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

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

Post by mangorunner »

Question about Tax-Loss Harvesting and Schwab's reporting for the following situation:

My understanding is, if I purchase shares and two weeks later, sell them all, (having purchased no other substantially identical shares either 30 days before or after the sale date), it is not a wash sale. (See #1 "Selling All": https://fairmark.com/investment-taxatio ... ent-stock/)

My question is whether or not Schwab sees it the same way? Will Schwab report a sale of 14-day old investment as a wash sale? Of if I sell all shares, does Schwab recognize that it is not a wash sale? Anyone have any experience with this? Thanks very much in advance!
sycamore
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by sycamore »

mangorunner wrote: Thu May 19, 2022 12:22 pm Question about Tax-Loss Harvesting and Schwab's reporting for the following situation:

My understanding is, if I purchase shares and two weeks later, sell them all, (having purchased no other substantially identical shares either 30 days before or after the sale date), it is not a wash sale. (See #1 "Selling All": https://fairmark.com/investment-taxatio ... ent-stock/)

My question is whether or not Schwab sees it the same way? Will Schwab report a sale of 14-day old investment as a wash sale? Of if I sell all shares, does Schwab recognize that it is not a wash sale? Anyone have any experience with this? Thanks very much in advance!
I've seen reports of people who enter an order to sell all shares from multiple lots, but the sell order is executed in multiple parts. Some of the parts may get classified as a wash sale.

Sometimes it's referred to as a "temporary wash sale." The disallowed loss is also temporary - the loss is transferred to another lot that also gets sold, at which point you'll get to recoup the full loss.

Regardless of how Schwab reports things, do you think you'll know how to prepare your tax return?
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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: Thu May 19, 2022 3:56 pm I've seen reports of people who enter an order to sell all shares from multiple lots, but the sell order is executed in multiple parts. Some of the parts may get classified as a wash sale.

Sometimes it's referred to as a "temporary wash sale." The disallowed loss is also temporary - the loss is transferred to another lot that also gets sold, at which point you'll get to recoup the full loss.

Regardless of how Schwab reports things, do you think you'll know how to prepare your tax return?
Thank you for your help.

I've experienced multiple-part sales and Schwab's creation of irrelevant wash sales. I know how to deal with that and realize that it has no overall effect. I got familiar with https://www.bogleheads.org/wiki/Wash_sa ... wash_sales last year. :D

Yes, I do know how I will prepare my tax return. No problem with understanding long/short, gain/loss, covered/non-covered. Quite a long time ago, I created a tax spreadsheet that calculates my taxes, including all kinds of what-if conditions, down to the dollar. Have it up and running for 2022 and already know exactly where I stand for 2022.

The only question I have is if Schwab will treat the sale of a less-than-30-day holding as a wash sale. (I just want to make sure that Schwab has read Fairmark. :wink: )
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LazyNihilist
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by LazyNihilist »

I just completed a transfer of my assets from Vanguard to Schwab.
For me the reasons for moving to Schwab were in decreasing order of importance
1. I wanted to use Authenticator App based 2fa. This was my biggest pet peeve with Vanguard. If they had this, I would probably have stayed.
2. Bonus. I managed to get $4000. (Will deposit in 45 days). I moved $1M. Had to talk to the Sales Rep. who was very helpful. I initially asked to match E-Trade's $3500, the rep did one better and saw that I had $$$ in multiple accounts like IRA/Brokerage, etc. and structured the transfers in a way to get the $4K bonus.
3. Simplifying my accounts. I am using Schwab bank for all my banking needs and it's easy to have one less login to worry about.

I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.

I was able to do an 'Exchange' of Vanguard funds on the SAME day by putting 2 separate orders of Buy and Sell.
I had to request that my Mutual Fund Cost Basis be modified to Tax Lot Optimized rather than Average Cost.

I also have a Individual 401(k) at Vanguard which I am moving to Schwab.

This thread was extremely helpful during the whole process. Thanks Galawdawg and other posters.
The strong do what they can and the weak suffer what they must -Thucydides
student
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by student »

Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
nalor511
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by nalor511 »

student wrote: Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Even if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix it 8-)
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by student »

nalor511 wrote: Thu May 26, 2022 2:08 pm
student wrote: Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Even if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix it 8-)
That's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.

