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 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)

Overview: Move money

Set up Options Trading and Margins, IRA beneficiaries, LPoA, and more accurately online—avoiding unnecessary delays

Beginning this month, we are adding a new digital account feature, Options Trading and Margins (OTM), to our growing list of guided workflows. These features make it easy to complete tasks securely and quickly with fewer errors, leading to faster processing.

When you launch one of the new workflows, you'll be taken through a step-by-step process that produces a completed PDF, which you can print or upload through DocuSign for your clients' electronic approval.

These new features expand a growing list of existing guided workflows, including:

  • MoneyLink
  • Limited Power of Attorney
  • Designated Beneficiary
  • Transfer of Assets/Account
  • Standing Instructions for Checks and Journals
  • Trusted Contacts
  • IRA Beneficiaries
  • Prime Brokers

In the coming months, we will continue expanding these guided experiences for other popular account features.

October 2020 (1020-09L5)

Enhanced Manage Envelopes options let you easily check the status of Digital Account Open and Address Change requests, download draft and completed guided workflows, or review the status of digital envelopes awaiting eSignature via DocuSign.

Submit wires with eAuthorization to reduce fraud and save clients' money and time

Increase security while saving clients' money
Leveraging our digital workflows to manage client money movements reduces errors, saves you and your clients time, and significantly reduces the risk of fraud. That's why we're reducing the fees for wires that are submitted electronically. Effective August 14, the fee for electronic wires will be reduced to $15, while the fee for paper-based submissions will remain at $25.

Part of an ongoing effort to help you be more efficient and secure
We hope that lowering the fees for electronic wires provides an added incentive for you to start using our digital tools, because it's the quickest and most secure way for you to manage your clients' money movements. Sending a wire for your clients' approval using our eAuthorization feature lowers their risk of wire fraud and lets them securely approve the request in a few minutes on their mobile device. To date, we have not had a successful wire fraud takeover when our eAuthorization feature has been used.

We're continually investing in our digital workflows and capabilities across all account tasks and client requests, making it easier to remove paper-and-fax processes. Our goal is to deliver an easy, guided experience that minimizes errors and delays so that you can focus more time on clients and less on paperwork.

Resources to help you make the transition
We are here to support you in making the transition to digital workflows with a number of resources to help your team and clients. Join a weekly webinar, download the step-by-step move money and eAuthorization guide for you and your clients, or take advantage of the guided walkthrough available on the Move Money tab on Schwab Advisor Center®.

August 2020 (0820-0HAA)

Wire Fee Reduction

Set up MoneyLink®, Transfer of Account, and other account features more accurately online to avoid unnecessary delays.

Beginning mid-June, you will be able to set up popular account features digitally, including MoneyLink® and Limited Power of Attorney, that make it easy to complete these tasks securely and quickly, with fewer errors, leading to faster processing. 

When you launch one of the new workflows, you’ll be taken through a step-by-step process that results in a completed PDF, which you can then upload through DocuSign for your clients’ electronic approval, or print if needed.

The initial list of enhanced workflows includes:

  • MoneyLink
  • Limited Power of Attorney
  • Designated Beneficiary
  • Transfer of Assets/Account
  • Standing Instructions for Checks and Journals

In the coming months, we will begin offering similar guided experiences for other popular account features, including trade confirmations report, adding a trusted contacts, IRA beneficiaries, and more.

June 2020 (0620-02US)

Digital Actions

Use digital tools and Service Requests for efficient processing

To serve you as effectively as possible, effective May 8, we are no longer accepting fax-based submissions. We encourage you to use our digital tools to securely and efficiently complete and transmit requests to Schwab online. When circumstances require that requests are completed via paper forms, you can use Service Requests to securely send the documents to your team.

Due to the ongoing COVID-19 outbreak and market volatility, you may experience longer processing times for requests, especially paper-based requests submitted via fax. Faxed documents require several additional steps to review, enter, and validate before processing.

Advisors have told us that when they use Schwab Advisor Center's online capabilities, such as Service Requests, the move money tool, our our new digital account open tools, their submissions are processed more quickly, and it's easy to monitor their progress on the Status page.

To help you adjust to this new policy and continue to meet your clients' needs seamlessly, we've developed this quick reference sheet.

If you have any questions, please contact your service team. For the latest updates on your submissions, visit the Status tab on Schwab Advisor Center®.

May 2020 (0520-0PK0)

Use digital tools and Service Requests for efficient processing

Leverage Service Requests to submit attestations without printing or scanning

To make it easier for advisors to help clients transact money movement requests, Schwab is temporarily offering new options for attesting to these transactions.

While we will continue to accept printed and scanned cover letters when attached to a money movement request, advisors can also provide attestation via either of the following methods:

  • Digitally sign the cover letter via mouse, finger, or stylus, depending on the device you are using, and then upload the completed form to Service Requests, or send via secure email.

