Looking for an easy way to invest in mutual funds? Drop b your local bank.
That's right. Banks are quickly becoming a popular outlet for mutual-fund sales, says the Investment Company Institute, a Washington trade group.
Banks offering easy investing in mutual funds
The institute says banks now account for about 14 percent of all sales involving stock funds and bond funds, up from a negligible number two years ago.
"This points up once again that many people who invest in mutual funds want to do so where they are working with a personal representative," said Betty Hart, an institute spokeswoman.
Before rushing to your bank to invest, consider these factors:
* Generally, the funds sold by banks charge a sales commission. You can avoid those fees by buying shares in "no-load" funds, which are sold directly to the public by some mutual-fund companies.
* The Federal Deposit Insurance Corp. insures only deposits at banks, so your mutual fund investment would not be insured.
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