---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-136479"
form_type: "8-K"
ticker: "SCHW"
cik: "0000316709"
company_name: "SCHWAB CHARLES CORP"
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T18:15:55.300025+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-136479
- form_type: 8-K
- ticker: SCHW
- cik: 0000316709
- company_name: SCHWAB CHARLES CORP
- filed_at: 2023-05-05T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/316709/000119312523136479/0001193125-23-136479-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/316709/000119312523136479/d374651d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-136479
- JSON: https://secwatch.observer/filing/0001193125-23-136479.json
- Plain text: https://secwatch.observer/filing/0001193125-23-136479.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/316709/000119312523136479/0001193125-23-136479-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.