Schwab Information Thread with FAQ, Links, Tips and Q&A
- mangorunner
- Posts: 157
- Joined: Mon Jun 21, 2021 6:24 pm
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Question about Tax-Loss Harvesting and Schwab's reporting for the following situation:
My understanding is, if I purchase shares and two weeks later, sell them all, (having purchased no other substantially identical shares either 30 days before or after the sale date), it is not a wash sale. (See #1 "Selling All": https://fairmark.com/investment-taxatio ... ent-stock/)
My question is whether or not Schwab sees it the same way? Will Schwab report a sale of 14-day old investment as a wash sale? Of if I sell all shares, does Schwab recognize that it is not a wash sale? Anyone have any experience with this? Thanks very much in advance!
My understanding is, if I purchase shares and two weeks later, sell them all, (having purchased no other substantially identical shares either 30 days before or after the sale date), it is not a wash sale. (See #1 "Selling All": https://fairmark.com/investment-taxatio ... ent-stock/)
My question is whether or not Schwab sees it the same way? Will Schwab report a sale of 14-day old investment as a wash sale? Of if I sell all shares, does Schwab recognize that it is not a wash sale? Anyone have any experience with this? Thanks very much in advance!
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I've seen reports of people who enter an order to sell all shares from multiple lots, but the sell order is executed in multiple parts. Some of the parts may get classified as a wash sale.mangorunner wrote: ↑Thu May 19, 2022 12:22 pm Question about Tax-Loss Harvesting and Schwab's reporting for the following situation:
My understanding is, if I purchase shares and two weeks later, sell them all, (having purchased no other substantially identical shares either 30 days before or after the sale date), it is not a wash sale. (See #1 "Selling All": https://fairmark.com/investment-taxatio ... ent-stock/)
My question is whether or not Schwab sees it the same way? Will Schwab report a sale of 14-day old investment as a wash sale? Of if I sell all shares, does Schwab recognize that it is not a wash sale? Anyone have any experience with this? Thanks very much in advance!
Sometimes it's referred to as a "temporary wash sale." The disallowed loss is also temporary - the loss is transferred to another lot that also gets sold, at which point you'll get to recoup the full loss.
Regardless of how Schwab reports things, do you think you'll know how to prepare your tax return?
- mangorunner
- Posts: 157
- Joined: Mon Jun 21, 2021 6:24 pm
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thank you for your help.sycamore wrote: ↑Thu May 19, 2022 3:56 pm I've seen reports of people who enter an order to sell all shares from multiple lots, but the sell order is executed in multiple parts. Some of the parts may get classified as a wash sale.
Sometimes it's referred to as a "temporary wash sale." The disallowed loss is also temporary - the loss is transferred to another lot that also gets sold, at which point you'll get to recoup the full loss.
Regardless of how Schwab reports things, do you think you'll know how to prepare your tax return?
I've experienced multiple-part sales and Schwab's creation of irrelevant wash sales. I know how to deal with that and realize that it has no overall effect. I got familiar with https://www.bogleheads.org/wiki/Wash_sa ... wash_sales last year.
Yes, I do know how I will prepare my tax return. No problem with understanding long/short, gain/loss, covered/non-covered. Quite a long time ago, I created a tax spreadsheet that calculates my taxes, including all kinds of what-if conditions, down to the dollar. Have it up and running for 2022 and already know exactly where I stand for 2022.
The only question I have is if Schwab will treat the sale of a less-than-30-day holding as a wash sale. (I just want to make sure that Schwab has read Fairmark. )
- LazyNihilist
- Posts: 1005
- Joined: Sat Feb 19, 2011 8:56 pm
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I just completed a transfer of my assets from Vanguard to Schwab.
For me the reasons for moving to Schwab were in decreasing order of importance
1. I wanted to use Authenticator App based 2fa. This was my biggest pet peeve with Vanguard. If they had this, I would probably have stayed.
2. Bonus. I managed to get $4000. (Will deposit in 45 days). I moved $1M. Had to talk to the Sales Rep. who was very helpful. I initially asked to match E-Trade's $3500, the rep did one better and saw that I had $$$ in multiple accounts like IRA/Brokerage, etc. and structured the transfers in a way to get the $4K bonus.