Thanks again for the info.
nalor511
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by nalor511 »

student wrote: Thu May 26, 2022 2:16 pm
nalor511 wrote: Thu May 26, 2022 2:08 pm
student wrote: Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Even if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix it 8-)
That's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.

Thanks again for the info.
Well I don't know about for you, but my sales always show weirdness T+0 (sale date), and show correctly T+1 (day after sale), so I would check it tomorrow. I've not had to reassign a lot because of this at Schwab, but I've had to do it at Fidelity once or twice
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by student »

nalor511 wrote: Thu May 26, 2022 2:32 pm
student wrote: Thu May 26, 2022 2:16 pm
nalor511 wrote: Thu May 26, 2022 2:08 pm
student wrote: Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Even if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix it 8-)
That's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.

Thanks again for the info.
Well I don't know about for you, but my sales always show weirdness T+0 (sale date), and show correctly T+1 (day after sale), so I would check it tomorrow. I've not had to reassign a lot because of this at Schwab, but I've had to do it at Fidelity once or twice
Thanks. I will check tomorrow.
rkhusky
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by rkhusky »

student wrote: Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Note that there is a difference between selecting which shares to sell and whether the cost basis is actual cost or average cost. I am not sure how Schwab handles that.

Here is a thread about changing the default to specific ID:
viewtopic.php?t=372280
student
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by student »

rkhusky wrote: Thu May 26, 2022 3:14 pm
student wrote: Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Note that there is a difference between selecting which shares to sell and whether the cost basis is actual cost or average cost. I am not sure how Schwab handles that.

Here is a thread about changing the default to specific ID:
viewtopic.php?t=372280
Thanks for the info. Sorry, I did not give enough info. It was not on mutual fund, I did a trade on ITOT.
student
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by student »

nalor511 wrote: Thu May 26, 2022 2:32 pm
student wrote: Thu May 26, 2022 2:16 pm
nalor511 wrote: Thu May 26, 2022 2:08 pm
student wrote: Thu May 26, 2022 1:59 pm Learned something new about Schwab today. I did a TLH trade today. Since my account has a default First-in-first-out method, I changed it to specific shares for the order. After the execution, I checked the tax lots and it seems that they sold from the oldest lot. I chatted with an agent and he assured me that it is showing incorrectly because the trade has not been settled yet. Almost gave me a heart attack.
Even if you'd done it wrong, you have 2 days (until settlement) to "reassign lots" - so on the chance that something should go wrong, you still would have time to fix it 8-)
That's good to know in the future if I accidentally click the incorrect button. But given that Schwab is showing it correctly until settlement date, how would I know whether there is a mistake? I have submitted a request to change the default to high cost first, so this should help.

Thanks again for the info.
Well I don't know about for you, but my sales always show weirdness T+0 (sale date), and show correctly T+1 (day after sale), so I would check it tomorrow. I've not had to reassign a lot because of this at Schwab, but I've had to do it at Fidelity once or twice
Thank you so much. I checked today T+1 and you are right. The correct lots were sold. I even compared the cost basis of the remaining lot with the original buy order to make sure that there is no mistake.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by G-Force »

LazyNihilist wrote: Fri May 20, 2022 3:35 pm I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
Were you able to get this by talking to reps online, do did you have to go meet with a financial advisor in person?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by nalor511 »

G-Force wrote: Mon May 30, 2022 7:42 pm
LazyNihilist wrote: Fri May 20, 2022 3:35 pm I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
Were you able to get this by talking to reps online, do did you have to go meet with a financial advisor in person?
You just need to talk to your dedicated rep, online or otherwise. Regular CS rep cannot do.
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LazyNihilist
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by LazyNihilist »

