Bank of America (BAC) said Monday its Merrill Edge Self-Directed platform will expands its offer of zero-dollar online trading, offering unlimited commission-free stock, exchange-traded fund and options trading. About 87% of trades on the platform were already commission-free through benefits offered to members of the company's Preferred Rewards program, the company said in a statement. The news comes after Charles Schwab Corp. (SCHW) announced that it would offer fully commission-free trades to its clients, prompting other online discount brokerages to follow suit. Bank of America said clients that are not enrolled in the rewards program will receive flat-trade pricing of $2.95 for online stock and ETF trades, down from $6.95. Bank of America shares rose 0.9% in premarket trade, and have gained 23% in 2019, while the S&P 500 has gained 19%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 21, 2019 08:10 ET (12:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.