3. Simplifying my accounts. I am using Schwab bank for all my banking needs and it's easy to have one less login to worry about.
I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
I was able to do an 'Exchange' of Vanguard funds on the SAME day by putting 2 separate orders of Buy and Sell.
I had to request that my Mutual Fund Cost Basis be modified to Tax Lot Optimized rather than Average Cost.
I also have a Individual 401(k) at Vanguard which I am moving to Schwab.
This thread was extremely helpful during the whole process. Thanks Galawdawg and other posters.
For me the reasons for moving to Schwab were in decreasing order of importance
1. I wanted to use Authenticator App based 2fa. This was my biggest pet peeve with Vanguard. If they had this, I would probably have stayed.
2. Bonus. I managed to get $4000. (Will deposit in 45 days). I moved $1M. Had to talk to the Sales Rep. who was very helpful. I initially asked to match E-Trade's $3500, the rep did one better and saw that I had $$$ in multiple accounts like IRA/Brokerage, etc. and structured the transfers in a way to get the $4K bonus.
3. Simplifying my accounts. I am using Schwab bank for all my banking needs and it's easy to have one less login to worry about.
I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
I was able to do an 'Exchange' of Vanguard funds on the SAME day by putting 2 separate orders of Buy and Sell.
I had to request that my Mutual Fund Cost Basis be modified to Tax Lot Optimized rather than Average Cost.
I also have a Individual 401(k) at Vanguard which I am moving to Schwab.
This thread was extremely helpful during the whole process. Thanks Galawdawg and other posters.
The strong do what they can and the weak suffer what they must -Thucydides
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Even if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix itstudent wrote: ↑Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
That's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.nalor511 wrote: ↑Thu May 26, 2022 2:08 pmEven if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix itstudent wrote: ↑Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Thanks again for the info.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Well I don't know about for you, but my sales always show weirdness T+0 (sale date), and show correctly T+1 (day after sale), so I would check it tomorrow. I've not had to reassign a lot because of this at Schwab, but I've had to do it at Fidelity once or twicestudent wrote: ↑Thu May 26, 2022 2:16 pmThat's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.nalor511 wrote: ↑Thu May 26, 2022 2:08 pmEven if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix itstudent wrote: ↑Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Thanks again for the info.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thanks. I will check tomorrow.nalor511 wrote: ↑Thu May 26, 2022 2:32 pmWell I don't know about for you, but my sales always show weirdness T+0 (sale date), and show correctly T+1 (day after sale), so I would check it tomorrow. I've not had to reassign a lot because of this at Schwab, but I've had to do it at Fidelity once or twicestudent wrote: ↑Thu May 26, 2022 2:16 pmThat's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.nalor511 wrote: ↑Thu May 26, 2022 2:08 pmEven if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix itstudent wrote: ↑Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Thanks again for the info.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Note that there is a difference between selecting which shares to sell and whether the cost basis is actual cost or average cost. I am not sure how Schwab handles that.student wrote: ↑Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Here is a thread about changing the default to specific ID:
viewtopic.php?t=372280
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thanks for the info. Sorry, I did not give enough info. It was not on mutual fund, I did a trade on ITOT.rkhusky wrote: ↑Thu May 26, 2022 3:14 pmNote that there is a difference between selecting which shares to sell and whether the cost basis is actual cost or average cost. I am not sure how Schwab handles that.student wrote: ↑Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Here is a thread about changing the default to specific ID:
viewtopic.php?t=372280
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thank you so much. I checked today T+1 and you are right. The correct lots were sold. I even compared the cost basis of the remaining lot with the original buy order to make sure that there is no mistake.nalor511 wrote: ↑Thu May 26, 2022 2:32 pmWell I don't know about for you, but my sales always show weirdness T+0 (sale date), and show correctly T+1 (day after sale), so I would check it tomorrow. I've not had to reassign a lot because of this at Schwab, but I've had to do it at Fidelity once or twicestudent wrote: ↑Thu May 26, 2022 2:16 pmThat's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.nalor511 wrote: ↑Thu May 26, 2022 2:08 pmEven if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix itstudent wrote: ↑Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Thanks again for the info.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Were you able to get this by talking to reps online, do did you have to go meet with a financial advisor in person?LazyNihilist wrote: ↑Fri May 20, 2022 3:35 pm I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
You just need to talk to your dedicated rep, online or otherwise. Regular CS rep cannot do.G-Force wrote: ↑Mon May 30, 2022 7:42 pmWere you able to get this by talking to reps online, do did you have to go meet with a financial advisor in person?LazyNihilist wrote: ↑Fri May 20, 2022 3:35 pm I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
- LazyNihilist
- Posts: 1005
- Joined: Sat Feb 19, 2011 8:56 pm
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I didn't meet anyone in person. But as nalor511 said above, you sort of get a dedicated sales rep. who was very helpful with all my requests.G-Force wrote: ↑Mon May 30, 2022 7:42 pmWere you able to get this by talking to reps online, do did you have to go meet with a financial advisor in person?LazyNihilist wrote: ↑Fri May 20, 2022 3:35 pm I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
The strong do what they can and the weak suffer what they must -Thucydides
- billthecat
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Schwab's "complementary financial plan" (monte carlo retirement tool) seems to have disappeared. Anyone else experience this?
