A Valet account is a combination of a brokerage account that also offers some bank like services. Through your Valet account you can invest in stocks, bonds, and mutual funds, etc., write checks, make VisaŽ card purchases, and pay bills over the Internet. By combining all of your assets into one account, you can easily assess your overall financial status and avoid having to review multiple statements.
Valet Account Benefits
Convenient and Time Saving
The Valet account is designed to help you save and invest more efficiently. If you are like most people, you have at least one bank account, two or more credit cards, and an investment portfolio with a mutual fund company, brokerage firm or other financial services organization. Each month you receive separate statements from these companies. In order for you to know where you stand financially, you need to review all of the statements or access your account information separately. If you have questions about particular transactions, you must make several phone calls to satisfy your inquiry. Often this process is time consuming and can be inconvenient.
Simplified Record Keeping
By incorporating some bank like services, a brokerage firm/mutual fund company and a credit card company into one account, Valet eliminates the effort of reconciling multiple statements each month. And, the year-end summary statement can simplify your record keeping efforts and speed up your tax preparation process.
Smart Money Management
With Valet, your cash deposits, investment income and securities sales proceeds are conveniently "swept" to a money market fund of your choice. Money market funds generally pay higher interest rates than bank checking accounts.
Borrowing Flexibility
Your Valet account also has a built-in overdraft (margin) feature enabling you to borrow against your securities at attractive rates.
Features & Benefits Chart
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Brokerage Features
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Daily sweep to a money market fund
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Check writing with expense code categorization and payee detail on statement
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VisaTM Classic or Platinum Debit/ATM card with Visa Extras or Cash Back rewards program
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Built in margin/credit line against loan value of securities
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Direct Deposit of payroll or social security benefit payments
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Optional web bill payment and presentment
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Exclusive tax-lot cost-basis statement
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Realized and unrealized gains/losses for each security in the account
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Account-level dividend reinvestment
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Year-end summary statement of 1099 income, investment, and cash management activity
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