Schedule of fees and minimum purchase
|Initial Purchase Fee||$18|
|Additional Purchase Fee|
|Dividend Reinvestment||5% of dividend up to $2.50 per dividend|
|Sale of shares||$10 per transaction|
|Trading fee for purchases||$.12 per share; a proportional amount for fractional shares|
|Trading fee for sales||$.12 per share; a proportional amount for fractional shares|
|Minimum investment for first time purchasers||$250|
Purchases and Sales
You will be charged a transaction fee for each additional purchase and sale, plus a trading fee per full share; a proportional amount will be charged on fractional purchases and sales. We will add the fees to the purchase price or deduct these fees from the proceeds of any such sale.
For individuals participating in dividend reinvestment, a fee comprising 5% of the dividend payment - up to a maximum of $2.50 and 12 cents per share - will be deducted from the amount received by JPMorgan Chase Bank, N.A., as administrator on account of any dividend payment.
For Initial Purchasers
The minimum purchase amount is $250. First-time purchasers must submit, a minimum of $250 and the enrollment form, at the time of enrollment. Alternatively, you may authorize the automatic monthly investment feature and initiate your investment in a particular security with only $50 and a commitment for at least 5 sequential purchases of such security. An $18 initial purchase fee plus 12 cents per full share will be deducted from your initial purchase amount for this transaction; a proportional amount will be charged on fractional purchases.
Existing shareholders may join Global Invest Direct for the shares currently held with no minimum purchase requirement. Additional shares can also be purchased at the time of enrollment.
The minimum amount for additional purchases is $50.
Total annual purchases cannot exceed the maximum annual amount of $100,000 per Global Invest Direct account.
Checks for initial and additional cash purchases should be made payable to Shareowner Services. Checks must be in U.S. funds and drawn on a United States bank.
Respecting and protecting customer privacy has been vital to JPMorgan Chase Bank, N.A.'s share business since its inception. We are proud of our commitment to keeping our customer information private and secure.
- How we protect the confidentiality of our customer information
- What information we have about you and where it comes from
- What kind of information J.P. Morgan shares, with whom and why
Protecting the Confidentiality of Customer Information
We take our responsibility to protect the privacy and confidentiality of customer information very seriously. We maintain physical, electronic and procedural safeguards that comply with federal standards to store and secure information about you from unauthorized access, alteration and destruction. Our control policies, for example, authorize access to customer information only by individuals who need such access in order to perform their jobs.
From time to time, we enter into agreements with other companies to provide services to us or make products and services available to our customers. Under these agreements, such companies may receive information about you, but they must safeguard this information, and they may not use it for any other purposes.
Information We Have About You
JPMorgan Chase Bank, N.A. receives information about you from various sources, including information from:
- Your requests for J.P. Morgan products or services, such as your financial information on a new account application
- Your transactions with us, such as your account balances and transaction history
Information JPMorgan Chase Bank, N.A. Shares
JPMorgan Chase Bank, N.A. shares information it has about you for legal and routine business purposes, as permitted by law. For example, we may share information with regulatory authorities and law enforcement officials; provide information to protect against fraud; share information with your consent and give account information to statement printers and other service providers who work for us. We may also share information we have about you, as described above, with firms JPMorgan Chase Bank, N.A. hires to market JPMorgan Chase Bank, N.A. products and services.
Terms and Conditions
JPMorgan Chase Bank, N.A. as agent for any participating shareholder (participant) in Global Invest Direct (program), will in accordance with each participant's authorization:
Accept American Depositary Receipts (ADRs), shares of New York Registry, New York Shares, Global Deposit Receipts (GDRs) and Global Shares (collectively referred to as "shares") for safekeeping and hold them for the participant in JPMorgan Chase Bank, N.A.'s nominee name;
Apply all cash contributions received from an eligible participant to the purchase of full and fractional shares (to three decimal places) for the participant's account;
As prescribed by the participant, either:
Pay the participant all or part of any cash dividends payable on all of the shares held by the participant and on any full and fractional shares held by JPMorgan Chase Bank, N.A. for the participant's account; or
Apply all or part of any cash dividends payable to the participant to the purchase of additional full and fractional shares.
Accept orders to sell shares as directed by the participant in accordance with the program.
For the purpose of making purchases, JPMorgan Chase Bank, N.A. may combine each participant's funds (dividends and cash contributions) with those of all other participants. JPMorgan Chase Bank, N.A. will deposit such funds promptly following receipt in an account maintained at JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. will make every effort to invest cash contributions it receives promptly, at least once every five business days, but in no event later than 35 days after the cash contributions are received (except where deferral is necessary under applicable federal or state laws or regulations). Amounts received by JPMorgan Chase Bank, N.A. as plan administrator on account of dividends paid on shares will be reinvested promptly following receipt by JPMorgan Chase Bank, N.A., but in no event later than 30 days after receipt (except where deferral is necessary under applicable federal or state laws or regulations).
