How to Buy Bank of America Stock
If you feel that the banking sector in general and Bank of America in particular are set to outperform the stock market as a whole, investing in this stock makes a lot of sense. While bank stocks can be very volatile, they can also be very rewarding.
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Instructions
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Open an account with a full service or discount brokerage firm. If you are comfortable making your own investment decisions, a discount brokerage can save you a great deal of money, with trading costs less than $10.
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Complete the brokerage application in full, either online at the broker's website or through the mail. If you are opening your account online, you might be able to transfer money electronically from your bank account. If you are opening the account by mail, you can send a check to fund your purchase of Bank of America shares.
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Determine how many shares of Bank of America stock you wish to purchase. To calculate how many shares your investment funds will purchase, check the stock's price online at a website like Yahoo! Finance or CNN Money (see Resources).
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Log on to your brokerage account and make sure your investment funds have been received. Go to the trading section of the brokerage website and enter an order to buy the amount of Bank of America stock you want to purchase. Enter the stock ticker symbol for Bank of America: BAC.
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Enter the number of shares you wish to purchase, then choose whether you want to use a market order or a limit order. With a market order, you agree to purchase the shares at the currently available price. A limit order lets you specify a price for buying the shares. With a limit order, the shares will not be purchased unless the Bank of America shares trade at the price you specify.
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Verify the number of shares and the purchase price, then click the "Submit" button to complete your stock purchase. Log back on to your brokerage account at the end of the trading day and verify that your shares have been purchased. Contact the customer service department at the brokerage firm if the shares have not been purchased.
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Resources
- Photo Credit bank image by Pefkos from Fotolia.com