We cannot direct the winds but we can adjust our sails • It's later than you think • Ack! Thbbft!
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
It is still there for me. At the top menu (desktop browser), hover over Products then in the menus that pop-up below, you should see Financial Planning and under that Complimentary Plan.billthecat wrote: ↑Fri Jun 03, 2022 8:32 pm Schwab's "complementary financial plan" (monte carlo retirement tool) seems to have disappeared. Anyone else experience this?
Hope that helps!
- billthecat
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
What happens when you select that though?galawdawg wrote: ↑Sat Jun 04, 2022 7:23 amIt is still there for me. At the top menu (desktop browser), hover over Products then in the menus that pop-up below, you should see Financial Planning and under that Complimentary Plan.billthecat wrote: ↑Fri Jun 03, 2022 8:32 pm Schwab's "complementary financial plan" (monte carlo retirement tool) seems to have disappeared. Anyone else experience this?
Hope that helps!
We cannot direct the winds but we can adjust our sails • It's later than you think • Ack! Thbbft!
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Did you actually click on that link? If so, what happened?
When I click on that link I get a screen with a blue button labeled "Get your complimentary plan." Clicking on that takes me to another screen with a blue button labeled "Get your plan." Clicking on that takes me to a screen with a green button labeled "Go to Your Plan." The next screen has a blue button, "Start Planning" which puts you at the first screen of your plan "About You."
This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
When I click on that link I get a screen with a blue button labeled "Get your complimentary plan." Clicking on that takes me to another screen with a blue button labeled "Get your plan." Clicking on that takes me to a screen with a green button labeled "Go to Your Plan." The next screen has a blue button, "Start Planning" which puts you at the first screen of your plan "About You."
This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
- billthecat
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I click on that link every few days and it used to work as you describe but then it stopped going to the plan, which is why I asked my question in the first place. It's not the menu item that's missing but rather the plan itself. I asked you what happens when you click on that link to see if I was the only one experiencing this, as that, at least, would provide a data point to help diagnose whether it's an issue on my end or Schwab's. Essentially a more polite way of asking "did you actually click on that link." Here's what I see when I click on that link, both when I posed the question originally and just now:galawdawg wrote: ↑Sun Jun 05, 2022 5:01 am Did you actually click on that link? If so, what happened?
When I click on that link I get a screen with a blue button labeled "Get your complimentary plan." Clicking on that takes me to another screen with a blue button labeled "Get your plan." Clicking on that takes me to a screen with a green button labeled "Go to Your Plan." The next screen has a blue button, "Start Planning" which puts you at the first screen of your plan "About You."
This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
And, no, going to "How to reach your goals" and then clicking on the button to get the plan does not work - it takes me to the same planning center page (which normally is how it is supposed to work but the planning center page gives no option to go to the plan, in my case). And, no, rebooting and clearing the cache did not help. Nor does using a different browser (Firefox).
That does not work either - the "view your plan" button takes me right back to the planning center page.galawdawg wrote: ↑Sun Jun 05, 2022 5:01 am This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
Last edited by billthecat on Sun Jun 05, 2022 10:22 am, edited 1 time in total.
