A.G. Edwards Inc. said Tuesday that it expects to start accepting insured deposits from brokerage clients later this year.
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The St. Louis company said that its A.G. Edwards Trust Co. has applied with the Federal Deposit Insurance Corp. for deposit insurance and plans to file a separate application to accept deposits with the Office of Thrift Supervision.
It said that it would call the new service AGE Bank Deposit Program and make it available to all brokerage clients. A deposit account will automatically be opened for all UltraAsset brokerage customers who open a brokerage account with least $10,000.
