Fidelity investors making online stock trades, no matter how many trades are involved, will now pay a flat rate of $8 per trade instead of the penny per share they are currently charged.
Effective this past Wednesday, the change is applicable to "Gold Level Investors," or those who execute 120 or more trades a year, have household assets of more than $30,000, or invest $1 million or more with Fidelity.
It is the second significant change in fees Fidelity has made for online traders in five months. In October, commission fees were cut more than 40% per trade, from $14 to $8.
The fund giant hinted there is more in store. Said Fidelity Personal Investments President Jeff Carney: "Today's announcement, which reinforces Fidelity's reputation as a leader in the retail brokerage industry, is the first of several enhancements the firm is planning to make in 2004 to benefit this important customer group."
Boston-based Fidelity, the nations No. 1 mutual fund company, reported 115,000 trades daily for the month of January.