Resources

COMERICA SECURITIES
ELECTRONIC ACCESS CUSTOMER AGREEMENT

Introduction

This Electronic Access Customer Agreement ("Agreement") supplements and amends that certain Customer Agreement included as part of the Account Application (that you signed at the time of account opening), and any other Customer Agreements such as the Margin Agreement and/or the Option Agreement that you may have signed or will sign with Comerica Securities, Inc. ("Comerica Securities"), or Pershing LLC ("PERSHING LLC"), Comerica Securities' clearing agent. Please refer to the glossary at the end of this document for definitions of terms used in this document. If you do not understand some of the terms, contact Comerica Securities. Comerica Securities has attached articles and a comment from the Securities and Exchange Commission, and recommend that you read them and this Agreement carefully prior to Investing online.

Terms and Conditions

“I” refers to you or the clients and "my" refers to yours or the Client's(s'), as applicable. By requesting a User Identification and Personal Identification Number ("User ID and PIN"), issued by Comerica Securities to obtain access to my brokerage account(s) through the Internet, TouchTone telephone, two-way Pager, or any other electronic means ("Electronic Access") that Comerica Securities or its agent may provide from time to time, I agree to the following:

  1. I understand and accept the risks involved in using the above referenced electronic means to access my account(s), including, but not limited to: (1) possible delays in being able to connect to Comerica Securities computer server, (2) the possibility that my computer or Comerica Securities computers may be inoperable. Electronic Access may be limited or unavailable during periods of peak demand, market volatility, system maintenance, system outages or for other reasons. Comerica Securities will not be liable to me if I am unable to access my account information or request a transaction.
  2. In the event I am unable to access my account by any of the above referenced electronic means, I understand that it is my responsibility to attempt to use an alternate method, including, but not limited to, verbally entering an order with a Comerica Securities broker during normal business hours, if a connection via alternate electronic means is not available.
  3. There may be times when prices of securities become extremely volatile and quoted prices do not keep up with actual prices available. High volumes of trading at the market opening or intra-day, may cause delays in execution and/or executions at prices significantly away from the market price quoted or displayed at the time the order was entered. It is my responsibility to notify Comerica Securities immediately if I have placed an order and have not received an order number.
  4. I understand that User ID's and PIN's are confidential and that I will not give them to unauthorized individuals. I also acknowledge that I will be responsible for any and all orders sent to you for processing that uses my assigned User ID. It is my responsibility to notify Comerica Securities immediately if I become aware of any unauthorized use of my User ID and PIN.
  5. I will use care when entering trade orders and if I am not sure whether an order was submitted, I will contact Comerica Securities immediately. If I duplicate the transmission of an order, I understand that both orders may be executed and, in such event I will be responsible for such orders.
  6. I understand that if I decide to allow individuals other than those named on my account(s), to have access to my account for trading purposes, that this information must be disclosed to Comerica Securities in writing in the form of the Limited Trading Authority Form prior to me allowing this individual to place trades for my account. The Limited Trading Authority Form is available upon request from Comerica Securities. I understand that I am responsible for all orders sent to you for processing that use my assigned User ID, whether or not I have submitted the appropriate Trading Authorization Form.
  7. I understand that although Comerica Securities offers the ability to access my account and obtain news, research and real time quotes as well as enter trade orders for execution during normal market hours, it does not promote, recommend or endorse trading techniques commonly known as Day-Trading¹.
  8. I understand that Day-Trading is prohibited unless I have notified Comerica Securities of my intent to engage in such activity. I agree that I will notify Comerica Securities in advance of establishing such trades and will abide by all rules and regulations governing such tactics.
  9. I understand that a Margin Account2 must be used if I engage in Day-Trading and that Day-Trading is subject to special rules and conditions such as, but not limited to; (1) the total position taken at any one time during the day, cannot exceed twice the New York Stock Exchange ("NYSE") Minimum Equity Requirement as calculated at the previous day's close, (2) any position established but not closed out the same day will be subject to standard margin requirements (Federal Reserve Board ("FED") and house requirements) and may be subject to an immediate deposit of additional funds or securities to cover margin calls.
  10. I understand that the NYSE and FED have established certain margin requirements including, but not limited to; (1) minimum equity required to be maintained in the total account, (2) minimum equity required per position as a percentage of total equity, and that these requirements may be changed from time to time without prior notice.
  11. I understand that Pershing LLC may establish minimum equity requirements that are higher than those established by the NYSE and FED, and may from time to time change those requirements without notice, including setting a security's Minimum Equity Requirement at 100% (no lending is available), and that changes to the Minimum Equity Requirement may result in a margin call that becomes due and payable immediately. Securities may be liquidated in my margin account without prior notice to me if a margin call is issued that requires immediate action.
  12. Securities purchased through Comerica Securities: (1) Are NOT FDIC insured; (2) Are not deposits or other obligations of, or guaranteed by, any bank; and (3) Are subject to investment risks, including the possible loss or principal amount invested.
  13. No Warranty. Neither Comerica Securities nor any third party provider shall be liable for the timeliness, accuracy or completeness of any market data, quotes, research or news accessible through the Comerica Securities Website.
  14. Limitation of Liability. I agree that neither Comerica Securities nor PERSHING LLC shall be liable for any consequential, incidental, special, or indirect damages (including, but not limited to, lost profits, trading losses and damages) that result from inconvenience, delay, or loss of the use of Electronic Access, even if Comerica Securities has been advised of the possibility of such damages or losses.
  15. If Comerica Securities or PERSHING LLC believes that any particular stock is or may be volatile, they may decline to allow me to place orders for that stock through Electronic Access. Comerica Securities reserves the right to prevent any IPO stock from being traded through the Electronic Access. In either situation, I may be required to contact a Comerica Securities representative to assist me with transactions in these stocks.
  16. Comerica Securities and PERSHING LLC reserves the the right to terminate my Electronic Access in its sole discretion, without notice and without limitation, for any reason whatsoever, including, but not limited to, breach of this Agreement. In the event of such termination, Comerica Securities shall have no liability to me.
  17. I agree to be bound by any affirmation, assent or agreement I transmit through my computer. I agree that by clicking on an "I agree" or similarly worded button or entry field with my mouse, key stroke or other computer device, my agreement or consent will be legally binding and enforceable and the legal equivalent of a handwritten signature.
  18. I agree that neither Comerica Securities nor Pershing LLC shall be liable to me for any transactions, losses, unauthorized access to personal information or any other actions or damages that may arise out of, or resulting from compromise of my account due to the access of my User ID or PIN, or account, that occurs through unauthorized access of my computer.

