Lopez
Lopez v. CHARLES SCHWAB & CO., INC.
Opinion
Opinion
Rivera, J.
Plaintiff Cynthia M. Lopez appeals the judgment entered in this action after an arbitration award. We conclude the trial court erred in granting defendant Charles Schwab & Co., Inc.’s (Schwab) motion to compel arbitration. Accordingly, we reverse.
I. BACKGROUND
Schwab is a securities broker, and as part of its business opens and maintains trading accounts for its clients and executes transfers of securities and buy and sell orders. On January 24, 2000, at Schwab’s Albuquerque branch, Lopez applied to open an account by filling out two forms. The first was entitled “Open a Schwab Account Today.” This application form included a section in which the applicant could select either a “Schwab Account” or a “Schwab One Account.” The Schwab One Account had a higher minimum balance and offered features that the Schwab Account did not, such as a daily sweep of uninvested cash balances into a Schwab money fund, checks or a debit card, and automatic margin trading. Lopez checked only the box indicating she wanted a Schwab One Account. The third page of the application stated in bold print: “! Remember to sign the Account Agreement on the next page.”