TD Ameritrade Holding Corp. announced Tuesday that it will drop account maintenance fees for all retail clients on April 21.
The change applies to each of its more than six million retail client accounts, regardless of size or trading activity. Both TD Waterhouse and Ameritrade had charged a quarterly fee of $15 to customers who either allowed their account balance to dip below $2,000 or made fewer than two trades in a quarter, a spokeswoman said.
"TD Ameritrade is focused on furthering the goals of our independently minded clients, realizing that their needs fluctuate due to life changes, market swings, or even their confidence in any given investment," said Joe Moglia, the Omaha company's chief executive officer said in a press release. "We want our clients to manage their accounts and investments their way, and removing this barrier gives them one less thing to worry about."
In addition, legacy clients of TD Waterhouse will get access to 24-hour-a-day, seven-day-a-week support services, excluding market holidays, the company said. It does not expect to update its guidance based on this change.
