Have you ever wondered, “How can I deposit this check into my brokerage account as soon as possible?” Charles Schwab has an answer: 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, Schwab’s Mobile Deposit feature is very similar. You take a picture of the front and back of the check and follow a few more steps to make a deposit. As Schwab says, “It’s convenient, fast and protected.”
To begin, you’ll need to download the latest version of the Schwab Mobile app from the app store. It is available for iPhone, iPad, and Android. If you already have credentials for Schwab Alliance, you’ll use these to log in to the app on your device. If you do not have these credentials, we are happy to help you set these up! Please call the office, and Elizabeth or Kristin can assist (402-328-8800).
Once logged in, click on the bank deposit tab. You must “apply” for this Mobile Deposit feature, which consists of reading through and accepting the terms and conditions of a disclosure detailing how the app works and what your responsibility is after making a deposit. You will receive an email when your application status is approved, or you can check your status on the app itself.
A few things to remember:
1. There are deposit limitations placed on each account. These can vary due to the account balance and the size of the check. If you have issues, give us a call.
2. The check must be made out to the client (i.e. the same name on the account into which you are making a deposit), or if you personally are writing the check, make it out to Charles Schwab & Co., Inc. and include your account number.
3. Checks needs to be endorsed on the 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.
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