¹    Day-Trading is the practice of establishing a position (either buying or selling short) and then closing the same position the same day to take advantage of small movements in price. See the attached comments by SEC Chairman Arthur Levitt.
²    Margin lending is provided by Comerica Securities' clearing firm, Pershing LLC. Please refer to the Margin Agreement for further explanation.

 

GLOSSARY OF TERMS:

The following is intended to explain some of the more common investment terms that you may encounter.

AON: All or None. A trade order that requires that all shares in the order be filled simultaneously. i.e., Buy 1,000 XYZ at 50 AON, we must find a seller of 1,000 shares that is willing to sell all 1,000 shares no lower than 50. Normal practice (non-AON orders) would be to take the first offer to sell at 50 irrespective of the size and continue to look for sellers until the entire order is filled. This may result in a partial fill, but an AON order may result in nothing done.
Day Trade: The practice of establishing and closing a position rapidly with the intent of taking a quick profit on a very small price movement.
Day Order: A trade placed with an expiration date of the close of business on the trading day for which it was entered. If not executed it expires as "Nothing done".
Do Not Reduce: Also DNR. When attached to a sell order, the limit price set will not be reduced by the stock exchange on ex-dividend date for a company that pays a cash dividend. Sell orders that are not marked DNR will automatically be reduced by the amount of the case dividend.
ECN: Electronic Communication Network, a computerized trading network that displays and tries to match buy orders in stocks, NASDAQ and listed issues.
Equity: Also Net Worth. The difference between the market value of the securities and the margin balance owed to Pershing LLC. If you liquidated everything at the current market value, you would receive the equity (less trade commissions and interest)
Fed: Federal Reserve Board
Fed Call: The initial margin required when securities are purchase (or sold short). Currently set at 50% by the Fed.
GTC: Good 'Till Canceled. (See Open Order)
House Call: The difference between the Minimum Equity Requirement and the current equity in the margin account. When the minimum equity requirement exceeds the current equity available.
House Requirement: The amount of margin equity that must be set aside for the market value of each security pledged on Requirement: margin. It can be anything from 30% to 100% based on the volatility of the security in the account. It may change at any time depending on increases or decreases in the volatility of the security. As the requirement increases, the amount of equity required to maintain the account above the requirement increases also.
Limit Order: A trade placed with a specific price at which the customer is willing to accept. A buy order will be filled at a price no higher than the limit. A sell order will be filled at a price no lower than the limit.
Margin: Using your existing securities or cash as collateral to borrow money subject to pre-approval.
Market Order: A trade placed for execution at the next best available price. It could be higher or lower than the current trade.
Net Worth: See Equity.
Minimum Equity
Requirement:
The amount of margin equity that must be set aside for the market value of each security pledged on Requirement: margin. Currently NYSE is 25% and the House requirement may match or exceed the NYSE requirement.
Not Held: A trade order marked Not Held, will allow the specialist to work an order in an attempt to obtain the best available execution of an order. Orders not market Not Held are required to be executed immediately upon receipt. A Not Held order does not guarantee a better fill and is very seldom used.
Nothing Done: The result of a Day Order not being executed.
Open Order: Also known as GTC (Good 'Till Canceled). A trade placed without an expiration date. If not executed on the day it was entered it stays in the system as a valid order until executed or canceled. It will expire in 90 days if not executed.
Option Contract: A security that gives the holder (owner) certain rights to buy or sell a security within a certain time frame (expiration date), at a specified price (strike price).
