How to make changes to organization accounts 

How to make changes to organization accounts 

An organization account is opened on behalf of an incorporated or non-incorporated legal entity authorized by a state government to conduct business in that state. An organization may have many authorized officers or individuals.

By submitting the forms and documents as instructed below, you can make the following changes to organization accounts:

  • Change an organization's name or taxpayer identification number (TIN)
  • Make role changes for a charity, corporation, limited liability company (LLC), unincorporated association, or partnership
  • Change ownership for a doing business as (DBA) or sole proprietorship
All accounts
  • Your firm name and master account number
  • The Schwab account number(s) for the account(s) you are changing
  • The organization's North American Industry Classification System code Tooltip that best describes it
  • Personal information for the individual(s) you are adding, including name, address, identification number Tooltip , and employment information
  • Additional identification information for international organization accounts and international authorized officers or individuals
  • 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 information specific to the type of change may be required:
Organization name change
  • If keeping the existing TIN, one of the following:
    • A letter signed by all officers and directors, or partners, of the organization on organization letterhead
    • Minutes from an organization board meeting written on the organization's letterhead, either notarized or with a corporate seal
    • Certification of the change (e.g., letter of authorization signed by all general partners)
  • If changing the TIN, you must open a new account and journal the applicable assets (refer to How to open an organization brokerage account for instructions)
Role change for a corporation, LLC, partnership, or unincorporated association
  • If adding or replacing an authorized individual, a completed Update Your Schwab One® Organization Account for Incorporated and Non-Incorporated Organizations form
    • All new authorized individuals must sign and date
    • A current authorized individual must sign and date the form
    • Internal Control Person(s) as detailed in the form must sign and date the Authorization to Update Account and Certificate of Authority and Resolution sections
    • If all existing authorized individuals are being revoked and replaced, a new authorized individual may sign the form and must submit a copy of one of the following documents authorizing the action: corporate resolution, board resolution, board meeting minutes, partnership amendment, or partnership resolution
  • If removing an authorized individual without a replacement, one of the following:
    • A completed Update Your Schwab One® Organization Account for Incorporated and Non-Incorporated Organizations form signed and dated by a current authorized individual and appropriate Internal Control Person(s)
    • If the authorized individual has resigned or has been removed from the organization, a letter of authorization signed by the secretary, letter of resignation, or a copy of the board meeting minutes authorizing the resignation or removal
  • If changing a non-authorized control person or a beneficial owner, a completed Update Your Schwab One® Organization Account for Incorporated and Non-Incorporated Organizations form
Standing Letters of Authorization (SLOA)
  • Organization and trusts are entities and the sole account holder is the entity, not trustee(s) or authorized agent(s). When replacing trustees or agents, the SLOA does not need to be repapered. The SLOA exists for the entity, not trustees/agents
  • Trust and Organization Moneylink profiles do not need to be repapered
Ownership change for a DBA or sole proprietorshipThe organization must open a new account and journal the applicable assets (refer to How to open an organization brokerage account for instructions)

To change the name of the organization (and keep the existing TIN), submit one of the following to your Schwab service team:

  • A letter signed by all officers and directors, or partners, of the organization on organization letterhead
  • Minutes from an organization board meeting written on the organization’s letterhead, either notarized or with a corporate seal
  • Certification of the change (e.g., Letter of Authorization signed by all general partners)

To change the TIN for an organization account, the organization must open a new account and journal the assets. Refer to How to open an organization brokerage account for instructions.

This process may be used to change authorized individuals or non-authorized control persons.

To add or replace an authorized individual:

  1. Select the Update Your Schwab One® Organization Account for Incorporated and Non-Incorporated Organizations form on Schwab Advisor Center. Complete the form Tooltip according to the following requirements:
    • All new authorized individuals must sign and date the form.
    • A current authorized individual must sign and date the form.
    • Internal Control Person(s) as detailed in the form must sign and date the Authorization to Update Account and Certificate of Authority and Resolution sections.
    • If all existing authorized individuals are being revoked and replaced, a new authorized individual may sign the form and must submit a copy of one of the following documents authorizing the action: corporate resolution, board resolution, board meeting minutes, partnership amendment, or partnership resolution.
  2. If the account is approved for options trading, select the Options Trading and Margin Application form on Schwab Advisor Center. Click Select, and select the appropriate option.
    • All new authorized individuals must complete, sign, and date the form.
  3. Verify all the appropriate signatures.
  4. Mail the forms and documents to your Schwab service team.

To remove an authorized individual with no replacement:

  1. Complete one of the following, depending on circumstances:
    • Select the Update Your Schwab One® Organization Account for Incorporated and Non-Incorporated Organizations form on Schwab Advisor Center. A current authorized individual and appropriate Internal Control Person(s) must sign and date the form
    • If the authorized individual has resigned or has been removed from the organization, submit a letter of authorization signed by the secretary, letter of resignation, or a copy of the board meeting minutes authorizing the resignation or removal.
  2. Verify all the appropriate signatures.
  3. Mail the forms and documents to your Schwab service team.

To change a non-authorized control person or a beneficial owner:

  1. Select the Update Your Schwab One® Organization Account for Incorporated and Non-Incorporated Organizations form on Schwab Advisor Center. A current authorized individual must complete the form.
  2. Verify all the appropriate signatures.
  3. Mail the forms and documents to your Schwab service team.

To change ownership of a DBA or sole proprietorship account, the organization must open a new account and journal the assets.

DBA accounts can no longer be established at Schwab. You must open a new account of a different account type Tooltip .

Refer to How to open an organization brokerage account for instructions and more information.

Once you have submitted the request:

  • Your service team will review and process the request.
  • When updating account registration or adding individuals, additional documentation may be required. If additional information is needed, Schwab will contact you to request it.
  • If you have any questions about making changes to organization accounts, contact the Organization Account Resource and Risk Group (ORRG) at 877-520-7177.

To select a form, go to the Forms library on Schwab Advisor Center. 

Form: Options Trading and Margin Application
Form: Power of Attorney (Individual POA)
Form: Schwab One® Account Application for Incorporated Organizations
Form: Schwab One® Account Application for Non-Incorporated Organizations
Form: Update your Schwab One® Organization Account for Incorporated and Non-Incorporated Organizations

Is the process different to remove an authorized individual because of death?
The process may vary if all authorized individuals are deceased or if the tax identification number (TIN) is changing. Refer to the How to handle deceased clients' assets in organization accounts article for more information.

Because Schwab no longer opens accounts using the Charity, Investment Club, or DBA registration types, what type of account should be opened as a replacement? 
Refer to the How to open an organization brokerage account article for more information on the available account types to determine a replacement.

How do you check the account review status after submitting an organization account change?
Check the Status tab on Schwab Advisor Center for the latest information on your request.

How to add a power of attorney to an account
How to create a standing letter of authorization
How to handle deceased clients' assets in organization accounts
How to make general account changes
How to make role changes for personal and trust accounts
How to open an international organization account
How to open an organization brokerage account