G-Force wrote: Mon May 30, 2022 7:42 pm
LazyNihilist wrote: Fri May 20, 2022 3:35 pm I also got a fee waiver on all Vanguard, Fidelity, Dodge & Cox mutual fund transactions. I only requested for waiver on Vanguard. This was important for me because I still believe Vanguard funds are the best and I wouldn't have moved to Schwab without this waiver. I might have gone to E-Trade.
Were you able to get this by talking to reps online, do did you have to go meet with a financial advisor in person?
I didn't meet anyone in person. But as nalor511 said above, you sort of get a dedicated sales rep. who was very helpful with all my requests.
The strong do what they can and the weak suffer what they must -Thucydides
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by billthecat »

Schwab's "complementary financial plan" (monte carlo retirement tool) seems to have disappeared. Anyone else experience this?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

billthecat wrote: Fri Jun 03, 2022 8:32 pm Schwab's "complementary financial plan" (monte carlo retirement tool) seems to have disappeared. Anyone else experience this?
It is still there for me. At the top menu (desktop browser), hover over Products then in the menus that pop-up below, you should see Financial Planning and under that Complimentary Plan.

Image

Hope that helps!
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billthecat
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by billthecat »

galawdawg wrote: Sat Jun 04, 2022 7:23 am
billthecat wrote: Fri Jun 03, 2022 8:32 pm Schwab's "complementary financial plan" (monte carlo retirement tool) seems to have disappeared. Anyone else experience this?
It is still there for me. At the top menu (desktop browser), hover over Products then in the menus that pop-up below, you should see Financial Planning and under that Complimentary Plan.

Image

Hope that helps!
What happens when you select that though?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

Did you actually click on that link? If so, what happened?

When I click on that link I get a screen with a blue button labeled "Get your complimentary plan." Clicking on that takes me to another screen with a blue button labeled "Get your plan." Clicking on that takes me to a screen with a green button labeled "Go to Your Plan." The next screen has a blue button, "Start Planning" which puts you at the first screen of your plan "About You."

This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by billthecat »

galawdawg wrote: Sun Jun 05, 2022 5:01 am Did you actually click on that link? If so, what happened?

When I click on that link I get a screen with a blue button labeled "Get your complimentary plan." Clicking on that takes me to another screen with a blue button labeled "Get your plan." Clicking on that takes me to a screen with a green button labeled "Go to Your Plan." The next screen has a blue button, "Start Planning" which puts you at the first screen of your plan "About You."

This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
I click on that link every few days and it used to work as you describe but then it stopped going to the plan, which is why I asked my question in the first place. It's not the menu item that's missing but rather the plan itself. I asked you what happens when you click on that link to see if I was the only one experiencing this, as that, at least, would provide a data point to help diagnose whether it's an issue on my end or Schwab's. Essentially a more polite way of asking "did you actually click on that link." Here's what I see when I click on that link, both when I posed the question originally and just now:

Image

And, no, going to "How to reach your goals" and then clicking on the button to get the plan does not work - it takes me to the same planning center page (which normally is how it is supposed to work but the planning center page gives no option to go to the plan, in my case). And, no, rebooting and clearing the cache did not help. Nor does using a different browser (Firefox).
galawdawg wrote: Sun Jun 05, 2022 5:01 am This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
That does not work either - the "view your plan" button takes me right back to the planning center page.
Last edited by billthecat on Sun Jun 05, 2022 10:22 am, edited 1 time in total.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

Looks like you'll need to contact Schwab then. Everything works as expected for me.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by VictorStarr »

billthecat wrote: Sun Jun 05, 2022 9:55 am
galawdawg wrote: Sun Jun 05, 2022 5:01 am This link may skip a few of the preliminary screens: https://client.schwab.com/App/accounts/ ... calculator
That does not work either - the "view your plan" button takes me right back to the planning center page.
For me it works as expected. I created new plan, logged out and modified newly created plan.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by G-Force »

