Fast answers to your most common questions

Market fluctuations can lead to more questions from clients and longer wait times on the phone. To help you skip the line, below are answers to clients' frequently asked questions. Know that we're always here for you – by phone, on Schwab.com, and on our mobile app.

Transfer of Assets FAQs

Some transfers from originating firms are being rejected for various reasons. Below is a list of FAQs for you to review to determine next steps:

My current brokerage account holds a cryptocurrency position(s). Can I transfer this to Schwab?

Schwab does not currently support holding cryptocurrency positions. These positions may either remain at the originating firm or must be liquidated prior to the completion of the transfer.

I have a brokerage account with options positions at another firm. Can I transfer these positions to Schwab?

Accounts at Schwab will need to be approved for options trading prior to the completion of transfers of options positions from your current brokerage firm. Please note: Options approval may take 5-10 business days.

Transfers submitted without appropriate options approval level at Schwab will be rejected. To prevent this, you can complete an application to add the options trading feature at Schwab or close the options position before transferring, if you haven't already.

I have the ability to trade on margin in my current brokerage account. Is this the same at Schwab?

New clients need to have the margin feature active before Schwab can accept margin debits into the account or use any marginable securities for margin or borrowing purposes. To resolve this, margin is a default feature available to new brokerage accounts. New clients will need to ensure that they DO NOT check the "No, do not add margin" box during the account opening process. Existing clients without the margin feature enabled will need to complete a new margin application. Margin requirements at Schwab may vary from other firms.

I placed trades at my current brokerage firm after I submitted transfer of account instructions, and incorrect securities were transferred to Schwab. What can I do?

Your current brokerage firm will need to reconcile the transfer activity, and if incorrect instructions were submitted, your current brokerage firm will need to submit a claim to Schwab to return securities sent in error. Unfortunately, there is no action that Schwab can take to rectify this. You may wait for the process to complete, or you may contact your brokerage firm to expedite the process.

Can I transfer fractional shares from an originating firm's account to my Schwab account?

You can only transfer whole shares from your originating firm's account to your Schwab account. The originating firm will sell fractional shares and the cash will be sent to your Schwab account.

Trading and Margin FAQs

Fund Availability and Trading

Can I use a recent deposit to trade?

Generally, clients may use a recent deposit to purchase marginable securities at Schwab. Please note that Schwab, like many firms, has exceptions to this rule. Please note the following:

Orders for marginable and non-marginable securities are generally allowed to place trades using a recent deposit.
Options and penny stock purchases require cleared cash prior to order entry. Cleared cash is defined as funds not subject to a hold.
MoneyLink deposits may take up to three business days to clear.

Direct Public Offerings

What is a Direct Public Offering (DPO)?

Direct Public Offerings (DPO), also known as direct listings, allow private companies to list public shares on an exchange. Clients will be able to purchase shares as soon as the shares begin trading in the secondary market.

A predetermined number of shares and initial public price are not known with a DPO. On the day of the DPO, the number of shares that trade is dependent on the number of shares that company employees and private investors choose to list on the market. The price at which the shares start trading is dependent upon supply (number of shares) and market demand, and as a result, the share price can be highly volatile.

How do I purchase Direct Public Offering (DPO) shares?

Any buy orders placed prior to or on the first day of trading require the use of a limit order. If placing a limit order prior to the first day of trading, clients must use good-til-cancelled limit orders, which will remain open until executed or cancelled. Market orders will be accepted beginning on the second day of trading.

Buy limit orders allow clients to indicate the highest share price they are willing to pay. If a stock opens and trades above this limit price, the limit order will not be executed. To be eligible for trade execution, shares must trade at or below the limit price.

In cash accounts, or accounts without the margin feature, cash is required in the account to pay for the purchase. In margin accounts, cash or margin cash available is required in the account prior to placing an order. Also, no short selling of the shares is permitted on the first day of trading.

DPOs are generally regarded as high-risk investments. Schwab is not recommending the purchase of any particular DPO. Clients should decide whether an investment in any particular DPO is suitable for them.

Day Trading and Trade Settlement

What is a pattern day trader?: Generally, a pattern day trader is a client who has executed four or more day trades in a margin account within five business days. As a pattern day trader, you must maintain the $25,000 minimum equity for the previous trading day.
What if a pattern day trader drops below the $25,000 minimum?: If you drop below the required minimum of $25,000, you will be held to liquidating trades only for that entire day. You can satisfy the minimum by depositing additional funds and/or marginable securities.