Option (Call): A security that gives the holder (owner) the right to buy a security within a certain time frame and at a specified price.
Option (Put): A security that gives the holder (owner) the right to sell a security within a certain time frame and at a specified price.
Nothing Done: The result of a Day Order not being executed.
Out: A confirmation that a request to cancel an order has been acknowledged and that your original order is canceled.
Partial, Partial Fill: Part of the order is filled and the broker continues to work to fill the remaining shares until the rest of the order is filled or canceled.
REDIBook: The consortium comprised of other brokerage firms such as Fidelity, Schwab, DLJ, TD Waterhouse, Fleet, BOA, NDB, Paine Webber, Lehman Bros., and First Boston. REDI allows orders to be sent to other ECN's and market makers.
Short Sale: Selling a security you don't own in the hopes of buying it back later at a lower price. Requires a margin account and prior approval for each trade. Short Sale orders are not available through electronic means.
Stop Order: Also "Stop Loss Order". This order is usually used to protect a profit (or limit a loss) in a currently held position. It is an order that will not be executed unless the current price of a security falls or rises to the stop price (i.e., current market price is 52½, and a stop order is entered to sell 100 shares at 50 stop). The order remains inactive until the current market price falls to 50, at which time the order to sell 100 shares becomes a market order and is filled at the next available price (could be at 50 or higher or lower than 50).
Stop Limit: See Stop Order also. The difference between a Stop Limit Order and a Stop Order is that in addition to the order remaining inactive until the stop price is reached, this order becomes a limit order instead of a market order. In the example above, when the market price hits 50 the order to sell 100 shares at 50 stop limit, becomes a limit order to sell at 50 and will not be executed below 50. It is possible that the security will trade right through the 50 limit and your trade will not be executed because the next trade after it hits 50 is below 50 and may continue to fall. Stop Limit orders are not available through electronic means.

 

 

THE FOLLOWING THREE ARTICLES WERE TAKEN FROM THE
SECURITIES AND EXCHANGE COMMISSION'S WEB SITE (www.sec.gov)


DAY TRADING: YOUR DOLLARS AT RISK

 

Day traders rapidly buy and sell stocks throughout the day in the hope that their stocks will continue climbing or falling in value for the seconds to minutes they own the stock, allowing them to lock in quick profits. Day traders usually buy on borrowed money, hoping that they will reap higher profits through leverage, but running the risk of higher losses too.

As SEC Chairman Levitt recently stated in his testimony before the U.S. Senate, "[Day Trading] is neither illegal nor is it unethical. But it is highly risky." Most individual investors do not have the wealth, the time, or the temperament to make money and to sustain the devastating losses that day trading can bring.

Here are some of the facts that every investor should know about day trading:

 

Be Prepared to Suffer Severe Financial Losses

 

Day traders typically suffer severe financial losses in their first months of trading, and many never graduate to profit-making status. Given these outcomes, it's clear: day traders should only risk money they can afford to lose. They should never use money they will need for daily living expenses, retirement, take out a second mortgage, or use their student loan money for day trading.

Day Traders do not "Invest"

Day traders sit in front of computer screens and look for a stock that is either moving up or down in value. They want to ride the momentum of the stock and get out of the stock before it changes course. They do not know for certain how the stock will move, they are hoping that it will move in one direction, either up or down in value. True day traders do not own any stocks overnight because of the extreme risk that prices will change radically from one day to the next, leading to large losses.

