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

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

Post by DTalos »

galawdawg wrote: Sat Jan 22, 2022 12:13 pm
6NDone wrote: Sat Jan 22, 2022 11:37 am
galawdawg wrote: Sat Jan 22, 2022 11:28 am
6NDone wrote: Sat Jan 22, 2022 10:51 am
Regarding the fee wavier, thanks for confirming. It would be one thing if they would just say "you need to have ___ in assets for that" and make it an official policy, but when they use deceit and hide behind "a waiver simply doesn't exist" it doesn't give me a good feeling when I know that yourself and others here have confirmed to have the waiver. Makes me feel like I am dealing with Comcast or something trying to say the magic words to the right rep to get a deal I know is available to some just not to everyone.
I try not to attribute to malice or deception that which can be explained by misunderstanding or inexperience. I assume you spoke with a financial consultant at your closest branch about the fee waiver, is that a correct assumption? If so, have you considered reaching out to the manager of your branch for clarification or explanation?
True, it may be inexperience on their part, but I have a gut feeling there is more going on there. I asked twice. The first time was before my initial transfer and account creation. I did the chat function, that person had a consultant from an Arizona office call me. He was very nice and answered all of my questions, I think he said he worked for the company around 15 years and told me that Schwab does not, and has never, given a waiver on external mutual fund purchases. He seemed pretty experienced and I assume that a fee waiver, especially when there is a boilerplate email template a customer receives when they get it, would be something he would know about. That one really left a bad taste in my mouth as I felt I was being lied to directly to my face.

The second time I reached out to a consultant in my local area. Based on his bio, he was newer (I think he started with Schwab around 2018) and he was adamant that fees could not be waived and instead directed me to comparable Schwab funds (of which there is no equivalent for VWELX, VWINX, or VBIAX).

I can chalk up the second one to inexperience, but the not the first one. In the end, the $500 bonus won out for me and I made the switch to Schwab. I don't regret it, but it's hasn't been exactly perfect so far, and the little incidents add up over time and I am keeping an eye on the competition when my 12 month holding period for the sign on bonus is over.
It has been discussed before that those at Schwab who handle inquiries via online chat or the customer service number do not handle fee waivers. There is a process that the local Schwab office follows to request approval for fee waivers (and bonus matching). While there may be some chat and phone representatives who are aware of fee waivers and the approval process, it is likely that many, if not most, are not as they are not financial consultants working in branch offices. That's why in the FAQ, I noted that the best way to request a fee waiver was to contact a local Schwab consultant. (Perhaps you missed that recommendation when you initially contacted Schwab via online chat to ask about a fee waiver).

If you prefer not to follow-up with your branch manager and just let this leave a "bad taste in your mouth", that is certainly your choice. On the other hand, it can't hurt to ask and you may find it worth a few minutes of your time to call him/her.

No business can be all things to all people and you may find that Schwab does not meet your needs or desires. If you ultimately decide Schwab isn't the one, hope you find what works for you. :beer
The last paragraph is a good reason in my opinion to have accounts at different brokerages, just like with insurance, because no business can be all things to all people.
richard.h.gao
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by richard.h.gao »

I had $0 in my Schwab brokerage account for about a year and found out they automatically closed it without giving any notice before or after closure. Is that normal?
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

I had $0 for about a decade and it's still open, but the brokerage account is connected to a Schwab checking account.
tj
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by tj »

richard.h.gao wrote: Sat Jan 29, 2022 6:21 pm I had $0 in my Schwab brokerage account for about a year and found out they automatically closed it without giving any notice before or after closure. Is that normal?
Closing dormant $0 accounts would certainly appear to be a reasonable thing to do. Is it possible you moved and they sent the notification to an old address?
richard.h.gao
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by richard.h.gao »

tj wrote: Sat Jan 29, 2022 7:56 pm
richard.h.gao wrote: Sat Jan 29, 2022 6:21 pm I had $0 in my Schwab brokerage account for about a year and found out they automatically closed it without giving any notice before or after closure. Is that normal?
Closing dormant $0 accounts would certainly appear to be a reasonable thing to do. Is it possible you moved and they sent the notification to an old address?
No I didn't move and I still have some retirement accounts with them which I get notifications for.
yobery
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by yobery »

