secwatch.observer — SEC 8-K summary
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Issuer:     SCHWAB CHARLES CORP (SCHW)
CIK:        0000316709
Form:       8-K
Filed at:   2023-05-05T23:59:59+00:00
Accession:  0001193125-23-136479
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/316709/000119312523136479/0001193125-23-136479-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/316709/000119312523136479/d374651d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-136479

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