Day Trading is an Extremely Stressful and Expensive Full-Time Job

Day traders must watch the market continuously during the day at their computer terminals. It's extremely difficult and demands great concentration to watch dozens of ticker quotes and price fluctuations to spot market trends. Day traders also have high expenses, paying their firms large amounts in commissions, for training, and for computers. Any day trader should know up front how much they need to make to cover expenses and break even.

Day Traders Depend Heavily on Borrowing Money or Buying Stocks on Margin

Borrowing money to trade in stocks is always a risky business. Day trading strategies demand using the leverage of borrowed money to make profits. This is why many day traders lose all their money and may end up in debt as well. Day traders should understand how margin works, how much time they'll have to meet a margin call, and the potential for getting in over their heads.

Don't Believe Claims of Easy Profits

Don't believe advertising claims that promise quick and sure profits from day trading. Before you start trading with a firm, make sure you know how many clients have lost money and how many have made profits. If the firm does not know, or will not tell you, think twice about the risks you take in the face of ignorance.

Watch out for "Hot Tips" and "Expert Advice" from Newsletters and Websites
Catering to Day Traders

Some websites have sought to profit from day traders by offering them hot tips and stock picks for a fee. Once again, don't believe any claims that trumpet the easy profits of day trading. Check out these sources thoroughly and ask them if they have been paid to make their recommendations.

Remember that "Educational" Seminars, Classes, and Books about Day Trading may not be Objective

Find out whether a seminar speaker, an instructor teaching a class, or an author of a publication about day trading stands to profit if you start day trading.

Check out Day Trading Firms with your State Securities Regulator

Like all broker-dealers, day trading firms must register with the SEC and the states in which they do business. Confirm registration by calling your state securities regulator and at the same time ask if the firm has a record of problems with regulators or their customers. You can find the telephone number for your state securities regulator in the government section of your phone book or by calling the North American Securities Administration Association at (202) 737-0900. NASAA also provides this information on its website at www.nasaa.org.

http://www.sec.gov/consumer/daytips.htm
Last update: 09/23/1999

Tips for Online Investing:
What You Need to Know About Trading In Fast-Moving Markets

The price of some stocks, especially recent "hot" IPOs and high tech stocks, can soar and drop suddenly. In these fast markets when many investors want to trade at the same time and prices change quickly, delays can develop across the board. Executions and confirmations slow down, while reports of prices lag behind actual prices. In these markets, investors can suffer unexpected losses very quickly.

Investors trading over the Internet or online, who are used to instant access to their accounts and near instantaneous executions of their trades, especially need to understand how they can protect themselves in fast-moving markets.

You Can Limit your Losses in Fast-Moving Markets if you

  • Know what you are buying and the risks of your investment; and
  • Know how trading changes during fast markets and take additional steps to guard against the typical problems investors face in these markets.

Online Trading is Quick and Easy, Online Investing Takes Time

With a click of mouse, you can buy and sell stocks from more than 100 online brokers offering executions as low as $5 per transaction. Although online trading saves investors time and money, it does not take the homework out of making investment decisions. You may be able to make a trade in a nanosecond, but making wise investment decisions takes time. Before you trade, know why you are buying and selling, and the risk of your investment.

Set your Price Limits on Fast-Moving Stocks: Market Orders vs. Limit Orders

To avoid buying or selling a stock at a price higher or lower than you wanted, you need to place a limit order rather than a market order. A limit order is an order to buy or sell a security at a specific price. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. When you place a market order, you can't control the price at which your order will be filled.

For example, if you want to buy the stock of a "hot" IPO that was initially offered at $9, but don't want to end up paying more than $20 for the stock, you can place a limit order to buy the stock at any price up to $20. By entering a limit order rather than a market order, you will not be caught buying the stock at $90 and then suffering immediate losses as the stock drops later in the day or the weeks ahead.

Remember that your limit order may never be executed because the market price may quickly surpass your limit before your order can be filled. But by using a limit order you also protect yourself from buying the stock at too high a price.

Know your Options for Placing a Trade if you are Unable to Access your Account Online

Most online trading firms offer alternatives for placing trades. These alternatives may include touch-tone telephone trades, faxing your order, or doing it the low-tech way - talking to a broker over the phone. Make sure you know whether using these different options may increase your costs. And, remember, if you experience delays getting online, you may experience similar delays when you turn to one of these alternatives.

If you Place an Order, Don't Assume it Didn't Go Through

Some investors have mistakenly assumed that their orders have not been executed and place another order. They end up either owning twice as much stock as they could afford or wanted, or with sell orders, selling stock they do not own. Talk with your firm about how you should handle a situation where you are unsure if your original order was executed.