richard.h.gao wrote: Sat Jan 29, 2022 10:51 pm
tj wrote: Sat Jan 29, 2022 7:56 pm
richard.h.gao wrote: Sat Jan 29, 2022 6:21 pm I had $0 in my Schwab brokerage account for about a year and found out they automatically closed it without giving any notice before or after closure. Is that normal?
Closing dormant $0 accounts would certainly appear to be a reasonable thing to do. Is it possible you moved and they sent the notification to an old address?
No I didn't move and I still have some retirement accounts with them which I get notifications for.
I always keep $1 in accounts I do not want closed
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

richard.h.gao wrote: Sat Jan 29, 2022 10:51 pm
tj wrote: Sat Jan 29, 2022 7:56 pm
richard.h.gao wrote: Sat Jan 29, 2022 6:21 pm I had $0 in my Schwab brokerage account for about a year and found out they automatically closed it without giving any notice before or after closure. Is that normal?
Closing dormant $0 accounts would certainly appear to be a reasonable thing to do. Is it possible you moved and they sent the notification to an old address?
No I didn't move and I still have some retirement accounts with them which I get notifications for.
During the ~decade with $0, that I mentioned above, I had no other accounts aside from checking. They require a brokerage account in order to have checking, so that must be what kept it open for all those years.
tdi_gorilla
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by tdi_gorilla »

What are the benefits of moving accounts from Vanguard to Schwab?
sycamore
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by sycamore »

tdi_gorilla wrote: Sun Jan 30, 2022 8:24 am What are the benefits of moving accounts from Vanguard to Schwab?
Welcome to the forum tdi_gorilla?

Is there any specific aspect of brokerage / investing that you're interested in?

A good general place to start is the FAQ (Frequently Asked Questions) post in the first page of this thread. See viewtopic.php?p=6157663#p6157663.

If you read enough posts here on BH, you'll notice much frustration over Vanguard's slow customer service, broken Portfolio Watch feature, inconsistent/annoying web site, etc. For some people, the main benefit of moving is that they just don't have to deal with Vanguard anymore :beer
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by tdi_gorilla »

sycamore wrote: Sun Jan 30, 2022 9:03 am
tdi_gorilla wrote: Sun Jan 30, 2022 8:24 am What are the benefits of moving accounts from Vanguard to Schwab?
Welcome to the forum tdi_gorilla?

Is there any specific aspect of brokerage / investing that you're interested in?

A good general place to start is the FAQ (Frequently Asked Questions) post in the first page of this thread. See viewtopic.php?p=6157663#p6157663.

If you read enough posts here on BH, you'll notice much frustration over Vanguard's slow customer service, broken Portfolio Watch feature, inconsistent/annoying web site, etc. For some people, the main benefit of moving is that they just don't have to deal with Vanguard anymore :beer
Thank you sycamore. Long time lurker, first time posting. Hopefully I get it right.

I have been with Vanguard for about 30 years and in recent years have been less satisfied with customer service and longer hold times. Over the past year working to move accounts into an Inherited IRA has been the main frustration as the crew I’ve worked with have been not as helpful as I needed. So I’ve been exploring other firms such as Schwab or Fidelity.

My wants:

a) User friendly website as a long term DIY investor
b) Ability to know gain or loss against cost basis
c) Reasonable wait time if I need to call with knowledgeable staff
d) Low transaction fees across for mutual funds such as Vanguard or others
e) Ability to link accounts from others to see all assets and liabilities in one view/dashboard ( if not I’ll always keep my offline spreadsheet]
f) There may be other wants but a to d are the top ones.

