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"JPMorgan Chase will offer free online trades to customers
There's a new 800-pound gorilla in the world of free online stock trading: JPMorgan Chase, the nation's largest bank.
The new service, which JPMorgan plans to launch next week, will offer 100 free trades a year to all Chase customers, and unlimited free trades to its customers who maintain larger balances in their accounts.
The bank had previously charged $24.95 for each online trade. But JPMorgan faces increased competition from free brokerage services, including Robinhood Financial, as well as low-cost services, such as E*Trade (ETFC) and Charles Schwab (SCHW).
JPMorgan already has about 60 million American customers, amounting to nearly half of US households, and 47 million of those customers use mobile or online banking services. But the bank admits it hasn't focused much online trading before now.
That means the bank won't take much of a hit to its revenue from cutting the fees so drastically. It believes it will benefit from having stronger relationships with its customers.
Free trading could lock in customers who do their primary banking, have a car loan or mortgage with the bank or a branded credit card provided by Chase, such as the Amazon Visa."
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