Bank of America investment services. Is this a good move or bad one?

Question

I'm completely a novice to investing in the stock market. With Bank of America Investment Services, investments are not FDIC insured, are not guaranteed, and may lose value. How does this compare to other online brokers like Scottrade?

Let's say I now have $5,000. in a money market fund with B of A investment Services, and I plan on buying shares of stock with that money. Other than the risks involved in trading stocks, what problems might I have with this type of brokerage service? Why would a brokerage like Scottrade be better?

Answer 1

Bank of America's customer service is notoriously bad when it comes to banking services, so I can't even imagine what their Investment Services would be like.

I use Scottrade myself.  In addition to investing online, you have the option to go into your local branch office.  Very convenient.

Answer 2

I suggest you check out zecco (dot) com for fee-free trading.  Also, prosper (dot) com, for alternative investing (suggest the lower interest paying (safer) investments).  Good luck.  Jack