Bank of America Announces Unlimited Commission-Free Stock, ETF and Options Trading for Preferred Rewards Members
October 21 2019 - 8:00AM
Business Wire
Further Enhances Industry-Leading Program That
Rewards Clients for Banking, Borrowing and Investing
Bank of America today announced that Merrill Edge Self-Directed
will expand its zero-dollar online trade benefits, offering
unlimited commission-free stock, exchange-traded fund (ETF) and
options trading to clients in all tiers of its Preferred Rewards
program.1 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.
“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 and ETF 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.
- Merrill Edge Self-Directed – Since launching in 2010,
the award-winning self-directed platform has been consistently
recognized as one of the best for beginning investors, educational
resources, online traders and more. The personalized investing
experience provides clients access to research, helpful tools and
step-by-step guidance to help them confidently put their ideas into
action. Through patent-pending technology, stock story, portfolio
story and fund story provide engaging and understandable
experiences that help clients make more informed investing
decisions. Combined client balances across the company’s guided
investing and self-directed platforms were approximately $223
billion as of September 30, 2019.
- Merrill Guided Investing – This is one of the first
online advisory programs to combine a convenient digital experience
with access to investment strategies developed and managed by
experts, rather than algorithms. In June 2019, Merrill Guided
Investing was expanded to include the option for clients to work
with a Merrill Financial Solutions Advisor (FSA) to help identify
life priorities, chart a course toward pursuing financial goals,
and track progress toward those goals. Clients can meet with an FSA
in one of 2,600 designated Bank of America financial centers. And,
as always, all Merrill Edge Self-Directed and Merrill Guided
Investment clients have full access to Bank of America’s full suite
of 16,600 ATMs, 4,300 financial centers and world-class mobile and
online capabilities.
- Preferred Rewards – With nearly 6 million members, this
first-of-its-kind loyalty program recognizes the value of a
client’s entire relationship with the company. The program’s unique
relationship-based approach provides members extensive rewards and
benefits across their Bank of America deposit accounts, credit
cards, mortgages auto loans, and Merrill investments, along with
exclusive discounts and experiences. This approach to rewards has
helped generate record levels of client satisfaction and a
retention rate of nearly 99 percent among members.
1 Option contract and other fees may apply.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management, and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,400
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 1,900 business centers;
approximately 16,600 ATMs; and award-winning digital banking with
nearly 38 million active users, including approximately 29 million
mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
Banking products are provided by Bank of America, N.A., and
affiliated banks, Members FDIC and wholly owned subsidiaries of
Bank of America Corporation.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also
referred to as “MLPF&S” or “Merrill”) makes available certain
investment products sponsored, managed, distributed or provided by
companies that are affiliates of Bank of America Corporation (“BofA
Corp.”). MLPF&S is a registered broker-dealer, Member SIPC, and
a wholly-owned subsidiary of BofA Corp.
Investment products:
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value
© 2019 Bank of America Corporation. All rights reserved.
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Reporters May Contact: Susan Atran, Bank of America,
1.646.743.0791 susan.atran@bankofamerica.com
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