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From: theclipper (Rep: 39) reply to m4eDate: 10/01/2019 22:56
Forum: Etrade Financial - Msg #4662Thread #674101302 (Rec: 0)
Re: TD sure responded lightening fast! I didn't expect that. I have a Schwab and ...

Well they'll lose some revenues but most if not all large online brokerages are basically banks so what matters to them most is holding onto customers that's far more important to them than commissions. Betting E*TRADE will follow suit.



Reply to m4e - Msg #2801168 - 10/01/2019 22:19

TD sure responded lightening fast! I didn't expect that. I have a Schwab and a TD account and a Wells account. Schwab had 4.95 commission, TD 6.95 & Wells you get 100 free trades a year. Even though Schwab has cheaper commissions they didn't win over substantial accounts from TD. I was surprised that they could evoke this kind of pressure on the other brokerages. TD must have been ready to implement the 0$ commissions...their reaction just happened too fast. TD is going to lose commission money but I would think they would gain clients/traders and gain misc account fees from the likes of the Robinhoods.
Wells Fargo brokerage is horrible because of no after hour trades....pretty scary stuff. I think you can call in and get an exception but you can't do it on your online account.
***I corrected my buy in AAPL date on my last post (Dec 26). My Nov buy is in an IRA so I can trade it anytime but haven't done so yet.. Re: E*TRADE will be screwed if they don't follow suit.
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