Online broker Charles Schwab revealed on Monday that the organisation is considering offering online banking services to its brokerage clients in the United States.
Speaking earlier this week, Schwab spokesman Morrison Shafroth said that the company will be offering banking services to new and existing customers with online investment accounts, although 'if people want to sign up for just banking services, they can do that too'.
However Mr Shafroth downplayed the initiative, explaining that it is merely another step in the organisation's move towards offering an integrated and coherent money management service. The Schwab announcement follows several similar moves on the part of several other internet brokers, keen to consolidate and distance themselves from online investment services following a prolonged dip in trading volumes.
Several recent surveys have shown the instincts of the online brokers to be correct, with tech-savvy investors expressing a keen interest in online banking. However, Schwab has yet to announce a timeline for the launch of the new service. Mr Shafroth said on Monday that the company is still preparing the application for submission to the regulatory authorities, and it could be some time before it receives approval.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment