What's New: Move Money

Schwab Advisor Center® has digital tools and resources to help you onboard new relationships, support your clients, and scale your business. Below you can learn about the latest enhancements and resources, or explore recent updates by clicking on a topic.

Overview

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

Use these resources to get an overview of the tool; continue scrolling to see the latest enhancements.

July 2021 (0621-1XF4)

Overview: Move money

Designate lots when transferring positions between Schwab accounts

Now when transferring positions from one Schwab account to another using the move money tool, you can view and designate specific lots or apply an alternate cost basis method when requesting an internal position transfer.

With this new enhancement, when choosing lots to transfer you can more easily see specific lot information, including:

  • Cost basis
  • Holding period
  • Acquired date
  • Cost per lot

There is no change to the client experience. And just like any other internal position transfer, your client can digitally approve those that designate specific lots via fast, secure eAuthorization.

April 2024 (0424-UY7P)


Create trust standing authorizations with only one trustee's approval; easily edit the names of payees for first-party wires or checks

Two new enhancements to the redesigned move money workflow make it even easier to transact on behalf of your clients. 

Establish trust standing authorizations with the approval of a single trustee

The move money workflow now lets you establish standing authorizations for living trust and testamentary trust accounts with the approval of a single trustee. 

When using this enhancement, your client can digitally approve living trust accounts using eAuthorization, whereas testamentary trust accounts require a signed prefilled one-time authorization PDF form. Please also note that once the standing authorization is established, you cannot generate testamentary trust transactions through the move money tool; as before, these requests should be submitted to your service team.

Easily edit the names of payees when initiating first-party wires or checks

A new field in the move money workflow lets you modify the payee name field when creating a first-party wire or check. This enhancement applies to recurring and one-time transactions, as well as standing authorization setups.

April 2024 (0424-UY7P)


Upload multiple wire transactions at once and save templates for future wires

Two new updates make initiating wires for your clients through the Schwab Advisor Center move money tool even easier.

Import wire transactions

In addition to one-time cash internal transfers, checks, and ACH transactions, you can now upload multiple wire transactions using the move money tool. The feature lets you submit multiple transactions for different master accounts quickly and securely by uploading a single comma-separated values (CSV) spreadsheet file. The tool automatically applies details such as payee and address to each transaction based on data Schwab has on file. Next it validates the transaction data and alerts you to any issues. You can view and export this data via the History page.

For detailed instructions on how to use the import transactions feature and format a CSV file, explore our updated step-by-step move money guide or visit the Service Guide.

Save wire templates

You can now save the details of a wire transaction to reuse as a template for future transactions, as well. These saved templates are not preauthorized by clients and save you the trouble of reentering information each time, avoiding errors and improving efficiency. You can find and manage templates from the account’s Transaction table.

March 2024 (0324-4DNK)


Use a one-time ACH (Schwab MoneyLink) profile to schedule recurring transactions

Now when establishing ACH transactions for accounts where your firm has distribution authority, you can use a one-time profile to schedule recurring transactions with no need to ask clients to reauthorize for subsequent requests. In addition, you can now edit the tax withholding amounts when setting up ACH transactions. 

Next year another enhancement will enable you to schedule one-time ACH transactions using a recurring profile. 

December 2023 (1223-305S)


Put funds to work faster and schedule future wires with the move money tool

Put funds to work faster
The move money tool on Schwab Advisor Center has incorporated a new date on inbound ACH flows that shows the "available to trade" date as the same day as the withdrawal date (also known as transaction initiation date). While funds have been available immediately to trade (also known as instant ACH), we hope this update will make it clearer that the funds can be used for trading right away.

Please note that these transactions will show up immediately in "Approved" status on the Move Money tab but will not show as "Complete" until settlement. Also note that the Transactions tab shows only fully settled transactions, so the "Approved" ACH transactions won't appear there until they are fully settled.

Create future-dated wires
In addition, a new enhancement lets you create and get client approval for wires up to 90 days in advance. Your clients can eAuthorize or approve the transaction as soon as you request it so long as the funds required to settle the wire are present in the account as of the end of the previous business day. The wire will then process on the day you selected. If the funds are not available on that day, the wire will cancel automatically, and you will receive a notification.

For step-by-step instructions for using the move money tool, review the move money guide.

