• Bank of America Joins with Merrill Lynch to Rival Other Online Firms

  Filed under Finances, Politics
  Jun 18

  Bank of America Corp., the largest U.S. bank by assets, is trying to attract investors with less to invest through a new online trading site.

  Bank of America’s Merrill Lynch, the world’s largest brokerage with more than 15,000 financial advisers and about $2.2 trillion of client assets, will let customers trade stocks, mutual funds and options online starting June 21, through Merrill Edge, Dean Athanasia, head of banking and the direct investment division for Bank of America Global Wealth and Investment Management has said in a recent interview.

  Customers of Merrill Edge will pay from $4.95 to as much as $8.95 a trade, depending on the size of their accounts, Athanasia said. Those with at least $25,000 in total banking and brokerage accounts will get 30 free equity trades a month. Users may open investment and retirement accounts on the site and those with more than $20,000 to invest may contact advisers, who are separate from Merrill Lynch’s full-service advisers, by phone.

  The Bank of America site that allows customers to trade online will become Merrill Edge on June 21, 2010.

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