Margin calls

How does margin work?

Margin is an extension of credit from a brokerage company using your own securities as collateral. Funds borrowed on margin may be used for any purpose, including the purchase of securities. Interest is charged on the borrowed funds for the period of time that the loan is outstanding. For more information, please review our Margin Lending Overview.

What happens when I receive a margin call?

Schwab can liquidate securities to cover any margin deficiency and is not required to notify you before doing so. If you or Schwab liquidates securities to meet a margin call, your risks include unintended tax consequences from the sale of your securities, the possibility that Schwab might sell securities you preferred to hold, and a price received for a sale that you may be unhappy with. If a margin call is issued, you are required to promptly bring your account to the required maintenance level. It is Schwab's policy to attempt to contact you, when practicable, to notify you of a margin deficiency. However, Schwab can sell securities in your account, without prior notice, to cover any deficiency.

Where can I find information on maintenance requirements?

Once you borrow on margin, you are required to maintain a certain amount of equity in your account, depending on the securities you hold. By 'equity', we mean the value of the account above the amount borrowed from Schwab. Typically, the equity maintenance requirement is at least 30% of the total account value, but it can be higher for certain securities or accounts.

Visit our Margin Loans page for more information on requirements for buying and borrowing against securities in a margin account based on Federal Reserve Board Regulation T ("Reg T"), FINRA regulations, and Schwab rules.

To view margin maintenance requirements of a specific security, log in and use the Margin Maintenance Requirement Lookup tool.

How to Trade

What are standard market hours?

Standard market hours are 9:30 a.m. to 4:00 p.m. ET, Monday to Friday. Orders can be placed at any time and will only be eligible for execution from 9:30 a.m. to 4:00 p.m. ET.

Am I able to trade stocks even when the market is closed?

Please visit our Extended Hours Trading page for full information. Please note the following:

Extended Trading Sessions: Schwab's Extended Hours Trading offering has two components, the Pre-Market Trading session and After-Hours Trading session. These are completely independent from the standard trading session. Extended hours orders must be placed on the special Extended Hours Trading screens at schwab.com, or by calling us at 800-435-4000 and asking for an Extended Hours Trading representative.
Pre-Market: Orders can be placed between 8:05 p.m. (previous trading day) and 9:25 a.m. ET and will be eligible for execution between 7:00 a.m. and 9:25 a.m. ET.
After Hours: Orders can be placed and are eligible for execution between 4:05 p.m. and 8:00 p.m. ET.
Only limit orders for the Extended Hours sessions are accepted.
Orders are only good for the session in which they are placed. There is no carryover into any other sessions.
Equity and equity options do not trade on weekends. An order may be entered, however are only eligible for execution M-F.

How do I place a trade at Schwab.com?

Our step-by-step guide will show you how to use the All-in-One trade ticket to trade stocks, ETFs (exchange-traded funds) and options.

Where can I find the status of an order?

Use the Order Status page to view the status of all open orders and other recent order activity in the currently selected account.

How do I change or cancel an open order?

To change an open order, click the Change button. The "Change Order Request" screen will appear. You can change the quantity, price, or special conditions of your order. Other fields cannot be changed.

NOTE: Changing an order DOES NOT GUARANTEE that the original order will not be executed. When you change an order, FOR A SHORT TIME IT MAY SEEM AS THOUGH TWO ORDERS ARE OPEN. You do not have to send another change request, the old order will eventually be closed (if it is not Too Late to Cancel).

If you need to cancel an order and the order still shows as Open on the Order Status page, click on the "Cancel" button. The "Cancel Request Verification" screen will appear. On this page you have the choice of "Do Not Cancel Order" or "Cancel Order." After you click on "Cancel Order," a "Cancel Order Acknowledgment" will appear, confirming that we have received your request to cancel your order.

When selling one mutual fund and buying another, canceling the sell order will cancel both the buy and the sell trade orders (since the proceeds are no longer available for the buy order). Canceling the buy order will leave the sell order intact, and will only cancel the buy order.

Can I change or cancel an order once it has been filled?

Once your order is executed, it cannot be changed or canceled. During market hours, only limit, stop and stop limit orders can be changed, because market orders are generally executed too quickly. Market orders entered while the market is closed or during market halts may be changed only if they can be processed before the market opens on a best efforts basis. Mutual fund orders cannot be changed. You must cancel the order and enter a new one.

