Depositing Checks at a Schwab Branch?

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JJP88
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Joined: Sun Apr 22, 2018 4:41 pm

Depositing Checks at a Schwab Branch?

Post by JJP88 » Wed Jan 23, 2019 6:26 pm

So I have posted here a few times about my mother and looking for a financial advisor for her, well I convinced her to meet with a consultant with Schwab today.

Overall from what was relayed to me over the phone, the guy sounds decent enough. Mentioned having a fiduciary responsibility, wanting to stay away from high fees, and while they may revisit it down the road if her financial picture changss annuities are not for her (my only flag, from what I have gathered around here annuities are usually not in anybody’s best interest). He also had her sign papers and she didn’t read them first (this one is on me, I didn’t think it had to be said), but I am probably making a mountain out of a molehill because she remembered one the forms was having beneficiaries designated for her account.

The advisor and I also might not meet eye to eye on how simplistic her investments should be, that is down the road though because for now the funds will be put in a CD Ladder (complicated explanation).

My question though is it safe/would you take checks to a Scwhab office to get money deposited into your account, or would you electronically transfer?

Probably being paranoid because the actual advisor has had 0 complaints in his 18 years, but these 3 checks together are $750,000 and I just want to verify the guidance I am giving her.

Thanks for the help.

truenorth418
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Re: Depositing Checks at a Schwab Branch?

Post by truenorth418 » Wed Jan 23, 2019 6:31 pm

I’ve never had a problem depositing a check at a Schwab office. They key it in immediately and hand you a receipt showing the new account balance. I wouldn’t hesitate to do so in your situation.

DetroitRick
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Re: Depositing Checks at a Schwab Branch?

Post by DetroitRick » Wed Jan 23, 2019 7:56 pm

I'll echo what Truenorth posted - never a problem, never a wait, they hand you a printed receipt, and it immediately posts to account. I use online transfers and their app as well - all 3 methods work great for me.

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Peter Foley
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Re: Depositing Checks at a Schwab Branch?

Post by Peter Foley » Wed Jan 23, 2019 9:32 pm

I've not had a problem depositing a check at a Schwab office. I just did so a few days ago (cashier's check), received a receipt, and noted that the money was in my account when I checked on line a few hours later.. The person taking the check disclosed that he was an employee of both Schwab Bank and Schwab Brokerage when I asked him a question about good paying money market funds.

Pretty straightforward.

mhalley
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Re: Depositing Checks at a Schwab Branch?

Post by mhalley » Thu Jan 24, 2019 12:55 am

Schwab has mutiple different advisory services, ranging from free ( intelligent portfolio), intelligent advisory (.28%), private client (.8%, Thomas Partners (.9 % first 500k, .8 next 500k, and maybe more. Which one did she sign up for?

ccieemeritus
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Re: Depositing Checks at a Schwab Branch?

Post by ccieemeritus » Thu Jan 24, 2019 3:36 am

I’ve deposited checks at the Schwab office and never had a problem. But the largest check was around $65k. $750k makes me nervous, so I understand your question. I got a receipt when depositing. I think it had the account number. They scan it through a machine at the front desk (in my direct line of sight).

Interestingly Schwab didn’t even require the check (inheritance payable to my son) to be endorsed when deposited into my 18yr old sons account. But I had him endorse anyway because cancelled checks were going to the probate court.

If the accounts you are dealing with are IRA/401k rollovers, I’d suggest you do a direct trustee to trustee rollover. But whether that applies is not clear from the OPs post.

Topic Author
JJP88
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Re: Depositing Checks at a Schwab Branch?

Post by JJP88 » Thu Jan 24, 2019 5:20 am

mhalley wrote:
Thu Jan 24, 2019 12:55 am
Schwab has mutiple different advisory services, ranging from free ( intelligent portfolio), intelligent advisory (.28%), private client (.8%, Thomas Partners (.9 % first 500k, .8 next 500k, and maybe more. Which one did she sign up for?
For now the .75% fee service, at least that was the impression I got. I will know more sooner or later because since everything is done online with their cds and money market account my mother is completely uncomfortable using technology, the advisor and my mom decided to give me power of attorney over her account. I really don’t like that we have to use an advisor at all, but I have never dealt with a taxable account before and I don’t think my first experience with one should be handling pretty much all of my mother’s livelihood.

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nisiprius
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Re: Depositing Checks at a Schwab Branch?

Post by nisiprius » Thu Jan 24, 2019 12:32 pm

The only advice I can give is obvious: document everything carefully and hold the documents for a while. That is, ask them to photocopy both sides of the check first--and/or take pictures of both sides with your cell phone. Then be sure you get a paper receipt and save it. And even though I've never gotten a very good answer to this kind of question, do ask them: "if there is any issue in depositing this check, how do I refer to this transaction and what is the procedure for resolving it?" And, finally, once you see a balance somewhere--online, for example--print it out, or take a picture of the screen.

Never had an issue with bank transactions, but my life experience is that unpleasant glitches get resolved a whole lot quicker if you can answer all of their questions--"it was transaction #QBEB-3141592635-FUNGUS for $27,182.81, deposited 11:46:27 am on January 22nd, 2019, in your branch at Confidence Fiduciary Trust Company of Minnemegantic, 123 Main Street, Minnemegantic, Winnemac, and the slip says the teller was 'Meredith,'" instead of saying "that check I deposited last week."
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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