Phased rollout ensures best customer experience possible
ST. LOUIS, May 24, 2011 – Scottrade Bank opened its virtual doors today across parts of the Midwest, bringing added convenience, easier account funding, and low banking fees to Scottrade brokerage customers.
“We are now serving customers’ brokerage and banking needs,” said Rodger Riney, who founded Scottrade more than 30 years ago.
“Self-directed investors want to have their cash easily available to trade when the time is right, to spend on groceries or a car repair when they need it, and to invest for the long-term – be it an IRA or certificate of deposit (CD),” Riney said. “Scottrade Bank keeps money accessible for trading, spending it day to day, or investing for the future.”
The new suite of online banking products includes checking and savings accounts, and CDs. Scottrade customers can access their bank account online through their brokerage account.
“Across the country, banks are getting more aggressive in charging fees,” Riney said. “Scottrade has never charged nuisance fees or maintenance fees, and continually works to provide the best value possible to our customers. This same fair philosophy that has made Scottrade a successful trading and investing firm will carry over into Scottrade Bank.”
Scottrade Bank accounts offer:
- $100 minimum deposit to open a bank account
- No monthly service fees
- Free funds transfers between brokerage and bank accounts
- Free ACH funds transfers
- Free direct deposit
- Free online bill pay
- Free checks and ATM/debit card
- ATM fee reimbursement program
- Free account linking for overdraft protection
- Security of FDIC insurance
Scottrade Bank has planned a phased rollout, beginning today, in Missouri, Oklahoma, Kansas, Nebraska, Iowa, and southern Illinois, and will extend its offerings across the country throughout the year.
“We are introducing Scottrade Bank accounts and services one region at a time to ensure that each new bank customer receives the best possible service we can provide as soon as they open their account,” said Joe Pope, Scottrade Bank president, who has more than 20 years of banking experience and joined the firm in the beginning of 2007.
“Customers have a high expectation of receiving outstanding customer service and products from Scottrade. Scottrade Bank is no different. This is why we have taken a lot of care in building our banking products and introducing them to our customers,” Pope said. “I am proud that we were able to do this while many banks across the country were closing their doors.”
Even before offering banking accounts and services to customers, Scottrade Bank has been inching closer to the top 100 banks in the nation (currently 106th as measured by total deposits) and is No. 1 in deposits among banks headquartered in St. Louis. Scottrade Bank, which began operations in July 2008, has been part of Scottrade’s bank deposit program, where eligible brokerage customers’ cash balances can be transferred into FDIC-insured deposit accounts held by Scottrade Bank and other program banks.
About Scottrade Financial Services, Inc.
Scottrade Financial Services, Inc., is the privately-held holding company for Scottrade, Inc., a leading online investing firm; Scottrade Bank, a provider of online retail banking products and services; and FocusShares, LLC, a registered investment advisor and exchange-traded funds sponsor. Scottrade, Inc. was founded in 1980 to provide investors with a better way to invest and make their own trading decisions. Today, it has the largest branch network among online investing firms and provides education to help millions of investors invest for themselves. Scottrade Bank was formed in 2008 to provide banking products and services to Scottrade customers. In 2010, Scottrade Financial Services, Inc., acquired FocusShares, which launched the FocusTM Morningstar ETFs in March 2011. Scottrade Financial Services, Inc., is based in St. Louis, Mo. For more information, visit us at www.scottrade.com.
Brokerage products and services offered through Scottrade, Inc. Member FINRA/SIPC.
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