Features & Services Section

How to add features to an account

How to add features to an account

After opening an account, your client may want to add features and functionality. You can add various account and payment features to your clients' accounts by using digital workflows or DocuSign®.

To add features to a retirement or non-retirement Schwab account, you will need the following:

All accounts
  • Your firm name and master account number.
  • Account number to which the feature should be added (one form is needed per account).
  • Account holder verification information, including name, address,  identification number Tooltip , date of birth, and employer information.
  • Adobe® Reader® or Adobe Acrobat® 7.0 or higher (download the latest version on the Adobe website).

 

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

Designated beneficiary plan Tooltip

Designated beneficiary plans (DBP) added to an account can help avoid probate on account assets at the death of the last surviving account holder. There is no charge to establish a plan.

  • The number of primary or contingent beneficiaries is unlimited.
  • The plan can be changed or revoked by completing a new agreement.
  • A trust can be named as a primary or contingent beneficiary.

New Accounts

  • A Designated Beneficiary Plan can be added in the Digital Onboarding workflow or
  • A completed Designated Beneficiary Plan Agreement (Transfer on Death / TOD / DBP) form with primary and contingent beneficiary information including name, home address, relationship to account holder, tax ID / Social Security number, date of birth, telephone number, and percentage for each beneficiary. For multiple beneficiaries, the percentage allocation must be equal 100%. Schwab does not accept dollar amounts for beneficiary designations.
  • The account must be registered as a Schwab One account. If it is not, submit the Update your Schwab or Schwab One account form to convert to a Schwab One account.

Existing Accounts

Existing plans transfer after an account is converted unless:

  • A tenant or secondary account holder is added or removed.
    • A new agreement is required.
  • The account is converting to a trust.
Paperless documents
  • Access Paperless Documents Enrollment Tooltip  security function and the account holder's email address.
Margin or options trading

Add using one of the following:

  • The Update or fund an account digital workflow.
    • The digital workflow is only available for accounts with at least one trading master.
    • For digital and paper, all authorized traders on the account must complete the application.
  • A completed Options Trading and Margin Application.

Note: Options Trading and Margin can be added in the Digital Onboarding workflow for new accounts.

Pledged asset account (outside bank)
  • A completed Pledged Asset Account Agreement.
  • For accounts on the Managed Account Marketplace® platform, a completed Managed Account Pledged Asset Account Agreement form.
  • Lender and borrower name and address.
  • If pledging an account with TriState as the lender, contact your Service team.
Schwab BillPay®
  • For Schwab One accounts, a completed BillPay Enrollment Form.
  • The account holder's email address.
Schwab One® checkwriting Tooltip or Schwab One Visa® Platinum Debit Card
  • For personal accounts, complete the Update your Schwab or Schwab One Account form.
  • A Signature Card or wet signed source document application that is already on file is required in order for the DDA to be generated.
  • For Organization accounts, complete the Checkwriting and Visa Debit Card Application for Organization Accounts.
    • Sole proprietorships are the only Organization account type eligible for a Visa debit card.
  • For custodial accounts, complete a new Account Application (Schwab One Personal Accounts) and indicate the addition of checks to the account. Contact your Service team with any questions.
  • For trust accounts, complete a Schwab One® Trust Account Signature Card and indicate the addition of checks and/or debit card to the account. Notarization is not required if you are only adding the feature to an existing trust account.
  • For IRA accounts, a completed IRA Checkwriting application.
Schwab Bank Investor CheckingTM
  • For personal accounts, a completed Schwab Bank: Add Schwab Bank to your Schwab One Brokerage Account (Investor Checking) form.
  • A Signature Card or wet signed source document application that is already on file is required in order for the DDA to be generated.
  • Once your Investor Checking account is funded at least $100, personalized checks will be sent from Schwab Bank.
  • Once your Investor Checking account is funded, you will receive Visa® Platinum Debit Card(s) from Schwab Bank.
  • For trust accounts:
    • A completed Schwab Bank: Add Schwab Bank to your Schwab One Trust Account form and
    • First page of the trust document listing the name and date of the Trust (i.e., the title page, where one exists); and all signature pages.
Form submission method