If you Cancel an Order, Make Sure the Cancellation Worked before Placing Another Trade

When you cancel an online trade, it is important to make sure that your original transaction was not executed. Although you may receive an electronic receipt for the cancellation, don't assume that, that means the trade was canceled. Orders can only be canceled if they have not been executed. Ask your firm about how you should check to see if a cancellation order actually worked.

If you Trade on Margin, your Broker can Sell your Securities without Giving you a Margin Call

Now is the time to reread your margin agreement and pay attention to the fine print. If your account has fallen below the firm's maintenance margin requirement, your broker has the legal right to sell your securities at any time without consulting you first.

Some investors have been rudely surprised that "margin calls" are a courtesy, not a requirement. Brokers are not required to make margin calls to their customers.

Even when your broker offers you time to put more cash or securities into your account to meet a margin call, the broker can act without waiting for you to meet the call. In a rapidly declining market your broker can sell your entire margin account at a substantial loss to you, because the securities in the account have declined in value.

No Regulations Require a Trade to be Executed within a Certain Time

There are no Securities and Exchange Commission regulations that require a trade to be executed within a set period of time. But if firms advertise their speed of execution, they must not exaggerate or fail to tell investors about the possibility of significant delays.

More Information

For more Information on online trading problems, read SEC Chairman Arthur Levitt's message to investors, and the National Association of Securities Dealers' Notice to Members 99-11, dealing with online trading.

http://www.sec.gov/consumer/onlitips.htm
last update: 05/17/1999

AVOIDING ONLINE INVESTMENT SCAMS:
TIPS FOR INVESTORS

You should be skeptical of investment opportunities you learn about through the Internet. When you see an offering on the Internet whether it's on a company's website, in an online newsletter, on a message board, or in a chat room, you should assume it's a scam until you've done your homework and proven otherwise. Get the facts before you invest, and only invest money you can afford to lose. You can avoid online investment scams by asking and getting answers to these three simple questions:

Is the Investment Registered?

To find out, check the SEC's EDGAR database. Some smaller companies don't have to register their securities offerings with the SEC, so always check with your state securities regulator. You'll find that number in the government section of your phone book. Or call the North American Securities Administrators Association (NASAA) at (202) 737-0900 or visit NASAA's website.
Many online investment scams involve unregistered securities. One simple phone call can make the difference between investing in a legitimate business or squandering your money on a scam.

Is the Person Licensed and Law-Abiding?

Find out if the person or firm selling the investment needs to be licensed. Call your state securities regulator and ask whether the person or firm is licensed to do business in your state and whether they have a record of complaints or fraud. You can also get this information by calling NASD Regulation, Inc.'s public disclosure hotline at (800) 289-9999 or visiting their website.

Does the Investment Sound Too Good to be True?

If it does, it probably is. High-yield investments tend to involve extremely high risk. Never invest in an opportunity that promises "guaranteed" or "risk-free" returns. Watch out for claims of astronomical yields in a short period of time. Be skeptical of "off-shore" or foreign investments. And beware of exotic or unusual sounding investments, especially those involving so-called "prime bank" securities. To learn more about "prime bank" securities, read the investor alert on our website. Make sure you fully understand the investment before you part with your hard earned money. Always ask for and carefully read the company's prospectus and latest financial statements.

For more tips on avoiding online fraud, read Internet Fraud: How to Avoid Internet Scams.
You can get this brochure by calling the SEC's toll-free publications line at (800) SEC-0330 or visiting the "Internet and Online Trading" section of our website.

http://www.sec.gov/consumer/offertip.htm
Last Update: 06/04/1999

For the entire text or to view current discussions on Online Trading visit the SEC's website at www.sec.gov.

COMERICA SECURITIES DISCOUNT BROKERAGE
FEE SCHEDULE

 

