Cash needs

Holiday season is in full swing, and Christmas is just around the corner!  Are you planning to make monetary gifts to kids or grandkids this year?  Do you need to make a deposit on the tropical vacation you have planned with the family over the holiday?  What about a down payment on a new vehicle you’re putting in the driveway, complete with a big red bow?  If you answered yes to any of these, P&A can help!

What is a MoneyLink?

There are multiple ways to access cash from your account including requesting a checkbook, debit card, or my personal favorite, setting up a MoneyLink.  A MoneyLink is a Charles Schwab product that allows you to link an outside bank account electronically to your brokerage or IRA account.  It is free of charge and is like an ACH transfer of funds.

How does it work?

Once the link has been established, cash can be moved both ways between accounts.  For P&A to facilitate a MoneyLink transfer, the investment account and bank account must be same name to same name (i.e., joint account to joint account, individual to individual, etc.).  If the accounts are not same name to same name, this is considered third-party, and P&A would need a signature to move the funds.  The client also has the option to make the transfer themselves by logging into their Schwab Alliance and using the established Moneylink instructions on file.

So, if you are needing to give $500 to each of your three grandchildren for Christmas, you can give us a call and request $1,500 be moved to your bank account on file.  The transfer happens next-day and from there, you can write checks from your bank account, or give them crisp $100 bills!

Perhaps you need to make a monthly payment on that brand new vehicle you purchased?  MoneyLinks can also be setup to make recurring transfers.  You can elect the start date, frequency, and amount so it’s easy to setup a monthly payment into your bank account!

How do I establish a MoneyLink?

This link can easily be setup by providing a VOID check and a signature on a MoneyLink form we can prepare for you.  If you are interested in setting up a MoneyLink, please contact our office and your Service Advisor will work with you to establish the link.  If you already have a MoneyLink and are interested in learning how to complete a transaction on your end through Schwab Alliance, your Service Advisor can assist with this as well!

 

 

Clicking on the links above may result in you leaving the Pittenger & Anderson, Inc. website. The opinions and ideas expressed on these external websites are those of third-party vendors and Pittenger & Anderson, Inc. has not approved or endorsed any of this third-party content. For the full Terms & Conditions of using the Pittenger & Anderson, Inc. website, click on this link.

Pittenger & Anderson, Inc. does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.  Additionally, the information presented here is not intended to be a recommendation to buy or sell any specific security.  To learn more about our firm and investment approach, check out our Form ADV.

To view this article and others like it online, visit the P&A blog at https://pittand.com/blog/.

Click here to download the PDF version of this article.

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Since 1995, Pittenger & Anderson has guided individuals and families going through money-in-motion events. We are a fee-only Registered Investment Advisor and a full-time fiduciary providing investment management, financial planning, and complimentary services to 700+ clients in over 30 U.S. states.

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