Even though I have free-trade accounts with Wells Fargo, I still maintain a brokerage account with TD Ameritrade. There are a few reasons for this, one of which is that I can get level-2 quotes for free (I have their Apex status) from TD Ameritrade. This is something which Wells Fargo currently does not offer.
Recently, I learnt that TD Ameritrade is offering $7 (instead of $9.99) trades for new clients if they sign up though a promotional link. The link,
is still active at the time of writing. It does however state an expiry date of September 30, 2007.
I wondered if I could get onto this deal, so I sent them a secure mail last week telling them that I have been a long time as well as an Apex client. I requested that they put me into the $7-commission plan, otherwise I might have to consider another “alternative trading platform”. (Note: When I sent in the email, it was already past the September 30 deadline).
I received a reply the next day:
This is a new account offer valid with funding a new account with new funds. I would be willing to make an exception for you. If you make an additional deposit to your account of at least two thousand dollars then I would be glad to extend this offer to you.
I am quite pleased with the reply. I made a $2000 deposit and here’s the confirmation email:
Your commission schedule has been reduced to $7 for Internet equity trading per our agreement. We look forward to continuing doing business with you in the future.
So for those using TD Ameritrade, I guess it does not harm to just send in an email to ask for the $7-commission plan. The worst that could happen is that you get rejected; on the other hand, you might get lucky and receive the 30% off your trading commission.
PS. One additional comment: even though TD Ameritrade may not have the lowest online trade commission, it has always been quite generous with its account bonuses and responsive to their clients’ requests. And their online ACH system remains one of the fastest around : a request submitted during business hours gets executed the next business day.