Edward Jones Taps U.S. Bank for Client Checking and Credit Services

News August 22, 2024 at 12:07 PM
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Edward Jones and U.S. Bank are partnering to offer co-branded checking accounts and an enhanced credit card offering to Edward Jones' clients in the U.S.

U.S. Bank will issue, service and operate these new products, according to the announcement.

Beginning in late 2025, Edward Jones' clients will be able to access their U.S. Bank accounts within the Edward Jones mobile app and website. Clients will also gain the ability to access digital wallet, mobile check deposit and bill-pay capabilities with same-day funds transfers.

"Strengthening our saving, spending and borrowing offerings will help us serve more clients more completely," said David Chubak, head of the U.S. business unit and branch development at Edward Jones. "U.S. Bank is our current partner for our credit card offering. Expanding our already successful partnership will help us scale the impact for our clients across the U.S."

Through the expanded partnership, Edward Jones' 19,000 financial advisors in the United States will have greater visibility into client spending and cash flow needs. These insights will help them deliver a more fully integrated financial experience, according to Chubak.

The end goal is to help Edward Jones' clients consolidate their financial lives and receive more complete advice and guidance on their short- and long-term financial goals.

"Both of our firms prioritize a people-first approach and are committed to continually evolving to serve clients' needs now and in the future," Chubak said.

The Edward Jones announcement also highlights the firm's ongoing adoption of the Envestnet | MoneyGuide and Salesforce platforms, which will also integrate with the new banking offerings.

Since making MoneyGuide available to all U.S. branch teams in November 2023, financial advisors have added more than 1.3 million clients to the platform, according to the announcement, while Salesforce is now in more than 5,500 branches.

Credit: Bloomberg

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