Introduction to the Move Money tool

Introduction to the Move Money tool

Using the Move Money tool on Schwab Advisor Center® is the fastest, most secure method for your firm to submit check, internal transfer, wire, ACH(MoneyLink) requests, and view status information quickly and easily. The move money tool streamlines work by validating required data up front so you can avoid errors and delays, and reduces risk by letting your clients digitally approve transactions in minutes on their computers or mobile devices with eAuthorization. You can easily review and verify progress of transactions and keep your clients updated when the transaction is complete.

eAuthorization is the fastest, most secure method of obtaining client approval. Your client can securely log in and approve the request using their Schwab Alliance credentials.
 

Use the following resources to learn more:

What's New: Move Money Explore the latest enhancements.
Launch Virtual Training Take an online course to learn about key features
Moving Money on Schwab Advisor Center A step-by-step guide that includes how to help clients approve money movement transactions using eAuthorization.
Schwab Advisor Center's move money tool Video View to understand the process and receive tips and important security steps.
Register for a webcast View a live demonstration to understand digital tools best practices
  • Streamline daily transactions with online check, internal transfer, wire, and ACH transactions.
  • Enter requests when convenient - 24/7.
  • Receive up-front validation when requesting transactions, to reduce errors and save time.
  • Receive prompts to obtain client authorization for transactions you do not have prior authorization to perform.
  • Send transactions for digital client approval using eAuthorization or generate a pre-filled one-time authorization form Tooltip .
  • Create standing authorizations Tooltip  online for check, internal transfer, and wire requests with eAuthorization.
    Note: The function Use SLOAs is not available on conservatorship, estate, guardianship, testamentary trust, Institutional Intelligent Portfolios (IIP), i401k, or custodial accounts.
  • View upcoming, recent, and recurring transactions by subaccount.
  • Access a report summarizing all transaction requests for the previous 120 business days by master account. This spreadsheet includes all transactions for the master accounts that you have read-access granted for on Schwab Advisor Center.
  • Update On-Request and recurring ACH profiles, allowing you to change the frequency, amount, and process date; and deactivate the profile.
  • Edit and cancel eligible check, internal transfer, and ACH transactions.  Wire requests can be cancelled but not edited.
  • You must submit an Authorized Agent Designation Form to have Move Money functionalities.
  • Transactions on Schwab Bank Investor Checking™ accounts are not available on the move money tool, although you can send or receive funds using ACH.
  • To use the move money tool, you must be assigned to the proper data access and security function access, which can be assigned by your firm security administrator. For details, see the tables below:
Activity Required Data Access Additional information
View account and transaction details using the Move Money tab Read* Users need Read and Move Money data access for the master account to enable assigned move money security function access.
Transact on the account using the Move Money tab Move Money** 

Please note: the Security function names are being updated.  Previous names and future names are included here for clarity where applicable.

Activity Required Security function access Additional information
View the Move Money tab View Move Money This security function access is a prerequisite for any of the other move money related security function access. This allows the user to see data for transactions but not take any action or initiate requests.
Checks and internal cash transfers
  • Update Move Money
  • View Move Money
Granting update Move Money access without View Move Money access can lead to data access restrictions.
Internal position transfers
  • Update Move Money
  • View Move Money
  • Request Journal Positions/Request Internal Position Transfers
Wire transfer
  • Request Wire
  • View Move Money
Set up ACH transactions
  • Request MoneyLink/ Request ACH
  • View Move Money
Update ACH profiles
  • Update MoneyLink/ Update ACH
  • View Move Money
This function is required to edit existing ACH profiles.
Approve Initiate & Release transactions
  • Desired transaction security functions
  • View Move Money
  • Access Release Money Movement
Users without Access Release Money Movement will only be allowed to submit transactions for review when firms are enrolled in the Initiate & Release feature.
Deposit checks in SAC mobile
  • Access Schwab Advisor Center Mobile App

Only assign "update" and "request" security functions to users in your firm with withdrawal authority.

Contact your firm security administrator to provide you with the appropriate data access and function access on the Schwab Advisor Center website. If you have questions about adding or removing users, contact Advisor Platform Support at 800-647-5465.

Schwab Advisor Center Mobile Deposit The Schwab Advisor Center mobile app lets you photograph and deposit checks of up to $3 million into your clients' retirement and brokerage accounts. Learn more, How to use the Schwab Advisor Center Mobile app.
Initiate and Release

Note: This feature is currently only available in the Legacy Move Money experience.

Initiate and release is an optional feature that requires review of each transaction by an authorized firm member before it is released for client approval and processing. If your firm would like to enroll in initiate and release, talk with your service team or Relationship Manager. For more information on the initiate and release workflow, view the advanced features section of Moving Money on Schwab Advisor Center.

Master Status view*

Note: This feature is currently only available in the Legacy Move Money experience.

Provides a complete picture of your clients' eligible active, pending, and recent transactions under a specific master. View checks, journals, wire transfers, MoneyLink requests, and Transaction Status:

  • On-Request SLOAs/MoneyLinks
  • Recurring Checks/Journals/MoneyLinks
  • Saved as Draft

*Master Status is available only for users accessing the information using one of your firm's primary (FA) masters and not available for Schwab Data Delivery (SL) or Block Trading (BT) masters unless the request was submitted under that master online.

Move Money Activity Report

Note: this feature is currently only available in the Legacy Move Money experience.

The Move Money Activity Report allows you to view and monitor all transactions submitted on a particular day. With the Move Money Activity Report you can:

  • View one report with one-click access—view daily transaction for the sub-accounts under any master for which you have read access.

  • View activity history for over four months—access the last 90 activity reports covering 125 previous business days.

  • Quickly see all requests entered online by your firm, your Service team or your client. Easily identify which user within your firm entered the request.

  • See updates throughout the day—the Move Money Activity Report updates four times a day starting at 1 p.m. ET and then every two hours until 7 p.m. ET.

Client communications
Clients may receive communications when money moves into or out of their accounts. These communications include the following:

  • ACH Returned Item Notification Letter—if Automated Clearing House (ACH) transactions were rejected for one or more reasons.

  • Third-Party Distribution and Outgoing Wire—when an account is shortened for stock/position journal to a third-party account holder. Another notice is sent when an account is debited for cash journal to a third-party account holder, a check is issued to a third-party payee, or an outgoing wire transfer was requested.

  • Instruction Verification—when MoneyLink initiates service between Schwab and another financial institution. Your client should verify instructions and contact you with any changes.

  • Instruction Update—when MoneyLink instructions are updated. Your client should verify new instructions are correct.

Most of your clients’ accounts and money movement transactions such as checks, journals, wire transfers, and MoneyLink requests will appear on the status pages. However, certain account registrations and transactions may not be displayed. View the following charts to understand what accounts are eligible for the Move Money tool and what Move Money functions can be performed for each request type: