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BofA plans to shoot down Zecco

By Vivek Puri | October 12th, 2006 at 12:28 pm ET         

BofA              Zecco

Bank of America(BofA) is trying to preempt any attempts by startups like Zecco to score a quick home run. Zecco, which had launched recently, has been aggressively spreading around the word about its offer for free online stock trading. Yesterday BofA announced that it will also be offering up to 30 free trades per month to investors using its online service. BofA will be rolling out the service initially on east coast and Bay Area customers will be able to take advantage of the plan by February. Till now, BofA has been charging $5 to $10 per trade.

Key difference between BofA and Zecco offerings is the amount of funds needed in the account. BofA customers need to have $25,000 in deposits at the bank, whereas at Zecco customers need maintain a $2,500 minimum balance.

Links:
BofA Press Release
Zecco

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