Bank of America Brokerage

Discussion in 'Retail Brokers' started by Casey30, Nov 30, 2008.

  1. Casey30


    Anybody use them to suppliment there trading via other platforms such as Interactive Brokers. They offer 30 free trades a month...If I buy 5K shares of X security it saves me $50 dollars round trip as well as a total of $1500/month on large trades. Has anyone given them a try? What did you think of them?
  2. Word to the wise...

    Read all the fine print very very carefully. You wouldn't want to have your brokerage account raided because you missed a mortgage payment or wrote an NSF check.

    Not intended to instill fear and loathing. But when you think things can't any crazier...
    Top-tier financial institutions are not friends of the consumer.

  3. Casey30


    I have only my Checking account with them so I figured this might integrate nicely and save me at least 12K a year. I definately don't want to be penny wise pound foolish.

    I guess I will give them a try and compare fills to make sure they are up to par with IB and my Prop account. Ican always close it out if it is bad.

  4. pookie


    Hi, Casey30.

    I was searching ET for info on trading through Bank of America, and I ran across your thread. I was wondering how things are working out for you with trading at Bank of America. Are the fills ok? Any problems?

    I'm just getting started in trading and already have accounts with Bank of America...the free trades sound great to me. I've been reading up on day trading. Do you think day trading through Bank of America would work out?

    Thanks in advance.
  5. Casey30


    They are by the NOT the greatest or probably not even average. I have an account with them but only use it for my long term trading. The reason being their site times you out after a short period of time and there order entry is not organized well to get into a short term trade when even 30 seconds matter. I can't spend 1 minute continually logging back into my account for most trades I do. If you are entering a order for pink/otc stocks you have to complete a extra step with a random security code. That can take a few more seconds. My order of placing trades is my Prop account, then IB, then Ameritrade, then BAC.
  6. I used it, was disappointed. it was too slow (they may manually review your entry before giving it a go) and impossible to trade. may be for investment.
  7. pookie


    Thanks for the replies. I kind of figured it would be too good to be true. Looks like IB it is then.
  8. I think you need 25,000 in your checking account to get the 30 free trades. That's how it worked with me. I got the trades, but the moment I removed my checking account with them, they started charging.
  9. Bob111


    BoA is worst bank i ever seen in US. they will charge you for every single thing and will hold your money as long as possible on every transfer. they even charge you for ACH transfer,because they call it a "3 day wire transfer". shittiest bank of all i ever seen. 25K ACH transfer from IB that would take 1 day @ my local bank to became available on my account at Boa will take up to 9 days to clear.
    do you seriously believe that there is something good @ their brokerage business?
  10. Casey30


    I know they take forever to clear a check, but they don't charge for ACH transfers, at least not with my checking account.
    #10     Apr 26, 2010