Schwab extends TD Bank sweep agreement to 2034; new deposit balance floors $60B after 2025

SCHWAB CHARLES CORP

Extended Insured Deposit Account Agreement with TD Bank to July 1, 2034 (three-year extension from 2019).
Through Sep 10, 2025: floor = outstanding FROA balances; cap = floor + $30B. After Sep 10, 2025: floor $60B, cap $90B.
Schwab may terminate up to $5B of FROA balances early; 80% FROA designation requirement eliminated.
Fee structure unchanged; aggregate monthly fee remains same.
TD Bank (owner >5% of Schwab common stock) is counterparty; CFO commentary on cash allocation available on Schwab site.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SCHWAB CHARLES CORP entered into Second Amended and Restated Insured Deposit Account Agreement with TD USA Bank, N.A. and TD Bank, N.A. valued at Extends agreement to July 1, 2034, with automatic renewal; deposit balances floor of $60 billion and (effective 2023-05-04).

Action: entry
Counterparty: TD USA Bank, N.A. and TD Bank, N.A.
Value: Extends agreement to July 1, 2034, with automatic renewal; deposit balances floor of $60 billion and
Effective: 2023-05-04

Exact text from the filing

On May 4, 2023, The Charles Schwab Corporation (“CSC”), its broker-dealer subsidiaries and Charles Schwab Trust Bank (collectively “Schwab”) executed a Second Amended and Restated Insured Deposit Account Agreement (the “2023 IDA”) with TD USA Bank, N.A., and TD Bank, N.A. (the “TD Depository Institutions”), which replaces and supersedes the Amended and Restated Insured Deposit Account Agreement dated November 24, 2019 (as amended) (the “2019 IDA” and together with the 2023 IDA, the “IDAs”).

View on SEC.gov

23 material agreements filed in the last 30 days. Browse all material agreements →

SCHWAB CHARLES CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-136479

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.