In addition to our “Comprehensive” and “Collaborative” service levels, we also offer some of our services in a “Do-It-Yourself” service level that has a lower annual fee and no minimum. Basic services include asset allocation design and portfolio management using Schwab’s Institutional Intelligent Portfolios (IIP), an automated investment management platform. Some additional services are available for an additional charge.
In order to move funds between a non-Schwab account (external account) and your Schwab account, you simply need to establish what is called a MoneyLink. After the MoneyLink is established, you can easily move funds online between the two accounts.
There are two ways to establish the MoneyLink, one through the Schwab IIP site and the other through the Schwab Alliance site. They both accomplish the same end.
If you wish to use the Schwab IIP site, you can do a similar process by clicking on the “Add/Withdraw Money” menu option and then selecting “Link an external bank account” and following the instructions.
Here is how to accomplish the task via Schwab Alliance.
After logging in to Schwab Alliance at https://www.schwab.com, hover over the “Accounts” tab at the top and then click on “External Accounts” in the menu that comes up.
You may see the message “Online management of existing external account information is not currently available for this type of account,” but that is likely because you haven’t selected an account yet.
In the dropdown menu below the “Schwab Account:” heading, select the account you would like to link the external account to.
If you are selecting a retirement account such as a Roth IRA, you will see the message “Only incoming requests can be created for this account when enrolling online.” If you need to establish an outbound MoneyLink for an IRA, you will need to use the “Enroll by Mail” option listed on the page.
Otherwise, the next step is to click the “Enroll Online” button.
Check the box indicating that you have the authority to submit the enrollment request. You will then need to input the routing number and account number for the external account you are trying to link. Select the type of account (checking or savings) from the drop down menu. Click continue.
You will then be prompted to login again to verify you account. If you do not enter the correct username and password, you will need to use the alternate verification method of Trial Deposits, so be sure to type your login carefully.
Check the agreement box under “Acceptance of the Schwab MoneyLink® Terms and Conditions and the Use of Electronic Records and Signatures” and click “Verify Account.”
As always, if you need help with the Schwab website, you can call Schwab Alliance at 800-515-2157 or message them via the message center.
After the MoneyLink is established, this external account will appear in the list of accounts available for transfer in the “Online Transfer” tool.
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