If using DocuSign to submit forms:

  • If using Digital onboarding, see Digital onboarding clickable guide.
  • Most Schwab forms are eligible for DocuSign. Refer to the Forms Library column labeled Delivery Options to confirm if the desired form is eligible, ineligible, or conditionally eligible for DocuSign.
  • For existing Schwab clients, a complete Schwab Advisor Center® profile with the account holder's current email address and mobile phone number.
  • For new-to-Schwab clients, the email address and a mobile phone number. All clients must use both text message (SMS) authentication and Knowledge Based Authentication (KBA) for DocuSign.

1. Review the information below for instructions to add the applicable feature(s) for both retirement and non-retirement accounts.

Feature to addInstructions
Designated beneficiary planFor Schwab One accounts, complete the Beneficiary for Schwab One Accounts digital workflow (on the Account Management tab) or the Designated Beneficiary Plan Agreement (Transfer on Death / TOD / DBP)* form. If an additional client is added to an account with an existing designated beneficiary plan feature, the new account holder must complete and sign a new agreement.
Paperless documentsInitiate the process to create a login ID for Schwab Alliance and begin the enrollment process for your clients. Refer to How to set up clients with paperless documents for more detailed information.
MarginComplete the Update or fund an account digital workflow or Options Trading and Margin Application and select Add margin.
Options tradingComplete the Update or fund an account digital workflow or Options Trading and Margin Application*, and select only one strategy level to add to the account. Your firm's master account associated with your client's account must have option authorization meeting or exceeding the requested strategy. For more information about adding options for your firm or adding options to an account with power of attorney, contact your Service team.
Pledged asset account (outside bank)Complete the Pledged Asset Account Agreement.

For accounts on the Managed Account Marketplace® platform, complete the Managed Account Pledged Asset Account Agreement.

If pledging an account with TriState, contact your Service team.

Have your client and the bank representative sign the agreement and send it to Schwab. Schwab does not require an original copy of the Pledged Asset Account Agreement. Include an original only if required by the lender. Do not include the sample Notice of Control letter (Attachment 2).
Pledged Asset Line (Schwab Bank)For more information, call Schwab Bank at 800-838-6573, Option 1.

2. Complete the digital workflow or forms and obtain client signatures (for specific signature requirements, review the language within the appropriate document):

  • For digital workflows, see the Digital account management clickable guide
  • For DocuSign eligible forms, see How to use DocuSign
  • For forms not eligible for DocuSign, print the form(s), and obtain dated signatures from all account holders, authorized agents, trustees, power(s) of attorney, and lenders, if applicable. Send the signed forms to your Service team via Schwab Advisor Center service request

1. Review the information below for the instructions to add each available feature for retirement and non-retirement accounts.

Feature to addInstructions
ACH (Schwab MoneyLink®)Refer to the Introduction to ACH (Schwab MoneyLink®) article for detailed information on setting up an ACH.
Schwab One® checkwriting Tooltip or Schwab One Visa® Platinum debit card

For personal accounts, complete the Update your Schwab or Schwab One Account form.

For Organization accounts, complete the Checkwriting and Visa Debit Card Application for Organization Accounts.

  • Sole proprietorships are the only Organization account type eligible for a Visa debit card.

For custodial accounts, complete a new Account Application (Schwab One Personal Accounts), and indicate the addition of checks to the account. Contact your Service team with any questions.

For trust accounts, complete a Schwab One® Trust Account Signature Card and indicate the addition of checks and/or debit card to the account. Notarization is not required if you are only adding the feature to an existing trust account.

For IRA accounts, a completed IRA Checkwriting Application.

