E*Trade sets account minimums

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Online brokerage E*Trade plans to start charging customers a quarterly fee if they don't make trades or maintain a minimum balance on certain types of brokerage accounts. According to an e-mail sent to E*Trade customers, it will automatically deduct a $15 fee each fiscal quarter unless the account carries a $5,000 minimum balance. Accounts with less than $5,000 can avoid the fee if the owner has completed at least two trades in the six months before the quarter's end. E*Trade's IRA and Power E*Trade accounts as well as any accounts opened for less than a year are exempt from the new fees.

Copyright November 2000, Crain Communications Inc.

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