If you want to do Bank Electronic Funds Transfer service, transfers of funds between your Schwab Bank account and an account at a bank or the other financial institution are provided by using the Automated Clearing House system. You may authorize transfers to occur: the next business day, on a scheduled basis including on-request transfers, recurring transfers or any combination. By calling Schwab Bank at 1-888-403-9000 you can use this service. Note that the service can only be used between Schwab Bank and financial institutions in the United States.
You authorize Schwab Bank to facilitate ACH transactions that may include allowing Schwab Bank to initiate credit entries to the other account per your written instructions and to credit that account, to initiate debit entries to the other account and to debit that account, and to initiate reversals to the other account of erroneous or duplicate credit or debit entries and credit or debit such account as appropriate. This authorization will remain in full force and effect until Schwab Bank has received written notification from you of its termination. This notification must be received by Schwab Bank in time and manner so as to give Schwab Bank and the other financial institution a reasonable chance to act on it.
In Schwab Bank, there is minimum transfer amount for the service which is $1. Then, the maximum amount per transfer permitted by Schwab Bank is $100,000. The daily transfer is also limited at $100,000 into and $100,000 out of your account. You are not able to transfer more than the amount of your available funds regardless of the amount of the transfer limit. Funds which come from an ACH transfer from your other account will be available no later than the fourth business day after the day of your deposit. Schwab Bank is not responsible for delays in funds availability caused by the other financial institutions. You are going to receive a monthly account statement. All Schwab Bank transactions will come up on your applicable Schwab Bank account statement and may come up on the website of Scwhab if you have a Schwab Bank High Yield Investor.
In the website of Charles Schwab, there is a form that can be used to transfer securities and funds from another financial institution such as brokerage firm, mutual fund company, bank or insurance company into your Charles Schwab & Co., Inc account. In the form, you need to enter about your Schwab account, account that you are transferring, authorization to transfer and account holder signature and more. You are able to visit the website of Scwhab for a status update on your transfer or to initiate your transfer online. If you want to transfer funds from one Schwab account to another, you are able to go to the Transfer and Payments tab on the website or use the Letter of Authorization(LOA) Transfer Assets Between Schwab Accounts form. If you need additional forms, just visit the website of Schwab or you are also free to call 1-800-435-4000