How to Fund Your Schwab Account: A Comprehensive Guide

Opening a Schwab account is a significant step towards achieving your financial goals However, before you can start investing, you need to fund your account. This guide will walk you through the various ways to fund your Schwab account, including electronic funds transfer (EFT), wire transfer, and check deposit.

Funding Methods

Schwab offers several convenient methods for funding your account:

• Electronic Funds Transfer (EFT) with Schwab MoneyLink®: This is the most common and convenient way to fund your Schwab account. With Schwab MoneyLink®, you can transfer funds or assets from an external bank account electronically. This method is fast, secure, and free of charge.
• Wire Transfer Request from Another Financial Institution: You can also initiate a wire transfer from another financial institution to fund your Schwab account. This method is typically used for larger amounts of money or when you need to transfer funds quickly. However, wire transfers may incur fees from both your sending and receiving institutions.
• Check Deposit by Mail or In Person: You can deposit a check into your Schwab account by mail or in person at a local Schwab branch. This method is free of charge, but it may take a few days for the funds to become available in your account.

Detailed Instructions for Each Method

Electronic Funds Transfer (EFT) with Schwab MoneyLink®:

1. Log in to your Schwab account.
2. Click on the “Transfers” tab.
3. Select “External Transfers.”
4. Click on “Add an External Account.”
5. Enter the details of your external bank account, including the account number, routing number, and bank name.
6. Select the amount you want to transfer and the date you want the transfer to occur.
7. Review the transfer details and click “Submit.”

Wire Transfer Request from Another Financial Institution:

1. Contact your current financial institution and request a wire transfer.
2. Provide the following information to your financial institution:
   • Your Schwab account number
   • The ABA routing number for Schwab Bank (026009593)
   • The name of the receiving bank (Charles Schwab Bank)
   • The address of the receiving bank (211 Main Street, San Francisco, CA 94105)
3. Your financial institution will initiate the wire transfer and provide you with a confirmation number.
4. Log in to your Schwab account and click on the “Transfers” tab.
5. Select “Wire Transfers.”
6. Enter the confirmation number provided by your financial institution.
7. Review the wire transfer details and click “Submit.”

Check Deposit by Mail or In Person:

• By Mail:

  1. Endorse the check payable to “Charles Schwab & Co., Inc.”
  2. Include a deposit slip with your check, indicating your Schwab account number.
  3. Mail the check and deposit slip to the following address:

  Charles Schwab & Co., Inc.
  P.O. Box 5125
  Jersey City, NJ 07305-5125

• In Person:

  1. Endorse the check payable to “Charles Schwab & Co., Inc.”
  2. Visit your local Schwab branch with the check and a valid form of identification.
  3. A Schwab representative will assist you with depositing the check into your account.

Additional Information

• Minimum Deposit: There is no minimum deposit required to open a Schwab account. However, some investment products may have minimum investment requirements.
• Funding Time: The time it takes for funds to become available in your account will vary depending on the funding method you choose. EFTs with Schwab MoneyLink® are typically available within one business day, while wire transfers and check deposits may take a few days.
• Fees: Schwab does not charge any fees for EFTs or check deposits. However, wire transfers may incur fees from both your sending and receiving institutions.

Funding your Schwab account is a simple and straightforward process. By following the instructions above, you can easily choose the method that best suits your needs and start investing in your financial future.