Zecco.Com Offer of Free Online Trading Spurs Immediate Reaction from Bank of America.Banking Giant Requires Much Higher Balance, Offers Fewer Free Trades LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Jeroen Veth, Zecco.com CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , called Bank of America's bid to offer free equity trades to customers maintaining a $25,000 balance or more "a hollow gesture," noting that all Zecco.com customers trade for free with only a $2,500 deposit. "A minimum $25,000 account balance -- that's a lot of money," said Veth. "It's like offering a free cookie to someone who's paid for a twelve-course meal. Zecco.com gives you the meal for free. Ask anyone on Wall Street who had a free lunch Monday and Tuesday, compliments of Zecco. "Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. offers only 30 free trades a month, while Zecco offers 40 trades per month. Their announcement validates Zecco.com's free trading concept. When we launched zero commission trading for everyone, we knew it would transform the market, but we're unimpressed by Bank of America's half-hearted effort." As one might expect, Zecco.com's October 9th launch combined with Bank of America's sudden announcement of free trading sent shock waves through the online discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. industry, causing TD AMERITRADE TD AMERITRADE Holding Corporation (NASDAQ: AMTD) is the owner of TD AMERITRADE Inc., the largest online brokerage in the world in number of online equity trades placed per day. , E*Trade and Charles Schwab Charles Schwab can refer to:
Large financial institutions have tried free trading before with less than stellar results. TD AMERITRADE tested a free trading service, but limited their customer support to email. They ended the program in 2005 and moved customers to their five dollar per commission izone.com service. In 2000, American Express offered free trading to those with large accounts but withdrew it less than a year later despite the protests of 500,000 customers. About Zecco Holdings, Inc. Zecco Holdings (www.zecco.com) is the company behind Zecco.com, the online financial portal Financial Portal A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. and community where investors trade stocks for free. Zecco.com provides a valuable community-moderated space where great investing ideas can be freely shared, debated and tested. Zecco.com also has a comprehensive suite of news, quotes, and stock research tools to help investors make informed decisions and network with others. Headquartered in Ontario, California, Zecco.com combines the best features of a financial portal, social networking community, and online brokerage at an attractive price: Free. |
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