The SOSA, other online agreements and our website contain important disclosures and regulatory information associated with the Schwab Services. From time to time, Schwab may ask you to review other important disclosures or agreements regarding a Schwab Service. An example is the “My Accounts” terms and conditions. We call all these points “Records and Disclosures.” Any arbitral award of the arbitrator shall be final and enforceable, and the judgment thereon may be entered in any court of competent jurisdiction. This Agreement to Arbitrate shall be applied and construed solely in accordance with the applicable federal laws of the United States, including the Federal Arbitration Act. All costs, fees or charges associated with the enforcement of the award will be assessed and paid in full against the party opposing the enforcement of the award. We are not responsible and you agree not to hold us responsible for any loss caused directly or indirectly by terms beyond our control, including but not limited to: war, natural disasters, government restrictions, stock market or stock market decisions, strikes, interruptions in communications or data processing services, news or analyst reports, market volatility or disruption of appropriate trading on an exchange or market. We may charge a fee for sending a bank transfer. For current charges, call 1-800-435-4000. If your account is managed by an advisor, please contact your advisor directly or call Schwab Alliance at 1-800-515-2157. Additional charges may apply to a transfer made by the receiving bank or an intermediary bank.

We have no control over the fee structure of the intermediary or the receiving bank. When Schwab receives a request to distribute your account, Schwab typically processes the request within two or three business days (unless the distribution is related to an unusual event such as death or divorce, in which case the request usually takes longer to process). On the same day the processing is completed, the distribution amount will be debited from your account. The distribution cheque is written and sent the next business day. You agree and acknowledge that Schwab will receive interest from the day your account is debited and ending on the day the cheque is presented for payment, the time of which is beyond Schwab`s control. Upon request, Schwab will provide you with an oral update to determine the status of your pending distribution controls. The amendments shall not affect rights or obligations which arose before the entry into force of the amendment. No prior conduct, practice or oral statement by any employee or representative of Schwab shall modify or modify this written Agreement, including, but not limited to, schwab`s right to liquidate or close positions in a Margin Account at any time without notice, as set forth in the Margin and Short Account Agreement.

The debtor`s receiver argued that the lender had not been perfected in the sub-accounts or deposit guarantee because the sub-accounts had been separated from the main deposit account and had not been explicitly identified in the control agreement. The trustee also stated that the sub-accounts were deposit accounts and not security accounts. Since deposit accounts would need to be refined by control under a control agreement and could not be refined by filing a financing statement, the lender`s financing statement presented at the time of loan closing does not improve the lender`s security in the sub-accounts. The trustee`s argument that the sub-accounts were deposit accounts and not custodian accounts was based in part on the use of the sub-accounts to hold cash and not exclusively to hold securities. Schwab may provide links from a Schwab Service to other third-party websites or electronic service providers that are not affiliated with Schwab. Schwab has no control over such other websites or services, and Schwab makes no representations or endorsements of such websites or services. The fact that Schwab has provided a link to a website is not an endorsement, authorization, sponsorship or affiliation with respect to that website, its owners or suppliers. The use of information, software, services or products found on the Internet carries risks, and Schwab warns you to ensure that you understand these risks before accessing, using, relying on or purchasing anything on the Internet. You agree that in no event shall you hold Schwab liable for any loss or damage caused by the use of or reliance on any content, goods or services available on other websites. It is your responsibility to choose (or change) the cost accounting method appropriate to your tax situation.

If you do not choose (or change) the desired billing method based on costs before trading, you may have adverse tax implications. Schwab does not provide tax advice and recommends that you consult a tax professional about cost decisions. For more information on the cost basis, see the cost base disclosure statement, which can be found on schwab.com. This Electronic Services Agreement amends your Brokerage Account Agreement(s) and supersedes all prior agreements between you and Schwab with respect to your use of the Electronic Services. If you are registering for a particular Schwab service, please confirm that you have read the SOSA before clicking “I Agree” below. If you are an existing customer, please click here for important information about SOSA`s relationship with your account agreements with Schwab. You agree to notify Schwab if you wish all or part of your communications to be sent separately. If you would like to combine communications for other eligible accounts that are not automatically combined, please contact Schwab. If you have an account for which you are a trustee, it is your responsibility to check whether it is appropriate to send you envelopes that may contain documents relating to your personal and fiduciary abilities. You are responsible for reviewing all of your bank statements, any changes to your account agreement(s), any government notices and any other information sent by Schwab. For the latest information about the account agreement, see www.schwab.com/accountagreements. After considering the differences between a deposit account and a deposit account, the court found that the lender had an advanced security right in the sub-accounts.

The court held that the sub-accounts in this case were custodian accounts and that a deposit account does not become a deposit account simply because the account contains money. Although the sub-accounts were not described in the parties` control agreement, the court ruled on the facts that the lender in the sub-accounts was nevertheless sophisticated. On the basis of its conclusion that the sub-accounts were depositary accounts, the Court found that the sub-accounts were included in the scope of the `investment property` within the meaning of the UCC and therefore in the description of the `investment property` in the lender`s financing statement. Therefore, although the control agreement was not instrumental in maintaining perfection in the sub-accounts, the collateral described in the lender`s financing statement contained the sub-accounts. The case highlights several important considerations related to obtaining and maintaining a sophisticated hedging interest in certain bank or brokerage accounts. As the Court noted in its opinion, it would be desirable to amend the control agreement if a lender`s security right in a deposit account or deposit account is refined on the basis of a control agreement, if sub-accounts are subsequently created to ensure the continued perfection of the sub-accounts. In that case, if the court had concluded that the sub-accounts were deposit accounts rather than custodian accounts, the lender`s financing statement would not have applied to the deposit account and would not have “saved” the perfection of the lender`s security. A change in the control agreement could have avoided a loss of perfection if the sub-accounts in question had been designated as deposit accounts. It is also important to note that the development of a securities interest in a deposit account through “control” takes precedence over a security right that is only perfected by filing. Thus, modifying a control agreement to account for changes in a deposit account could not only maintain a creditor`s perfection in the account, but also its primacy over another creditor taking control of the account. The case also reflects the potential benefit of filing a funding declaration to protect “belts and shoulder straps” with a control agreement.

When you deposit cheques into your Schwab account, they can be withdrawn in accordance with our availability plan. For more details on the schedule, log in to your Schwab account at www.schwab.com, call us or visit a branch. But even if the deposited funds are not available for withdrawal, you will receive interest or dividends on those funds held in accordance with the Income section of free balances of this document. In our sole discretion, the funds represented by the cheque may not be available for settlement of securities transactions, even during the holding period. .