BoxOfUpticks wrote: Mon Jan 03, 2022 7:16 am Schwab is most definitely a step up from both Vanguard and Fidelity! Although, i do miss OFX direct connect to download transactions.
How reliabile have you found the new Quicken downloading at Schwab? Has the transaction quality for checking and brokerage been as good as it was with direct connect? Since the dust has settled on the transition, have there been any downsides since everything switched over? Thanks.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by billthecat »

galawdawg wrote: Sun Jun 05, 2022 10:22 am Looks like you'll need to contact Schwab then. Everything works as expected for me.
It's quite strange. I spoke with Schwab earlier in the week, and they are unable to get to my plan (I think for customer support they're able to mimic my login and view the site just as I do). One thing I had not tried but they had me do was log in from a different device and connect over cellular - it made no difference, it always goes https://client.schwab.com/app/accounts/ ... ppointment with no button to go to the actual plan. So, I tried different devices, different browsers, wifi vs cellular, rebooting, and clearing the cache. And so now there is a ticket floating around Schwab but who knows when it will get fixed. I check periodically and so far no change, so my plan is effectively orphaned. It's no big deal though as there are plenty of other models for me to use.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by dual »

Does anyone know a way on the Schwab website to analyze my portfolio into asset classes like equities, fixed income, etc.? I found a way to do this on both Fidelity and E*TRADE but so far no luck on Schwab.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

Go to the Accounts menu, then Portfolio sub-menu and click on Schwab Portfolio Checkup.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by dual »

galawdawg wrote: Sat Jun 18, 2022 7:15 pm Go to the Accounts menu, then Portfolio sub-menu and click on Schwab Portfolio Checkup.
thanks. I had to tell them my investment philosophy. I seem to be a moderate conservative.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by vaylie »

I opened a checking and linked brokerage account at Schwab today and if my balance is not high enough to build a treasury ladder (I don't plan to keep more than $1k in it regularly), what's my next best option for getting a bit of interest on my money? The money market funds? I'm more used to HYSAs where the given APY is exactly what it says on the label, but with money market funds, there's also the expenses to take into account. I'm also confused about how reliable the yield is?

For example, SWVXX has a 0.97% 7-day yield listed on the website, but in the prospectus, the total returns are much lower (0.04% for 2021). Are money market accounts that much more volatile than HYSAs? Can we end up losing money in these accounts under non-catastrophic circumstances?

Ultimately I'm not *too* fussed about getting a huge return on my checking/brokerage account, since short-term liquidity is much more important to me and my balance is low, but I'd like to understand these funds better if I can.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by increment »

vaylie wrote: Mon Jun 20, 2022 6:49 pm I'm more used to HYSAs where the given APY is exactly what it says on the label
But they can change the rate at any time for any reason.
For example, SWVXX has a 0.97% 7-day yield listed on the website, but in the prospectus, the total returns are much lower (0.04% for 2021). Are money market accounts that much more volatile than HYSAs?
Maybe. A money-market fund's yield should reflect the short-term bond market (less fund expenses). An HYSA's rate changes according to the bank's marketing needs.
Can we end up losing money in these accounts under non-catastrophic circumstances?
I doubt it. For additional safety and liquidity, you could consider one of the government money-market funds.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by jeffyscott »

vaylie wrote: Mon Jun 20, 2022 6:49 pmThe money market funds? I'm more used to HYSAs where the given APY is exactly what it says on the label, but with money market funds, there's also the expenses to take into account.
No, the reported yield is net of expenses. So, in the case of SWVXX you would have collected interest at an annualized rate of 0.97% over the prior 7 days, if that was the reported yield.

If you are only going to keep <$1K in the account, the difference between that and getting ~0 from the checking account or settlement account is less than $10 per year.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by J295 »

I find online a $1k bonus for a friend referral to Schwab and a $500k transfer to Schwab.

Anyone aware of higher bonus for higher transfer?

Cross posting this question on transfer bonus thread.

