Schwab Information Thread with FAQ, Links, Tips and Q&A

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tj
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by tj »

geekfam wrote: Sat Apr 09, 2022 2:54 pm New user here, with VG for about 30 years. After reading this thread, I am planning to reach out to our local Schwab branch. The one thing that I am not clear on is if the "actual" keying of personal information and initiating the transfer is still done at home on-line, or if the local branch consultant will do all the necessary transfer keying and steps. Reason I am asking is I for sure want to meet the local Schwab person for VG fee waiver and transfer bonus...BUT I am more comfortable taking my time and keying all our information (names, address, VG account numbers, etc) from home on the PC. I feel in all the shuffle something might get confusing trying to do manually in his office. We have no Schwab account(s) currently.
I can't imagine they have a requirement for in person interaction after the past 2 years.
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

tj wrote: Sat Apr 09, 2022 3:04 pm
geekfam wrote: Sat Apr 09, 2022 2:54 pm New user here, with VG for about 30 years. After reading this thread, I am planning to reach out to our local Schwab branch. The one thing that I am not clear on is if the "actual" keying of personal information and initiating the transfer is still done at home on-line, or if the local branch consultant will do all the necessary transfer keying and steps. Reason I am asking is I for sure want to meet the local Schwab person for VG fee waiver and transfer bonus...BUT I am more comfortable taking my time and keying all our information (names, address, VG account numbers, etc) from home on the PC. I feel in all the shuffle something might get confusing trying to do manually in his office. We have no Schwab account(s) currently.
I can't imagine they have a requirement for in person interaction after the past 2 years.
Whether or not you meet them in person, you can do your own account transfer. I don't know that the consultant would even offer to do it for you?

Schwab has "rollover consultants" available by calling their general number, though that might be only for rollover of an employer plan to an IRA. We never used that service, but I assumed that a local consultant would refer you there, if you wanted help? I could be mistaken and the rollover consultant would just be a branch financial consultant.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

You can do it either way.

When I transferred to Schwab it was the height of the pandemic so all of my interactions with my financial consultant were by phone and email. I set up the new accounts and did the transfers in-kind online from home. (Tip: if you plan on opening a Schwab Bank High Yield Investor Checking account, do that first. It will then allow you to use that information to open a linked brokerage account. If you open the brokerage account first, it does not link to the checking account automatically and requires Schwab to manually link them).

When an elderly family member decided to move from BOA/Merrill Edge to Schwab last year, he wanted to go to the Schwab office since he is one of those folks who wants to meet people he does business with face-to-face. We met with my financial consultant and while there at the office they allowed us to use a secure laptop to set up the accounts. We could have met with Schwab and then opened the accounts later from home, but it was easier to do it while we were there since my relative needed to do the Schwab POA forms and had a check from his home sale proceeds (he didn't trust a wire...wanted a check in hand) to deposit. When we finished, I deleted the browser cache and history just to be safe.

(I was pleased to note that even though my family member and I had discussed investing 25/75 in a total stock index fund and total bond index fund before we even made the appointment with Schwab, when we were meeting with Schwab my elderly family member still asked the consultant, "How do you think I should invest it?" Without knowing that we had discussed it and what my advice was, the Schwab consultant's recommendation to him was a total stock index fund and a total bond index fund, very conservatively allocated.) :beer
samarathoner
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by samarathoner »

I'll ask my question here, since I asked in a general forum and didn't really come up with an answer. So I realize, there might not be one. But here you go------ I have a fairly new account and Schwab, which only allows me to pull cash in to a money fund, that only then allows me to trade to an existing Schwab account. Sometimes it take a day or two to settle the cash. i was trying to avoid the two steps and do it all in one step, kind of like at Vanguard and other conpanies. Is that because it is listed as a brokerage account? (A mutual fund account per se was not an option when I opened the account at Schwab) I apologize in advance if this question seems menial and petty. Have a nice Sunday, everyone.
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galawdawg
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

samarathoner wrote: Sun Apr 10, 2022 2:13 pm I'll ask my question here, since I asked in a general forum and didn't really come up with an answer. So I realize, there might not be one. But here you go------ I have a fairly new account and Schwab, which only allows me to pull cash in to a money fund, that only then allows me to trade to an existing Schwab account. Sometimes it take a day or two to settle the cash. i was trying to avoid the two steps and do it all in one step, kind of like at Vanguard and other conpanies. Is that because it is listed as a brokerage account? (A mutual fund account per se was not an option when I opened the account at Schwab) I apologize in advance if this question seems menial and petty. Have a nice Sunday, everyone.
That question is addressed in the FAQ on the first page:
  • How soon are my deposited or transferred funds available to trade?
Generally, funds deposited or transferred into a brokerage account can be immediately invested (but cannot be withdrawn or transferred out until those funds have cleared). Funds deposited or transferred into a Schwab bank account are subject to standard funds availability policies before they can be transferred to the brokerage account or withdrawn.

It was also answered in your other thread: viewtopic.php?t=374995
tenkuky wrote: Sun Apr 10, 2022 2:14 pm
galawdawg wrote: Sun Apr 10, 2022 2:11 pm
samsoes wrote: Sun Apr 10, 2022 2:05 pm Funds deposited at Schwab are available immediately to trade. I've made check deposits at my local Schwab office and made subsequent trades on my phone from my car in the Schwab office's parking lot.

