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JPMorgan Chase offers 100 free trades to attract new investors: Business : Nigerialog.com - Nigeria's Premier Online Forum

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JPMorgan Chase offers 100 free trades to attract new investors

By: dayan (M) |Time : August 21, 2018, 07:53:55 PM
JPMorgan Chase plans a big push into online investing offering 100 free trades and low fees in a bid to attract a new generation of investors, a spokesman said Tuesday.

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JPMorgan Chase

JPMorgan will launch the “You Invest” program next week linking it to the mobile phone app of Chase Bank, JPMorgan’s retail bank, spokesman Darin Oduyoye said.

Oduyoye said the bank hopes to spark more investing among existing customers, including millennials who may have shied from the stock market.

But JPMorgan also aspires to attract clients from competing firms, he said.

“In the Chase mobile app, you now have the opportunity to do your banking and checking,” Oduyoye said. “And now we are offering opportunity to do online trading and investing for free.”

The first 100 trades will be commission-free, and after that customers will be charged $2.95 a trade, which is 60 percent below the fee of most online brokerage firms, Oduyoye said.

JPMorgan Chief Executive Jamie Dimon has hinted such a program was in the works, drawing parallels to Amazon’s “Prime” service which has significantly broadened the online retailer’s relationship with customers, while posing competitive challenges to grocers, television producers and others.

JPMorgan already has some 47 million digital customers which it can reach with the new app.

The prospect of this new disruption to the online brokerage industry, shares of Charles Schwab and TD Ameritrade fell sharply Tuesday.

Shares of JPMorgan rose 1.5 percent to $116.33, while Charles Schwab fell 2.0 percent and TD Ameritrade slumped 6.1 percent.

Source: Vanguard

Re: JPMorgan Chase offers 100 free trades to attract new investors

By: dayan (M) |Time : August 21, 2018, 08:02:23 PM
Quote
The first 100 trades will be commission-free, and after that customers will be charged $2.95 a trade, which is 60 percent below the fee of most online brokerage firms, Oduyoye said.


Quote
The prospect of this new disruption to the online brokerage industry, shares of Charles Schwab and TD Ameritrade fell sharply Tuesday.

Shares of JPMorgan rose 1.5 percent to $116.33, while Charles Schwab fell 2.0 percent and TD Ameritrade slumped 6.1 percent
.

This would cause a MASSIVE disruption to the businesses of TD America and others like them.
The major advantage that Chase has over them is that they have existing customers whose money just sit in their accounts and who would be more tempted to invest the money instead.
It used to be that you transfer your money from your bank to your investment bank, and it usually took one business day or more depending on the bank.
I know that I once missed a very good investment opportunity because the time the opportunity showed and the time I was able to get my money into my investment account at the time was a day too long. By the time the money was available in my investment account, the shares had rocketed out of my desired entry point. I was stuck, and either had to buy at a price I didn't want or move the money back. It was not a pleasant experience.

This is good for Chase. I cry for TD Ameritrade and others.  :-

Re: JPMorgan Chase offers 100 free trades to attract new investors

By: alagbe003 (M) |Time : August 22, 2018, 10:14:43 AM
A good move by the investment outfit. If they can catch as many people as possible in the early stages their investment portfolio will soar. They have succeeded in breaking some investment bottle necks

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