Schwab Stock Slices™

How does Schwab Stock Slices work?

With Schwab Stock Slices, you can own a slice (fractional share) of any stock in the S&P 500® starting at $5 each. Select between 1 and 10 stocks by name or use pre-sorted lists by industry and the amount you’d like to invest up to $10,000. You can use Schwab Stock Slices to invest as often as you'd like.

Conveniently get started at Schwab.com under Trade > Schwab Stock Slices or through the Schwab Mobile App.

Tax FAQs

RMDs

What is a coronavirus-related distribution?

A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs.

Why did I receive a tax form for my coronavirus-related distributions that I rolled over?

The IRS requires that Schwab report all distributions, including a coronavirus-related distribution to a qualified individual, on Form 1099-R. This reporting is required even if you repay the distribution in the same year. You will receive a 1099-R in January for the distribution and a 5498 in mid-to-late May for the eligible account into which the rollover occurred. If your Form 1099-R shows "Federal Income Tax Withheld" in Box 4, then attach Copy B with your Form 1040.

Please consult a qualified tax advisor for assistance on how to file your taxes.

I have questions about Required Minimum Distributions, where should I go?

Log in and visit our RMD page for information on which accounts require minimum distributions, how to get your funds, and setting up your RMD in 3 simple steps.

You can also use our Required Minimum Distribution Calculators to see how much you might need to take out.

FAQs on the 2020 & 2021 RMDs and the 2020 CRD

For more details on common questions and concerns, please read the FAQs on the 2020 & 2021 RMDs and the 2020 CRD.

USAA Tax FAQs

Will I get tax forms from Schwab and USAA this year?: It's likely that a majority of clients will receive tax documents from USAA and Schwab. If there was reportable activity during the time that USAA was the broker of record and after your account was converted to Schwab, it's likely you will receive two tax forms, one from Schwab and one from USAA.
Where can I find my statements from both USAA and Schwab?: Any account activity taking place after the conversion will show on your Schwab statements. You can access these via Schwab.com or Schwab Mobile applications. Please note that Schwab will not be able to see any activity that happened prior to the conversion while your account was at USAA. Clients needing pre-conversion information will need to access historical documents through USAA.com and mobile applications.
What do I do if I have questions about activity for the 2020 year?: If you have questions about activity that took place post-conversion, you can contact Schwab 24/7 through your channel of choice. If this activity took place prior to the conversion, you’ll need to visit the USAA Tax Center (USAA.com/tax) or contact National Financial Services at (866) 602-4395. National Financial Services is the custodian of record for USAA and will have access to prior activity if you are unable to find it through historical documents at USAA.
How do I find my contributions for 2020 if I made contributions while my account was held at USAA and then at Schwab?: Any contributions made after conversion, while your account has been held at Schwab, will show on your monthly statement in the contribution summary. If you made contributions to this account while it was held at USAA, you will need to refer to your last statement provided by USAA. Additionally, you may receive multiple 5498 tax forms to confirm contributions from each firm. These forms are sent in May because the IRS grants you until the April 15 tax filing deadline to make prior-year IRA contributions.
When will I receive my Form 5498 for Schwab IRA contributions made in 2020?: They will not be available until May 2021. The IRS rules allow for IRA contributions up until the tax filing deadline, and those contributions are coded as a prior-year contribution. USAA clients may receive a Form 5498 tax document from USAA prior to this date, as no additional contributions could have been accepted once accounts were converted to Schwab.
Where can I find previous years' tax forms for my accounts?: Schwab does not have access to tax forms for years prior to the conversion. Please refer to your documents on USAA.com or mobile applications. If you have questions regarding tax forms for 2019 and prior, you’ll need to contact National Financial Services at (866) 602-4395.
When will I be able to access my tax forms?: Schwab will release tax forms for any qualifying activity as soon as they become available. Please check the Schwab Tax Center on Schwab.com for more information on form release dates. If you are looking for tax forms that will be sent from National Financial Services on behalf of USAA, you'll need to confirm the release dates on USAA's Tax Center by visiting USAA.com/tax.
Now that my account is at Schwab, can I still import my information into the tax software I’ve used in the past?: For qualifying accounts, Schwab allows importing of tax documents into tax software; however, we always recommend that you or your tax professional validates the information imported against the information on your supplied form.
How do I import my tax forms into TurboTax®?: For qualifying accounts, Schwab allows importing of tax documents into tax software using Schwab login credentials. Please keep in mind that Schwab tax documents will only include activity that occurred after USAA accounts were converted. USAA tax forms will need to be downloaded via USAA.com. They will not be able to be imported directly into tax software this year. We recommend that you or your tax professional validate the information imported against the information on your supplied form.
In the past, USAA would send me corrected 1099 tax forms. Does Schwab do this as well?: Yes. If a corrected 1099 tax form is warranted due to either incorrect information or additional information supplied to Schwab by a firm in which our clients are shareholders, then it will be issued on the next tax form release date.
Something is wrong with my tax form—whom do I need to contact?: We ask that you check the date of the transaction in question. Schwab will only be able to assist with information on the tax forms we provide. If the specific transaction in question is from prior to the conversion, please contact National Financial Services at (866) 602-4395.