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

Post by CoffeeQID »

What's the best money market account for Schwab? I just put some money into SWVXX but unsure if that's the best one. I'm located in New York and I see there are some NY tax free funds? Would those maybe be better options? I just want the highest yield.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by CoffeeQID »

What's the best money market account for Schwab? I just put some money into SWVXX but unsure if that's the best one. I'm located in New York and I see there are some NY tax free funds? Would those maybe be better options? I just want the highest yield.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by toddthebod »

vaylie wrote: Mon Jun 20, 2022 6:49 pm For example, SWVXX has a 0.97% 7-day yield listed on the website, but in the prospectus, the total returns are much lower (0.04% for 2021). Are money market accounts that much more volatile than HYSAs? Can we end up losing money in these accounts under non-catastrophic circumstances?
Interest rates are a lot higher now than they were in 2021. Both of those numbers seem reasonable.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by increment »

CoffeeQID wrote: Thu Jun 30, 2022 2:50 pm I'm located in New York and I see there are some NY tax free funds? Would those maybe be better options? I just want the highest yield.
Here are your choices at Schwab. The Treasury Money Fund is exempt from state income tax. The Municipal Money Fund is exempt from federal income tax. The New York Municipal Money Fund is exempt from both.

The tax-free funds have lower yields. What is your marginal tax rate? That should determine whether the tax-free nature of those funds makes up for the lower yield.
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Thinking about switching to Schwab: some questions

Post by Kookaburra »

[Thread merged into here --admin LadyGeek]

I am preparing to leave Vanguard and transfer my holdings to Schwab. But I have a few questions that I’d appreciate if Schwab-based Bogleheads could help with:

1. Does Schwab offer a brokerage transfer bonus? If so:

(A) What are the tiers? Will it match other offers, such as eTrade?

(B) How does one proceed? I’ve heard that it requires a referral link. Anyone willing to provide me with one?

2. Does Schwab allow outgoing wires? If so:

(A) Up to what amount?

(B) Are they free?

3. Will they allow me to transfer/hold existing Vanguard mutual funds without a fee? And eventually sell without a fee?

Thank you
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Nate79
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Re: Thinking about switching to Schwab: some questions

Post by Nate79 »

Kookaburra wrote: Thu Jun 30, 2022 4:44 pm I am preparing to leave Vanguard and transfer my holdings to Schwab. But I have a few questions that I’d appreciate if Schwab-based Bogleheads could help with:

1. Does Schwab offer a brokerage transfer bonus? If so:

(A) What are the tiers? Will it match other offers, such as eTrade?

(B) How does one proceed? I’ve heard that it requires a referral link. Anyone willing to provide me with one?

2. Does Schwab allow outgoing wires? If so:

(A) Up to what amount?

(B) Are they free?

3. Will they allow me to transfer/hold existing Vanguard mutual funds without a fee? And eventually sell without a fee?

Thank you
Lots of info here:
viewtopic.php?t=355173
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galawdawg
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

J295 wrote: Fri Jun 24, 2022 11:15 am I find online a $1k bonus for a friend referral to Schwab and a $500k transfer to Schwab.

Anyone aware of higher bonus for higher transfer?

Cross posting this question on transfer bonus thread.

Thanks.
Schwab will often match bonus offers from other brokerages.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by LadyGeek »

I merged Kookaburra's thread into the ongoing discussion.

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

Post by jjunk »

I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by toddthebod »

jjunk wrote: Thu Jun 30, 2022 6:26 pm I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
I have literally never had that problem. The biggest annoyance I have with the website is that it logs you off so readily.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by increment »

toddthebod wrote: Thu Jun 30, 2022 7:13 pm The biggest annoyance I have with the website is that it logs you off so readily.
If you mean "too soon," then under the "Service" heading there is a page called "Security Center." About halfway down you can set the "Web Session Timeout" to be anything up to 1 hour.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Newaygo »

It started this morning. When I click on the Research tab, I get "This information is temporarily unavailable." If I click on the International tab I get a lower level of tabs such as U.S. Markets, Industries...I can get at the information. I also get the same message when I try to see transaction data for the accounts but have found no workaround.

I shut down the VPN, restarted the pc, cleaned the browser caches, ran CCleaner, and then accessed Schwab using Edge, Firefox, and Chrome. I still got: "This information is temporarily unavailable." I produced the same results on my second laptop. I called Schwab and they said that no one else has reported this problem. I spoke to the IT support person who said that I had gone through all the trouble steps. They had no explanation.

