Features & Services Section

Introduction to Schwab BillPay®

Introduction to Schwab BillPay®

Schwab BillPay is an electronic bill payment service available to qualified Schwab One® organizational accounts holders. BillPay allows clients to electronically receive bills and initiate payments to nearly anyone in the U.S.

Key features related to Schwab BillPay:

  • Schwab BillPay is provided to Schwab clients free of charge; there are no monthly maintenance fees or transaction fees (however, any payment returned for insufficient funds is subject to a non-sufficient funds fee).
  • With Schwab BillPay, clients can:
    • Schedule one-time and recurring payments up to one year in advance
    • Have bills sent to them electronically—including bills from credit card companies, banks, mortgage holders, and utilities.
    • View their bills by logging in to the BillPay website and opting to receive bill notifications via email.
    • Set up an e-bill to be paid automatically upon delivery, either in full or up to a preset limit.

View monthly statements, scheduled payments, payment status, and searchable payment history by date, category, or payee on Schwab Alliance.

Key information related to Schwab BillPay:

  • Schwab BillPay is different from Schwab MoneyLink®. Schwab BillPay allows your client to electronically request payments to individuals, merchants, and other institutions; whereas, Schwab MoneyLink allows your client to move money between a Schwab account and another financial institution.
  • When switching to a Schwab Bank Investor Checking™ account:
    • Schwab BillPay will continue during the 90-day transition period.
    • Schwab will copy the client's biller list from Schwab BillPay to Schwab Bank Bill Pay™ approximately three business days after the checking account is funded.
    • Pending and recurring payments will not transfer.
  • Investment advisors may not use Schwab BillPay on behalf of their clients, since using BillPay is equivalent to an electronic check.

For information regarding Schwab BillPay features, refer to the following table:

Schwab BillPay features:
Payment types Payments can be made to payees with a U.S. payment address and only in U.S. dollars. It cannot be used to make tax or court-directed payments, such as alimony or child support. Schwab BillPay will send a paper check via U.S. mail to payees not able to receive electronic payments.
Availability Schwab BillPay is designed for qualified Schwab One organizational accounts. Qualified organizational accounts are those that have a tenure of 12 months or longer, and have greater than, or equal to $1,000,000 in assets.
Payment processing To ensure payments are on time, clients must schedule payments at least four business days before the actual due date of the payment. The account will be debited on the due date.
Fees There are no monthly maintenance fees or transaction fees. However, any payment returned for insufficient funds is subject to a non-sufficient funds fee.
Alternative option If your client does not wish to use BillPay, your client may establish an ACH debit to pay one-time or recurring bills. The person or organization that is the payee/biller—not your client—is responsible for initiating, changing, or terminating ACH transactions. Consequently, your client should contact the payee/biller directly to initiate, change, or cancel ACH transactions.

Are there equity requirements for enrolling in the service?
Yes. Qualified organizational accounts are those that have a tenure of 12 months or longer, and have greater than, or equal to $1,000,000 in assets.

Is there a way I can identify which of my client's accounts are already enrolled in BillPay?
No. Advisors cannot use the Schwab BillPay service on behalf of their clients, so enrollment information is not available on Schwab Advisor Center®.

What if my client sets up Schwab BillPay and then does not use it?
Schwab reserves the right to terminate the BillPay service due to inactivity, when a client has not initiated any payments through Schwab BillPay for 90 days or more.

My client does not want to use BillPay but wants to have bills paid from their account. How can I do this? 
Your client should contact the payee/biller and have them initiate a one-time or recurring ACH debit from the account (checkwriting or Visa® debit card feature is required).

What happens to my client's Schwab BillPay information if they choose to add a Schwab Bank Investor Checking account to their Schwab One account? 
Schwab BillPay, through their brokerage account, will remain active for 90 days after a Schwab Bank Investor Checking account is opened. Any payee(s) will automatically transfer to the new Schwab Bank Bill Pay account within five days of the account being funded, but you must reestablish pending payment, recurring payments, and e-bills from select billers with the Schwab Bank Bill Pay service.

The following are available to assist you:

How to add features to an account
How to establish a Schwab MoneyLink® profile
How to set up Schwab BillPay®
How to submit a Schwab MoneyLink® transfer
Introduction to Schwab Alliance
Introduction to Schwab Bank Investor Checking® accounts