The frigid d facts of banking g

INthe

1946 classic, “It’s a Wonder-derful Life,” Jimmy Stewart portraysays banker George Bailey — a man whowho gave up on his globe-trotting dreamsms to run the family business, the localcal Building and Loan bank.

Bailey ran the business on relation-nships. He knew the people the banknk gave mortgages to, and he under-rstood that money was lent, in part, forr the greater good of the community.

Today, as it has been for decades,, the business world is cold — and the business of banking, at least when it comes to online trading, is downright frigid.

In 2018, when trying to woo money from the sidelines and open new trading accounts, it’s all about execution and price.

Relationships? Well, when it comes to growing your online trading, business relationships are as heartfelt and long-lasting as a Leo DiCaprio romance.

But that’s OK. The people have spoken loud and clear, and what they want is low-cost trades.

That will become crystal clear this week when JPMorgan Chase begins offering its 60 million customers free online stock trades — up to 100 a year.

Chase, the largest bank in all the land, had been charging $24.95 per trade.

Jamie Dimon, JPM’s chief executive, is acutely aware of the trend. He has seen low-cost rivals like E*Trade, TDAmeritrade, Fidelity and Charles Schwab steal away business with their $4.95- to $6.95-per-trade fees.

The move by Chase will surely rock the online trading world — and save Americans plenty in fees.

And who knows? It may even entice some Main Street investment cash from the sidelines — where it has been hiding since the Great Recession.

After all, Americans are into bargains. If they want a friend, they’ll get a dog — not a broker.

In fact, if “Wonderful Life” were to be remade today, George Clooney might be cast in Stewart’s role as George Bailey — the altruistic local boy out to save the world. But I don’t think he’d be a banker. Nobody would believe it.