Really trying to evaluate if switching to Schwab would be fruitful decision, at least in my eyes. Everyone likely has an opinion on one vs the other but I’m trying to see if the scales tilt in favor of Schwab more than 50/50 but something like 75/25.
sycamore
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by sycamore »

tdi_gorilla wrote: Sun Jan 30, 2022 10:29 am
Thank you sycamore. Long time lurker, first time posting. Hopefully I get it right.
Looks right to me!
tdi_gorilla wrote: Sun Jan 30, 2022 10:29 am I have been with Vanguard for about 30 years and in recent years have been less satisfied with customer service and longer hold times. Over the past year working to move accounts into an Inherited IRA has been the main frustration as the crew I’ve worked with have been not as helpful as I needed. So I’ve been exploring other firms such as Schwab or Fidelity.

My wants:

a) User friendly website as a long term DIY investor
b) Ability to know gain or loss against cost basis
c) Reasonable wait time if I need to call with knowledgeable staff
d) Low transaction fees across for mutual funds such as Vanguard or others
e) Ability to link accounts from others to see all assets and liabilities in one view/dashboard ( if not I’ll always keep my offline spreadsheet]
f) There may be other wants but a to d are the top ones.

Really trying to evaluate if switching to Schwab would be fruitful decision, at least in my eyes. Everyone likely has an opinion on one vs the other but I’m trying to see if the scales tilt in favor of Schwab more than 50/50 but something like 75/25.
a) I find it user-friendly enough. There's a bit of a learning curve but that's to be expected.

b) Daily and total gain/loss are on the "Positions" page for each position/holding/fund. You can drill down to see gain/loss on each lot as well.

c) I've had only limited interaction with their customer service. Not sure if there's any hard data on wait times; just anecdotes. I think one general rule applies to all brokers: avoid calling during the last couple weeks of the year when there seems to be greater call volume.

d) They do have a "no transaction fund" list but Vanguard is not on it. Schwab's index mutual funds are good, low-cost, and no-fee.

Schwab recently raised the fee to buy a Vanguard fund to $74.95. No fee to sell or hold. Schwab is known to grant a fee waiver on one fund family (including Vanguard) but you'll have to ask for it. Best change to get it is to call a local Schwab office about that as well as whether they'll offer a bonus for transferring assets.

e) Not sure about linking accounts at other custodians.
sycamore
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by sycamore »

galawdawg wrote: Thu Aug 05, 2021 8:53 am FAQ
galawdawg, here's a question that came up in another thread: viewtopic.php?f=1&t=369290. Not sure if it's frequently asked or not, but I think it's worth adding to your FAQ list.
  • Can I change the cost basis of mutual funds?
Yes, but there are some important restrictions. From Schwab's Cost Basis Disclosure Statement:

1. You can change the Cost Basis Accounting Method on your account:
Log in to Schwab.com, then go to Service > Account Settings, or complete and return the Change the Cost Basis Accounting Method on My Schwab Brokerage Account form located at Service > Account Servicing > Forms. You can also make a change by calling 1-800-435-4000.
...
The cost basis changes will apply from the date the method was changed on your account on a “go forward” manner. We will not retroactively apply these changes to your account.
2. You can revoke [and change] the Average Cost Basis Accounting Method:
You can “revoke” the use of the Average Cost Method for a “covered” security position by sending a written “revocation” notice to Schwab, if the following criteria are met:

(1) The original position was established* at Schwab less than one year ago and

(2) You have not sold, transferred (internally within Schwab or externally outside of Schwab), or disposed of any shares since the original position was established* at Schwab.

*“Established” means the original position was initially purchased at Schwab or transferred into Schwab from another financial institution.
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mangorunner
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by mangorunner »

sycamore wrote: Sun Jan 30, 2022 10:51 am galawdawg, here's a question that came up in another thread: viewtopic.php?f=1&t=369290. Not sure if it's frequently asked or not, but I think it's worth adding to your FAQ list.