Schwab Bank Investor Checking™Complete the Schwab Bank: Add Schwab Bank to your Schwab One Brokerage Account (Investor Checking) form or the Schwab Bank: Add Schwab Bank Investor Checking to your Schwab One Trust Account form. If there is an existing power of attorney or if it is added, complete the Schwab Bank: Investor Checking Power of Attorney (POA) form.
Cash featuresThe Bank Sweep Tooltip feature is automatically added to new accounts.
 
To change the account from the Bank Sweep cash feature to Schwab One interest Tooltip or a purchase money fund, the account holder or investment advisor with trading authority may provide instructions over the phone or by written letter of authorization. Refer to the Cash Features Disclosure Statement for more information.

2. Complete the forms and obtain client signatures:

  • For DocuSign eligible forms, see How to use DocuSign.
  • For forms not eligible for DocuSign, print the form(s) and obtain the necessary dated signatures from account holders, trustees, authorized agents, custodians, or executors, if applicable. Send the signed forms to your Service team via Schwab Advisor Center service request.

Once you have submitted your request, the following steps may apply:

  • If a digital workflow was used, see the Client experience section of Digital onboarding clickable guide
  • If forms were submitted using DocuSign, see the What's next? section of How to use DocuSign
  • The request will be reviewed and processed by Schwab. Check the Status page for progress updates. Additional information or follow up requests may be conveyed to you through the Status page or an alert from the Alerts page
  • If you have questions about adding features to an account, contact your Service team
  • If adding Schwab BillPay, the initial password and terms and conditions will be sent directly to the account holder's mailing address within two weeks of Schwab's acceptance and approval of the application
  • If adding the Pledged Asset Line, your client can immediately access their funds, up to their credit limit, once the collateral account is funded
  • If adding checkwriting, the account holder can submit future check orders using a letter of authorization by going to SchwabAlliance.com, or by calling Schwab Alliance at 800-515-2157. You can also request additional checks for an account with a checking feature by calling your Service team. If you request the check order on behalf of your client, the checks must be sent to the address of record

Go to the Forms library on Schwab Advisor Center and select the forms below:

Form: Account Application (Schwab One Personal Accounts)
Form: Schwab One® Trust Account Signature Card
Form: BillPay® Enrollment Form
Form: Designated Beneficiary Plan Agreement (Transfer on Death / TOD / DBP)
Form: Managed Account Pledged Asset Account Agreement
Form: Options Trading and Margin Application
Form: Pledged Asset Account Agreement
Form: Schwab Bank: Add Schwab Bank Investor Checking to your Schwab One Brokerage Account
Form: Schwab Bank: Add Schwab Bank Investor Checking to your Schwab One Trust Account
Form: Update Your Schwab or Schwab One Account
Resource: How your assets are protected at Schwab

If an account holder has a designated beneficiary plan on an existing Schwab One account, will the agreement automatically apply if the client adds a Schwab Bank Investor Checking account?
In most cases, beneficiary designations listed on the Schwab One account automatically apply to the linked Investor Checking account.

If converting an existing account to a pledged asset account (broker-dealer), does the account maintain its account features?
No. Additional account features such as margin, option trading, checkwriting, Visa debit card, BillPay, and ACH (Schwab MoneyLink) are removed prior to converting the account.

Is an account holder allowed to have more than one collateral account to secure their Pledged Asset Line at Schwab?
Yes. They may have as many accounts as they need to secure the collateral for their Pledged Asset Line.

When will the account holder receive their Visa debit card?
Visa debit cards are mailed within five business days after the account is approved and opened.

How to add and update account beneficiaries
Introduction to ACH (Schwab MoneyLink®)
How to set up clients with paperless documents
How to use DocuSign®
Introduction to Schwab Bank Investor Checking accounts
Introduction to cash options and investments
Introduction to margin
Introduction to options trading
Introduction to paperless documents
Introduction to pledged asset accounts
Introduction to Schwab BillPay®
Introduction to Schwab One® Visa® Platinum Debit Card

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