Bank of Montreal’s InvestorLine discount
brokerage service announced that the over 700 mutual funds it currently
offers will now be available through its Web site, InvestorLine OnLine.
“Our customers have embraced the convenience that online trading gives
them,” said Bruce Schwenger, President of InvestorLine. “Since we launched
InvestorLine OnLine in May, more than 15 percent of our trades are now
placed over the Internet. Mutual funds are extremely popular with Canadian
investors and make up an important part of our business, so we are taking
the next logical step by making them available online.”
Customers can get the most recent closing prices and place buy, sell, or
switch orders for mutual funds through InvestorLine OnLine, which is in
addition to online trading of stocks and options. A 20% discount on
InvestorLine’s already low commissions will be offered when buying or
selling mutual funds on the Web.
For clients that do not have an Internet browser with a 128-bit encryption,
InvestorLine will supply it free of charge.
Earlier this year InvestorLine announced it will rebate all transfer
fees for investors transferring an RRSP from another financial institution
to InvestorLine. The offer has recently been extended from March 15, 1998 to
March 31, 1998.