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FIRST UNION INTRODUCES ASSET MANAGEMENT ACCOUNT

 FIRST UNION INTRODUCES ASSET MANAGEMENT ACCOUNT
 JACKSONVILLE, Fla., May 18 /PRNewswire/ -- First Union National Bank


of Florida today announced it will begin providing the same investment services a brokerage house can provide in one innovative new account.
 The account -- called the CAP Account -- is a checking and investment account available at any one of First Union's 581 branches throughout Florida or at any one of First Union's 15 brokerage offices throughout the state.
 Jacksonville-based First Union of Florida is the only bank in Florida to offer a comprehensive asset-management account that combines the best features of a traditional banking account and an investment account into one.
 The CAP Account provides a simple easy-to-read monthly statement with all brokerage transactions, checking and money-market activity. Any excess cash in the account is automatically invested daily in a customers' choice of three money-market funds earning competitive rates.
 "The CAP Account will make it easier to keep track of checking account balances, investment portfolios, tax deductions and overnight investments," said Jim Robertson, vice president of marketing for First Union National Bank of Florida. "CAP allows the customer the luxury of consolidating all of his or her finances in one comprehensive account."
 The CAP account offers favorable interest rates associated with mutual fund money market accounts, but with unlimited check writing instead of the typical three-checks-per-month limit.
 Additional features include:
 -- overnight investment with three sweep options (a taxable option which is insured by the Federal Deposit Insurance Corporation, a tax-free money market option or a treasury fund option);
 -- tax deduction coding for checks (monthly itemization of charitable contributions, business expenses, etc.);
 -- individual investment counseling;
 -- discounts on brokerage commissions - up to 70 percent;
 -- consolidated account statements;
 -- free checks, free travelers checks, money orders, official checks;
 -- notary services;
 -- free access to all First Union 24-hour banking machines throughout the Southeast and national access through the Honor and Avail networks throughout the United States.
 The CAP account is managed by First Union's Capital Management Group, the bank's trust and investment division. The Capital Management Group was ranked in the top 3 percent of money managers nationwide for the 10-year period ended Dec. 30, 1991 by CDA Investment Technologies. CDA is an independent investment performance measurement company based in Rockville, Md.
 First Union National Bank of Florida operates 581 banking offices statewide and reported $23 billion in deposits and $28.3 billion in assets as of March 31, 1992.
 -0- 5/18/92
 /CONTACT: (Media) George Owen of First Union Corporation, 1-800-669-5855/
 (FTU) CO: First Union National Bank of Florida; ST: Florida IN: FIN SU: PDT


CM -- CH003 -- 1216 05/18/92 10:20 EDT
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Publication:PR Newswire
Date:May 18, 1992
Words:436
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