Ever wonder, “how can I get this check into my brokerage account as soon as possible?” Charles Schwab has an answer – it’s called Schwab Mobile Deposit. No more driving, mailing, or wondering if the check has arrived yet! If you use mobile banking with your current financial institution, this is very similar. You take a picture of the front and back of the check and follow a few more steps. As Schwab says, “it’s convenient, fast and protected.”
You’ll need to go to your app store and download the latest version of Schwab Mobile. It is available for iPhone, iPad and Android. If you already have credentials for Schwab Alliance, you’ll use these to get into your account on your device. Otherwise, you’ll have to set up your account. If you need help with this step, please call the office and Elizabeth or Kristin can help you (402-328-8800).
Once you have the app open, click on the bank deposit tab. You must apply for the feature, which basically means you need to read through the disclosure that tells you the specifics of how the app works and what you are responsible for doing after the deposit. You will receive an email of your approved status. You can also check the status on the app itself.
Click here for a PDF document provided by Schwab that gives you the step by step instructions, along with visuals of what each screen looks like when you use the mobile deposit feature.
A few things to remember:
1. There are deposit limitations put on each account. This can vary due to the account balance and the size of the check. If you have issues, give us a call.
2. Check must be made out to the client (same name on the account you are depositing to), or if you are writing the check, make it out to Charles Schwab & Co., Inc. and include your account number.
3. Check needs to be endorsed on back – for example: For Deposit only Charles Schwab Account # xxxx-xxxx
4. After you have made the deposit, write “Electronically Deposited” on the front of the check and hang onto it for 14 days. On day 15, destroy the check.
5. Checks deposited before 4pm local time are processed the same business day.
For more details and FAQs, please visit this Schwab webpage.
As always, call our office with any questions. We are happy to help.