How to request a check disbursement online

How to request a check disbursement online

Most withdrawals from your client’s Schwab accounts can be completed online through the Move Money tool. You can set up one-time or recurring checks from eligible registration types made payable to a third party or an on-record beneficiary. You can also request overnight checks online for a fee.  You can use the Move Money Import Transactions tool to request multiple transactions across your client accounts via a CSV file.

For fastest processing, use digital tools such as eAuthorization to obtain client authorization. If the funds request is urgent, you may want to also consider setting up an ACH transaction or wire.

  • The following levels of account authority are valid:
  • Update Move Money security function.
  • View Move Money security function.
  • Move Money data access for the account on the withdrawal.
  • Schwab account number from which funds will be withdrawn and the name and address of the recipient.
  • To request checks through the Import Transactions tool, download the CSV file template available on the Move Money tab. Your data must be compatible with Schwab requirements and the column headers must match Schwab's template.

For step-by-step instructions on how to set up this transaction, please refer to this guide. If you’re using the Legacy Move Money tool, click here for legacy instructions.

Once you have submitted your check request: 

  • For requests not requiring client authorization, the acknowledgement page confirms the transaction. You can print this page for your records.
  • Check requests received before 2:00 p.m. ET in good order will be processed same-day on a best-efforts basis.
  • Processing time may vary if additional approval authorization is required.
  • If you need to modify or cancel an existing check request, return to the Create Transaction tab in Move Money for the selected account. The Transactions Table on the account lists all Recent transactions. You can click to Edit or Cancel your transaction as long as it has not already been processed.
  • If a check remains outstanding or un-cashed for longer than 180 days, Schwab considers them stale-dated. Some checks are automatically voided and funds re-credited to client accounts. In certain circumstances, a letter is sent to the account holder notifying them of the outstanding check with instructions to take further action. 
  • If adding checkwriting, the account holder can submit future check orders using a letter of authorization, ordering checks from the Schwab Alliance website, or by calling Schwab Alliance at 800-515-2157. You can also request additional checks for an account with the checking feature by calling your Schwab service team. If you request the check order on behalf of your client, the checks must be sent to the address of record.

Forms can be accessed by navigating to the Account Management tab and the Forms Library.

Form: Check and Internal Transfer Request Form
Form: Limited Power of Attorney (Investment Advisor LPOA)
Form: Tax Withholding Election Form for Individual Retirement Accounts (IRA TWE)
Form: Withdrawal Power and Trading Authorization Addendum to Limited Power of Attorney (LPOA)
Step-by-step guide for Legacy Move Money design: Moving money on Schwab Advisor Center

 

Can I request a qualified charitable distribution (QCD) online? 
Yes, simply select “third party” for the Payee and add the name and address for the charity. For the disbursement reason, select “Normal (7)” and enter 0 for the tax withholding elections.

Can I request a check for an account with more than three account holders?
Yes, but because there are only three lines for account holders online, for a request with more than three account holders, contact your service team.

Can I reinstate a transaction if I accidentally canceled it?
Once a transaction is canceled, it cannot be reinstated. Simply re-enter the transaction.

If a check request is rejected, how am I notified?
If a transaction is rejected during processing, your service team will call to inform you of the reason. The rejection could be caused by insufficient funds, account restrictions, data field errors including missing data, or other internal processing reasons.

Who within my firm should be given Update Move Money access?
Only employees authorized to make withdrawal requests on behalf of your firm.

Why can’t I initiate a request in the Move Money tool, even though I have all the necessary security functions?
You need  authority on the account (WPFA, WPFA-C, NDFA, or LPFA) to enter one-time and recurring requests. Schwab Advisor Center® login users also need to set up by their firm security administrator with Move Money data access for that particular account.

eAuthorization video
How to deposit checks
How to use the Move Money Import Transaction tool
Introduction to eAuthorization
Move Money step-by-step guide
Tax withholding election (TWE) FAQs