(The most recent check deposit was a rollover from my 401(k) right after I FIREd.)
Agree with a slight caveat...in order to be available to trade immediately, the funds must be deposited or transferred into a Schwab BROKERAGE account. If the funds are instead deposited or transferred into a Schwab BANK account, the funds must clear before they can be moved to the brokerage account to trade.
Correct. Available for trading right away in Brokerage, not for withdrawal. Going to Bank and then brokerage you are subject to those holds.
I always transfer to brokerage (pull from Schwab, not push from bank) and it is available right away.
Hope that helps! :sharebeer
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ResearchMed
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by ResearchMed »

jeffyscott wrote: Sat Apr 09, 2022 3:25 pm
tj wrote: Sat Apr 09, 2022 3:04 pm
geekfam wrote: Sat Apr 09, 2022 2:54 pm New user here, with VG for about 30 years. After reading this thread, I am planning to reach out to our local Schwab branch. The one thing that I am not clear on is if the "actual" keying of personal information and initiating the transfer is still done at home on-line, or if the local branch consultant will do all the necessary transfer keying and steps. Reason I am asking is I for sure want to meet the local Schwab person for VG fee waiver and transfer bonus...BUT I am more comfortable taking my time and keying all our information (names, address, VG account numbers, etc) from home on the PC. I feel in all the shuffle something might get confusing trying to do manually in his office. We have no Schwab account(s) currently.
I can't imagine they have a requirement for in person interaction after the past 2 years.
Whether or not you meet them in person, you can do your own account transfer. I don't know that the consultant would even offer to do it for you?

Schwab has "rollover consultants" available by calling their general number, though that might be only for rollover of an employer plan to an IRA. We never used that service, but I assumed that a local consultant would refer you there, if you wanted help? I could be mistaken and the rollover consultant would just be a branch financial consultant.
We've been able to do a surprising number of things using the Chat feature. I realized this when I used Chat to ask about "how to do X at Schwab", and the Chat person gave a partial answer and then asked if I'd like them to do it for me. "Yes, please", I typed...
They were very careful to double check the instructions, with a final, "Is this what you would like me to do" kind of ending. It was, and they did.
This has happened more than once. It's been remarkably easy.

One thing that has been very nice since first opening a Schwab account getting near 20 years ago is that they respond promptly, and 24/7. The Chat can be quite quick, but the phone rep can be more helpful for "general information/explanations".

They also have a branch very close to us, which was nice when we had to deal with MIL's new trust account, getting Schwab a copy of her existing DPOA, and having them help us with a few very tattered stock certificates. Those ended up in her online account, just as we had requested.

The only thing is that at first, and very occasionally since, someone will email to ask if we'd like to make an appointment to discuss <whatever>. By now, they pretty much seem to understand that it's a "don't call us; we'll call you", and if we ask for anything, they are "there", otherwise, they leave us alone. Just the way we want it. :happy

RM
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geekfam
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by geekfam »

Thanks for the help. I plan to contact Schwab tomorrow.
jrs2020
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jrs2020 »

I've been with Schwab for many years now and for the last couple of years I've noticed on my 1099's that I have a financial consultant listed/assigned to me. I'm guessing that this is because of my increased net worth over the past few years. They tried calling me once a while back but I ignored their call as I have no reason or desire to discuss my finances with them. The other day I transferred a relatively small amount into my brokerage to buy some more total stock index fund to rebalance my portfolio back to my desired target, and the next day this same consultant called me. They said they wanted to thank me for my deposit and that they needed to "confirm" the amount. They also wanted to ask me some questions about my portfolio. I'm not sure why they would need to "confirm" anything? My guess is that this is a sales tactic to get me to call them back so they can try and sell me some of their services. In a way it is sort of creepy to me that someone is monitoring my activity, one of the reasons why I like Schwab is because I can do everything I need online without any human interaction.

Anyone else have this experience? Does anybody know what and/or why they need to "confirm" my most recent deposit?
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ResearchMed
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by ResearchMed »

jrs2020 wrote: Wed Apr 13, 2022 12:59 pm I've been with Schwab for many years now and for the last couple of years I've noticed on my 1099's that I have a financial consultant listed/assigned to me. I'm guessing that this is because of my increased net worth over the past few years. They tried calling me once a while back but I ignored their call as I have no reason or desire to discuss my finances with them. The other day I transferred a relatively small amount into my brokerage to buy some more total stock index fund to rebalance my portfolio back to my desired target, and the next day this same consultant called me. They said they wanted to thank me for my deposit and that they needed to "confirm" the amount. They also wanted to ask me some questions about my portfolio. I'm not sure why they would need to "confirm" anything? My guess is that this is a sales tactic to get me to call them back so they can try and sell me some of their services. In a way it is sort of creepy to me that someone is monitoring my activity, one of the reasons why I like Schwab is because I can do everything I need online without any human interaction.

Anyone else have this experience? Does anybody know what and/or why they need to "confirm" my most recent deposit?
I would agree that it's just an excuse to speak to you, and thus hope that they'll be able to "encourage" you to use more of their, uh, services.
I mean, what did they need to "confirm", other than whether you can read your statements or transactions/etc., I suppose. :annoyed

We've got a "consultant" at the local office, but long ago, we made it clear that it's a "Don't call us; we'll call you", so it is very, very rare that any email arrives, and it's just ignored. And it's been years since there was a phone call, unless it's been from some unidentified number (which most likely wouldn't have been answered).

