they charge for things like options.
I think this is a warning shot to the discount brokers, but I *highly* doubt that people would move their assets from TDAmeritrade, Etrade, Scottrade, etc.
It's only for 100 trades a year. If you trade more than that (I personally don't) then you probably can call up and get a really good deal from your current broker.
Arkad said:ucsdgaspasser said:Wouldn't this be a great accont for those that occasionally trade ETF's? Without the trading fees, ETF's end up being very inexpensive (of course, you would have to limit the trades to <100/year).
That's what I was thinking too. The only drawback of ETFs to mutual funds was the trade commission. That's almost 2 trades per week (great for dollar-cost averagers)
Same thought here. I am thinking if I should do this or Zecco instead. I am mainly for the ETFs.
psychtobe said:I saw this ad last night in this month's Money magazine. Good find OP. I am viscerally opposed to Wells Fargo because of my horrible banking experience as a college student (charged me fees and STILL charged me additional fees if I wanted to use a teller. Talk about feeling like a no-good pathetic low-life! I switched to my credit union and never looked back. anyway, maybe the joke's on them - I now have a more measurable net worth and get frankly nauseated when I hear the words "wells Fargo." Lost customer for life). but hopefully others will find this helpful.
Banks charge for talking to a teller?! hmm, maybe it's a location thing but I have never heard of this in Orange County, CA.
Penny Stocks (Stocks priced less than $1.00/share) Online / Automated Telephone Trading : Greater of $34.95 or 3.5% of principal : Greater of $24.95 or 2.5% of principal Agent-Assisted Trading : $25.00 + Online Trading Commission : $25.00 + Online Trading Commission
MUTUAL FUNDS No-Load Funds
No-Load No-Transaction Fee (NTF) Funds: More than 800 well-known no-load mutual funds are available without paying a transaction fee to Wells Fargo Investments. Mutual funds available without transaction fees may change at any time without notice. Therefore, any mutual funds purchased without a transaction fee may be subject to a transaction fee for subsequent purchases or upon liquidation.
jm5chn said:psychtobe said:I saw this ad last night in this month's Money magazine. Good find OP. I am viscerally opposed to Wells Fargo because of my horrible banking experience as a college student (charged me fees and STILL charged me additional fees if I wanted to use a teller. Talk about feeling like a no-good pathetic low-life! I switched to my credit union and never looked back. anyway, maybe the joke's on them - I now have a more measurable net worth and get frankly nauseated when I hear the words "wells Fargo." Lost customer for life). but hopefully others will find this helpful.
Banks charge for talking to a teller?! hmm, maybe it's a location thing but I have never heard of this in Orange County, CA.
this was from the early-mid 90s. I was at Stanford and I still remember that feeling when I slinked up to the on-campus branch. Like I said - lost customer for life. It was just insulting but being a teenager at the time, I took it lying down.
Message edited by: psychtobe on 2007-02-18 15:04:37 CST
Penny Stocks (Stocks priced less than $1.00/share) Online / Automated Telephone Trading : Greater of $34.95 or 3.5% of principal : Greater of $24.95 or 2.5% of principal Agent-Assisted Trading : $25.00 + Online Trading Commission : $25.00 + Online Trading Commission
MUTUAL FUNDS No-Load Funds
No-Load No-Transaction Fee (NTF) Funds: More than 800 well-known no-load mutual funds are available without paying a transaction fee to Wells Fargo Investments. Mutual funds available without transaction fees may change at any time without notice. Therefore, any mutual funds purchased without a transaction fee may be subject to a transaction fee for subsequent purchases or upon liquidation.
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