First Union Corp. plans to start touting its Cap account to former CoreStates Financial Corp. customers this year.
Launched in 1985, the Cap - short for capital management-was one of the first all-in-one checking and investing products for average consumers. One version of the account requires a minimum deposit of only $2,500.
Charlotte, N.C.-based First Union, which completed its $19.6 billion acquisition of Philadelphia's CoreStates in April, said it will kick off a Cap marketing campaign in the Northeast with a direct mail effort, a spokesman said.
The company has 65,000 Cap accounts in the Northeast. Last year it ran an extensive print-ad campaign in the region to capitalize on its acquisition of First Fidelity Bancorp. It is unclear how big this advertising push will be, the spokesman said.
The flagship Cap account requires a minimum deposit of $15,000, but Cap1, a version for beginning investors, lets customers get started for a $2,500 minimum when teamed with monthly $50 investments.
Other banking companies offer combined accounts. Crestar Financial Corp., Richmond, Va., this month introduced the Crestar Asset Management Account that links checking and brokerage capabilities for a minimum investment of $15,000.
The company is waiving a $75 annual fee for customers opening the account before July 31.