Anything we've needed recently is handled through a phone call, or more likely, their Chat function (then I also make a copy, "just in case" :wink: ).

We did have to go there about 7 years ago when we needed to process MIL's trust and a few other things. All handled very easily. And *no* followup "need to confirm" something!

RM
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typical.investor
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by typical.investor »

jrs2020 wrote: Wed Apr 13, 2022 12:59 pm I've been with Schwab for many years now and for the last couple of years I've noticed on my 1099's that I have a financial consultant listed/assigned to me. I'm guessing that this is because of my increased net worth over the past few years. They tried calling me once a while back but I ignored their call as I have no reason or desire to discuss my finances with them. The other day I transferred a relatively small amount into my brokerage to buy some more total stock index fund to rebalance my portfolio back to my desired target, and the next day this same consultant called me. They said they wanted to thank me for my deposit and that they needed to "confirm" the amount. They also wanted to ask me some questions about my portfolio. I'm not sure why they would need to "confirm" anything? My guess is that this is a sales tactic to get me to call them back so they can try and sell me some of their services. In a way it is sort of creepy to me that someone is monitoring my activity, one of the reasons why I like Schwab is because I can do everything I need online without any human interaction.

Anyone else have this experience? Does anybody know what and/or why they need to "confirm" my most recent deposit?
Yeah, I think they were maybe fishing to gauge interest.

Where do you see a consultant on the 1099? Mines at 2.3M and I don't see one. Guess I need more.

I've only gotten one polite call ever.

The chat feature works really well if you want to ask them or let them know you don't need consulting.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jrs2020 »

typical.investor wrote: Wed Apr 13, 2022 2:05 pm
jrs2020 wrote: Wed Apr 13, 2022 12:59 pm I've been with Schwab for many years now and for the last couple of years I've noticed on my 1099's that I have a financial consultant listed/assigned to me. I'm guessing that this is because of my increased net worth over the past few years. They tried calling me once a while back but I ignored their call as I have no reason or desire to discuss my finances with them. The other day I transferred a relatively small amount into my brokerage to buy some more total stock index fund to rebalance my portfolio back to my desired target, and the next day this same consultant called me. They said they wanted to thank me for my deposit and that they needed to "confirm" the amount. They also wanted to ask me some questions about my portfolio. I'm not sure why they would need to "confirm" anything? My guess is that this is a sales tactic to get me to call them back so they can try and sell me some of their services. In a way it is sort of creepy to me that someone is monitoring my activity, one of the reasons why I like Schwab is because I can do everything I need online without any human interaction.

Anyone else have this experience? Does anybody know what and/or why they need to "confirm" my most recent deposit?
Yeah, I think they were maybe fishing to gauge interest.

Where do you see a consultant on the 1099? Mines at 2.3M and I don't see one. Guess I need more.

I've only gotten one polite call ever.

The chat feature works really well if you want to ask them or let them know you don't need consulting.
It's on the first page of my 1099 Consolidated. On the right side it lists "Your Consultant" with someone's name, phone number, and e-mail. I have less than 2.3M in there, so not sure why I am so "special." I did transfer a pretty large sum a couple of years ago into my account and called before making the transfer I could negotiate a nice bonus. Maybe it came up as a result of that, not sure.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Retired1809 »

When will TD Ameritrade IRAs be assimilated into Schwab?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by mangorunner »

Retired1809 wrote: Wed Apr 13, 2022 8:14 pm When will TD Ameritrade IRAs be assimilated into Schwab?
Per the FAQ at the bottom of this page https://welcome.schwab.com/:

"When will the Schwab and TD Ameritrade integration be completed?"

"Schwab and TD Ameritrade are working together to combine the strengths of our firms and come together as one company to benefit you. To ensure we have time to build the best experience possible for our clients, we expect account conversion to be complete within 30-36 months of the original deal close, which would be somewhere between April and September of 2023 for most accounts."
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Retired1809 »

Thanks, mangorunner.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by geekfam »

New forum member, trying to give back 😊 I decided to move from VG to Schwab a few days ago. Contacted local branch and got bonus plus VG fees waived. The transfers are still in progress, but I have been playing around with the app and website since I now have a login. Overall seems good. One feature I really miss (or have not found it yet) is on VG I could MANUALLY add external accounts like my 401k. On Schwab I only see actual linking to external accounts, which I don't want to do. This was really nice to see total assets in the VG app even if outside VG. Second minor thing is the Schwab app doesn't prompt you to login when you open it. You have to open the app, then navigate/tap login, then login. This is Android. The VG app would auto prompt to login when you opened the app. Just wanted to share in case this helps others.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Nate79 »

geekfam wrote: Thu Apr 14, 2022 8:57 am New forum member, trying to give back 😊 I decided to move from VG to Schwab a few days ago. Contacted local branch and got bonus plus VG fees waived. The transfers are still in progress, but I have been playing around with the app and website since I now have a login. Overall seems good. One feature I really miss (or have not found it yet) is on VG I could MANUALLY add external accounts like my 401k. On Schwab I only see actual linking to external accounts, which I don't want to do. This was really nice to see total assets in the VG app even if outside VG. Second minor thing is the Schwab app doesn't prompt you to login when you open it. You have to open the app, then navigate/tap login, then login. This is Android. The VG app would auto prompt to login when you opened the app. Just wanted to share in case this helps others.
When I open the Schwab app it automatically goes to the login. I don't recall doing anything special when setting up the app.
geekfam
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by geekfam »

