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This column was originally published on RealMoney on Oct. 11 at 9:51 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

This

Bank of America

(BAC) - Get Bank of America Corp Report

news about commissions is a game-changer: free trading if you have $25,000 with them.

I remember when

Ameritrade

(AMTD) - Get TD Ameritrade Holding Corporation Report

lowered commission rates when its stock was at $19 earlier this year, and in the blink of an eye, you had a $13 stock. I fought it when I owned it for

Action Alerts PLUS, I fought it and bought and averaged down and traded as best as I could within my restrictions, but the bottom line was that I underestimated how much the Street would turn on Ameritrade

even though the lower commissions worked as a business strategy.

Now, I think this Bank of America strategy is going to be even worse for these guys, for Ameritrade and

E*Trade

(ET) - Get Energy Transfer, L.P. Report

and

Schwab

TheStreet Recommends

( SCH), because:

    It is totally unexpected (I saw Ameritrade CEO Joe Moglia interviewed Tuesday by Erin Burnett on CNBC and he didn't see this coming, for certain).

    It is not being done by one of the big three, Schwab, E*Trade or Ameritrade. It's coming from someone outside the oligopoly and is therefore even more threatening.

    The numbers will all come down for these guys.

    Everyone liked these stocks until this morning, as they did Ameritrade when it had just paid out $6 in dividends.

    I think the pain will last not days but weeks, as it did before.

    Pass the OxyContin!

    At the time of publication, Cramer had no positions in any of the stocks mentioned.

    Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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