I opened an account at Scottsdale Securities in 1996, now known as Scottrade. I still have their pre-internet brocure with commission schedule to this day.
For 100 shares of a $10 stock:
Scottsdale 32
Schwab 47
Fidelity 47
Quick & Reilly 38
Waterhouse 35
Merrill Lynch 50
Moving up the scale to 1000 shares of a $30 stock:
Scottsdale 72
Schwab 166
Fidelity 166
Quick & Reilly 128
Waterhouse 139
Merrill Lynch 483
The brocure was advertising three different types of accounts and the savings for each, a Transfer and Ship Account, a Safekeeping Account and then there was a Supersaver Account. The Supersaver Account had to be opened with a $25K minimum and remain above $20K. You had to have buying power on deposit before you could place a trade. It may seem odd to mention that in this day and age, but back then you would normally place your order by telephone and you sent the check for the amount in the mail. Anyway, the commission formula for a Supersave account was $50 + 2.5 cents for each share over 1000 shares.
For 100 shares of a $10 stock:
Scottsdale 32
Schwab 47
Fidelity 47
Quick & Reilly 38
Waterhouse 35
Merrill Lynch 50
Moving up the scale to 1000 shares of a $30 stock:
Scottsdale 72
Schwab 166
Fidelity 166
Quick & Reilly 128
Waterhouse 139
Merrill Lynch 483
The brocure was advertising three different types of accounts and the savings for each, a Transfer and Ship Account, a Safekeeping Account and then there was a Supersaver Account. The Supersaver Account had to be opened with a $25K minimum and remain above $20K. You had to have buying power on deposit before you could place a trade. It may seem odd to mention that in this day and age, but back then you would normally place your order by telephone and you sent the check for the amount in the mail. Anyway, the commission formula for a Supersave account was $50 + 2.5 cents for each share over 1000 shares.
