I understand this is not really relevant to the current situation and the near-term performance of SCHW. But for the life of me, I can not understand the BDA agreement - particularly the balances part. So I believe the 'initial end date' is 6/30/2021 at which point the balance was $161.8. So the BDA balances are based on TD client accounts, and Schwab would only use non TD client accounts if the $50 billion min was hit. So essentially there is a band between $161 and $50 billion, anything above can be taken out by Schwab, anything under needs to be added by Schwab, and every year SCHW can take out $10 billion assuming they don't violate lower bound.

Is this the gist?? I know its more complicated with fixed/floating investments, etc. Thank you.

I understand this is not really relevant to the current situation and the near-term performance of SCHW. But for the life of me, I can not understand the BDA agreement - particularly the balances part. So I believe the 'initial end date' is 6/30/2021 at which point the balance was $161.8. So the BDA balances are based on TD client accounts, and Schwab would only use non TD client accounts if the $50 billion min was hit. So essentially there is a band between $161 and $50 billion, anything above can be taken out by Schwab, anything under needs to be added by Schwab, and every year SCHW can take out $10 billion assuming they don't violate lower bound.

Is this the gist?? I know its more complicated with fixed/floating investments, etc. Thank you.