Customer Sub-Accounts Clause Samples

Customer Sub-Accounts. Schwab will establish a Customer Sub-Account on its clearing sub-accounting system(s) for each of the Correspondent’s Customers designated in Correspondent’s name “for the exclusive benefit of Customers.” Schwab will further designate each Customer Sub-Account with an account number and with the Customer’s tax identification number, which Correspondent shall be obligated to provide when the Customer Sub-Account is first established. Each Customer Sub-Account will contain only mutual fund shares. Correspondent shall provide such other information as is reasonably required by Schwab to establish the Customer Sub-Account.