tiaa-cref self-directed brokerage account customer account agreement

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3. Pershing will process orders for the purchase,sale, or transfer of securities for the account asTIAA-CREF directs. Pershing is not obligated toaccept orders for securities transactions directlyfrom the account holder and will do so only inexceptional circumstances.4. Pershing will receive and deliver cash and securitiesfor the account and will record such receiptsand deliveries according to information providedeither by TIAA-CREF or directly, in writing, bythe account holder.5. Pershing will hold in custody securities and cashreceived for the account, and will collect anddisburse dividends and interest and processreorganization and voting instructions withrespect to securities held in custody. Pershingis responsible for the custody of cash andsecurities only after it comes into Pershing’sphysical possession or control.6. Pershing will prepare and transmit to the accountholder or provide facilities to TIAA-CREF for thepreparation and transmission of confirmationsof trades. Pershing will prepare and transmit tothe account holder periodic account statementssummarizing the transaction history.7. In connection with all of the functions thatPershing performs, Pershing maintains the booksand records required by law and by businesspractice. Pershing will provide TIAA-CREF withwritten reports of all transactions processed forthe account to enable it to carry out its responsibilitiesunder the Clearing Agreement. Pershingwill assist the account holder and TIAA-CREFwith any discrepancies or errors that may occurin the processing of transactions for the account.8. PERSHING DOES NOT CONTROL,AUDIT, OR OTHERWISE SUPERVISETHE ACTIVITIES OF TIAA-CREF OR ITSEMPLOYEES. PERSHING DOES NOT VERIFYINFORMATION PROVIDED BY TIAA-CREFREGARDING THE ACCOUNT OR TRANSAC-TIONS PROCESSED FOR THE ACCOUNTNOR UNDERTAKE RESPONSIBILITY FORREVIEWING THE APPROPRIATENESS OFTRANSACTIONS ENTERED BY TIAA-CREFON THE ACCOUNT HOLDER’S BEHALF.9. The Clearing Agreement does not encompasstransactions in commodities futures contractsor investments other than marketable securities,which Pershing normally processes on recognizedexchanges and over-the-counter markets.10. In furnishing its services under the ClearingAgreement, Pershing may use and rely uponthe services of clearing agencies, automatic dataprocessing vendors, proxy processing, transferagents, securities pricing services, and othersimilar organizations.11. This statement addresses the basic allocationof functions regarding the handling of theAccount. It is not meant as a definitiveenumeration of every possible circumstance, butonly as a general disclosure.6
COMMISSION AND FEE SCHEDULENot all fees will apply or are pertinent to all employer-sponsored plans. See individual plan for investment option details.EQUITIESEquity NotesOnlinewww.tiaa-cref.org/brokerageEquity Trades – $19.95Clients with TIAA-CREFbrokerage assets over$500,000 1 – $15.95Automated Telephone System(ATS) 800 842-2252$35 $55Client Service Assistance800 927-3059Fees shown reflect stock prices greater than $1 per share. Orders to buy shares pricedunder $1 will not be accepted.BONDS & CDsU.S. Treasury SecuritiesNew issues (at auction)Existing issuesMunicipal bonds, governmentagency bonds, unlisted (over-thecounter,or OTC) corporate bonds,and mortgage-backed securitiesBonds and CDs are available via Client Service Assistance . Please call 800 927-3059for more information.$50 per transaction$1 per $1,000 face amount, $50 minimum$50 + $2 per bondCertificates of DepositNew issuesSale before MaturityNo commission. Purchase minimums of $5,000 (interest rate reflects issuing bank’s fee).$35 per transaction (actual value may be less than par due to early redemption)MUTUAL FUNDSNo-transaction-fee (NTF) funds• Minimum initial investment $500; some funds may have higher initial investment minimums.Minimum additional investment $500.• Short-term redemptions fee: $50 minimum for shares held less than six months (waived forshares transferred from another brokerage firm or financial institution).Transaction-fee (TF) funds• Dollar cost averaging transactions, no fee; minimum transaction $100.• Transaction fee $35 per trade regardless of order size.• Minimum initial and additional investments typically based on amount listed in thefund’s prospectus.• Dollar cost averaging transactions, no fee; minimum transaction $100.• Exchanges: $8 per trade regardless of order size.ACCOUNT MAINTENANCE FEESAnnual account maintenance fee $401 Household assets held in Brokerage Services. Contact your Brokerage Consultant to determine householding eligibility.TIAA-CREF Brokerage Services, a division of TIAA-CREF Individual & Institutional Services, LLC, reserves the right to change thisfee and commission schedule at its discretion, subject to notification in accordance with applicable laws and regulations.7
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