September 2023 (0-3FWM)


Try out the redesigned move money tool

Moving money just got easier. We've redesigned the Schwab Advisor Center move money tool to make it simpler to navigate. Now all the information you need to complete a transaction is at your fingertips. Use the updated workflows to initiate cash internal transfers, ACH transactions, wires, checks, and standing letters of authorization.

Click the blue Try Me banner at the top of the Move Money tab to get:

  • Easy access to the Schwab Advisor Center account selector and main navigation so that you can seamlessly transition between tasks and accounts
  • A fixed header bar that scrolls with you so that you can always see important info like available cash or required  minimum distributions remaining
  • Customizable tables that allow you to see previous transactions and available standing authorizations so that you have the information you need without leaving the workflow
  • A new eAuthorization tab to help you and your clients use our fastest tool for secure approvals

More information and resources

Reminder: Don't miss the chance to learn more about moving money and other digital tools at the virtual SOLUTIONS event August 15-16.

Schwab registration >    TD Ameritrade registration >

 August 2023 (0823-3897)


Upload multiple ACH transactions at once with the move money workflow

We have expanded the import transactions feature of our move money tool. In addition to one-time cash internal transfer and check transactions, you can now upload ACH (Schwab MoneyLink) transactions as well. This enhancement can be very useful during capital calls and distributions, during tax season, and when handling disbursements from pooled investment accounts.

The import transactions feature enables you to submit multiple transactions quickly and securely by uploading a comma-separated values (CSV) spreadsheet file. The tool also supports transactions across multiple master accounts in a single upload and automatically applies such details as payee and address to each transaction based on data Schwab has on file.

After you upload your CSV file, the system validates all the transaction data, alerting you to any issues. You can view and export submitted and failed transactions on the Import Transactions history page.

For detailed instructions on how to use the import transactions feature and format a CSV file, explore our updated step-by-step move money guide or visit the Service Guide.

Reminder: Don't miss the chance to learn more about our move money workflow and other digital tools at the virtual SOLUTIONS event August 15-16.

Schwab registration >    TD Ameritrade registration >

August 2023 (0823-3897)


Now upload multiple checks at once with move money

We have expanded the import transactions feature of our move money tool. In addition to onetime cash journals, you can now upload onetime check transactions that do not require further client authorization.

The import transaction feature enables you to submit multiple onetime journal or check transactions quickly and securely by uploading a comma-separated values (CSV) spreadsheet file. The tool also supports transactions across multiple master accounts in a single upload and will automatically apply such details as payee and address to each transaction based on data Schwab has on file.

After you upload your CSV file, the system validates all the transaction data, alerting you to any issues. You can view and export submitted and failed transactions on the Import Transactions history page.

For detailed instructions on how to use the import transactions feature and format your CSV file, explore our updated step-by-step move money guide or visit the Service Guide.

This feature can be very useful during capital calls and distributions, during tax season, and when handling disbursements from pooled investment accounts.

April 2023 (0423-3V78)


$0 fee now applies to all wires submitted through the move money tool

As part of our ongoing effort to provide you and your clients with the best, fastest, and safest possible experience, we are now waiving all fees for wires submitted via the move money tool on Schwab Advisor Center.

We firmly believe that our digital tools are vital not only to providing great client service but also to protecting your firm and clients from the danger of unauthorized transactions. When combined with our convenient eAuthorization tool, this workflow provides strong protection against the threat of fraud.

To learn more about the move money tool, as well as the eAuthorization process for your clients, consult our comprehensive guide.

January 2023 (0123-2523)


Convert IRA contributions to Roth IRAs with a move money journal request

As part of our ongoing effort to make it easier to use our digital tools, we've made it possible to convert IRA contributions to Roth IRAs using the move money workflow on Schwab Advisor Center. This new option reduces errors, makes the process more efficient, and lets your client eAuthorize the request with a few taps on their mobile device or computer.

To use this new functionality, navigate to the Move Money tab and follow these steps:

  1. Choose an eligible From Account type (Traditional IRA, SEP‑IRA, or Simple IRA).
  2. Start a onetime journal request.
  3. Choose an eligible To Account type (Roth Conversion IRA or Roth Contributory IRA).
  4. Select the distribution reason (2-CONV if the account holder is under 59½ years old or 7-CONV if older) from the drop‑down menu.
  5. Complete the remaining fields for the journal request as usual and submit it to your client for eAuthorization or print it for your client's wet signature.

October 2021 (1021-1K1T)

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August 2023 (0823-3897)

For advisor use only. For general educational purposes.

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