2020 Tax Year Information

What is the latest regarding 2020 filing extensions?

Federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Learn more about the extension.

IRS Tax Relief: Individuals and households affected by severe winter storms that reside or have a business in Louisiana, Oklahoma and Texas have until June 15, 2021 to file various individual and business tax returns and make tax payments for federal purposes.

Louisiana – all 64 parishes in Louisiana qualify for tax relief. Learn more about the Louisiana tax relief.

Oklahoma – all 77 counties in Oklahoma qualify for tax relief. Learn more about the Oklahoma tax relief.

Texas – all 254 counties in Texas qualify for tax relief. Learn more about the Texas tax relief.

These states also have until June 15 to make 2020 IRA contributions

Where can I find 2020 tax information?

The Schwab Tax Center is a one-stop resource for information on tax changes, cost basis reporting, tax preparation, and more.

You can also find out when your 1099 tax forms will be available by logging in and visiting the 1099 Dashboard.

Where can I find my 1099?

You can view, print or download your 1099 from by logging into your 1099 Dashboard. Form 1099-R, Bank Form 1099-INT and Employer Sponsored 1099 tax forms can also be found in your dashboard.

Other tax forms (e.g.., Form 5498, Form 1099-MISC) can be found on the Statements page.

You can also access your 1099s via the Schwab Mobile App by tapping More on the bottom of the screen, then tap Client Service Menu, and then select the 1099 Tax Forms menu.

I received a corrected Form 1099 Composite. What does this mean?

If we receive updated information after we've produced your original form, we're required by the IRS to send you a corrected Form 1099 within 30 days of being made aware of the change. The most likely reason is that one or more of the issuers of a security in your account reported a reallocation of certain income, such as dividends or capital gains, after we produced your most recent tax form.

On your corrected 1099, you will find the revision(s) clearly labeled as "Corrected."

How do I download my 1099 data from Schwab into tax prep software?

For tax year 2020, downloads to tax preparation software will be available in February.

You can download your Schwab 1099 data directly into Turbo Tax^® or H&R Block^® tax preparation software. If you're having difficulty downloading your 1099 data into your tax preparation software, please log in to the Security Center and select "Enable Access" under OFX. For more information regarding downloading your 1099 data, please visit our Tax Center.

Account Maintenance FAQs

Account Transfer to Schwab

How do I transfer my assets to Schwab? Do you charge a fee?: We are delighted you've decided to pick Schwab. Please visit this link to learn how easy it is to transfer your assets to Schwab.

Account Maintenance

Where can I get login or password help?

If you need to change your password or login ID, login and visit the Security Center. If you're locked out of your account, we can help you log in.

As part of our ongoing commitment to protecting your account, we're always updating our technology and protocols to help keep your personal and financial information safe. Through this process, you may notice minor updates to the login experience when accessing your Schwab account.

Can I link my Schwab account to an external account?

Schwab MoneyLink^® is a free service that allows you to electronically transfer funds between your Schwab brokerage accounts and your external accounts at U.S. financial institutions.

You can enroll in MoneyLink, verify trial deposits, and manage existing profiles on Schwab.com by following Accounts > Transfers & Payments > External Accounts. MoneyLink is available for Schwab Brokerage accounts only.