Nate79 wrote: Thu Apr 14, 2022 9:47 am
When I open the Schwab app it automatically goes to the login. I don't recall doing anything special when setting up the app.
Thank you! I uninstalled and reinstalled after your comments and all is good now!
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typical.investor
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by typical.investor »

jrs2020 wrote: Wed Apr 13, 2022 7:38 pm
typical.investor wrote: Wed Apr 13, 2022 2:05 pm
jrs2020 wrote: Wed Apr 13, 2022 12:59 pm I've been with Schwab for many years now and for the last couple of years I've noticed on my 1099's that I have a financial consultant listed/assigned to me. I'm guessing that this is because of my increased net worth over the past few years. They tried calling me once a while back but I ignored their call as I have no reason or desire to discuss my finances with them. The other day I transferred a relatively small amount into my brokerage to buy some more total stock index fund to rebalance my portfolio back to my desired target, and the next day this same consultant called me. They said they wanted to thank me for my deposit and that they needed to "confirm" the amount. They also wanted to ask me some questions about my portfolio. I'm not sure why they would need to "confirm" anything? My guess is that this is a sales tactic to get me to call them back so they can try and sell me some of their services. In a way it is sort of creepy to me that someone is monitoring my activity, one of the reasons why I like Schwab is because I can do everything I need online without any human interaction.

Anyone else have this experience? Does anybody know what and/or why they need to "confirm" my most recent deposit?
Yeah, I think they were maybe fishing to gauge interest.

Where do you see a consultant on the 1099? Mines at 2.3M and I don't see one. Guess I need more.

I've only gotten one polite call ever.

The chat feature works really well if you want to ask them or let them know you don't need consulting.
It's on the first page of my 1099 Consolidated. On the right side it lists "Your Consultant" with someone's name, phone number, and e-mail. I have less than 2.3M in there, so not sure why I am so "special." I did transfer a pretty large sum a couple of years ago into my account and called before making the transfer I could negotiate a nice bonus. Maybe it came up as a result of that, not sure.
Ah, yeah I bet it’s from the bonus.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by oldmanwinter »

Hi, and thanks for this incredibly informative thread about Schwab. I am in the process of moving some money and assets there, and for the record, was offered a 2500 bonus to move 1 million, and 3500 for 1.6 million. I have found their representative very responsive. This rep suggests I consider some of their "managed account select" products, which have relatively high fees (somewhere between .75 and 1%, I think, but there isn't great transparency on the pdfs I have been sent). I realize this is a Bogleheads forum :) so I think I know how people feel about these higher fee options, but my question is this: Do you know if the Scwab folks are incentivized to offer these more expensive products? I know they are incentivized to bring in and keep assets at Schwab, but not clear if he has any conflict. He says no, and I want to believe him.

The specific products he has preliminarily suggested are:

GW&K Equity Divident Plus Strategy
Zacks Dividend
Spectrum Preferred Securities SMA
Natixis/Loomis Sayles Core Total Return

There isn't much information on the internet about these products, so if anyone had any experience or insight about them, I'd be happy to hear it.

Thanks so much, and sorry if the second half of this question is off-topic for this thread (?).

Andrew
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by LadyGeek »

Welcome! We have a dedicated discussion thread: The Final, Definitive Thread on Brokerage Transfer Bonuses

As to the second-half of your question, relax. It's not a big deal. Just start a new thread in the Personal Investments forum and post your portfolio information in that thread using the Asking Portfolio Questions format. It will make you think about the "big picture" while giving us the information we need to point you in the right direction.

If you have any questions, ask them in the new thread.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

oldmanwinter wrote: Mon Apr 18, 2022 9:29 am Hi, and thanks for this incredibly informative thread about Schwab. I am in the process of moving some money and assets there, and for the record, was offered a 2500 bonus to move 1 million, and 3500 for 1.6 million. I have found their representative very responsive. This rep suggests I consider some of their "managed account select" products, which have relatively high fees (somewhere between .75 and 1%, I think, but there isn't great transparency on the pdfs I have been sent). I realize this is a Bogleheads forum :) so I think I know how people feel about these higher fee options, but my question is this: Do you know if the Scwab folks are incentivized to offer these more expensive products? I know they are incentivized to bring in and keep assets at Schwab, but not clear if he has any conflict. He says no, and I want to believe him.

The specific products he has preliminarily suggested are:

GW&K Equity Divident Plus Strategy
Zacks Dividend
Spectrum Preferred Securities SMA
Natixis/Loomis Sayles Core Total Return

There isn't much information on the internet about these products, so if anyone had any experience or insight about them, I'd be happy to hear it.

Thanks so much, and sorry if the second half of this question is off-topic for this thread (?).

Andrew
Welcome to Bogleheads! Apologies for the lateness of this post. Schwab is very transparent about how their consultants are compensated. Here is a link to their PDF explaining exactly how they make their money: https://www.schwab.com/public/file/P-6560610

I don't have any experience with the specific funds you mention nor with their managed accounts. I am a DIY investor and hold a two-fund portfolio. Very simple to rebalance annually to maintain my desired asset allocation (some rebalance more frequently, some less, some according to rebalancing bands). If you have the self-discipline to refrain from trading based upon market swings and to "stay the course" as Jack Bogle often recommended, consider managing your own portfolio. You'll immediately increase your net returns by .75% to 1% when you avoid paying the AUM fee you mentioned.

