How to use an SLOA to submit transactions through the Move Money tool

How to use an SLOA to submit transactions through the Move Money tool

A standing letter of authorization (SLOA) is a form signed by your client enabling your firm to take specific actions on the client's behalf.

Use the guided workflow available on the Forms & Applications page of Schwab Advisor Center® (SAC) to complete the Standing Instructions for Checks and Journal form and reduce processing delays. For fastest processing use digital tools such as eAuthorization to obtain client authorization. Contact your service team for urgent requests such as maintenance calls, house closings, etc.

Once you have an SLOA on file, you can use the Move Money tool to submit a check, journal, or wire transfer request from eligible registration types.

All processes
  • Firm name and master account number
  • Update Move Money access security function
  • SLOA on file
  • Schwab account number from which funds will be withdrawn
In addition to the information above, the following information specific to the type of transaction may be required:
Checks

Name and address of the recipient

Journals

Schwab account number to which the funds will be deposited

Wire transfers
  • Request Wire access Tooltip security function
  • Account and ABA numbers Tooltip for the receiving bank
  • Sufficient cash in the account to cover the wire transfer fee
  • Confirmation from the client, whether by phone or in person, that the requested wire transfer is valid
  • See Foreign currency requirements for additional wire requirements
Retirement distributions

A distribution form or tax withholding election form on file stating the client's federal Tooltip  and state Tooltip  tax withholding elections

  1. Go to the Move Money tool and select the client's account from which the funds will be withdrawn.
  2. In the On-Request SLOAs / MoneyLinks section, select Request Transaction for the SLOA you want to use. Alternatively, in the Move Money – Request section, click Use SLOA* next to Request Check, and select the appropriate SLOA from the list.
  3. On the Input Data page, the payee information displays automatically. Enter the process date amount, and withdrawal reason (optional). You also have the option to add details in the memo field Tooltip  .
  4. For retirement account distributionsꝉ, verify the federal tax and state tax percentage to be withheld, and select the distribution reason from the drop-down list.
  5. On the Verify page, review the information for accuracy and edit the transaction details as needed, then select Submit.
  6. For check requests including Additional Instructions or when Total Distribution or Close Account are selected, a pre-filled PDF(s) will be generated on the Acknowledge page of Move Money. To complete your request, the pre-filled PDF(s) will need to be signed when indicated and uploaded to Service Request for processing.

*The function Use SLOA is not available on conservatorship, estate, guardianship, Institutional Intelligent Portfolios (IIP), or testamentary trust accounts.
ꝉ If requesting a distribution from a retirement account for the first time, see How to request a retirement distribution for further instructions. You may use this process for all subsequent retirement distributions.

  1. Go to the Move Money tool and select the client's account from which the funds will be transferred.
  2. In the On-Request SLOAs / MoneyLinks section, select Request Transaction for the SLOA you want to use. Alternatively, in the Move Money – Request section, you can click Use SLOA* next to Request Journal, and then select the appropriate SLOA from the list.
  3. On the Input Data page, the receiving account information displays automatically. Enter the  process date Tooltip  and amount. When requesting a retirement account contribution, select the IRA Contribution Type Tooltip
  4. For retirement account distributions, verify the federal tax and state tax percentage to be withheld. Next, enter the amount Tooltip , and select the distribution reason from the drop-down list.
  5. On the Verify page, review the information for accuracy, and edit the transaction details as needed; then select Submit.
  6. For journal requests including Additional Instructions or when Total Distribution or Close Account are selected, a pre-filled PDF(s) will be generated on the Acknowledge page of Move Money. To complete your request, the pre-filled PDF(s) will need to be signed when indicated and uploaded to Service Request for processing.

 

*The function Use SLOA is not available on i401k, conservatorship, custodial, estate, guardianship, IIP, or testamentary trust accounts.
ꝉ If requesting a distribution from a retirement account for the first time, see How to request a retirement distribution for further instructions. You may use this process for all subsequent retirement distributions.

  1. Go to the Move Money tool and select the client's account from which the funds will be transferred.
  2. In the On-Request SLOAs / MoneyLinks section, select Request Transaction for the SLOA you want to use. Alternatively, in the Move Money – Request section, you can click Use SLOA next to Request Wire Transfer, and then select the appropriate SLOA from the list.
  3. Enter the  process date Tooltip  and amount Tooltip .
  4. For retirement account distributions*, verify the federal tax and state tax percentage to be withheld. Next, select the distribution reason from the drop-down list.
  5. If presented with the Advisor Electronic Wire Transfer Cover Letter Agreement Tooltip , select I Agree, and click Continue.
  6. On the Verify page, review the information for accuracy, and edit the transaction details as needed; then select Submit.

*If requesting a distribution from a retirement account for the first time, see How to request a retirement distribution for further instructions. You may use this process for all subsequent retirement distributions.

After submitting the transaction through the Move Money tool:

  • For requests not requiring a PDF for processing, the acknowledgement page provides confirmation of transaction submission. You can print or save this page for your records.
  • For requests generated with a pre-filled PDF on the acknowledgement page, sign when indicated and upload to Service Request for processing.
  • Check and journal 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 for checks and journals if additional approval or authorization is required.
  • Wire requests from SLOAs entered online received by 2:30 p.m. ET will be processed same day.
  • Within the master status view of the account, you can access the Move Money Activity Report, which displays all requests entered on a particular day by your firm, service team, or entered online by your client. Service Request items can be reviewed on the Service Request History tab.
  • To modify an existing transaction, return to the Account Status View for the selected account. Locate the transaction and click the link to view, edit, or cancel. Make any necessary changes and submit.
  • If you have questions, contact your Schwab service team. 
Form: Standing Instructions for Checks and Journals Resource: Guide to Custody Rule and move money authorities
Resource: Guide to Move Money eApproval tools

Can I schedule my transaction for a future date?
Yes. Check and journal transactions may be scheduled for a future date. The process date for wire transfers is set automatically to the current date or the next business day according to cutoff times.

 

Can I reinstate a transaction if I accidentally canceled it?
Once canceled, a transaction cannot be reinstated. Re-enter the transaction or contact your service team for assistance.

 

If a transaction is rejected, how am I notified?
If a transaction is rejected during processing, your service team will contact you. 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?

Check with your firm security administrator to confirm you have the appropriate level of access to view, update, or request the transaction type. You also need Withdrawal power financial advisor (WPFA) or Withdrawal power financial advisor-custody (WPFA-C) authority on the account to enter one-time and recurring requests.

You are able to create and use SLOAs for checks, journals, and wires when the client provides the proper authority for your firm.

How to cancel standing instructions

How to create a standing letter of authorization

How to request a retirement distribution

How to submit a check request online

How to submit a journal request online

How to submit an outbound wire transfer online

Introduction to eAuthorization

Introduction to the Move Money tool