Updated from 10:09 a.m. (EDT)
Bank of America's(BAC Quote) decision to offer free online trading to its customers has put online brokers and banks in a pickle.
The nation's second-largest bank announced Wednesday that it will start offering free online stock trading--up to 30 trades a month--to any customer who keeps at least $25,000 in deposits with the Charlotte-based lender. Customers with less than $25,000 will continue to pay the standard $5 to $10 a trade commission charge.
Shares of online brokers TD Ameritrade(AMTD Quote), E*Trade(ET Quote) and Charles Schwab(SCHW Quote) were in freefall after the surprising news from BofA, which never has ranked as a leader in online trading. In early afternoon trading, both Ameritrade and E*Trade were down about 10%. ...
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