Discounter Charles Schwab & Co. unveiled a new service pledge in the wake of this week's market turbulence.

The San Francisco brokerage announced Thursday that customers who wait longer than five minutes for trades to be executed during periods of extreme market activity will get orders transacted free of commission.

Investors will be required to go to a Schwab branch office where the commission-up to a $500 maximum in fees per person per day-will be waived, the firm said.

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