Does anyone have this problem?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

Everything works as expected on the website for me. No issues. And my internet speed is awful (about 1.2 Mbps down right now).
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by Newaygo »

This morning's good news - the web pages are now working.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by drzzzzz »

toddthebod wrote: Thu Jun 30, 2022 7:13 pm
jjunk wrote: Thu Jun 30, 2022 6:26 pm I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
I have literally never had that problem. The biggest annoyance I have with the website is that it logs you off so readily.
Logging off quickly was a concern of mine as well so spoke to my rep whose IT person said you can change the time that you can stay signed on till you automatically get logged off - I think the update to do that it is located in either settings or preferences since I made that change myself once I was told it was doable.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by drzzzzz »

drzzzzz wrote: Fri Jul 01, 2022 8:44 am
toddthebod wrote: Thu Jun 30, 2022 7:13 pm
jjunk wrote: Thu Jun 30, 2022 6:26 pm I moved all of my accounts to Schwab earlier this year. Thus far, customer service has been excellent and my assigned advisor has been 'meh'. My main complaint is the website seems to frequently not render correctly or have problems loading specific sections of a page. Does anyone else see this frequently? I tried other browsers and even other PCs, same issue. Does Schwab just have weird technical glitches on a more common basis than other brokers? I'm considering going back to Fidelity where I never had these issues because its quite annoying, especially if you need to place a trade.
I have literally never had that problem. The biggest annoyance I have with the website is that it logs you off so readily.
Logging off quickly was a concern of mine as well so spoke to my rep whose IT person said you can change the time that you can stay signed on till you automatically get logged off - I think the update to do that it is located in either settings or service since I made that change myself once I was told it was doable.
J295
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by J295 »

galawdawg wrote: Thu Jun 30, 2022 5:38 pm
J295 wrote: Fri Jun 24, 2022 11:15 am I find online a $1k bonus for a friend referral to Schwab and a $500k transfer to Schwab.

Anyone aware of higher bonus for higher transfer?

Cross posting this question on transfer bonus thread.

Thanks.
Schwab will often match bonus offers from other brokerages.
Thank you for the reply.

FYI, we have been at Fidelity 40 years and have a reasonable amount of funds there… And so I made an inquiry of our rep on what bonus they would provide on new accounts for my mom there, and they routed me right away to a specialist and offered the following:

$1 million transfer is a $2500 bonus and an additional $1000 for each million above that.

I (POA) had already transferred some of mom‘s money into Fidelity before the call, and they said they would do a 60 day look back and count that money.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by G-Force »

Talked to a local financial consultant at a branch about getting the Vanguard fee waiver on my Schwab accounts. I told him I would be transferring in a $260k IRA and heard I was eligible if my assets were over $250k. The consultant checked on the status of the fee waiver, called me back the next day, and told me you need to have 1 million in assets at Schwab to get the fee waiver. He asked his team if there were any exceptions and they said "no". Has anyone heard this before? I'm wondering if this is a new requirement or a mis-informed consultant.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A

Post by galawdawg »

G-Force wrote: Tue Jul 12, 2022 4:45 pm Talked to a local financial consultant at a branch about getting the Vanguard fee waiver on my Schwab accounts. I told him I would be transferring in a $260k IRA and heard I was eligible if my assets were over $250k. The consultant checked on the status of the fee waiver, called me back the next day, and told me you need to have 1 million in assets at Schwab to get the fee waiver. He asked his team if there were any exceptions and they said "no". Has anyone heard this before? I'm wondering if this is a new requirement or a mis-informed consultant.
Two things could be going on here. There have been a few reports that some offices have a higher threshold for granting a fee waiver for the purchase of Vanguard mutual funds. Schwab may have also changed that threshold when they increased the purchase fee for Vanguard mutual funds to match what Fidelity had been charging for a number of years.

Some in your situation who switch to Schwab choose to convert their mutual funds to the equivalent ETF at Vanguard before transferring in-kind. Others may transfer their Vanguard mutual funds but when making new purchases choose either an ETF or a mutual fund from a different fund family.

I personally divested of my Vanguard holdings in favor of Schwab offerings...for the funds I invest in I found that the Schwab funds offered expense ratios as low or lower than Vanguard's equivalent funds and performance that was on par over the long-term.

Hope that is helpful!
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