If you aren't certain what to do regarding your portfolio, just follow Lady Geek's recommendation...
LadyGeek wrote: Mon Apr 18, 2022 10:37 am Just start a new thread in the Personal Investments forum and post your portfolio information in that thread using the Asking Portfolio Questions format. It will make you think about the "big picture" while giving us the information we need to point you in the right direction.
Hope that is helpful! :happy
richard.h.gao
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by richard.h.gao »

I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
tj
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by tj »

richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
Sounds like you can't transfer partial shares.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by nalor511 »

richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
What were you holding that they even still charge commission on? I've sold partial shares of ETFs without commission at Schwab
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by richard.h.gao »

nalor511 wrote: Tue May 17, 2022 12:15 am
richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
What were you holding that they even still charge commission on? I've sold partial shares of ETFs without commission at Schwab
Regular commission free ETFs. As a parting gift they must have wanted to spite me for transferring out. Won't ever go back to them after this fiasco.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by theac »

richard.h.gao wrote: Tue May 17, 2022 1:54 am
nalor511 wrote: Tue May 17, 2022 12:15 am
richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
What were you holding that they even still charge commission on? I've sold partial shares of ETFs without commission at Schwab
Regular commission free ETFs. As a parting gift they must have wanted to spite me for transferring out. Won't ever go back to them after this fiasco.
Wow I've been very satisfied with Schwab so far,
but then I've only been with them a bit over 2 years.
Can you post exactly which ETFs you traded?

I'd like to avoid anything like that happening to me in the future.
Thanks
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Nate79
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Nate79 »

richard.h.gao wrote: Tue May 17, 2022 1:54 am
nalor511 wrote: Tue May 17, 2022 12:15 am
richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
What were you holding that they even still charge commission on? I've sold partial shares of ETFs without commission at Schwab
Regular commission free ETFs. As a parting gift they must have wanted to spite me for transferring out. Won't ever go back to them after this fiasco.
Are you sure it wasn't the mandatory SEC fee imposed when selling? And I think it is normal that partial shares are liquidating when transferring accounts thru ACATS.
RubyTuesday
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by RubyTuesday »

mangorunner wrote: Thu Apr 07, 2022 2:16 pm
galawdawg wrote: Thu Aug 05, 2021 8:53 am • Does Schwab pay transfer bonuses?

As of the date of this post, Schwab offers a Refer a Friend bonus of up to $500 which requires a referral code from an existing Schwab customer: https://www.schwab.com/public/schwab/nn ... lient.html

As if this writing, Schwab also, in many cases, will match competitor bonus offers. An investor should contact a local Schwab consultant to request a bonus transfer match.
What is Schwab's rule regarding bonus eligibility? Is it one year from the date of payment of the last/prior bonus? I had a competitor-match bonus paid to me by Schwab in February. I have another outside account I'm interested in transferring to Schwab at some point.
I suspect it’s all at the local branch manager’s discretion.

I initiated first transfers in Sep ‘21 and received bonus in Oct.
Initiated second in Jan ‘22 and received second set of bonuses in Feb.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
RubyTuesday
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by RubyTuesday »

geekfam wrote: Thu Apr 14, 2022 8:57 am New forum member, trying to give back 😊 I decided to move from VG to Schwab a few days ago. Contacted local branch and got bonus plus VG fees waived. The transfers are still in progress, but I have been playing around with the app and website since I now have a login. Overall seems good. One feature I really miss (or have not found it yet) is on VG I could MANUALLY add external accounts like my 401k. On Schwab I only see actual linking to external accounts, which I don't want to do. This was really nice to see total assets in the VG app even if outside VG. Second minor thing is the Schwab app doesn't prompt you to login when you open it. You have to open the app, then navigate/tap login, then login. This is Android. The VG app would auto prompt to login when you opened the app. Just wanted to share in case this helps others.
If you find the “Portfolio Checkup” section, you can manually add your external account info (not linked, just manually entered) and Schwab will generate a nice portfolio review (similar to VG’s Portfolio Visualizer).

If you have trouble finding it or using it reply with questions.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
RubyTuesday
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by RubyTuesday »

Nate79 wrote: Tue May 17, 2022 5:58 am
richard.h.gao wrote: Tue May 17, 2022 1:54 am
nalor511 wrote: Tue May 17, 2022 12:15 am
richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
What were you holding that they even still charge commission on? I've sold partial shares of ETFs without commission at Schwab
Regular commission free ETFs. As a parting gift they must have wanted to spite me for transferring out. Won't ever go back to them after this fiasco.
Are you sure it wasn't the mandatory SEC fee imposed when selling? And I think it is normal that partial shares are liquidating when transferring accounts thru ACATS.
Exchange fee is so low as to seem unlikely to cause this.

For 1600 share sell of IXUS the exchange fee was $0.51 total.

But unless and until poster replaces the over the top dramatic (“fiasco”) with details, it would be impossible to know.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

RubyTuesday wrote: Tue May 17, 2022 6:12 am
mangorunner wrote: Thu Apr 07, 2022 2:16 pm
galawdawg wrote: Thu Aug 05, 2021 8:53 am • Does Schwab pay transfer bonuses?