We cannot direct the winds but we can adjust our sails • It's later than you think • Ack! Thbbft!
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Looks like you'll need to contact Schwab then. Everything works as expected for me.
- VictorStarr
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
For me it works as expected. I created new plan, logged out and modified newly created plan.billthecat wrote: ↑Sun Jun 05, 2022 9:55 amThat does not work either - the "view your plan" button takes me right back to the planning center page.galawdawg wrote: ↑Sun Jun 05, 2022 5:01 am This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
How reliabile have you found the new Quicken downloading at Schwab? Has the transaction quality for checking and brokerage been as good as it was with direct connect? Since the dust has settled on the transition, have there been any downsides since everything switched over? Thanks.BoxOfUpticks wrote: ↑Mon Jan 03, 2022 7:16 am Schwab is most definitely a step up from both Vanguard and Fidelity! Although, i do miss OFX direct connect to download transactions.
- billthecat
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
It's quite strange. I spoke with Schwab earlier in the week, and they are unable to get to my plan (I think for customer support they're able to mimic my login and view the site just as I do). One thing I had not tried but they had me do was log in from a different device and connect over cellular - it made no difference, it always goes https://client.schwab.com/app/accounts/ ... ppointment with no button to go to the actual plan. So, I tried different devices, different browsers, wifi vs cellular, rebooting, and clearing the cache. And so now there is a ticket floating around Schwab but who knows when it will get fixed. I check periodically and so far no change, so my plan is effectively orphaned. It's no big deal though as there are plenty of other models for me to use.
We cannot direct the winds but we can adjust our sails • It's later than you think • Ack! Thbbft!
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Does anyone know a way on the Schwab website to analyze my portfolio into asset classes like equities, fixed income, etc.? I found a way to do this on both Fidelity and E*TRADE but so far no luck on Schwab.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Go to the Accounts menu, then Portfolio sub-menu and click on Schwab Portfolio Checkup.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I opened a checking and linked brokerage account at Schwab today and if my balance is not high enough to build a treasury ladder (I don't plan to keep more than $1k in it regularly), what's my next best option for getting a bit of interest on my money? The money market funds? I'm more used to HYSAs where the given APY is exactly what it says on the label, but with money market funds, there's also the expenses to take into account. I'm also confused about how reliable the yield is?
For example, SWVXX has a 0.97% 7-day yield listed on the website, but in the prospectus, the total returns are much lower (0.04% for 2021). Are money market accounts that much more volatile than HYSAs? Can we end up losing money in these accounts under non-catastrophic circumstances?
Ultimately I'm not *too* fussed about getting a huge return on my checking/brokerage account, since short-term liquidity is much more important to me and my balance is low, but I'd like to understand these funds better if I can.
For example, SWVXX has a 0.97% 7-day yield listed on the website, but in the prospectus, the total returns are much lower (0.04% for 2021). Are money market accounts that much more volatile than HYSAs? Can we end up losing money in these accounts under non-catastrophic circumstances?
Ultimately I'm not *too* fussed about getting a huge return on my checking/brokerage account, since short-term liquidity is much more important to me and my balance is low, but I'd like to understand these funds better if I can.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
But they can change the rate at any time for any reason.
Maybe. A money-market fund's yield should reflect the short-term bond market (less fund expenses). An HYSA's rate changes according to the bank's marketing needs.For example, SWVXX has a 0.97% 7-day yield listed on the website, but in the prospectus, the total returns are much lower (0.04% for 2021). Are money market accounts that much more volatile than HYSAs?
I doubt it. For additional safety and liquidity, you could consider one of the government money-market funds.Can we end up losing money in these accounts under non-catastrophic circumstances?
- jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
No, the reported yield is net of expenses. So, in the case of SWVXX you would have collected interest at an annualized rate of 0.97% over the prior 7 days, if that was the reported yield.
If you are only going to keep <$1K in the account, the difference between that and getting ~0 from the checking account or settlement account is less than $10 per year.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I find online a $1k bonus for a friend referral to Schwab and a $500k transfer to Schwab.
Anyone aware of higher bonus for higher transfer?
Cross posting this question on transfer bonus thread.