2. You can revoke [and change] the Average Cost Basis Accounting Method:
Here's a supporting discussion and linked references to Schwab materials with precise instructions:
Revoking Average Cost Basis at Schwab
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jjunk »

@tdi_gorilla

I recently moved to Schwab in Jan 2022. Just wanted to let you know I've needed customer service several times and have used chat and phone. I never waited more than 2mins for a rep and my questions were all answered on the first call. WAY better than my experience with Merrill and less wait times than I had with Fidelity. Just wanted to share this one aspect with you. Ping me if you have any questions. Happy to share my experience so far.
ernest3
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by ernest3 »

Thanks for the info here. I pulled the trigger and started a transfer of my taxable account from Vanguard to Schwab. They matched the signup bonus published by a competitor, however, they would not agree to waive the fee to trade Vanguard funds.
6NDone
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by 6NDone »

Tonight concludes my Schwab experiment. After 3 months of technical glitches and weird happenings, I'm throwing in the towel. Around 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a Schwab debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main Schwab checking account to the Schwab ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.

So now it's back to Fidelity. The $500 from Schwab bonus was nice, but I can't trust their technology at this point after leaving me hanging out in public at an ATM. Too many tech problems in too short of a time.

Hope this info helps anyone else out there on the fence about switching; minute details about the nuts and bolts of brokerages and bank accounts is often hard to come by in reviews.

Image

Edited to clarify this transfer was between two Schwab checking accounts.
Last edited by 6NDone on Sat Feb 12, 2022 9:15 am, edited 1 time in total.
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CletusCaddy
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by CletusCaddy »

6NDone wrote: Fri Feb 11, 2022 10:21 pm Tonight concludes my Schwab experiment. After 3 months of technical glitches and weird happenings, I'm throwing in the towel. Around 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.

So now it's back to Fidelity. The $500 from Schwab bonus was nice, but I can't trust their technology at this point after leaving me hanging out in public at an ATM. Too many tech problems in too short of a time.

Hope this info helps anyone else out there on the fence about switching; minute details about the nuts and bolts of brokerages and bank accounts is often hard to come by in reviews.

Image
If you need money from a debit card at a moment’s notice, perhaps it would be wise to keep more than $0 on it?
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VictorStarr
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by VictorStarr »

6NDone wrote: Fri Feb 11, 2022 10:21 pm Tonight concludes my Schwab experiment. After 3 months of technical glitches and weird happenings, I'm throwing in the towel. Around 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.

So now it's back to Fidelity. The $500 from Schwab bonus was nice, but I can't trust their technology at this point after leaving me hanging out in public at an ATM. Too many tech problems in too short of a time.

Hope this info helps anyone else out there on the fence about switching; minute details about the nuts and bolts of brokerages and bank accounts is often hard to come by in reviews.

Image
It is a known problem - transfers initiated outside business hours may not become available till the following day or even the following business day. This issue is mentioned in FAQ.
At Fidelity transfers of settled funds are available instantly.
6NDone
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by 6NDone »

CletusCaddy wrote: Sat Feb 12, 2022 1:08 am
6NDone wrote: Fri Feb 11, 2022 10:21 pm Tonight concludes my Schwab experiment. After 3 months of technical glitches and weird happenings, I'm throwing in the towel. Around 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.

So now it's back to Fidelity. The $500 from Schwab bonus was nice, but I can't trust their technology at this point after leaving me hanging out in public at an ATM. Too many tech problems in too short of a time.

Hope this info helps anyone else out there on the fence about switching; minute details about the nuts and bolts of brokerages and bank accounts is often hard to come by in reviews.

Image
If you need money from a debit card at a moment’s notice, perhaps it would be wise to keep more than $0 on it?
Maybe you missed the part where I said I kept the ATM card at $0 for security in case my card is ever skimmed and transfer money to it as needed? Been doing this for years at various banks with no issues until now.
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

6NDone wrote: Fri Feb 11, 2022 10:21 pmAround 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.
So, if I understand correctly, this was an ACH transfer from a Schwab checking account to another checking account? I have never known such transfers to be instantaneous and rarely are they same day. I am not even sure if they occur during non-banking hours? But since I don't operate in a way that would require instantaneous transfers from one account to another (or use cash), perhaps I am missing something.

Why not just get a debit card for the Schwab bank account?
Schwab will cover losses in any of your Schwab accounts due to unauthorized activity.
The guarantee applies to all Schwab Bank products.
https://www.schwab.com/schwabsafe/security-guarantee
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VictorStarr
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by VictorStarr »

CletusCaddy wrote: Sat Feb 12, 2022 1:08 am
6NDone wrote: Fri Feb 11, 2022 10:21 pm Tonight concludes my Schwab experiment. After 3 months of technical glitches and weird happenings, I'm throwing in the towel. Around 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.

