RealTime IT News

Royal Bank Introduces Internet Investing

Royal Bank Action Direct, the discount brokerage subsidiary of Royal Bank Financial Group, has introduced NetAction, an Internet trading service.

Investors can place equity, option, and mutual fund orders at a discount off regular commission fees. NetAction also enables customers to access up-to-the minute company news and information on over 10,000 Canadian and U.S. companies.

Investors can transfer funds between their Royal Bank or Royal Trust accounts and their Action Direct accounts. They can also obtain up-to-date order status, detailed real-time stock and option quotes, closing prices for over 700 mutual funds, and account information.

Savings with online trading can be substantial. Equity commissions are only $29 for stock orders up to 1,000 shares (a saving of up to 88 percent compared to full-service brokers); front-end load mutual fund commissions are reduced from 10 to 25 percent; and option commissions are reduced 20 percent.

Clients receive 75 free real-time quotes per month, and each additional quote costs only 25 cents. Customers get further quotes for each trade. Mutual Fund closing prices are free and do not count as a quote.

There is no enrollment fee or monthly service fee for NetAction. A demo can be viewed at the Royal bank Web site.