Thanks.
Anyone aware of higher bonus for higher transfer?
Cross posting this question on transfer bonus thread.
Thanks.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
What's the best money market account for Schwab? I just put some money into SWVXX but unsure if that's the best one. I'm located in New York and I see there are some NY tax free funds? Would those maybe be better options? I just want the highest yield.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
What's the best money market account for Schwab? I just put some money into SWVXX but unsure if that's the best one. I'm located in New York and I see there are some NY tax free funds? Would those maybe be better options? I just want the highest yield.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Interest rates are a lot higher now than they were in 2021. Both of those numbers seem reasonable.vaylie wrote: ↑Mon Jun 20, 2022 6:49 pm For example, SWVXX has a 0.97% 7-day yield listed on the website, but in the prospectus, the total returns are much lower (0.04% for 2021). Are money market accounts that much more volatile than HYSAs? Can we end up losing money in these accounts under non-catastrophic circumstances?
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Here are your choices at Schwab. The Treasury Money Fund is exempt from state income tax. The Municipal Money Fund is exempt from federal income tax. The New York Municipal Money Fund is exempt from both.
The tax-free funds have lower yields. What is your marginal tax rate? That should determine whether the tax-free nature of those funds makes up for the lower yield.
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Thinking about switching to Schwab: some questions
[Thread merged into here --admin LadyGeek]
I am preparing to leave Vanguard and transfer my holdings to Schwab. But I have a few questions that I’d appreciate if Schwab-based Bogleheads could help with:
1. Does Schwab offer a brokerage transfer bonus? If so:
(A) What are the tiers? Will it match other offers, such as eTrade?
(B) How does one proceed? I’ve heard that it requires a referral link. Anyone willing to provide me with one?
2. Does Schwab allow outgoing wires? If so:
(A) Up to what amount?
(B) Are they free?
3. Will they allow me to transfer/hold existing Vanguard mutual funds without a fee? And eventually sell without a fee?
Thank you
I am preparing to leave Vanguard and transfer my holdings to Schwab. But I have a few questions that I’d appreciate if Schwab-based Bogleheads could help with:
1. Does Schwab offer a brokerage transfer bonus? If so:
(A) What are the tiers? Will it match other offers, such as eTrade?
(B) How does one proceed? I’ve heard that it requires a referral link. Anyone willing to provide me with one?
2. Does Schwab allow outgoing wires? If so:
(A) Up to what amount?
(B) Are they free?
3. Will they allow me to transfer/hold existing Vanguard mutual funds without a fee? And eventually sell without a fee?
Thank you
Re: Thinking about switching to Schwab: some questions
Lots of info here:Kookaburra wrote: ↑Thu Jun 30, 2022 4:44 pm I am preparing to leave Vanguard and transfer my holdings to Schwab. But I have a few questions that I’d appreciate if Schwab-based Bogleheads could help with:
1. Does Schwab offer a brokerage transfer bonus? If so:
(A) What are the tiers? Will it match other offers, such as eTrade?
(B) How does one proceed? I’ve heard that it requires a referral link. Anyone willing to provide me with one?
2. Does Schwab allow outgoing wires? If so:
(A) Up to what amount?
(B) Are they free?
3. Will they allow me to transfer/hold existing Vanguard mutual funds without a fee? And eventually sell without a fee?
Thank you
viewtopic.php?t=355173
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Schwab will often match bonus offers from other brokerages.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I merged Kookaburra's thread into the ongoing discussion.
(Thanks to the member who reported the post and provided a link to this thread.)
(Thanks to the member who reported the post and provided a link to this thread.)
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I have literally never had that problem. The biggest annoyance I have with the website is that it logs you off so readily.jjunk wrote: ↑Thu Jun 30, 2022 6:26 pm I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
If you mean "too soon," then under the "Service" heading there is a page called "Security Center." About halfway down you can set the "Web Session Timeout" to be anything up to 1 hour.toddthebod wrote: ↑Thu Jun 30, 2022 7:13 pm The biggest annoyance I have with the website is that it logs you off so readily.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
It started this morning. When I click on the Research tab, I get "This information is temporarily unavailable." If I click on the International tab I get a lower level of tabs such as U.S. Markets, Industries...I can get at the information. I also get the same message when I try to see transaction data for the accounts but have found no workaround.
