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, an automated investment management platform. Some additional services are available for an additional charge.
There are many online methods of funding your Charles Schwab account, such as utilizing a MoneyLink or transferring an external account, but sometimes the lowest tech option is the easiest: writing a check.
To deposit to any account via a check, simply write a check payable to the account holder’s names followed by “Charles Schwab Account Number” followed by the relevant Account Number.
If you are using this check to fund a Roth IRA, write in the memo line, “Roth contribution for tax year [the Relevant Tax Year here],” so Schwab reports the contribution correctly to the IRS.
Then endorse the check on the back with your signature and “for deposit only in” followed by the relevant account number.
Now, you just need to get your check to Schwab. There are two ways to accomplish this.
The low tech way is that you can mail it to Schwab. Simply use a Schwab deposit or cashiering envelope and mail it to Schwab. If you don’t have any, you can follow the steps at “Charles Schwab: How to Order More Checks or Deposit Slips” to order some deposit slips from Schwab Bank or at “How to Acquire Prepaid Schwab Cashiering Envelopes” to order more cashiering envelopes. Simply, fill out the slip and insert both your check and the slip into the prepaid envelope. Then, drop it in the mail.
The second option is to use the Schwab mobile app to do a photograph deposit. To do this, log in to Schwab Mobile and tap Deposit Check. Follow the instructions, entering the check amount and taking clear pictures of both sides of the check.
A progress bar will indicate that your deposit is being transmitted to Schwab. Do not answer calls or navigate away from the screen until the submission is complete.
After you’ve made your deposit, you’ll see an acknowledgment with a reference number that confirms receipt of your check images and deposit information.
Both method of depositing will take a few days before the deposit appears in your account, but if you are doing a one-time funding from another account, sometimes the lowest tech option can be the easiest.
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