Credential Direct, the online broker owned by Canada’s credit unions, has lowered its fees and simplified its commission schedule.

Commissions now start at $25 for market orders up to 1,000 shares entered online. In addition, the maximum for Web orders has been reduced to $250, a substantial savings on larger transactions.

In order to promote the new pricing structure, Credential Direct is currently waiving the cost for a first trade, to a value of $25. For new accounts having assets of more than $15,000, the company is rebating transfer in charges up to $100 and waiving the administration fee of $50. Plus, ongoing administration fees are waived when assets exceed $25,000. Finally, Credential Direct is entering all of its accounts into a draw for a PC valued at $2,500. The winner will be announced in July 2002.

“Credential Direct commission rates are now among the most competitive in Canada,” said Lothar Fabian, the company’s assistant vice president. “We have responded to our clients’ requests to make trading costs simple to understand. Trader assisted equity orders are charged a fixed premium of $14 over Web based orders. This makes it very easy for clients to calculate their commission costs.”