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HONG KONG, Feb. 7, 2017 /PRNewswire/ -- Consistent with its heritage of democratizing investing, Charles Schwab, Hong Kong, Ltd. today announced a series of steps to deliver significantly more value to investors of all sizes, which includes a reduction of standard online U.S. equity trade commission and the introduction of an industry-unique Satisfaction Guarantee[1].
Commission Reduction
The company has reduced its standard online U.S. equity trade commissions from US$8.95 to US$6.95[2] beginning February 3, 2017.
"Two of the irrefutable truths when it comes to investing are that costs matter and complexity can negatively affect returns," said Walt Bettinger, President and Chief Executive Officer, Charles Schwab Corporation. "For more than 40 years, Charles Schwab has put the power of investing into the hands of investors both large and small. And clients have entrusted us with almost US$3 trillion in assets. Today, we are thanking them by sharing the benefits of our scale with them through dramatic reductions in trading and investing costs."
Michael Fong, Managing Director, Charles Schwab Hong Kong, added, "As part of Charles Schwab Hong Kong's belief in the power of investing, we are making investing more equitable and affordable. We champion investors by enabling them with a low-cost investing platform to diversify their investment portfolio outside of their home market coupled with our new Satisfaction Guarantee."
Satisfaction Guarantee
Additionally, the company has initiated a broad-reaching Satisfaction Guarantee for clients, unique among brokerage firms. Simply, if a Schwab client is not satisfied for any reason, Schwab will refund any related commission, transaction fee or advisory program fee paid to the firm[1].
"Today's consumers expect great value, a great experience, and a refund if they aren't satisfied," Mr. Bettinger concluded. "We believe a modern investing experience should deliver on these expectations -- period."
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About Charles Schwab Hong Kong
Charles Schwab, Hong Kong, Ltd., is a subsidiary of Charles Schwab Corporation and is registered with the Securities & Futures Commission ("SFC") to carry out the regulated activities in dealing in securities and advising on securities under CE number ADV256. The company currently provides services via its Hong Kong office, its telephone system (+852-2101-0511) and web site (www.schwab.com.hk ).
About Charles Schwab Corporation
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with more than 335 offices and 10.2 million active brokerage accounts, 1.5 million corporate retirement plan participants, 1.1 million banking accounts, and US$2.78 trillion in client assets as of December 31, 2016. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, money management, custody, and financial advisory services to individual investors and independent investment advisors. More information is available at www.schwab.com and www.aboutschwab.com .
Disclosures
*Schwab is a registered trademark of Charles Schwab & Co., Inc. Fundamental Index is a registered trademark of Research Affiliates, LLC.
[1] If you are not completely satisfied for any reason, at your request Charles Schwab, Hong Kong, Ltd. ("Schwab") will refund any eligible fee related to your concern within the timeframes described below. Two kinds of "Fees" are eligible for this guarantee: (1) asset-based "Program Fees" for the Schwab Private Client ("SPC") and (2) commissions and fees listed in the Charles Schwab Pricing Guide for Individual Investors ("Account Fees"). Program Fee refund requests must be received no later than the next calendar quarter after the Fee was charged. Account Fee refund requests must be received within one year of the date that the Fee was charged.
The guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded. Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.
[2] US$6.95 online commission does not apply to:
Diversification does not eliminate the risk of investment losses.
Investing involves risk, including possible loss of principal. (0217-UE7M)
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