As of the date of this post, Schwab offers a Refer a Friend bonus of up to $500 which requires a referral code from an existing Schwab customer: https://www.schwab.com/public/schwab/nn ... lient.html

As if this writing, Schwab also, in many cases, will match competitor bonus offers. An investor should contact a local Schwab consultant to request a bonus transfer match.
What is Schwab's rule regarding bonus eligibility? Is it one year from the date of payment of the last/prior bonus? I had a competitor-match bonus paid to me by Schwab in February. I have another outside account I'm interested in transferring to Schwab at some point.
I suspect it’s all at the local branch manager’s discretion.

I initiated first transfers in Sep ‘21 and received bonus in Oct.
Initiated second in Jan ‘22 and received second set of bonuses in Feb.
I recall seeing a policy about a maximum of something like $5000 :?: in bonuses in a 12 month period, in a letter about a bonus I got from Schwab.

Matching appears to be up to the local branch, but I don't think actual Schwab bonuses are. I had asked about getting Schwab's new customer bonus for adding some money and for that, the branch had someone from one of Schwab's corporate office's contact me to tell me "no", but then when I asked about about a match, instead, he said he would check with the local branch, saying something like "some of them will do that".

Another time, when I asked him directly about a match, my local branch consultant had to "check and get back to me". I'd assumed he was checking with Schwab corporate, but now I think he was checking with the branch manager (or perhaps both). Mine is an "independent branch", so that may be a factor as well.
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

RubyTuesday wrote: Tue May 17, 2022 6:33 am
Nate79 wrote: Tue May 17, 2022 5:58 am
richard.h.gao wrote: Tue May 17, 2022 1:54 am
nalor511 wrote: Tue May 17, 2022 12:15 am
richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
What were you holding that they even still charge commission on? I've sold partial shares of ETFs without commission at Schwab
Regular commission free ETFs. As a parting gift they must have wanted to spite me for transferring out. Won't ever go back to them after this fiasco.
Are you sure it wasn't the mandatory SEC fee imposed when selling? And I think it is normal that partial shares are liquidating when transferring accounts thru ACATS.
Exchange fee is so low as to seem unlikely to cause this.

For 1600 share sell of IXUS the exchange fee was $0.51 total.

But unless and until poster replaces the over the top dramatic (“fiasco”) with details, it would be impossible to know.
They do also have a, $25 partial and $50 full, transfer out fee.

I doubt that Schwab is selectively charging certain customers commission on ETF trades out of "spite". They do selectively waive fees for certain customers, but since these are no commission ETFs, this would not explain what happened.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by richard.h.gao »

jeffyscott wrote: Tue May 17, 2022 6:46 am
RubyTuesday wrote: Tue May 17, 2022 6:33 am
Nate79 wrote: Tue May 17, 2022 5:58 am
richard.h.gao wrote: Tue May 17, 2022 1:54 am
nalor511 wrote: Tue May 17, 2022 12:15 am

What were you holding that they even still charge commission on? I've sold partial shares of ETFs without commission at Schwab
Regular commission free ETFs. As a parting gift they must have wanted to spite me for transferring out. Won't ever go back to them after this fiasco.
Are you sure it wasn't the mandatory SEC fee imposed when selling? And I think it is normal that partial shares are liquidating when transferring accounts thru ACATS.
Exchange fee is so low as to seem unlikely to cause this.

For 1600 share sell of IXUS the exchange fee was $0.51 total.

But unless and until poster replaces the over the top dramatic (“fiasco”) with details, it would be impossible to know.
They do also have a, $25 partial and $50 full, transfer out fee.

I doubt that Schwab is selectively charging certain customers commission on ETF trades out of "spite". They do selectively waive fees for certain customers, but since these are no commission ETFs, this would not explain what happened.
This was in addition to the $50 transfer fee they already charged me.

Does the SEC charge a double digit fee for selling a fraction of a share? Like I said above it wiped out all the proceeds from all the liquidations.

:thumbsdown
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

I guess, if it were me I'd ask Schwab why I was charged commission on ETFs that are supposed to be commission free. I'd send a message, email, or use their chat to get an answer.
RubyTuesday
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by RubyTuesday »

jeffyscott wrote: Tue May 17, 2022 6:40 am
RubyTuesday wrote: Tue May 17, 2022 6:12 am
mangorunner wrote: Thu Apr 07, 2022 2:16 pm
galawdawg wrote: Thu Aug 05, 2021 8:53 am • Does Schwab pay transfer bonuses?

As of the date of this post, Schwab offers a Refer a Friend bonus of up to $500 which requires a referral code from an existing Schwab customer: https://www.schwab.com/public/schwab/nn ... lient.html

As if this writing, Schwab also, in many cases, will match competitor bonus offers. An investor should contact a local Schwab consultant to request a bonus transfer match.
What is Schwab's rule regarding bonus eligibility? Is it one year from the date of payment of the last/prior bonus? I had a competitor-match bonus paid to me by Schwab in February. I have another outside account I'm interested in transferring to Schwab at some point.
I suspect it’s all at the local branch manager’s discretion.

I initiated first transfers in Sep ‘21 and received bonus in Oct.
Initiated second in Jan ‘22 and received second set of bonuses in Feb.
I recall seeing a policy about a maximum of something like $5000 :?: in bonuses in a 12 month period, in a letter about a bonus I got from Schwab.