So now it's back to Fidelity. The $500 from Schwab bonus was nice, but I can't trust their technology at this point after leaving me hanging out in public at an ATM. Too many tech problems in too short of a time.

Hope this info helps anyone else out there on the fence about switching; minute details about the nuts and bolts of brokerages and bank accounts is often hard to come by in reviews.

Image
If you need money from a debit card at a moment’s notice, perhaps it would be wise to keep more than $0 on it?

One possible solution is to keep the debit card locked. When you need money unlock card using a mobile app, withdraw cash and immediately lock it.
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

VictorStarr wrote: Sat Feb 12, 2022 1:23 am At Fidelity transfers of settled funds are available instantly.
I'm not sure what you mean, but but when transferring from Fidelity to a bank the funds are certainly not available immediately. If a transfer to Fidelity is initiated at Fidelity, then you can immediately invest the funds but I do not think that you can withdraw the money from an ATM instantly. My understanding is that this was pushing money from Schwab to another bank in order to immediately withdraw it.

Would there have been any difference if the transfer had been initiated from the ATM bank that 6NDone uses? I don't know if a bank can or would allow the use of funds immediately upon initiating a transfer in :?: , it's not something that I have ever had a need to pay attention to.
6NDone
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by 6NDone »

jeffyscott wrote: Sat Feb 12, 2022 7:43 am
6NDone wrote: Fri Feb 11, 2022 10:21 pmAround 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.
So, if I understand correctly, this was an ACH transfer from a Schwab checking account to another checking account? I have never known such transfers to be instantaneous and rarely are they same day. I am not even sure if they occur during non-banking hours? But since I don't operate in a way that would require instantaneous transfers from one account to another (or use cash), perhaps I am missing something.

Why not just get a debit card for the Schwab bank account?
Schwab will cover losses in any of your Schwab accounts due to unauthorized activity.
The guarantee applies to all Schwab Bank products.
https://www.schwab.com/schwabsafe/security-guarantee
No, this was from one Schwab Checking account to another Schwab Checking account. Apparently at times Schwab cannot transfer between Schwab accounts "after hours" and will set the transfer to the next day.
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6NDone
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by 6NDone »

VictorStarr wrote: Sat Feb 12, 2022 8:13 am
CletusCaddy wrote: Sat Feb 12, 2022 1:08 am
6NDone wrote: Fri Feb 11, 2022 10:21 pm Tonight concludes my Schwab experiment. After 3 months of technical glitches and weird happenings, I'm throwing in the towel. Around 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.

So now it's back to Fidelity. The $500 from Schwab bonus was nice, but I can't trust their technology at this point after leaving me hanging out in public at an ATM. Too many tech problems in too short of a time.

Hope this info helps anyone else out there on the fence about switching; minute details about the nuts and bolts of brokerages and bank accounts is often hard to come by in reviews.

Image
If you need money from a debit card at a moment’s notice, perhaps it would be wise to keep more than $0 on it?

One possible solution is to keep the debit card locked. When you need money unlock card using a mobile app, withdraw cash and immediately lock it.
That's a good idea, thanks, I will look into that.
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jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

6NDone wrote: Sat Feb 12, 2022 8:44 am No, this was from one Schwab Checking account to another Schwab Checking account. Apparently at times Schwab cannot transfer between Schwab accounts "after hours" and will set the transfer to the next day.
Okay, I understand the complaint, then. Not something that I care about at all, but since you do, going somewhere where that will work makes sense.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Nate79 »

6NDone wrote: Sat Feb 12, 2022 8:53 am
VictorStarr wrote: Sat Feb 12, 2022 8:13 am
CletusCaddy wrote: Sat Feb 12, 2022 1:08 am
6NDone wrote: Fri Feb 11, 2022 10:21 pm Tonight concludes my Schwab experiment. After 3 months of technical glitches and weird happenings, I'm throwing in the towel. Around 9:30 tonight, 2/11/2022, I needed to withdraw some cash. I carry a debit card with a $0 balance exclusively for ATM use and transfer money into it as needed. I go in the app to transfer from my main checking account to the ATM account, I get a confirmation page, go the ATM and the transaction is denied. Tried a few more times, all denied.