The price per share purchased for each account, whether purchased with cash contributions or dividends, or both, shall be the weighted average price of all shares purchased by JPMorgan JPMorgan Chase Bank, N.A.'s broker for each aggregate order placed by JPMorgan Chase Bank, N.A., including brokerage trading fees and any other costs of purchase. JPMorgan Chase Bank, N.A. will hold, in the name of its nominee, all shares purchased for participants and will establish and maintain the program account records that reflect each participant's separate interest.
A participant may sell (or may obtain a certificate or certificates for) all or part of the full shares credited to his or her account at any time, upon request. Requests may be made in writing, by telephone or through our website. All sale instructions received by JPMorgan Chase Bank, N.A. will be processed promptly thereafter, and in no event later than five business days after the date on which the order is received (except where deferral is necessary under applicable federal or state laws or regulations). In every case the price to each selling participant shall be the weighted average sale price, (including brokerage trading fees and any other costs of sale), obtained by JPMorgan Chase Bank, N.A.'s broker for each aggregate order placed by JPMorgan Chase Bank, N.A. To maximize cost savings, JPMorgan Chase Bank, N.A. will make every effort to sell shares in round lot transactions. For this purpose it may combine each selling participant's shares with those of other participants.
JPMorgan Chase Bank, N.A. will cause its broker to effect purchases and sales on any securities exchange where such shares are traded, in the over-the-counter market, or by negotiated transactions, subject to such terms with respect to price, delivery, etc., as JPMorgan Chase Bank, N.A. may agree to. No interest will be paid on any cash received by JPMorgan Chase Bank, N.A. pending investment. No participant shall have any authority or power to direct the time or price at which shares may be purchased (or sold), or to select the broker or dealer through or from whom purchases (or sales) are to be made. JPMorgan Chase Bank, N.A. will return any cash contribution on request of the participant, provided JPMorgan Chase Bank, N.A. receives the participant's written cancellation of its purchase instruction not less than 48 hours before the purchase transaction is to take place. For processing purchase and sale instructions submitted by a participant, JPMorgan Chase Bank, N.A. will receive compensation according to the fee schedule quoted in this brochure or in subsequent notices of fee changes. Fees are subject to change at any time, in accordance with paragraph 13 of the Terms and Conditions, upon written notification to participants.
JPMorgan Chase Bank, N.A. provides insurance coverage on certificates mailed by investors to JPMorgan Chase Bank, N.A. for safekeeping in program accounts. To be eligible for certificate mailing insurance, an investor must observe the following guidelines. Certificates mailed to JPMorgan Chase Bank, N.A. will be insured for up to $25,000 current market value provided they are sent via certified mail with a return receipt requested. Investors must notify JPMorgan Chase Bank, N.A. of any claim within 30 calendar days of the date the certificates were mailed. To submit a claim, an investor must be a current participant or the participant's loss must be incurred in connection with becoming a participant. In the latter case, the claimant must enroll in the program at the time the insurance claim is processed. Insurance covers the replacement of shares, but in no way protects against any loss resulting from fluctuations in the value of such shares from the time the individual mails the certificates until such time as replacement can be effected.
The participant will be sent an account statement showing any cash amount received by JPMorgan Chase Bank, N.A., any cash contributions received, the price per share, the number of shares held for the participant by JPMorgan Chase Bank, N.A., and a history of the transactions and fees paid. Such reports will be mailed as soon as practicable after each transaction activity in the participant's account. If the participant makes cash contributions, a statement of ownership interests will be sent subsequent to the investment of each cash contribution. These statements are the participant's continuing record of the cost basis of his or her purchases and should be retained for income tax purposes. There is a service charge for providing copies of statements for any period in a prior calendar year. In addition, the participant will receive copies of the same communications sent to every other registered holder of shares which are the subject of the program, including, where applicable, quarterly reports, annual report, notice of annual meeting and proxy statement, and income tax information for reporting dividends paid.
Participants may obtain, without charge, a certificate for all or part of the shares credited to their accounts at any time by contacting JPMorgan Chase Bank, N.A. in writing, by telephone or through our website. Participants who wish to do so may deposit shares registered in their names for credit as accrued shares held under the program. There is no charge for such deposits. Cash dividends will either be reinvested in shares or paid to participant.
