How to deposit checks

How to deposit checks

Schwab accepts various types of checks to deposit funds into a client's account. Checks provide you with a widely accepted fund deposit option without processing fees. If the imprint or payee on the check is not identical to the Schwab account registration, additional steps may be required.

You can deposit checks with the Schwab Mobile app, online via Schwab Advisor Center® using Advisor Check Deposit, in person at a Schwab branch office, or through mail.

To deposit a check into a Schwab account, you will need the following:

All accounts
Deposits via the Schwab Advisor Center Mobile application
  • Minimum operating system requirements are the latest version of the application on iOS 14 for Apple® or Nougat Marshmallow 7.0 for Android™
  • Access Schwab Advisor Center Mobile App security function on Schwab Advisor Center
  • For first time deposits, you must agree to give access to the camera. Auto-capture will attempt to take the best image, after 20 seconds manual action may be necessary.
Deposits via Schwab Advisor Center

To use Advisor Check Deposit (ACD):

Client deposits via Schwab Mobile application
  • The latest version of the application on the client's iPad®, iPhone®, Android™, or Kindle Fire
  • Mobile deposits of $25,000 and greater require the back of the check to be endorsed with the client's name and Schwab account number.
Mailed checkThe deposit account number written on the face of the check

 

In addition to the information above, the following may be required:

Schwab One® checkIf payable to Charles Schwab & Co., Charles Schwab Bank, or account holder, no additional documentation is required
Payee is not the same as the account registration

If the payee on the check does not match the account holder for whom the funds will be deposited or payee is not Charles Schwab & Co., Inc. or Charles Schwab Bank:

  • A Letter of Release from the original payee authorizing the deposit (notarization is not required if the party is a Schwab client, but their signature will be reviewed against Schwab's records).
    • Check made payable to IA is no longer acceptable and is not mitigated by a Letter of Release.
    • A government check must be deposited to an account registered to all payees.
  • Checks payable from an insurance, escrow, or title company require the endorsement of each party named on the payee line.
  • See additional guidelines for check acceptance
Altered checkAlterations must be initialed by the issuer
Check is split among several accounts
  • Letter of authorization (LOA) Tooltip providing account number, client name, and deposit amount for the split deposit
  • Deposit amounts designated for each account must add up to the total amount of the check. (If they do not, Schwab will contact you to determine deposit amounts for each account. This may delay your client's deposit.)
  • Split checks are not supported using Mobile deposit. For instructions on how to split checks, refer to How to use Advisor Check Deposit.
Deposits into an individual account where payee line on check lists two payees
  • An endorsement on the back of the check from the party not listed on the individual account
  • A notarized Letter of Release signed by the party not on the individual account (notarization is not required if the party is a Schwab client, but their signature will be reviewed against Schwab's records)
Retirement account deposits*†
  • Check made payable to the individual on the account and the Schwab retirement account number
  • For traditional and Roth IRA deposits, the contribution year listed on the check
  • For checks made payable to Schwab and drawn on a pension trust account:
    • An LOA submitted with the check, or
    • An account number to which the funds will be deposited indicated on the check
Rollover IRA deposits Tooltip
  • A deposit made within 60 calendar days from the date of withdrawal from another IRA to avoid taxes and penalties on the amount withdrawn
  • "IRA rollover" written in the memo line on the check
  • A completed IRA Rollover Designation form or a signed LOA stating that the deposit qualifies as a rollover contribution (if applicable)
Custodial account deposits
  • If check is payable to minor, it may be deposited without an endorsement stamp
  • If check is payable to the custodian, an LOA from the custodian to deposit (individual LOA for each check)
  • If check payable to a third party (not the custodian on the account or the minor):
    • An LOA signed by the payee, or
    • A Letter of Release
Pooled plan retirement account deposits
  • Check made payable to plan
  • If check made payable FBO a client, a pooled plan letter from the plan administrator (letter must state that the FBO listed on the check is a member of the plan and give authorization to deposit the funds to that account)

* Federal tax regulations about retirement accounts are complex and change often. Schwab encourages you to contact a tax or legal advisor for specific information about retirement accounts.

† SEP-IRA, SARSEP-IRA and SIMPLE IRA deposits will be posted in the current calendar year of the contribution, even if it is not the same as the tax-reporting year. For these types of accounts, tax reporting is solely the responsibility of your client when they file taxes.

Use the following process to deposit checks using the Schwab Advisor Center Mobile application.

  1. Log in to the Schwab Advisor Center Mobile application.
  2. In Accounts, search by account number or name and select the Schwab account to which funds will be deposited.
  3. Click on the check and pen icon then enter the check amount. The limit for a single check deposit is $3M, but daily deposits limits do not apply.
    • For retirement account deposits, select the contribution type.
  4. Click the "photo" icon to take a picture of the front and back of the check.
  5. Submit the check and confirm the details including the option to deposit another check, if applicable.

‡ Images are not stored in the app.

  1. Verify the completed check meets all of Schwab's criteria and that the client's account is eligible for Schwab Mobile Deposit™§.
  2. Have the client(s) endorse the back of the check.
  3. Direct the client to log in to the Schwab Mobile application.
  4. Tap Deposit check.
  5. Take photos of the front and back of the check and submit the images.
    • Once images are submitted, there is immediate confirmation the deposit is being processed.