To enroll through the mobile App:

Log in, go to More, Transfers & Payments, and hit Transfer.
Select External Accounts and click Add Account.
Select the Terms and Conditions box and click Continue.
Select your financial institution, enter the login credentials for your financial institution and click Continue.
Choose a 2-Factor Authentication method and click Continue.
Enter your temporary identification code and click Continue.
Confirm your selected account and click Continue.
A confirmation message will appear.

How do I deposit a check?

Save time depositing checks by using Schwab Mobile Deposit - we've made it easier than ever by increasing many mobile deposit amounts.

Is there a limit to how much money I can deposit through the Schwab mobile app?

Yes, there is a limit on the amount you may deposit each day. Your daily deposit limit amount is clearly indicated on the Deposit screen, just under the Amount field.

For answers to other common mobile deposit questions, visit our dedicated page.

Where do I mail a check, application or account update form?

It depends on where you live.

If you’re a resident of AK, AZ, CA, CO, HI, IA, ID, KS, MT, ND, NE, NM, NV, OK, OR, SD, TX, UT, WA, or WY, or a member of Armed Forces America or Armed Forces Pacific:

For standard delivery, mail to:
Charles Schwab & Co., Inc.
P.O. Box 982600
El Paso, TX 79998-2600

For Overnight/FedEx/UPS delivery, mail to:
Charles Schwab & Co., Inc.
1945 Northwestern Drive
El Paso, TX 79912-1108

If you’re a resident of AL, AR, CT, DC, DE, FL, GA, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WI, WV, American Samoa, Guam, Marshall Islands, Northern Mariana Islands, Puerto Rico, or the Virgin Islands, or a member of Armed Forces Europe:

For standard delivery, mail to:
Charles Schwab & Co., Inc.
P.O. Box 628291
Orlando, FL 32862-8291

For Overnight/FedEx/UPS delivery, mail to:
Charles Schwab & Co., Inc.
1958 Summit Park Blvd.
Orlando, FL 32810

To avoid delays, please do not mail checks directly to branches.

I recently had a problem linking my external bank account to my Schwab account. Is that still a problem?

A problem was identified in early March that prevented some clients from linking their external bank account to their Schwab account. This issue has been resolved. Note that you should confirm your username and password for your bank account prior to initiating the external account linking process.

How do I send a wire?

Go to our Send Wire page, log in, and follow the instructions.

Need more help?

Use our dedicated Client FAQ page for additional questions around moving money or assets and your account.

Common questions about Schwab Intelligent Portfolios^®

How do I change my portfolio allocation?

If you want to change your portfolio allocation, you can review and update your portfolio by retaking the questionnaire online. After log in, click the Profile tab and select Review Profile, then adjust your answers based on your new risk tolerance.

When does my account rebalance?

The primary purpose of rebalancing is to keep your portfolio's asset allocation consistent with your targeted level of risk as markets fluctuate over time. The recommended allocation for your portfolio is based on your goal, time horizon, and risk profile.

Schwab Intelligent Portfolios are monitored and automatically rebalanced as needed to keep the allocation consistent with the client’s risk profile as markets fluctuate over time. Portfolio allocations are not adjusted tactically based on short-term views about the markets. In a normal environment, rebalancing happens a few times per year; during more volatile times, don’t be surprised if this number increases."

I'm in a conservative model, why am I still losing money?

As with any investment, all Schwab Intelligent Portfolios contain some level of investment risk. While our most conservative models have lower risk, they, too, are susceptible during market volatility.

Why hasn't my transaction gone through yet?

Transactions (e.g. account closures) can take up to five business days to process. Processing times are also noted in the Schwab Intelligent Portfolios Solutions Brokerage Agreement.

What is the wash sale rule, and what does this mean for my account?

For taxable accounts, the wash sale rule is a sale, and then repurchase of the same security over a 30-day period which disallows the loss for tax deduction purposes. During times of market volatility, trading increases both for account rebalancing and tax-loss harvesting purposes. Because of this, when clients adjust their risk after a trading event has occurred, there could be certain securities within their portfolio that do not trade immediately in order to comply with this tax code. However, the trade instruction remains in the account and is executed as soon as possible.

How does tax-loss harvesting work?

Tax-loss harvesting can help offset capital gains and lower your taxable income by automatically selling an ETF that has fallen enough below the price you paid for it and replacing it with an alternate ETF in the same asset class to keep your portfolio's allocation consistent.