Participation in the program may be terminated by a participant at anytime by contacting JPMorgan Chase Bank, N.A. in writing, by telephone or through our website. In such notice to discontinue, the participant must elect to receive either shares representing the full shares in the participant's account or cash. If the participant does not make such an election, then the participant will receive shares for the number of full shares credited to the participant's account and cash for any fractional shares. To be effective on any given dividend payment date, the notice to discontinue must be received by JPMorgan Chase Bank, N.A. no later than two business days before the record date for that payment. If a notice to discontinue is received by JPMorgan Chase Bank, N.A. on or after the record date for a dividend payment, that notice to discontinue may not become effective until such dividend has been reinvested and the shares purchased have been credited to the participant's account under the program. JPMorgan Chase Bank, N.A., in its sole discretion, may either pay such dividend in cash (U.S. dollars) or reinvest it in shares on behalf of the terminating participant. JPMorgan Chase Bank, N.A. may terminate, for whatever reason, at any time as it may determine in its sole discretion, a participant's participation in the program upon mailing a notice to terminate to the participant at the participant's address as it appears on JPMorgan Chase Bank, N.A.'s records. On termination, a participant will receive shares for the number of full shares credited to the participant's account, unless the sale of all or part of the shares is requested by the participant. Any brokerage trading fees, transaction fees, and any other costs of the sale will be deducted from the proceeds of each sale of shares from a participant's account. Fractional shares credited to a terminating account will be paid in cash at the then current market price, less any brokerage trading fees.
To the extent voting instructions are sought for the shares a participant will have the sole right to provide voting instructions for the full share held by JPMorgan Chase Bank, N.A. in the participant's account under the program on the record date for a vote. Proxies with respect to shares sent to a participant by JPMorgan Chase Bank, N.A., acting as ADR depositary or registrar will include the number of full shares held for the participant under the program. Fractional shares cannot be voted.
Although JPMorgan Chase Bank, N.A. will reinvest dividends upon the participant's request, the participant remains responsible for any income taxes payable on such dividends. Dividends paid to JPMorgan Chase Bank, N.A. on behalf of a participant will be reported on Form 1099-Div to the Internal Revenue Service, a copy of which will be sent to each such participant.
Any stock dividend or split shares of stock distributed on shares held by JPMorgan Chase Bank, N.A. for a participant will be credited to the participant's account, provided that such stock is of the same type, class and series as the stock represented by shares held under the program. In the event that rights are made available to subscribe to additional shares, debentures, or other securities, the full shares held for a participant under the program may be combined with other shares of the same class registered in the name of the participant for purposes of calculating the number of rights to be issued to, or sold on behalf of, such participant.
JPMorgan Chase Bank, N.A. shall not be liable in connection with its operation of the program for any act done in good faith or for any good faith omission to act including, without limitation, any claims for liability:
Arising out of failure to terminate a participant's participation in the program upon the participant's death prior to receipt of written notice of death from an appropriate fiduciary
With respect to the prices or times at which shares are purchased or sold for any participant's account. JPMorgan Chase Bank, N.A. will have no responsibility for the market value of shares maintained on behalf of a participant;
Arising from the act or omission to act by any broker or dealer appointed by JPMorgan Chase Bank, N.A. to effect any purchases or sales of shares.
JPMorgan Chase Bank, N.A. reserves the right to amend or modify the provisions of this agreement at any time by mailing a copy of such amendment or modification to the participant. Such amendments or modifications become effective 30 days after the mailing, unless a different time period is required by law.
The Tax Equity and Fiscal Responsibility Act of 1982 imposes certain reporting obligations upon brokers and other middlemen. As a result, JPMorgan Chase Bank, N.A. will be required to report to the Internal Revenue Service and the participant any sale of shares effected on behalf of a participant.
JPMorgan Chase Bank, N.A. may, in its sole discretion, use a broker-dealer of its choice, which may but need not be affiliated with JPMorgan Chase Bank, N.A. to execute purchase or sale transactions. In that event, the participant should recognize that brokerage trading fees assessed in connection with those transactions will be paid to such broker-dealers.
JPMorgan Chase Bank, N.A. provides no advice and makes no recommendations with respect to any security that is eligible for the program or any purchase or sale transaction initiated by a participant. Any decision to purchase or sell any security that is eligible for program participation must be made by the individual participant, based upon his or her own research and judgment.
JPMorgan Chase Bank, N.A. is a transfer agent registered with the Board of Governors of the Federal Reserve System pursuant to Section 17A of the Securities Exchange Act of 1934. The program accounts and securities are not insured by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation, or similar agency.
Senior officers, directors, or shareholders holding 5% of the shares of an issuer whose securities are the subject of the program are not eligible to participate in the program. By signing and mailing the program enrollment form or initiating a transaction, including a certificate deposit, the participant shall be deemed to represent that he or she is not such a senior officer, director, or 5% holder.
The program and the agency agreement between JPMorgan Chase Bank, N.A. and each participant, including these Terms and Conditions, shall be governed by the laws of the State of New York. The signing and mailing of the program enrollment form or the initiation of a transaction, including a certificate deposit, through the program shall constitute an offer by an individual shareholder to establish a principal-agency relationship with JPMorgan Chase Bank, N.A. Acceptance shall occur in the offices of JPMorgan Chase Bank, N.A. upon receipt by JPMorgan Chase Bank, N.A. of such forms or requests.