Matching appears to be up to the local branch, but I don't think actual Schwab bonuses are. I had asked about getting Schwab's new customer bonus for adding some money and for that, the branch had someone from one of Schwab's corporate office's contact me to tell me "no", but then when I asked about about a match, instead, he said he would check with the local branch, saying something like "some of them will do that".

Another time, when I asked him directly about a match, my local branch consultant had to "check and get back to me". I'd assumed he was checking with Schwab corporate, but now I think he was checking with the branch manager (or perhaps both). Mine is an "independent branch", so that may be a factor as well.
Our bonuses for 2 people over 4 accounts (one joint, 3 IRAs) totaled $8800 over about 5 months. These were all considered matches FWIW.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
RubyTuesday
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by RubyTuesday »

richard.h.gao wrote: Tue May 17, 2022 8:28 am
jeffyscott wrote: Tue May 17, 2022 6:46 am
RubyTuesday wrote: Tue May 17, 2022 6:33 am
Nate79 wrote: Tue May 17, 2022 5:58 am
richard.h.gao wrote: Tue May 17, 2022 1:54 am

Regular commission free ETFs. As a parting gift they must have wanted to spite me for transferring out. Won't ever go back to them after this fiasco.
Are you sure it wasn't the mandatory SEC fee imposed when selling? And I think it is normal that partial shares are liquidating when transferring accounts thru ACATS.
Exchange fee is so low as to seem unlikely to cause this.

For 1600 share sell of IXUS the exchange fee was $0.51 total.

But unless and until poster replaces the over the top dramatic (“fiasco”) with details, it would be impossible to know.
They do also have a, $25 partial and $50 full, transfer out fee.

I doubt that Schwab is selectively charging certain customers commission on ETF trades out of "spite". They do selectively waive fees for certain customers, but since these are no commission ETFs, this would not explain what happened.
This was in addition to the $50 transfer fee they already charged me.

Does the SEC charge a double digit fee for selling a fraction of a share? Like I said above it wiped out all the proceeds from all the liquidations.

:thumbsdown
I would ask them. What you describe doesn’t make sense for no commission ETFs…

The only fees I would expect would be transfer out and exchange fees.

As you know, when you do a full account transfer via ACATS, whole shares of eligible assets will transfer in-kind, and the fractional shares will be liquidated. Those liquidated should then transfer as cash several days later.

Are you sure you aren’t just seeing the transfer of the cash out, not the “wipe out” of proceeds?

Again, use chat and ask them.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
nalor511
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by nalor511 »

richard.h.gao wrote: Tue May 17, 2022 8:28 am
This was in addition to the $50 transfer fee they already charged me.

Does the SEC charge a double digit fee for selling a fraction of a share? Like I said above it wiped out all the proceeds from all the liquidations.

:thumbsdown
Screenshot... would be very helpful to ensure future transferees are not hit by what happened here, and also maybe to help us see what exactly did happen :sharebeer
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theac
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by theac »

nalor511 wrote: Tue May 17, 2022 12:05 pm
richard.h.gao wrote: Tue May 17, 2022 8:28 am
This was in addition to the $50 transfer fee they already charged me.

Does the SEC charge a double digit fee for selling a fraction of a share? Like I said above it wiped out all the proceeds from all the liquidations.

:thumbsdown
Screenshot... would be very helpful to ensure future transferees are not hit by what happened here, and also maybe to help us see what exactly did happen :sharebeer
Yes, that would be even better at understanding what has actually happened here with any fees than what I've asked for.

I was just asking for a ticker symbol, figuring if we look up that ETF we may find some fees specifically stated for this specific ETF, such as similar to certain mutual funds that can often have fees for minimum holding times etc.

But I have to agree, a screenshot would be much more helpful.
"We keep you alive to serve this ship. Row well...and live." Ben Hur...and The Taxman! hahaha (a George Harrison song)
toddthebod
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by toddthebod »

They charged you for broker-assisted trades. $25 per trade.
richard.h.gao
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by richard.h.gao »

toddthebod wrote: Wed May 18, 2022 4:32 pm They charged you for broker-assisted trades. $25 per trade.
So if I hold 20 ETFs, I will be charged:

$50 + ($25 x 20) = $550

For an ACATS transfer? Ridiculous. Never going back to Schwab. Ever.
toddthebod
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by toddthebod »

richard.h.gao wrote: Wed May 18, 2022 5:00 pm
toddthebod wrote: Wed May 18, 2022 4:32 pm They charged you for broker-assisted trades. $25 per trade.
So if I hold 20 ETFs, I will be charged:

$50 + ($25 x 20) = $550

For an ACATS transfer? Ridiculous. Never going back to Schwab. Ever.
No, you can do an in-kind transfer of ETFs.

If you have fractional shares through the Stock Slices program, and you want to transfer your account out, liquidate those holdings yourself.
toddthebod
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by toddthebod »

richard.h.gao wrote: Mon May 16, 2022 7:56 pm I did an ACATS transfer out of Schwab and they charged me a trade commission fee when selling the remaining fractional shares for each security, wiping out all of the proceeds.