Periods of elevated market volatility highlight the potential benefit of tax-loss harvesting as the number of these trades have historically surged when markets turn turbulent. The goal of the Schwab Intelligent Portfolios algorithm is to maintain a portfolio that closely tracks the investor's strategic asset allocation and captures tax-deductible losses while generally preventing wash sales in your account. As it’s a complicated and time-consuming process, Schwab Intelligent Portfolios has automated this process.

Asset Protection FAQs

Asset Protection

How does Schwab protect your assets?

Your assets are yours. The SEC's Customer Protection Rule (Rule 15c3-3) safeguards customer assets at brokerage firms by preventing firms from using customer assets to finance their own proprietary businesses. At Schwab, clients' fully paid securities are segregated so that they are not available to the firm. Client cash deposits invested at the broker-dealer are maintained in Special Reserve Accounts For The Exclusive Benefit Of Our Customers, as required by the SEC's Customer Protection Rule.

Is Charles Schwab & Co., Inc. an SIPC-member brokerage firm? And does it maintain excess SIPC protection?

Yes and Yes. The Securities Investor Protection Corporation (SIPC) was created to protect against the loss of customer assets at brokerage firms. SIPC offers protection of up to $500,000, including a $250,000 limit for cash, if a brokerage firm fails and covers most types of securities, such as stocks, bonds, and mutual funds. SIPC does not protect against losses caused by a decline in market value. For more information about SIPC, visit www.sipc.org. In addition to SIPC, Charles Schwab & Co., Inc. customers receive an extra level of coverage. Schwab maintains "excess SIPC" insurance protection for securities and cash up to an aggregate claim amount of $600 million. This coverage helps ensure customer claims will be covered in the event of a brokerage firm failure and funds covered by SIPC protections are exhausted.

Are my assets at Charles Schwab–Affiliated Banks protected by the FDIC?

Yes. The Federal Deposit Insurance Corporation (FDIC) is an independent agency that is backed by the full faith and credit of the United States government. Its purpose is to protect depositors' funds placed in banks and savings associations. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds. The standard FDIC insurance amount is $250,000 per depositor, per insured bank, per ownership category, and includes accounts held singly or jointly. The same amount applies to trust-owned accounts. Go to www.fdic.gov to learn more about FDIC coverage.

What FDIC-insured products are available through Charles Schwab–Affiliated Banks?

All deposit accounts held at Charles Schwab Bank, SSB are FDIC-insured, including Schwab Bank High Yield Investor Checking^® accounts and Schwab Bank High Yield Investor Savings^® accounts.

What FDIC-insured products are available through my Schwab brokerage account?

Charles Schwab & Co., Inc., acting as a deposit broker, can place deposits at FDIC-insured banks on your behalf. In such cases, the FDIC insurance available from the bank "passes through" to you. FDIC-insured deposits are available through your Schwab brokerage account in two ways:

Certificates of deposit. Schwab's CD marketplace, Schwab CD OneSource^®, enables you to purchase CDs from FDIC-insured banks across the country. CDs you purchase through Schwab are aggregated with other deposits you hold at each issuing institution and are FDIC-insured up to $250,000 per bank.¹ Through CD OneSource, you may purchase CDs from multiple banks for added FDIC coverage.
Bank Sweep. If the cash feature for your Schwab brokerage account is Bank Sweep, your cash balances are automatically swept to deposit accounts at Schwab-Affiliated Banks and are FDIC-insured, in aggregate, up to $250,000 per Affiliated Bank, per depositor, for each account ownership category.

If I have the Bank Sweep feature, how do I know how much of my cash has been swept to each Schwab-Affiliated Bank?

You can find detailed information by account, updated every business day, on the Balances page or by going to schwab.com/login > Accounts > Balances. It is also available on your monthly statement.

Cash Solutions FAQs

Money Market Funds

Where can I learn more about Schwab money market funds?: See our dedicated FAQs on Money Market Funds here.

IRA Contributions

Can I make contributions to my Traditional IRA if I am over the age of 70.5?: Yes, one of the provisions of the SECURE Act was that you can now make contributions to your Traditional IRA at any age, as long as you have earned income. If you are over age 70.5 and would like to make a contribution to your Traditional IRA, please call 800-435-4000 or deposit a check. Please note that if you are over age 70.5, you can only make contributions for the 2020 tax year, not 2019.

COVID-19 Impacts and Other FAQs

Schwab Bank COVID-19 Mortgage Payment Relief

Am I eligible for mortgage payment relief related to COVID-19?: If you are a Schwab client who currently has a mortgage or home equity line of credit (HELOC) through Charles Schwab Bank, SSB and Quicken Loans, you may be eligible for mortgage payment relief.
How does mortgage payment relief work if I’m impacted by COVID-19?: You can request payment relief in order to suspend your monthly mortgage payments for a period of time, up to 90 days. During this time, interest will continue to accrue on your loan.

The past due amount must be paid at the end of the 90 day period, or you can contact Quicken Loans to discuss a non-credit impacting loan modification.

There is no fee to make this request and this will not impact your credit rating.
Where can I learn more and get started?: To learn more, call Quicken Loans at 800-279-3005. Quicken Loans will be able to assist you and discuss options available to you based on your situation.

COVID-19 Paycheck Protection Program (PPP)

Can I apply for the Paycheck Protection Program (PPP) through Charles Schwab Bank?

No. Charles Schwab Bank does not issue Small Business Administration (SBA)-backed loans and does not participate in PPP.

Where can I learn more about PPP?

To learn more about PPP, please visit www.SBA.gov/PPP.

What other options are available to me from Charles Schwab and Charles Schwab Bank?

If appropriate for your situation, you could consider borrowing against your assets by using a margin loan from Charles Schwab & Co., Inc. or a Pledged Asset Line (PAL) from Charles Schwab Bank. Alternatively, you could also consider borrowing against your home with either a cash-out refinance mortgage, or Home Equity Line of Credit (HELOC), through Charles Schwab Bank's home loans provider, Quicken Loans. If you would like to discuss these borrowing solutions in more detail, please contact your Regional Banking Manager at 800-497-7470.

Please note that entering into a Pledged Asset Line and pledging securities as collateral involve a high degree of risk; make sure you understand the risks before you apply.

Schwab Branches

Why are Schwab branches closed?

After careful consideration, to protect our clients, our teams and our communities, branches are temporarily closed to walk-in traffic as a result of COVID-19. Please contact your Schwab Financial Consultant or contact our 24/7 Service Center at 800-435-4000. Clients can also engage with us through our website, online chat, and the Schwab mobile app. For additional ways to work with us digitally, visit schwab.com/go-digital.

When will Schwab branches reopen?

Branches will reopen on a localized basis, and only when we're confident we can provide an environment that is safe, clean and comfortable for your visit. As States gradually reopen, we are carefully monitoring conditions and guidance from the Centers for Disease Control (CDC), as well as federal, state and local governments, and will follow a phased reopening process.

How do I know if my local branch is open?

Please visit your local branch page for updates as we work to safely open our branches on a localized basis.

How can I engage with Schwab if my branch is closed?

Until your local branch is ready to reopen, we are just a phone call away and Schwab's virtual and digital options are available to help you manage your financial life from the comfort of your own home:

Call your local branch or our service center to speak to a live representative.
Log in to Schwab.com to access account information, transfer funds, and set account alerts.
Use the Schwab Mobile App to manage your finances and deposit checks remotely. Search for "Schwab Mobile" in the app store, or download from here and watch how-tos.

Go to schwab.com/go-digital for more about our online services and to watch other tutorial videos.

COVID-19 Fraud

How can I keep my data safe during this time?: Schwab's highest priority is protecting the security of the information and the assets of our clients. It's important to be aware of the schemes and tactics fraudsters are employing during this global pandemic.

Schwab's Response

What safety precautions is Schwab taking?

We continue to diligently monitor the current situation, while following the guidance of health authorities, including the CDC. We're focused on balancing a dual mandate to protect the health and safety of our representatives and serve clients. Out of an abundance of caution we have activated our continuity planning groups to prepare for workplace safety and minimize any potential disruption to our operations or client service. Across all our locations, we have restricted travel, canceled Schwab events, and increased our efforts to thoroughly clean our facilities.

We have significantly expanded our remote access approach giving all representatives who have the ability to work remotely to do so. For everyone working on-site, we are committed to continuing to provide a healthy environment, including following CDC guidelines, enhanced cleaning cycles, and enhanced social distancing.

We will continue to take preventive measures on an ongoing basis to maintain a clean and healthy environment.

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These 8 mental mix-ups could be costing you money. Do you know what they are?

These 8 mental mix-ups could be costing you money. Do you know what they are?

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COVID-19 Fraud

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Schwab's Response

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