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Hidden Fee #5 – Annual Maintenance Fees

Beware the investor who has less than $50,000 and doesn't trade frequently. That must be the watchword of some discount brokers.

Whether to discourage small investors or just to make more money, some discounters are now charging annual maintenance fees for accounts below a certain asset value.

Wells Fargo charges a monthly $25 maintenance fee for accounts below $25,000. Bank of America customers pay $50 twice a year, unless they have a checking account with the bank or assets of at least $50,000.

And even Vanguard Brokerage Services, part of the company known for its uber low-fee mutual funds, levies a $30 annual fee on accounts of less than $100,000.

The trick is comparing the online brokers on the criteria that matter to you. Start by asking these six questions.

NEXT – Hidden Fee #6