Contact:
Arati Sontakay
(704) 383-6996
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March 02, 1998
First Union Extends Line of CAP Accounts to Small Businesses
CHARLOTTE - First Union has extended its popular line of CAP asset management accounts with a package for small businesses that simplifies recordkeeping while helping owners plan and invest for the future.
CAP for Business offers customers the convenience of managing their cash and investments within a single account and provides access to a wealth of investment products and services, including a personal investment counselor through First Union Brokerage Services Inc.* First Union pioneered asset management accounts among banks when it introduced its flagship CAP account in 1985. First Union currently manages more than 300,000 CAP accounts.
In addition to small businesses, CAP for Business is a good fit for many professional associations, nonprofit organizations and self-employed professionals.
"CAP for Business offers small businesses and organizations many of the same great benefits and advantages as our personal CAP products," said Monica Powell, Senior Vice President and Director of First Union's CAP Account Department. "CAP for Business is a powerful financial management tool that is convenient, saves time and provides value. Having a CAP for Business is almost like having a bookkeeper and financial consultant on staff. "
In addition to a single monthly consolidated statement and a personal investment counselor, features of CAP for Business include: Brokerage - Competitive yields on uninvested cash
- Access to thousands of load and no-load mutual funds, stocks and bonds
- Brokerage commission discount of 5 percent on stock trades
Banking - Online account access
- An expense tracking feature to monitor spending and tax deductible purchases
- Up to 100 withdrawals and 250 deposited items per month
- First Union Business CheckCard, Visa Business Credit Card
"CAP for Business is an innovative way for our small business clients to maximize their financial management," said Martha Hayes, Senior Vice President and Head of the First Union Small Business Banking Division. "This product fills a void in the market and is another example of value-added services we provide to smaller companies."
The CAP for Business account can be opened with $20,000 or more in any combination of cash, stocks, bonds, mutual funds and certain other investments. Companies can learn more about the account by calling the CAP Account department at 1-888-213-1352, visiting the CAP website or stopping by any First Union location.
First Union is one of the leading providers of asset management accounts. As of Feb. 15, 1998, First Union had $26.7 billion in CAP assets, up 35 percent from a year ago. Other CAP products include CAP1, which offers a lower minimum balance requirement, CAP1 for Kids and CAP1 for College Students.
First Union offers small businesses a variety of value-added services including property and casualty insurance through a partnership with The Hartford, 401(k) plans in conjunction with Fidelity Investments, 24-hour loan decisions and cash management products and services.
-- END -- * Brokerage services are provided by First Union Brokerage Services, Inc., a registered broker-dealer, member NASD and separate non-bank affiliate of First Union Corporation. Stocks, bonds and mutual funds are not endorsed or guaranteed by First Union or any bank, are not deposits or obligations of First Union or any bank, are not insured or otherwise protected by the FDIC or any other government agency, and involve risks, including the possible loss of principal. Charlotte-based First Union Corp. (NYSE: FTU) is a leading provider of financial products and services to more than 12 million customers. First Union is the nation's sixth-largest bank holding company with assets of more than $157 billion as of Dec. 31, 1997.
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