    Or,
     
  • Type the following language into the information field of the Service Request:

    "I have verbally confirmed and validated the transaction with my end client.

    Our firm understands that Schwab is relying on my representations and that Schwab is not responsible for any resulting loss if verbal verification was not received by my firm."

Please note that this policy is intended to be temporary, in recognition of the large number of advisors who are currently working remotely, without access to printers or scanners. Once the current situation has passed, we will inform you before reinstating our original policy.

April 2020 (0420-0KPK)

Leverage Service Requests to submit attestations without printing or scanning

Optional feature enables money movements to be held in "pending" status until approved by an authorized user

As part of our ongoing effort to make it easier to use our digital workflows, we've added a top requested feature to help firms with multiple advisors maintain their security protocols.

Now, firms can enroll in a new workflow that requires an authorized Schwab Advisor Center® user to release money movement requests after they are initiated by another member of the firm. This new feature means that firms can choose to add an additional step to help protect against mistakes and fraud.

If your firm adopts this procedure, your staff will use the Move Money tab as usual to initiate client requests. But after the request is submitted, it will appear in "initiated" status until the authorized staff member reviews and approves the details of the transaction, and releases it to the client for approval.

If your firm is interested in leveraging this new feature, please speak with your Service Team or Relationship Manager to start the enrollment process.

Once enrolled, use the step-by-step guide  to see how it works. To help you decide whether your firm could benefit from this new feature, sign up for an upcoming webcast to have your questions answered by one of our experts.

(0320-0YNB)

Optional feature enables money movements to be held in "pending" status until approved by an authorized user

Move money and eAuthorization tools now work for overnight checks

It's now easier than ever to send overnight checks requests for your clients, using our fast, secure move money tool. Best of all, clients can approve overnight check transactions on their mobile devices or desktops using eAuthorization, or you can print it out for your clients to sign.

The process for sending overnight checks through the move money tool uses the same workflow as other checks. Simply select "overnight" in the delivery method, and note that a fee will be charged to your clients for overnight service.

To learn more about how the move money tool can help you support different types of money movements, view our at-a-glance guide. You can also see the move money experience for both you and your clients in our step-by-step guide .

February 2020 (0220-0G32)

Move money and eAuthorization tools now work for overnight checks

Non-IRA accounts can easily move cash and/or positions into Schwab Charitable® account

It's easier than ever to journal cash and/or positions from a non-IRA brokerage account to a Schwab Charitable account, because now you can use the Move Money tool to complete the transaction for your client. The tool, which is designed to streamline the process and reduce errors, is a great choice for creating:

  • One-time position journals
  • One-time or recurring cash journals
  • Cash journal SLOAs and related transactions

In addition, this means that you can leverage secure, convenient eAuthorization, which allows your client to approve money movement transactions with a few taps on their mobile device or desktop.

December 2019 (1219-9F2V)

Non-IRA accounts can easily move cash and/or positions into Schwab Charitable® account

New navigation makes it easy to access electronic workflows

Now if you have access to the Move Money tab on Schwab Advisor Center®, when you use the links on the Forms and Applications page to request a check or journal transaction on behalf of your clients, you will automatically be directed to the move money workflow for your transaction.

This new functionality is similar to the experience that is currently in place for wire requests, and is designed to help you provide the best, fastest, most secure experience for fulfilling client requests.

November 2019 (1119-925D)

New navigation makes it easy to access electronic workflows

New indicators make it easy to see updated transaction types

Schwab recently implemented new policies relating to our definitions of first-party money movements. Schwab's expanded definition of first-party money movements is now available for Schwab MoneyLink®, journal, check, and wire transactions.

In addition, there is a new data field in the move money tool that indicates if a transaction is first or third-party. The new indicators can be found on the Transaction Status and On-Request SLOAs/Moneylinks tables and export reports. The indicators reflect Schwab's updated definitions for first-party and third-party money movements in light of the SEC's 2017 guidance on the Custody Rule.

To review the acceptable account 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.

October 2019 (1019-9S62)

New indicators make it easy to see updated transaction types

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)

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

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)

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

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

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)

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

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)

LPFA and NDFA now have expanded capabilities with move money

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)

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

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)

Custody Rule guidance reminder

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)

Now available for cash journals: Expanded first-party definition

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)

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

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)

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

Transcript Open new window

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)

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

(0220-0G32)

For advisor use only. For general educational purposes.

Any investments reflected are for illustrative purposes only and are not intended to be nor should they be construed as a recommendation to buy, sell, or continue to hold any investment. Screen shots are for illustrative purposes only, may be historical in nature, and should not be used as a basis for any investment decision.

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