There are many online methods of transferring money both to and from your Charles Schwab account. If you enjoy banking online, you can utilize a MoneyLink to transfer to a linked account or use Schwab Bill Pay to get Schwab to mail an electronic check. However, sometimes the lowest tech option is the easiest: writing a check by hand.
After writing your check and delivering it to the recipient though, you then have to keep track of if the check has been cashed.
This is part of the practice of “balancing the checkbook.” You determine what amount you actually have in your bank account that could be spent by subtracting from the present balance of any outstanding checks. Once the check is cleared, then you can rest easy again knowing your online balance is accurate.
Luckily, you can find out very easily online whether a check has been cleared at your Schwab account. Here’s how.
After logging in to Schwab Alliance at https://www.schwab.com, click on “History” in the top navigation bar.
In the blue dropdown menu at the top of the page that loads, select the relevant account. If you have a linked brokerage and Schwab bank account, you will likely want to select the Schwab Bank side of the account. Schwab Bank accounts will be at the very bottom of the list.
After making that selection, follow one of two instructions to refine the filter. (The Schwab Bank and Schwab One accounts have similar but slightly different interfaces.)
For a Schwab Bank account, under the “Show” drop down menu, select “Checks.” For a Schwab One account, click “Edit Filter.” In the pop up window, click the “All Transactions” check box to turn off everything. Then select “Checks.” Click “Apply.”
Then, click “Search.” This will reload the window with the found transactions.
Each record will say something like “Check Paid # [ check number here].” In the “Check Number” column, the number will be a clickable link. Clicking on the check number will open a scan of how the cleared check appeared when it was deposited by the recipient. In the picture of the back of the check, you can see how the check was endorsed to ensure the appropriate recipient received it.
If the check is not in the list yet, it has not been cleared yet. If you are curious about what happened to a check or you want to stop a check, you can call Schwab Alliance at 800-515-2157 or message them via the message center.
Photo by Paul Hanaoka on Unsplash