Upon trying to transfer the money from the main checking to the ATM checking for the 5th time I spot the problem -- today's date of 2/11 is not available as a transfer date, only 2/12 and on. And this is a transfer between two checking accounts, not brokerage accounts. I have never seen such in my life for a simple transfer between two checking or savings accounts.

So now it's back to Fidelity. The $500 from Schwab bonus was nice, but I can't trust their technology at this point after leaving me hanging out in public at an ATM. Too many tech problems in too short of a time.

Hope this info helps anyone else out there on the fence about switching; minute details about the nuts and bolts of brokerages and bank accounts is often hard to come by in reviews.

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If you need money from a debit card at a moment’s notice, perhaps it would be wise to keep more than $0 on it?

One possible solution is to keep the debit card locked. When you need money unlock card using a mobile app, withdraw cash and immediately lock it.
That's a good idea, thanks, I will look into that.
This is what I do as well with our Schwab debit card. It's only unlocked as I'm just about to stick it in the ATM and locked right after.
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VictorStarr
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by VictorStarr »

jeffyscott wrote: Sat Feb 12, 2022 8:26 am
VictorStarr wrote: Sat Feb 12, 2022 1:23 am At Fidelity transfers of settled funds are available instantly.
I'm not sure what you mean, but but when transferring from Fidelity to a bank the funds are certainly not available immediately. If a transfer to Fidelity is initiated at Fidelity, then you can immediately invest the funds but I do not think that you can withdraw the money from an ATM instantly. My understanding is that this was pushing money from Schwab to another bank in order to immediately withdraw it.

Would there have been any difference if the transfer had been initiated from the ATM bank that 6NDone uses? I don't know if a bank can or would allow the use of funds immediately upon initiating a transfer in :?: , it's not something that I have ever had a need to pay attention to.
I meant transfer from one Fidelity account to another Fidelity account (brokerage or CMA). I replied to 6NDone who had problem with delay while transferring money from his main Schwab checking account to another Schwab ATM account.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by theac »

Nate79 wrote: Sat Feb 12, 2022 10:46 am
This is what I do as well with our Schwab debit card. It's only unlocked as I'm just about to stick it in the ATM and locked right after.
I may start doing that with my cards.
Sounds like a great idea!

But what if you have a subscription that automatically bills your credit card each month?

Will they recognize that company as a recurring bill and continue paying it even if your card is locked?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Nate79 »

theac wrote: Sat Feb 12, 2022 7:58 pm
Nate79 wrote: Sat Feb 12, 2022 10:46 am
This is what I do as well with our Schwab debit card. It's only unlocked as I'm just about to stick it in the ATM and locked right after.
I may start doing that with my cards.
Sounds like a great idea!

But what if you have a subscription that automatically bills your credit card each month?

Will they recognize that company as a recurring bill and continue paying it even if your card is locked?
To clarify I lock the debit card. And I only use the debit card for cash out of the ATM. It remains locked and unused at all other times. The checking account its linked to is not locked. You can still do bill pay, checks, ACH drafts, etc. I separately use credit cards as much as possible.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by theac »

Nate79 wrote: Sat Feb 12, 2022 8:08 pm
theac wrote: Sat Feb 12, 2022 7:58 pm
Nate79 wrote: Sat Feb 12, 2022 10:46 am
This is what I do as well with our Schwab debit card. It's only unlocked as I'm just about to stick it in the ATM and locked right after.
I may start doing that with my cards.
Sounds like a great idea!

But what if you have a subscription that automatically bills your credit card each month?

