Charles Schwab Bank & Charles Schwab & Co., Inc. Launch Integrated Checking and Brokerage Accounts
July 11 2005 - 10:02AM
PR Newswire (US)
Charles Schwab Bank & Charles Schwab & Co., Inc. Launch
Integrated Checking and Brokerage Accounts Schwab Bank Investor
Checking Helps Clients Get the Most Out of Available Cash SAN
FRANCISCO, July 11 /PRNewswire/ -- Charles Schwab Bank today
unveiled Schwab Bank Investor Checking(TM), an integrated cash
management tool that provides investors with a seamless way to
manage day-to-day cash needs and move money between their Charles
Schwab Bank and Charles Schwab brokerage accounts. The new product
simplifies the way investors manage their finances by offering them
greater convenience and flexibility under one trusted name. "Our
clients tell us they're looking for ways to simplify the complexity
of their financial lives while improving their financial outcome,"
said Richard Kenny, Schwab Bank President and CEO. "That's why
we're broadening services by creating products that are highly
integrated and easy to manage. Whether it's a credit card that
rewards extra points for brokerage trades or a mortgage where
eligible securities can be used as collateral in lieu of a cash
down payment, the ultimate goal is to deliver a truly unique
combination of great value, performance and personal service for
our clients." Schwab Bank Investor Checking is an FDIC-insured
checking account that is fully integrated with the Schwab One
brokerage account. Investors can simply sign on to Schwab.com and
manage their investments at Charles Schwab -- as well as their bank
accounts at Charles Schwab Bank -- from a single online source. As
a result, investors have a complete view of their finances and can
stay up-to-date on investments, monitor deposits and withdrawals,
manage their credit card and mortgage balances, move money between
accounts to maximize return and simplify cash management, and pay
bills from one single site. In addition, investors can take
advantage of features other checking accounts may not offer. For
example, Investor Checking gives clients the ability to transfer
cash in real-time between their bank and brokerage accounts,
allowing cash to be easily moved to the account that they feel may
best fit their financial goals. Additional features include
overdraft protection with no transfer fees and ATM fee rebates. By
setting a target balance transfer that maintains a pre-determined
minimum daily balance in their Investor Checking account, clients
can maximize their money in the investment account while ensuring
there is always enough in their checking account for day-to-day
cash and check-writing needs. When the end of day balance dips
below that minimum daily balance, funds from the Schwab One
brokerage account are automatically transferred into the Schwab
Bank checking account. "After years of enduring expensive fees,
overcharges and complicated banking policies, I moved to Investor
Checking because it gives me the freedom of moving money and
writing checks without hassle and additional costs," said Sam
Wolgemuth, an Investor Checking pilot customer. "By integrating my
checking account with my brokerage account, I spend much less time
tracking transfers and deposits, and more time focused on growing
my investments." Key features of Schwab Bank Investor Checking
include -- Schwab Bank checking account linked to a Charles Schwab
brokerage account -- Single log in online access to the Schwab Bank
checking account and Charles Schwab brokerage account -- ATM fee
rebates (up to 20 or maximum of $35 per statement period) (1) --
Daily ATM withdrawals up to $2,000 -- The convenience of overdraft
protection (2) -- Free online bill payment (3) -- Visa(R) Platinum
Check Card -- Real-time cash transfers between brokerage and bank
accounts -- Access to online check images Clients with at least
$10,000 - $24,999 in household assets (4) benefit from waived
brokerage account service fees when they hold a mortgage or
home-equity line of credit through Schwab Bank. (Clients with a
minimum balance of $25,000 in household assets do not pay account
service fees for their brokerage accounts.) Investor Checking is
also available to clients of the more than 5,000 independent
investment advisors who work with Schwab Institutional, enabling
advisors to help clients with both cash and investment needs.
Network of more than 1,400 bank-brokerage consultants To deliver
comprehensive counsel and solutions that help clients meet their
overall financial objectives, Schwab trained 1,400 client-facing
employees at 280 offices (5) nationwide to become dual employees of
both Charles Schwab & Co., Inc. and Charles Schwab Bank. This
new dual-employee model is part of a broader strategy to provide
greater levels of personal attention to many of our clients. Dual
employees are specially trained in both bank and brokerage services
to provide a more comprehensive view of a client's financial
picture. Investor Checking rounds out Schwab Bank's suite of
banking products, which include mortgage financing solutions, a
credit card, savings accounts, money market products, certificate
of deposit accounts and more. About Charles Schwab Bank
Headquartered in Reno, Nevada, Charles Schwab Bank, N.A. provides
checking, savings, money market and CD accounts, home mortgages,
HELOCs, Pledged Asset Mortgages, credit cards, debit cards, and
more. Deposits are FDIC-insured. Clients can learn more about bank
products and services, including the Schwab Bank Visa credit card
and Schwab Bank Investor Checking, by phone, mail or schwab.com.
Charles Schwab Bank, N.A. is a subsidiary of The Charles Schwab
Corporation. Investment Products: Not FDIC-Insured No Bank
Guarantee May Lose Value All the content contained in this material
was prepared by Charles Schwab Bank, N.A. (Member FDIC). Nothing
herein is or should be interpreted as an obligation to lend. Loans
are subject to credit approval. Some restrictions may apply.
Charles Schwab Bank, N.A. and Charles Schwab & Co., Inc., are
affiliates of each other and are both subsidiaries of the Charles
Schwab Corporation. Charles Schwab & Co., Inc., a registered
broker-dealer and SIPC member, allows Charles Schwab Bank, N.A. to
provide information about its products as a convenience to Charles
Schwab & Co., Inc.'s clients. Charles Schwab & Co., Inc.,
does not solicit, offer, endorse, negotiate or originate any
mortgage loan products, and is neither a licensed mortgage broker
nor a licensed mortgage lender. Rates and terms are subject to
change without notice. Charles Schwab Bank, N.A. is not acting or
registered as a securities broker-dealer or investment advisor.
Charles Schwab Bank, N.A. Equal Housing Lender (Member FDIC).
(0605-6090) (1) Available at participating Plus(R) and Visa (R)
ATMs. (2) Overdraft protection using margin sources may create a
margin loan in a Schwab One brokerage account that may be subject
to daily interest charges, margin calls or potential liquidation of
securities. Refer to the Schwab Bank Deposit Account Agreement and
Schwab One Account Agreement for further details (3) Schwab Bank
Bill Pay is not available for certain accounts, such as business,
corporate, trust (except living trust), estate, custodial,
international or IRA accounts. (4) "Household assets" are the
aggregate balance of accounts of a household that meet Schwab
Bank's householding guidelines (generally, accounts of clients with
the same last name, or who are related, who reside at the same home
address). (5) Deposits for the Schwab Bank Investor Checking
account are not accepted at any Schwab brokerage branches. Please
see the Schwab Bank Investor Checking account application for
details. Other conditions and restrictions may apply. DATASOURCE:
Charles Schwab CONTACT: Christy Sasser of Edelman, +1-415-486-3239,
or , for Charles Schwab Web site: http://www.schwab.com/
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