What is going on at Schwab??
Sorry, I forgot to quote you in my previous response. It looks like they charged you for a broker-assisted trade for each security they liquidated for you.
tj
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by tj »

Presumably you could have sold the partial shares yourself to avoid the fee.
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galawdawg
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

richard.h.gao wrote: Wed May 18, 2022 5:00 pm
toddthebod wrote: Wed May 18, 2022 4:32 pm They charged you for broker-assisted trades. $25 per trade.
So if I hold 20 ETFs, I will be charged:

$50 + ($25 x 20) = $550

For an ACATS transfer? Ridiculous. Never going back to Schwab. Ever.
Did Schwab actually tell you that they charged you a broker-assisted trade fee/commission or are you responding to the speculation of the quoted poster?

What exactly does your transaction history show? Any fees will appear in your transaction history with the exact amount and a specific description. Please post a screenshot of the relevant portion or cut and paste the specific sections.
toddthebod
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by toddthebod »

galawdawg wrote: Wed May 18, 2022 7:29 pm
richard.h.gao wrote: Wed May 18, 2022 5:00 pm
toddthebod wrote: Wed May 18, 2022 4:32 pm They charged you for broker-assisted trades. $25 per trade.
So if I hold 20 ETFs, I will be charged:

$50 + ($25 x 20) = $550

For an ACATS transfer? Ridiculous. Never going back to Schwab. Ever.
Did Schwab actually tell you that they charged you a broker-assisted trade fee/commission or are you responding to the speculation of the quoted poster?

What exactly does your transaction history show? Any fees will appear in your transaction history with the exact amount and a specific description. Please post a screenshot of the relevant portion or cut and paste the specific sections.
He can't show you a screenshot because his story doesn't add up. I'm 99% sure you can't buy fractional shares of ETFs at Schwab.
drk
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by drk »

toddthebod wrote: Wed May 18, 2022 10:11 pm He can't show you a screenshot because his story doesn't add up. I'm 99% sure you can't buy fractional shares of ETFs at Schwab.
You can with DRIP. That said, I've had Schwab sell fractional shares when I transferred out, and I was not charged a commission for doing so.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
toddthebod
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by toddthebod »

drk wrote: Wed May 18, 2022 10:22 pm
toddthebod wrote: Wed May 18, 2022 10:11 pm He can't show you a screenshot because his story doesn't add up. I'm 99% sure you can't buy fractional shares of ETFs at Schwab.
You can with DRIP. That said, I've had Schwab sell fractional shares when I transferred out, and I was not charged a commission for doing so.
Then I don't know what's going on. The only thing that's $25 on this page: https://www.schwab.com/pricing is broker-assisted trades. I guess we'll just have to wait and see if he gives any more information.
drk
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by drk »

toddthebod wrote: Wed May 18, 2022 10:40 pm Then I don't know what's going on. The only thing that's $25 on this page: https://www.schwab.com/pricing is broker-assisted trades. I guess we'll just have to wait and see if he gives any more information.
Yes, it would be great if that user provided any actual information.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
richard.h.gao
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by richard.h.gao »

galawdawg wrote: Wed May 18, 2022 7:29 pm
richard.h.gao wrote: Wed May 18, 2022 5:00 pm
toddthebod wrote: Wed May 18, 2022 4:32 pm They charged you for broker-assisted trades. $25 per trade.
So if I hold 20 ETFs, I will be charged:

$50 + ($25 x 20) = $550

For an ACATS transfer? Ridiculous. Never going back to Schwab. Ever.
Did Schwab actually tell you that they charged you a broker-assisted trade fee/commission or are you responding to the speculation of the quoted poster?

What exactly does your transaction history show? Any fees will appear in your transaction history with the exact amount and a specific description. Please post a screenshot of the relevant portion or cut and paste the specific sections.
Level 1 support said it was exchange fees. Level 2 support had no idea what it was and reversed the charges, so can't screenshot anymore.

All the individual liquidations were under $25. For each security the "Fees & Comm" showed the same amount as the "Quantity" column multiplied by the "Price" column with the "Amount" column showing $0.00.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

richard.h.gao wrote: Wed May 18, 2022 10:45 pm
galawdawg wrote: Wed May 18, 2022 7:29 pm
richard.h.gao wrote: Wed May 18, 2022 5:00 pm
toddthebod wrote: Wed May 18, 2022 4:32 pm They charged you for broker-assisted trades. $25 per trade.
So if I hold 20 ETFs, I will be charged:

$50 + ($25 x 20) = $550

For an ACATS transfer? Ridiculous. Never going back to Schwab. Ever.
Did Schwab actually tell you that they charged you a broker-assisted trade fee/commission or are you responding to the speculation of the quoted poster?

What exactly does your transaction history show? Any fees will appear in your transaction history with the exact amount and a specific description. Please post a screenshot of the relevant portion or cut and paste the specific sections.
Level 1 support said it was exchange fees. Level 2 support had no idea what it was and reversed the charges, so can't screenshot anymore.

All the individual liquidations were under $25. For each security the "Fees & Comm" showed the same amount as the "Quantity" column multiplied by the "Price" column with the "Amount" column showing $0.00.
Very odd. I was curious about what you reported so I asked my Schwab consultant yesterday about this. He said there are no commissions or fees involved in an in-kind ACATS transfer-out other than the transfer-out fee per account. Fractional ETF shares would be liquidated and the cash proceeds would transfer either with the shares or in a second "sweep-up" transfer about a week later. Again, no commission or trade fees involved.

Perhaps there was some error or glitch when your ACATS transfer was processed, but if I understand you correctly, Schwab quickly removed all of the charges you took issue with. If so, glad it worked out in the end. :beer
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