Will they recognize that company as a recurring bill and continue paying it even if your card is locked?
To clarify I lock the debit card. And I only use the debit card for cash out of the ATM. It remains locked and unused at all other times. The checking account its linked to is not locked. You can still do bill pay, checks, ACH drafts, etc. I separately use credit cards as much as possible.
OK thanks for clearing that up.
Will lock my ATM cards, and call my credit card to see how that is handled.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by yobery »

You guys with the Schwab VG MF fee waiver - has anyone tried to see if it's now expanded to Fidelity MF Fees waived as well without any action/change by your advisor?

Edit: To answer my own question, YES Fidelity MF now seem to have no transaction fee to purchase for user with previous VG MF fee waiver.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by sycamore »

yobery wrote: Wed Feb 23, 2022 11:26 am You guys with the Schwab VG MF fee waiver - has anyone tried to see if it's now expanded to Fidelity MF Fees waived as well without any action/change by your advisor?

Edit: To answer my own question, YES Fidelity MF now seem to have no transaction fee to purchase for user with previous VG MF fee waiver.
Yes for me. The "Fund Facts & Fees" page for FPURX showed the usual transaction fee $74.95. But when I went through the steps to buy it (prior to submit), it said "The transaction fee for this buy order is $ 0.00."
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

Same here, no transaction fee when I go to the "review order" step for a Fidelity fund.

However, the first fund I tried was a fidelity index fund and it said it was available only to existing investors. After checking a few other index funds, that may be the case for all Fidelity index funds.
For example: https://www.schwab.com/research/mutual- ... fees/fskax
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Schwab auto transfer question.

Post by Senecabuck »

Earlier in the thread someone mentioned that Schwab would not auto transfer funds unless you had their Intelligent Portfolio service. Am I understanding this correctly? Can one not have a self directed brokerage account at Schwab and set up monthly auto transfers to an external bank? How about auto transfers to a Schwab CMA?
Thinking of retiring next year and looking for the right place to roll the 401K money to.

Thank you.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by 6NDone »

I'm having another weird tech issue with Schwab and wondering if anyone else has experienced this. I cannot set up an automatic investment into a Schwab mutual fund. I just chatted with Schwab about it and their response was "this is a Schwab system issue that happens from time to time. You can try a different browser."

I tried two different Schwab funds, and each time resulted in the same: the automatic appears to go through, I even received a confirmation page, but it doesn't actually apply. When I return to the main menu for automatic investing, the plan is not active. I've tried Chrome, Firefox, and Edge, nothing works.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by yobery »

6NDone wrote: Fri Feb 25, 2022 5:09 pm I'm having another weird tech issue with Schwab and wondering if anyone else has experienced this. I cannot set up an automatic investment into a Schwab mutual fund. I just chatted with Schwab about it and their response was "this is a Schwab system issue that happens from time to time. You can try a different browser."

I tried two different Schwab funds, and each time resulted in the same: the automatic appears to go through, I even received a confirmation page, but it doesn't actually apply. When I return to the main menu for automatic investing, the plan is not active. I've tried Chrome, Firefox, and Edge, nothing works.
Do you have ad blocking running? That caused some issues with UPS for me, might be something similar
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by 6NDone »

yobery wrote: Fri Feb 25, 2022 5:49 pm
6NDone wrote: Fri Feb 25, 2022 5:09 pm I'm having another weird tech issue with Schwab and wondering if anyone else has experienced this. I cannot set up an automatic investment into a Schwab mutual fund. I just chatted with Schwab about it and their response was "this is a Schwab system issue that happens from time to time. You can try a different browser."

I tried two different Schwab funds, and each time resulted in the same: the automatic appears to go through, I even received a confirmation page, but it doesn't actually apply. When I return to the main menu for automatic investing, the plan is not active. I've tried Chrome, Firefox, and Edge, nothing works.
Do you have ad blocking running? That caused some issues with UPS for me, might be something similar
I did the first few times I tried but then switched to a browser without any ad blockers turned on, same results. I’m going to try again next week and see what happens. It’s a very odd bug and kind of puzzling that they know about it and haven’t gotten around to fixing it.
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Wire transfers at Schwab

Post by Kookaburra »

[Thread merged into here --admin LadyGeek]

I would like to find out what sort of wire capabilities and “perks” Schwab offers for brokerage accounts. Here are my questions. I appreciate the help!

