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Upbeat music plays throughout.
The clip begins with a static top-down shot of a desktop, part of a plant, part of a coffee cup, part of a pair of glasses, part of a tablet, and a notepad with "To do list" written on top.
Then we see "Open a custodial account" animate on the page underneath "To do list" next to an unchecked box.
A custodial account can be a way to teach a minor about investing while they're young, with the ability to make withdrawals at any time, as long as they are used to directly benefit the minor.
The process can take as little as 10 minutes, but before you begin, make sure you have your social security number or tax identification number.
We zoom in closer to the notepad and see the needed items animate on in a list: Social security number or tax identification number; Minor's social security number; Minor's date of birth
You'll also need the minor's social security number and date of birth.
The frame cuts to a full screenshot of the Schwab.com client Account Summary page. Personal Value, Day Change, and 6 Month Change appear above a graph.
Roll over "Accounts" and click "Open an account." Then click the "Education" tab.
We see the cursor roll over "Accounts" in the main nav and click "Open an account." A new page loads and the cursor clicks "Education."
Scroll down until you see "Custodial Account" and click "Start."
The page scrolls down and the cursor selects "Start."
You'll begin by entering the information of the account custodian.
A "Provide your personal information" screen loads and we see name, email, and social security information being input.
Then, you'll enter information for the minor on the account.
A new page loads and similar information for the minor is input.
From there, you'll enter account information, including the source of funds and purpose of the account.
A new page loads and more selections are made.
Now you'll just need to review and accept the terms and conditions of the account.
A new page with a series of disclosures appears, and the cursor clicks to acknowledge them.
The final step is funding your new custodial account. Choose which account you want to transfer funds from, along with the amount, frequency, and date. You can also deposit a check into the custodial account with mobile deposit.
The screen wipes, indicating a new process is beginning. We see the Online Transfer page and the details of a transfer are selected and input.
We cut back to the top-down shot of the desktop, zoomed in a bit closer to "To do list" in the notebook. We see a checkmark animate in the box next to "Open a custodial account," indicating the task has been completed.
We cut to a dark blue background with text that reads "Visit Schwab.com/HowToCenter for more videos."
The screen fades to the Charles Schwab logo with the following disclosures beneath:
Investment Products: Not FDIC-Insured * No Bank Guarantee * May Lose Value
Investing involves risks, including loss of principal.
The information provided here is for general information purposes only and is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager.
The Charles Schwab Corporation provides a full range of brokerage, banking, and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (Member SIPC), offers investment services and products, including Schwab brokerage accounts. Its banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides deposit and lending services and products.
©2022 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. 0722-200X
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