Heads Up!

Posted on June 14, 2016 by The Weekly Commentary

Starting with July statements delivered in August, Charles Schwab will issue monthly statements only for accounts that have a qualifying transaction—such as a deposit or a withdrawal—within the reporting month. All accounts will continue to receive quarterly statements as usual, regardless of their activity level.

Based on client feedback and industry standards, Charles Schwab believes that this can provide a streamlined experience for clients.

Below, I’ve included some of the important points from the original communication we received from Charles Schwab:

This change will apply to e-Statements, paper statements, and bundled statements;
Clients who receive bundled statements will only see balances on their bundled statement summary for accounts that have qualifying activity;
Inserts in your May account statements (sent in June) will let you know that this policy change is coming.

If you have any other questions please feel free to contact your service team. Some of you may wish to continue to receive monthly statements for accounts without qualifying activity – we would be happy to arrange that for you. Please contact us prior to July 15 so you do not experience any changes to your current statement experience. If you have already spoken with your service team, you do not need to take further action.

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