I signed up for an investment account with Bank of America, and for years it has been a management-fee free account. Any customers of Bank of America were allowed to have the management fee waived. The only fees charged to me were for trades. Recently, however, Bank of America transitioned the stocks to Merrill Edge. I received a 11/27/10 letter from Merrill Edge informing me that there have been changes to their fees, and that I would essentially be charged about $200/year to keep my account. I can sell my stocks and pay for each trade, and I was told I'd be charged $8.95 per trade. Alternately, I can move my stocks to another investment firm for a fee around $90.
Considering I did not consent to have my account moved to Merrill Edge, it seems unfair that I am required to pay to move my money. I want the fees to be waived so that I can either move my money to another investment firm. I find it unbelievable that a firm can just sell my account and that I am then responsible for fees I never agreed on! It makes me not want to move my shares to another firm for fear the same thing could happen to be again. Why should I have to pay for my bank's decision? And how is it fair that the terms of investing fees can change on already existent accounts?
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