What's New: Move Money

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)

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

• Get a detailed understanding of the process for you and your clients with this comprehensive guide.
• Walk through the workflows step-by-step in the RIA EdCenter class.

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)

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)

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)

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)

Now you can use the new check deposit functionality available in the Schwab Advisor Center mobile app to photograph and deposit checks of up to $3 million into your clients' retirement and brokerage accounts—no need to mail or drop off eligible checks at a Schwab location.

The new workflow uses your device's camera to capture an image of the front and the back of the check. You then fill in the check and account details, and the funds are securely and automatically deposited into your client's account.

We've created a step-by-step overview of depositing checks using the app or a desktop scanner—you'll find it as a new section in the "Advanced Features" portion of our move money step-by-step guide .

March 2022 (0222-2KLH)

As you approach year-end planning, the simplest and most direct way to make a qualified charitable distribution (QCD) from an eligible IRA to a qualified charity is to distribute the client’s funds using Schwab Advisor Center’s move money tool. 

You can use the third-party check transaction flow and select the NORMAL (7) distribution reason under Input Check Details to quickly and securely process your QCD request, eliminating the need to complete an IRA Distribution form and manually send in third-party checks. 

Disclosures:

• You are responsible for confirming your client’s eligibility and ensuring transaction details satisfy all QCD requirements under IRC Section 408(d)(8).
• For reporting purposes, mail the check to your client’s address of record or to your firm office as needed.

November 2021 (1121-1XUG)

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)