1. Are outgoing wires free?

2. Is there a $ limit on outgoing wires, and if so, what is it?

3. Does Schwab have a “title wire” service that allows for higher wire limits when transferring to a title or escrow company for a real estate purchase?
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Re: Wire transfers at Schwab

Post by whodidntante »

Incoming wires are free, outgoing is $15 if done online. I don't know the limit. Call them up.
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Re: Wire transfers at Schwab

Post by yobery »

Here is the information, but you can easily contact Schwab via Live chat or Secure email any time you have a question. You should contact them. They are very responsive.

https://www.schwab.com/legal/schwab-pri ... -investors

Wire transfer Outgoing† $25 per transfer; $15 per transfer if submitted online

Wire transfer Incoming - No fee


Special Service Fee Waiver

Wire transfer fee: With $100,000 or more in Household Balances, you will receive three free online domestic wire transfers per quarter
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Re: Wire transfers at Schwab

Post by Kookaburra »

yobery wrote: Sun Feb 27, 2022 9:08 pm Here is the information, but you can easily contact Schwab via Live chat or Secure email any time you have a question. You should contact them. They are very responsive.

https://www.schwab.com/legal/schwab-pri ... -investors

Wire transfer Outgoing† $25 per transfer; $15 per transfer if submitted online

Wire transfer Incoming - No fee


Special Service Fee Waiver

Wire transfer fee: With $100,000 or more in Household Balances, you will receive three free online domestic wire transfers per quarter
Thank you. I do not have a Schwab account, which makes it harder to reach them with chat or secure email.
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Re: Wire transfers at Schwab

Post by whodidntante »

yobery wrote: Sun Feb 27, 2022 9:08 pm Wire transfer fee: With $100,000 or more in Household Balances, you will receive three free online domestic wire transfers per quarter
I didn't know that. Thanks.
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Re: Wire transfers at Schwab

Post by yobery »

Kookaburra wrote: Sun Feb 27, 2022 9:13 pm
yobery wrote: Sun Feb 27, 2022 9:08 pm Here is the information, but you can easily contact Schwab via Live chat or Secure email any time you have a question. You should contact them. They are very responsive.

https://www.schwab.com/legal/schwab-pri ... -investors

Wire transfer Outgoing† $25 per transfer; $15 per transfer if submitted online

Wire transfer Incoming - No fee


Special Service Fee Waiver

Wire transfer fee: With $100,000 or more in Household Balances, you will receive three free online domestic wire transfers per quarter
Thank you. I do not have a Schwab account, which makes it harder to reach them with chat or secure email.
You can join with no money and get all your questions addressed before you fund even $1 :)
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by LadyGeek »

Kookaburra - I merged your thread into the ongoing discussion. The combined thread is in the Investing - Theory, News & General forum (general discussion).

(Thanks to the member who reported the post.)
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

Is there anyway to get Schwab to stop telling you that: "Your voice ID is active...", every single time you log on?

Activating that feature results in screen reporting this with every log on. There is a full screen devoted to this and a button to "go to accounts".

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

Post by Lazareth »

jeffyscott wrote: Sat Mar 05, 2022 7:37 am Is there anyway to get Schwab to stop telling you that: "Your voice ID is active...", every single time you log on?
Have you phoned-in since activating voice ID? That might cancel the screen message. I still get the "Your voice is your ID" voice message when I call in (which is not very often).
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

Lazareth wrote: Sat Mar 05, 2022 10:04 am
jeffyscott wrote: Sat Mar 05, 2022 7:37 am Is there anyway to get Schwab to stop telling you that: "Your voice ID is active...", every single time you log on?
Have you phoned-in since activating voice ID? That might cancel the screen message. I still get the "Your voice is your ID" voice message when I call in (which is not very often).
We rarely call, but had to a couple months ago and this was set up on that call. And I think there was a follow up call a few days later where the voice "password" was used.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by mangorunner »

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

Post by galawdawg »

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 don't know. That would be a great question to ask your Schwab financial consultant!
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by geekfam »

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.
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