Brokerage drops account service fees, raises outlook

Friday, Sept. 16, 2005 | 9:49 a.m.

SAN FRANCISCO -- Emboldened by its highest profit since the dot-com boom, Charles Schwab Corp. is dropping its remaining account service fees in the latest step back to the stock brokerage's low-cost heritage. The decision to drop the service fees, announced Thursday and effective Oct. 1, affects about 650,000 accountholders with household balances below $25,000.

Separately, Schwab also projected its earnings for the current quarter will range between $195 million and $205 million, the second highest three-month profit in the San Francisco-based company's history.

archive