Wells Fargo Introduces Low- and No-Cost Online Brokerage Commissions; New WellsTrade Commissions Include Reductions for Online Mutual Fund Trades.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Unique Commissions for Both Online Stock Trades and Online Mutual Fund Trades Is Based on the Customer's Combined Brokerage and Bank Relationship Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Company (NYSE NYSE See: New York Stock Exchange :WFC WFC Wi-Fi Connection (Nintendo gaming service) WFC Wide-Field Camera WFC World Financial Center (New York) WFC Workforce Center WFC World Federation of Chiropractic WFC World Food Council ) today announced new low- and no-cost online stock and mutual fund commissions for WellsTrade, its brokerage account Brokerage Account An arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage, which then carries out the transactions on the investor's behalf. for self-directed investors, offered through Wells Fargo Investments, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Unlike brokerage accounts at other firms, the new WellsTrade commissions benefit customers who have broad brokerage and banking relationships with Wells Fargo. Commission levels are determined by combinations of bank checking and savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. , investments, IRAs, loans, credit balances and 10 percent of mortgage balances. The offering cuts commissions for online mutual fund investing, largely neglected by other brokers in their recent commission reductions. "Many brokerage firms are focusing primarily on commission reductions for high-asset clients and frequent traders of individual stocks," said Rachel Perkel, senior vice president at Wells Fargo Investments. "The industry, for the most part, has shied away from providing great value to the long-term investor Long-term investor A person who makes investments for a period of at least five years in order to finance his or her long-term goals. , particularly those interested in mutual funds. Wells Fargo Investments now offers customers the opportunity to qualify for some of the lowest commissions in the industry -- regardless of brokerage assets and number of trades." Other brokerage firms have commission tier breakpoints based solely on brokerage balances, usually starting between $500,000 to $1,000,000. In contrast, Wells Fargo Investments has made it easier to qualify for discounted commissions by setting lower qualification thresholds, which are based on a customer's combined brokerage and banking relationship balance. Leading the Industry By Reducing Online Mutual Fund Transaction Fees Over the past 12 months, the brokerage industry has experienced dramatic price pressure and most major firms have focused on reducing stock commissions and fees. To date, the industry for the most part has not reduced transaction fees for online no-load mutual funds No-load mutual fund An open-end investment company whose shares are sold without a sales charge. There can be other distribution charges, however, such as Article 12B-1 fees. A true no-load fund has neither a sales charge nor a distribution fee. . Unlike most other brokers, Wells Fargo Investments is lowering the WellsTrade transaction fees for online mutual fund trades for customers with the Wells Fargo Portfolio Management Account (PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ). The relationship-based PMA account is essentially a combined checking account that provides reduced fees and special services to clients with total balances of $25,000 or more at Wells Fargo. The PMA account offers, among other things, a competitive money market interest rate, no monthly fees on linked checking and savings accounts, Wells Fargo's Platinum Check Card and Wells Fargo Credit Card with no annual fee, free checks, free online banking and bill pay, overdraft protection and a combined statement that links all accounts. Many people may be surprised to learn that they may already have large enough relationship balances to qualify for a Wells Fargo PMA and reduced online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. commissions -- especially considering that 10 percent of their mortgage liability, among others, is taken into account. Transaction fees for online no-load mutual fund trades for those with PMAs will now be as follows: $9.95 for those with PMA accounts, $2.95 for those with PMA balances from $100,000 to $249,999(a), and commission-free for those with PMA balances of over $250,000(a). The WellsTrade account provides access to over 2,000 no-load mutual funds from many well-known fund families, including more than 800 no-load funds that are available to all customers without transaction fees. PMA customers will now enjoy reduced, or no transaction fees on all no-load funds. Low- and No-Cost Online Stock Trading Commissions Consistent with reductions in online mutual fund transaction fees, customers with PMAs will now be offered a commission rate of $9.95 for online stock trades. PMA customers with $100,000 in relationship balances at Wells Fargo will now pay only $2.95 per trade(a), and those with $250,000 or more in relationship balances at Wells Fargo qualify for up to 50 commission-free trades(a). Unlike other brokerage firms, which typically offer free stock trades for only the first 30-60 days after account opening, Wells Fargo Investments is offering 50 commission-free trades per year. Wells Fargo, which introduced Internet banking in 1995, is committed to delivering on its strategy as an innovative financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provider that is leveraging technology for customer convenience. Wells Fargo offers customers anytime, anywhere banking so they can get the information they need -- when, where, and how they want it. As a testament to this, customers can sign up for a WellsTrade account online at wellsfargo.com, by phone, or with a registered securities professional in a bank store. The WellsTrade brokerage account is offered by Wells Fargo Investments, which is part of Wells Fargo's Private Client Services group (PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. ). PCS provides customers an entire range of financial products and services, including full-service brokerage through Wells Fargo Investments, investment management, trust and estate services, insurance and private banking. In terms of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , PCS has more than $78 billion for brokerage and more than $166 billion overall as of the end of April 2005. "Our high-touch, high-tech philosophy is also reflected in the WellsTrade commissions for agent-assisted phone trades, which are among the lowest priced in the industry," said Greg Bronstein, executive vice president at Wells Fargo Investments. Wells Fargo Investments charges $25 -- plus the online commission rate, compared to some others in the industry charging $40 and higher. "Whether customers invest with the help of a Wells Fargo Investments financial consultant or manage their investment decisions independently with a WellsTrade account, they can benefit from our relationship-based approach to service and pricing," added Bronstein. "We've found that even many self-directed brokerage clients divide their money between self-directed and full-service; in doing so these customers also have access to our 1,200 financial consultants that service our clients' full service brokerage and investment needs." Wells Fargo was ranked as the number-one Internet bank by Gomez and Global Finance magazine in 2004; Wells Fargo Investments ranked number two among all full-service brokers by Smart Money (August 2004) and is the only bank-owned brokerage to make this list. WellsTrade is currently ranked number six among all online brokers, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the March 31, 2005 Gomez Discount Broker Scorecard. About Wells Fargo & Company Wells Fargo & Company is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company with $436 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. .
New WellsTrade
Online Stock & Mutual Fund Commissions
A[micro] PMA -- $9.95
A[micro] PMA ($100k+) -- $2.95 for first 50 trades each year; $9.95
thereafter
A[micro] PMA ($250k+) -- Commission-free for first 50 trades each year;
$9.95 thereafter
Investment Products -- Not FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). Insured -- No Bank Guarantee -- May Lose Value Brokerage services available through Wells Fargo Investments, LLC (member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. ), a non-bank affiliate of Wells Fargo & Company. Financial Consultants are registered representatives of Wells Fargo Investments. Contact Wells Fargo Investments for a mutual fund's current prospectus, which contains more complete information on investment objectives, charges, fees, risks, and expenses. Please read and consider the information in the prospectus carefully before investing. (a) For up to 50 trades in a 12 month period, $9.95 thereafter and must be linked to a PMA account. Other fees and commissions apply to a WellsTrade account. For complete information regarding fees and commissions refer to www.wellsfargo.com. |
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