The clip begins with a static top-down shot of a desktop. A notebook appears with "To do list" written at the top. The tip of a potted plant sits above the notebook next to a cup of coffee, a pair of glasses, and a pen.
When you want to withdraw funds from an IRA account, you have several routes to choose from.
"Withdraw from an IRA" animates on to the notebook in a hand-written font.
Click "Move Money," and then choose "Transfers & Payments."
The frame cuts to a full screenshot of Schwab.com. The mouse clicks the section of the navigation header called "Move Money" and a dropdown menu appears below.
The mouse clicks "Transfers and Payments."
Here, you'll see options for making your withdrawal, starting with Online Transfers.
On the Transfers and Payments page, the mouse hovers over several options including "Send a Wire" and "Pay Bills," then clicks "Online Transfers."
Online transfers take one to two business days to complete and do not involve fees. You'll first select the IRA account you'd like to transfer from, then which account you'd like to transfer to.
In the Online Transfers tab, which takes up the full screen, the mouse hovers, then clicks on a dropdown menu labeled "From". A list of accounts populates, and the mouse selects one. Then, the process is repeated for a dropdown menu labeled "To".
From there, you'll just need to enter the amount, frequency, and transfer date.
The cursor types $5,000 into the "Cash Amount" box at the bottom of the page. The screen cuts to the "Request a Check" page.
From the Online Transfers page, you can also choose "Request a Check."
The cursor types $500 into the Check Amount box, then selects "One time" in the frequency dropdown menu. The cursor selects the "Standard delivery" checkbox.
Checks take six to nine business days to arrive with no fees unless you want it sent overnight. You'll just need to enter the amount, frequency, and transfer date, as well as whether you want to withhold any federal tax.
The screen zooms in on the top portion of the page and the cursor hovers over the Support tab at the top right. A dropdown menu appears and the cursor clicks "Debit Cards & Checks".
You can also choose to write checks to yourself. To do so, click "Support" and choose "Debit Cards & Checks".
The screen transitions to a page showing available cards and checks. The cursor hovers over "Checks" and then moves to the right to hover over a hyperlink that says "Order Checks and Deposit Slips"
Click "Checks" and then "Order Checks and Deposit Slips" and follow the instructions provided to enable check-writing features or order checkbooks. When writing yourself a check, just make sure you have an available balance of cash for the amount you're writing a check for. If you're holding securities, you may need to sell some of them. Additionally, this option may not be eligible for non-US citizens or those taking early distributions.
The screen transitions to a black background with white text with the following information:
1-800-435-4000 (inside the US)
1-415-667-8400 (outside the US)
1-888-686-6916 (multilingual services)
You can also request a withdrawal by visiting a local Schwab branch, calling Schwab directly, or completing and submitting an IRA distribution form that can be accessed at schwab dot com slash IRA dash distribution dash form.
Upbeat music plays in the background. We cut back to the top-down shot of the desktop, zoomed in a bit closer to "To do list" in the notebook. We see a checkmark animate in the box next to "Invest in a mutual fund," indicating that the task has been completed.
The screen transitions to a dark blue background with the text "VisitSchwab.com/HowToCenter for more videos.
The screen fades to the Charles Schwab logo with the following disclosures beneath:
Investment Products: Not FDIC-Insured * No Bank Guarantee * May Lose Value
Investing involves risks, including loss of principal.
Withdrawals are subject to ordinary income tax and prior to age 59 1/2 may be subject to a 10% federal tax penalty.
The information provided here is for general informational purposes only and is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager.
The Charles Schwab Corporation provides a full range of brokerage, banking and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (Member SIPC), offers investment services and products, including Schwab brokerage accounts. Its banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides deposit and lending services and products.