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ALLY Bank Free Trades 10/9/19

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Ally Makes Its Commission-free Trading Offer Permanent for All Investors on Online Stock, ETF, and Option Trades

Ally Invest, the online brokerage and wealth management arm of Ally Financial Inc. (NYSE: ALLY), today announced it is joining the online trading movement that is eliminating commissions on U.S. exchange-listed stock, ETF, and option trades. The firm's long-standing per trade price of $4.95 is now moving to $0, effective October 9, 2019. In addition, clients trading options pay a competitive contract fee of just $0.50.

**this is my first post

https://media.ally.com/2019-10-04...s-Movement
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#2
Glad to see them follow along. I actually contacted them through chat once I heard Charles Schwab first did it.
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#3
Quote from Kairi
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Glad to see them follow along. I actually contacted them through chat once I heard Charles Schwab first did it.
that is how I found out. I started chat today because of all these free trades and they said ..well funny you ask ....
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#4
Note that Ally Invest pays no interests on cash and no easy way around that.

At least with Schwab, you can but Investor Shares (SWVXX) at around 1.84% yield.
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#5
Quote from tmarket
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Note that Ally Invest pays no interests on cash and no easy way around that.

At least with Schwab, you can but Investor Shares (SWVXX) at around 1.84% yield.
Valid point but its the SWVXX variable. meaning if the price drops you could potentially loose money?
Not sure about Schwabs but those with Ally savings accounts could transfer between the investment accounts and savings accounts for interest on cash
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#6
Just waiting on Fidelity to fall in line.
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#7
Quote from Superman789
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Valid point but its the SWVXX variable. meaning if the price drops you could potentially loose money?
Not sure about Schwabs but those with Ally savings accounts could transfer between the investment accounts and savings accounts for interest on cash
SWVXX is Schwab Value Advantage Money Fund® Share Classes which is based on short term treasury rate, the same rate you see for Ally Bank Online rate of about 1.9% currently. SWVXX has total asset of $69.72 billion which is larger than almost any funds and ETFs.

Ally Invest also limit bank ACH transfers to $30,000 at a time unless you do a wire. Another artificial constraint is that Ally Invest limits total value of one trade or transaction to $250 k so you have to break up a trade if you are trading a large position.
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Last edited by tmarket October 4, 2019 at 12:44 PM.
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#8
What's the benefit of this compared to like Robinhood?
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#9
sweet..i was waiting for ally to do it...

got a tweet reply from them this morning..

Ally Invest will be offering commission-free trading for U.S exchange-listed stock, ETF and option trades starting on October 9! For any further questions, you can reach our team 24/7 at 1-855-880-2559 or via chat at http://ally.com. ^SS
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#10
its all software based and shouldnt be charged. They keep our money, petty penny interest and they should be find with $0 fees.

Fidelity should get on with this.. they are taking too long to do this.
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#11
Quote from tmarket
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Note that Ally Invest pays no interests on cash and no easy way around that.

At least with Schwab, you can but Investor Shares (SWVXX) at around 1.84% yield.

Does Ally offer VMMXX? If so, just stash your money there while it's sitting around.
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#12
Nice, now I can unwind from the days of individual stock picking.
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#13
Quote from platinumdeals132
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What's the benefit of this compared to like Robinhood?
Customer service is the major distinction.
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Last edited by Kairi October 4, 2019 at 03:58 PM.
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#14
Quote from Namelessme
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Does Ally offer VMMXX? If so, just stash your money there while it's sitting around.
Is placing money in VMMXX preferrable to Ally high yield savings? I guess the tax is less on VMMXX.
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#15
Quote from mrdizle
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Is placing money in VMMXX preferrable to Ally high yield savings? I guess the tax is less on VMMXX.
Well, I meant it as more of a way to stash funds in a brokerage acct (sweep fund), which the other poster stated Ally doesn't have.

But if speaking just in general, vmmxx will pay a slightly higher rate (2.01% currently vs 1.9%). Not enough to bother with unless you are talking about huge sums. It could be handy though for those with money sitting around doing nothing in an ally brokerage acct though.

Also keep in mind Ally's savings is fdic insured, while vanguard isn't. But to me I don't consider this a big deal, unlikely vanguard would go under.

If looking at tax ramifications, Vanguard's treasury money market would be the one to consider, as I am pretty sure it doesn't have state taxes.
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