I shut down the VPN, restarted the pc, cleaned the browser caches, ran CCleaner, and then accessed Schwab using Edge, Firefox, and Chrome. I still got: "This information is temporarily unavailable." I produced the same results on my second laptop. I called Schwab and they said that no one else has reported this problem. I spoke to the IT support person who said that I had gone through all the trouble steps. They had no explanation.
Does anyone have this problem?
I shut down the VPN, restarted the pc, cleaned the browser caches, ran CCleaner, and then accessed Schwab using Edge, Firefox, and Chrome. I still got: "This information is temporarily unavailable." I produced the same results on my second laptop. I called Schwab and they said that no one else has reported this problem. I spoke to the IT support person who said that I had gone through all the trouble steps. They had no explanation.
Does anyone have this problem?
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Everything works as expected on the website for me. No issues. And my internet speed is awful (about 1.2 Mbps down right now).
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
This morning's good news - the web pages are now working.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Logging off quickly was a concern of mine as well so spoke to my rep whose IT person said you can change the time that you can stay signed on till you automatically get logged off - I think the update to do that it is located in either settings or preferences since I made that change myself once I was told it was doable.toddthebod wrote: ↑Thu Jun 30, 2022 7:13 pmI have literally never had that problem. The biggest annoyance I have with the website is that it logs you off so readily.jjunk wrote: ↑Thu Jun 30, 2022 6:26 pm I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
drzzzzz wrote: ↑Fri Jul 01, 2022 8:44 amLogging off quickly was a concern of mine as well so spoke to my rep whose IT person said you can change the time that you can stay signed on till you automatically get logged off - I think the update to do that it is located in either settings or service since I made that change myself once I was told it was doable.toddthebod wrote: ↑Thu Jun 30, 2022 7:13 pmI have literally never had that problem. The biggest annoyance I have with the website is that it logs you off so readily.jjunk wrote: ↑Thu Jun 30, 2022 6:26 pm I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thank you for the reply.
FYI, we have been at Fidelity 40 years and have a reasonable amount of funds there… And so I made an inquiry of our rep on what bonus they would provide on new accounts for my mom there, and they routed me right away to a specialist and offered the following:
$1 million transfer is a $2500 bonus and an additional $1000 for each million above that.
I (POA) had already transferred some of mom‘s money into Fidelity before the call, and they said they would do a 60 day look back and count that money.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Talked to a local financial consultant at a branch about getting the Vanguard fee waiver on my Schwab accounts. I told him I would be transferring in a $260k IRA and heard I was eligible if my assets were over $250k. The consultant checked on the status of the fee waiver, called me back the next day, and told me you need to have 1 million in assets at Schwab to get the fee waiver. He asked his team if there were any exceptions and they said "no". Has anyone heard this before? I'm wondering if this is a new requirement or a mis-informed consultant.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Two things could be going on here. There have been a few reports that some offices have a higher threshold for granting a fee waiver for the purchase of Vanguard mutual funds. Schwab may have also changed that threshold when they increased the purchase fee for Vanguard mutual funds to match what Fidelity had been charging for a number of years.G-Force wrote: ↑Tue Jul 12, 2022 4:45 pm Talked to a local financial consultant at a branch about getting the Vanguard fee waiver on my Schwab accounts. I told him I would be transferring in a $260k IRA and heard I was eligible if my assets were over $250k. The consultant checked on the status of the fee waiver, called me back the next day, and told me you need to have 1 million in assets at Schwab to get the fee waiver. He asked his team if there were any exceptions and they said "no". Has anyone heard this before? I'm wondering if this is a new requirement or a mis-informed consultant.
Some in your situation who switch to Schwab choose to convert their mutual funds to the equivalent ETF at Vanguard before transferring in-kind. Others may transfer their Vanguard mutual funds but when making new purchases choose either an ETF or a mutual fund from a different fund family.
I personally divested of my Vanguard holdings in favor of Schwab offerings...for the funds I invest in I found that the Schwab funds offered expense ratios as low or lower than Vanguard's equivalent funds and performance that was on par over the long-term.
Hope that is helpful!