§ Daily deposit limits apply
‡ Images are not stored in the app.

The Henderson, Nevada branch office can accept deposits to a Schwab Bank Investor Checking account or Schwab Bank Investor Savings account.

  1. Verify the completed check meets all of Schwab's criteria.
  2. Have the client(s) endorse the back of the check.
  3. Present the check to a Schwab employee at the branch office.
  1. Verify the completed check meets all of Schwab's criteria.
  2. Have the client(s) endorse the back of the check.
  3. Mail the check to the applicable address:
    • Use the operations center closest to you:

      EastWest
      Regular mail:
      Charles Schwab & Co., INC
      P.O. Box 2380
      Omaha, NE 68103
      Regular mail:
      Charles Schwab & Co., INC
      P.O. Box 982603
      El Paso, Texas 79998
      Overnight mail:
      Charles Schwab & Co., INC
      200 S 108th Ave
      Omaha, NE 68154
      Overnight mail:
      Charles Schwab & Co., INC
      1945 Northwestern Drive
      El Paso, Texas 79912
    • If you do not have a mailing envelope, if you need to overnight the check, or for Schwab Bank Investor Checking and Schwab Bank Investor Savings accounts, use one of the following mailing addresses:

      EastWest
      Regular mail:
      Charles Schwab Bank
      P.O. Box 2380
      Omaha, NE 68103
      Regular mail:
      Charles Schwab Bank
      P.O. Box 982603
      El Paso, Texas 79998
      Overnight mail:
      Charles Schwab Bank
      200 S 108th Ave
      Omaha, NE 68154
      Overnight mail:
      Charles Schwab Bank
      1945 Northwestern Drive
      El Paso, Texas 79912

You can scan, upload, edit, and deposit checks online through Schwab Advisor Center into your clients' brokerage accounts using Advisor Check Deposit. The Advisor Check Deposit tool also offers an ability to split checks for deposit to two or more Schwab accounts. For instructions on how to use the tool, refer to How to use Advisor Check Deposit.

After submitting the check for deposit:

  • The appropriate office/operations staff will process the check
  • Check deposits made via the Schwab Mobile application or on Schwab Advisor Center before 5 p.m. ET are processed the same business day.
  • Check deposits made at a branch location before 2 p.m. ET are processed the same business day.
  • Use Status to review progress of the deposit. To view the check image, use ">" on the right of the deposit. 
  • A check may be returned to the client if there are insufficient funds to cover the check, an endorsement is missing, the account has closed, or payment was stopped by the payer. Schwab may not be able to redeposit the check, depending on the reason it was returned. Schwab will contact you to resolve the matter.
  • SEP-IRA and SARSEP-IRA deposits will be posted in the current calendar year of the contribution, even if it is not the same as the tax-reporting year. For these types of accounts, tax reporting is solely the responsibility of your client.
  • SIMPLE IRA deposits will also be posted in the current calendar year of the contribution and require completion of a SIMPLE IRA Contribution Transmittal Form.
  • Review the monthly account statements Tooltip or the Move Money section to confirm accuracy of the check deposit.
  • If you have questions about submitting checks for deposit, contact your service team.

To select a form, go to the Forms library on Schwab Advisor Center.

Form: IRA Rollover Designation Form
Form: Letter of Release
Form: Second Name Letter/Name Change Form
Form: SIMPLE IRA Contribution Transmittal Form
Form: Sole Proprietorship Confirmation
Resource: Move Money Interactive Guide

Can I submit trade instructions when depositing a client's check?
No. Submitting trade instructions when depositing a check will delay the trade. Send trade instructions to your designated Schwab Trading Desk.

How long will Schwab hold funds from the check my client deposited?
Hold times may vary depending on the type of check deposited. See Standard hold time information for deposited funds for more information.

Can I trade on the deposited funds when they are still under a hold?
Yes. Deposited funds can immediately be used to place trades once the funds appear in the client's account.

If my client wanted to deposit a check into their account, but erroneously made the check out to my firm, can I still deposit the check into their account?
If you sign over the check to the client, endorse the back of the check, and submit a Letter of Release, then it is considered a fourth-party check Tooltip  and will be reviewed by Schwab for acceptance.

My client wants to deposit a check, payable to a minor, into their custodial account. Does it need to be endorsed by the minor or the custodian?
No. A check made payable to a minor may be deposited without an endorsement.

How long does it take for funds to clear and be posted to my clients' account if they deposited a check drawn on or payable in foreign currency?
Except for Canadian checks, foreign currency checks are not accepted. At a minimum, it may take 15 business days to clear and post to the client's account.

Can I submit traveler's checks?
No, traveler's checks are not accepted.

What alerts will my client receive when I deposit checks with Schwab Advisor Center Mobile app?
Clients do not receive emails regarding failed or rejected checks. A Schwab professional will reach out to inform you if the deposit was not successful. If the client has opted into confirmation alerts in their Schwab Alliance settings, they will receive emails when mobile checks are successfully deposited.

How to set up direct deposits
How to submit an outbound wire transfer online
How to deposit securities
How to use Advisor Check Deposit
Introduction to Schwab Bank Investor Checking™ accounts
Introduction to SIMPLE IRAs
How to use the Schwab Advisor Center® mobile app