Move Money

Overview: Move money

Moving money is one of the most important tasks you complete for your clients, and the Schwab Advisor Center® move money tool allows you to complete this critical task in the most secure and efficient way possible.

Use these resources to get an overview of the tool, and scroll down to see the latest enhancements.

June 2019 (0619-973F)

Now available for checks and wires: expanded first-party definition

As a result of the SEC’s 2017 guidance on the Custody Rule, Schwab has implemented new policies relating to our definitions of first-party money movements. Schwab’s expanded definition of first-party money movements has now launched for checks and wires. These new definitions have already been applied to Schwab MoneyLink®, and journal transactions.

With this change, a wider variety of transactions can now be considered first-party at Schwab (e.g., a check from John Doe Revocable Trust — where John is the sole trustee, grantor and beneficiary — payable to John himself). As a reminder, withdrawal authority on an account allows you to distribute checks payable to a first party and mailed to the address on file. You will continue to submit your check requests using normal operating procedures.

To review the acceptable account registrations, underlying registrations, and underlying conditions that must be met for a transaction to be considered first-party, review our Guide to Custody Rule and move money authorities .

Visit our refreshed service guide page to download the interactive overview to explore a list of topics and frequently asked questions related to the Custody Rule.

August 2019 (0819-9ESJ)

Expanded guided tutorials now include journals

Earlier this year, we announced new contextual help functionality on the Move Money tab that walked users through important functional areas. This month we are expanding this functionality to provide a complete, step-by-step walkthrough of the process of creating a cash and position journal request on Schwab Advisor Center’s Move Money tools.

Simply click the “Guide Me through a journal transaction” link at the top of the journals page, and the system will guide you through the entire workflow, including the option of choosing convenient, secure eAuthorization to allow your clients to approve with a few taps on their mobile devices or desktop computers.

We will be expanding this functionality to other popular areas of Schwab Advisor Center®. We look forward to hearing your feedback on these and our other enhancements designed to make it easier for you and your clients to work with Schwab.

August 2019 (0819-9ESJ)

Expanded guided tutorials now include move money check and wire requests

Earlier this year, we announced new contextual help on the Move Money tab that walks users through the important functional areas of the tab.

Now, this functionality has been expanded to provide a complete step-by-step walk-through of the process of creating a check or wire request with Schwab Advisor Center®’s move money tool. For example, when creating a wire, click “Guide Me through a wire transaction” at the top of the page, and the system will guide you through the entire workflow, including the option of choosing convenient, secure eAuthorization to allow your clients to approve with a few taps on their mobile devices or desktop computers.

In the coming months, we will be expanding this functionality to other popular areas of Schwab Advisor Center®. We look forward to hearing your feedback on these and our other enhancements designed to make it easier for you and your clients to work with Schwab.

June 2019 (0619-973F)

Move money is the first tool to leverage new "guided help" technology

Moving money is one of the most important tasks you perform for clients. As part of our ongoing efforts to make it easier to use our fast, secure, efficient move money tools on Schwab Advisor Center, we're introducing a contextual tutorial to assist with money movements.

These tutorials will be released on a regular basis and will be designed to walk you step by step through the process of creating a check, journal, wire, or MoneyLink request, and sending it to your client for approval.

To access the new tutorial, simply click the "Guide Me" link at the top of the move money page. The system will offer explanations of the major steps involved in initiating a client request and sending it for approval. For additional information on the guided tutorial, watch the micro-learning video available within the Service Guide on Schwab Advisor Center®.

While this is the first application of the new contextual help, we will be expanding it to other popular areas of Schwab Advisor Center® in the coming months. We look forward to hearing your feedback on these and our other enhancements designed to make it easier for you and your clients to work with Schwab.

March 2019 (0319-9X49)

LPFA and NDFA now have expanded capabilities with move money

If your firm has limited (LPFA) or non-discretionary (NDFA) authority on any client accounts, there is an easier way to help these clients request money movements.

You can now use the move money tool in Schwab Advisor Center® to initiate check and journal transactions for your clients. Once you have entered the transaction, you can obtain your clients’ approval by generating a pre-filled PDF for their signature, or you can leverage eAuthorization to obtain your client’s signature electronically.

The tools are the same ones you could previously use for these transactions on accounts for which you have WPFA authority. The One Time and Recurring links are now active and appear on the move money page under both Checks and Journals.

