In Brief: BuyandHold Online Hits Account Milestone

March 09, 2001, 2:00 a.m. EST 1 Min Read

NEW YORK BuyandHold Securities Corp., the online brokerage subsidiary of BuyandHold Inc., said it has acquired 200,000 accounts in the 15 months since its launch.

The company said that according to J.P. Morgan H&Qs Equity Trading Market Share analysis report, its customer account growth of 30% made it one of the fastest growing online brokerage firms in 2000.

BuyandHold, which launched its Web site in November 1999, said it is the first online brokerage to let customers buy stock in dollars rather than shares, allowing them to build investment programs that meet their budgets.

Our growth has been extraordinary when you consider the primary method of account acquisition has been by word of mouth, said Peter E. Breen, chief executive officer of BuyandHold Inc.

MORE FROM AMERICAN BANKER

Cryptocurrency

Anchorage Digital debuts crypto settlement network

The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.

By Frank Gargano

56m ago
Payments

Bread Financial 'feverishly' preps for CFPB late-fee rule scenarios

Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.

By Kate Fitzgerald

2h ago
Artificial intelligence

Banks don't talk about the energy AI guzzles. Here's why they should.

Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.

By Penny Crosman

2h ago
Regulation and compliance

FDIC board debates, then withdraws asset manager control proposals

The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.

By Ebrima Santos Sanneh

4h ago
Regulation and compliance

Why Texas has its own account with the Federal Reserve

The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?

By Kyle Campbell

4h ago
Originations

Mortgage rates rise on weak economic news

Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.

By Brad Finkelstein

4h ago