Wells Fargo & Co. announced Wednesday that it is extending the commission price war in the brokerage industry to long-term investors in no-load mutual funds.
Transaction fees on Internet no-load mutual fund trades for customers with Wells portfolio management accounts now are $9.95 for those with at least $25,000 of balances in Wells accounts, $2.95 for up to 50 trades a year by those with portfolio account balances of $100,000 to $249,999, and free for up to 50 trades a year by those with balances exceeding $250,000.
Commission levels are determined by combinations of bank checking and savings deposits, investments, IRAs, loans, credit balances, and 10% of mortgage balances, the company said.
The portfolio management account is a checking account that offers reduced fees and special services to people with balances of $25,000 or more at Wells. It offers a money market interest rate, no monthly fees on linked checking and savings accounts, a check card, and a credit card with no annual fee.