Digital enhancements like these will make move money transactions easier while reducing fraud, saving time, and driving efficiency for your firm.

March 2019 (0319-9X49)

Now, disburse funds from PTRS subscribed accounts using secure digital tools

It’s easier and more secure than ever to transfer funds involving Personal Trust Reporting Services (PTRS) accounts, with new integration between Schwab Advisor Center® and the trust accounting platform. Because trust-specific fields are now available on all one-time disbursement types, PTRS subscribed accounts now offer the same experience as non-subscribed accounts.

Use the Move Money platform to create digital wires, checks, or journals, and then send them through our secure eAuthorization tools for your clients to approve with a few taps on their mobile devices.

Other new enhancements provide vital trust-specific information throughout the process:

  • The Move Money platform now offers contextual principal and income balance information for PTRS-subscribed accounts.
  • The Account Status view now offers recurring disbursement information, to more easily track upcoming disbursements.
  • When insufficient funds are available to process an expected distribution, an alert will notify you in advance so that you can liquidate or add funds before a problem occurs.

All of these are part of our ongoing efforts to make it easier to serve your clients through our secure, digital platform.

February 2019 (0219-9520)

Custody Rule guidance reminder

The Investment Adviser Association has informed Schwab that the SEC’s Office of Inspections and Examinations (OCIE) believes that sufficient time has passed for advisors and custodians to implement operational changes related to the custody rule guidance—the SLOA no-action letter and FAQ II.4—which were issued in February 2017.

As a result, in the “very near future,” its examination staff will begin citing exam deficiencies if they are found not to be in compliance with this guidance.

As a reminder, we have a number of resources and information available on our Custody Rule Service Guide page to help you understand the guidance.

December 2018 (1118-8JLT)

Now available for cash journals: Expanded first-party definition

Over the past year, Schwab has worked closely with industry leaders and other custodians to establish new guidelines for first-party money movements. These new definitions have already been applied to Schwab MoneyLink® transactions.

Schwab’s expanded definition of first-party money movements has now launched for cash journals. With this change, a wider variety of common cash journals can now be considered first-party at Schwab (e.g., a cash journal between a client’s brokerage and IRA account is now considered a first-party money movement at Schwab).

You will continue to submit your cash journal requests using normal operating procedures. Note that this will not apply to securities journals.

Download this visual summary to review the acceptable account registrations and underlying conditions that must be met for a transaction to be considered first-party.

For additional resources on Schwab’s first-party money movement definition, please refer to the Service Guide or FAQs.

August 2018 (0918-82KD)

Commit today to using two-factor authentication to protect information and assets

With cybercrime on the rise, we’re constantly investing in tools that give you the power to protect your firm and your clients’ assets.

As part of this investment, any user at your firm can now add secure two-factor authentication to his or her Schwab Advisor Center® account without the intervention of the firm security administrator, via the Authentication Device tab in the Profile pane. Similar functionality for your clients is now available on Schwab Alliance.

Watch Michelle Thetford, Vice President, Schwab Advisor Services Client Strategic Solutions, in our newest video: Use two-factor authentication to protect data and assets.

Review our illustrated guide for details on how you and your clients can add this security feature to your accounts.

May 2018 (0518-8EAB)

eApprovals—the fastest, easiest, most secure way to move money

The Move Money eApproval tool can now be used for journals, along with checks and wires. With this addition, you can leverage the safety and security of these tools to send all your clients’ most important Move Money tool requests for their approval in minutes via the web or their mobile device.

To get a high-level overview of the process for both you and your clients, watch this brief video. Once you're ready to get started, use our screen-by-screen clickable guide to take you through each step.

We look forward to providing additional webcasts, tips, and other materials to help you get the most out of these tools over the coming year.

February 2018 (0218-8T9W)

Clients can approve check or wire requests securely with a few taps

Now, you can use the Move Money tool to send both checks and wires for clients to approve on their mobile devices or on the web through Schwab Alliance. Requests sent electronically are more secure, offer clients a better, paper-free experience, and enjoy faster processing times.

The procedure for checks is very similar to the one you may already have used to send electronic wires. When you’re ready to get started, use our in-depth printable guide for step-by-step instructions.

eApproval for Journals will be available early next year.

November 2017 (1117-73ZF)