By Lananh Nguyen
(Bloomberg) --Financial institution of America Corp. is increasing a perk for its loyalty-program members: free trades.
The lender is broadening eligibility for commission-free trades on shares and exchange-traded funds to greater than 5.25 million shoppers who're enrolled in its Most well-liked Rewards program, it mentioned Wednesday in an announcement. That group of consumers, which have mixed banking and funding belongings of greater than $425 billion, can commerce shares without spending a dime on the Merrill Edge on-line platform.
“It’s a large variety of our shoppers which have entry and talent to leverage this program,” mentioned Aron Levine, the agency’s head of client banking and Merrill Edge. He mentioned the corporate goals to supply extra advantages as prospects improve their deposits and investments.
The lender plans to spend $250 million over the following 4 years on its enterprise catering to prosperous prospects, largely on digital know-how, together with financial-planning and recommendation instruments, Levine mentioned in a telephone interview from Atlanta. That follows a $250 million funding within the final 4 years.
To contact the reporter on this story: Lananh Nguyen in New York at [email protected] To contact the editors chargeable for this story: Michael J. Moore at [email protected] Dan Reichl, Josh Friedman
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