reviewer
ba1
Fairbanks, AK

hidden market making commission

1 star rating

Every day computer user, an moderate investor
Cons
    Poor customer service, Too big to care, Incompetent, Extreme lack of professionalism

MAR
27
2009

Incredibly bad fills on stock trades at Bank of America Investment Services.  I estimate that my best trades are sandbagged $0.06 to 0.$075 per share, either a missed trade or not the best price for large volumes beyond my order.  "Free trades" ? Mine have cost tens of thousands of dollars in missed trades and thousands in poor fill prices.  I prefer Interactive Brokers and Thinkorswim among the dozen+ brokers that I have tried.  e.g. Two standing GTC orders, IB filled my order for stock at $0.71 at 933 am while BoA filled it at $0.77+ between 935 and 948 am. 

 Also the trading hours are inferior, missing early morning and a crucial 4 pm to 410 pm aftermarket slot. The clunky trade interface is laborious and lacks some *same day* account information like liquidation balance.  Their IRA is a cash only account rather than (limited) margin IRA. The BAIS IRA effectively allows only 1 round trip per 3 days+, a very dangerous limitation in markets like now.   Adios MFs.



I_thumb_down Bank of America is not recommended by ba1

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