 
Comerica Securities OnlineSM and
Comerica Securities Phone AccessSM
Equity trades placed through Comerica Securities Online or Comerica Securities Phone Access enjoy a flat discounted commission rate of $25 for market orders up to and including 1,250 shares, and $.02 per share for each additional share above 1,250 shares. Limit orders add an additional $5.00 to the commission charge.
Broker Access - Discount Brokerage
Transaction Amount:                              Commission Rate:
Less than $10,000 . . . . . . . . . . . . . . . . . . $32.50 + .011375 of Transaction Amount
$10,000.00 to $49,999.99 . . . . . . . . . . . . .$48.75 + .004875 of Transaction Amount
$50,000.00 to $99,999.99 . . . . . . . . . . . . .$65.00 + .004225 of Transaction Amount
$100,000.00 to $299,999.99 . . . . . . . . . . .$130.00 + .003575 of Transaction Amount
$300,000.00 and over . . . . . . . . . . . . . . . $162.50 + .001625 of Transaction Amount
The Broker Access Commission Table shown above reflects a 35% discount off the standard commission rates.
The discounted rates on this Fee Schedule do not apply to accounts that have an assigned financial consultant.
Minimum Charge: $49 or $.065 per share (whichever is greater) Maximum Charge: $.60 per share.
Options
Option Price:                                      Commission Rate:
Less than $1.00 . . . . . . . . . . . . . . . . . $25 + $3 per contract
$1.00 and over . . . . . . . . . . . . . . . . . . $25 + $5 per contract
Minimum Charge . . . . . . . . . . . . . . . . . $35
Bonds
Agency Trades:                                  Commission Rate:
Corporate . . . . . . . . . . . . . . . . . . . . . . . $35 + $3 per bond
U.S. Treasury Auction Market . . . . . . . $50.00 per order
 
U.S. Treasury & Agencies
Secondary Market . . . . . . . . . . . . . . . . $1.50 per bond ($75.00 min, $200.00 max)
 
Principal Trades:
Consult with the Discount Brokerage
Mutual Funds
No Load Funds:
No Fee No Load - Check with the Discount Brokerage for list.
Other No Load - Same as Broker Access (see above)
Load Funds:
Same as charged by fund family (no additional fee)
Comerica Asset Management Account
$25 per quarter. Quarterly fee is waived for accounts with minimum total value of $200,000 on the last day of the quarter. Regular brokerage charges apply to the account. See also the Comerica Bank Personal Services and Charges brochure for Other Checking Account Charges which apply.
Fee-Based Accounts
Consult with the Discount Brokerage
Margin Lending
Debit Balance:                                % over "Broker Call Rate"
$0 - $9,999 . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50%
$10,000.00 - $24,999 . . . . . . . . . . . . . . . . . . 3.25%
$25,000.00 - $99,999 . . . . . . . . . . . . . . . . . . 2.25%
$100,000.00 - $499,999 . . . . . . . . . . . . . . . . 1.75%
$500,000 and over . . . . . . . . . . . . . . . . . . . .1.50%
Our clearing firm, Pershing LLC, provides margin lending if authorized.
Clubs & Additional Discounts
Gold Club:
Accounts generating $1,500 or more in commissions in a calendar year will be eligible to receive a 15% discount on trades executed on the first of the month following the month of eligibility through 12/31 of the year following the year of eligibility.
Platinum Club:
Accounts generating $3,500 or more in commissions in a calendar year will be eligible to receive a 25% discount on trades executed on the first of the month following the month of eligibility through 12/31 of the year following the year of eligibility.
Discount Brokerage Accounts:
Discounts do not reduce commissions below the stated minimum of $49.00 or $.065/share, whichever is greater, and do not apply to load mutual funds, Online or Phone Access transactions.
Miscellaneous Fees
1. Extensions: $15 - Late payment for, or delivery of, trades.
2. Legal Transfer: $25 - Plus applicable commissions.
3. Delivery Fee: $30 - To have certificates registered & mailed.
4. Security Handling Fee: $15 - Processing fee for receipt of securities into your account on your first trade.
5. Reorganization Items: $.05/Share, $25 minimum.
6. Inactive Fee: $75 - All accounts (except IRA) in which securities are held in safekeeping and which generate commissions of less than $50 annually.
7. IRA Accounts: $50 annual fee, $75 closing fee.
8. Confirm Processing/Postage Fee: $4 per confirm.
9. Copies of Past Statements & Confirms: $5 each, $25 minimum.
10. Foreign Securities (Non ADRs): $75 plus applicable commission.
11. NSF Items: $15.
12. Stop Payments: $15.
13. Account Delivery Fee: $55 to deliver account to another firm.
14. Mailgram Notifications: $5.
15. Advanced Level Research Package: $25/Quarter.









 


1-800-232-6983

Securities offered by Comerica Securities:

 
  NOT FDIC INSURED No bank guarantee. May lose value  

Comerica Securities is a broker/dealer; Member FINRA/SIPC; and a subsidiary of Comerica Bank. Comerica Securities, Inc. is also a federally registered Investment Advisor. www.comerica.com