Transferring accounts from Vanguard to Schwab - should I stay or should I go?

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Cheez-It Guy
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Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by Cheez-It Guy »

galawdawg wrote: Fri Jul 16, 2021 11:29 am
Cheez-It Guy wrote: Fri Jul 16, 2021 11:02 am Okay, you got me. Here is a "selfie", ready to get the weekend started with a cold Yeungling and a bowl of "The Big Cheese"!
Get your own box!™

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Sorry...had too much time on my hands.1 Couldn't resist! :beer





1Hopefully this depiction of one of our favorite Bogleheads is recognized as the humorous work of art it is intended to be! The resemblance to any actual person, living or dead, is purely coincidental! :wink:
LOL! I'm honored. I actually do drink Yuengling, but what have you done to my chin?! The Big Cheese is gettin' upset!
Bama12
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Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by Bama12 »

My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
nalor511
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Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by nalor511 »

Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
Any way around that hold? Fido and VG both allow instant trading I believe
Bama12
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Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by Bama12 »

nalor511 wrote: Fri Jul 16, 2021 10:47 pm
Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
Any way around that hold? Fido and VG both allow instant trading I believe
I have no idea how to get around it. Yes, both VG and Fido allow instant trading. This is enough to make me leave Schwab.
I use my credit card rewards money as my play money. I like to keep my play money away from my buy and hold money.
I think I will try Fido.
nalor511
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Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by nalor511 »

Just as a data point, I just had ACATs clear from VG->S in 3 days. That seemed quick.

The thing that bothered me, was not a peep from VG. Not a secure email, not a text, nothing. Just one day, poof, funds gone.

Maybe it's just me, but I would have preferred at least a "hey, transaction in your account" just the same as I get for any other activity within the account (including deposits). Notifications on the S side were clear and detailed the process as it proceeded.
bondsr4me
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Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by bondsr4me »

Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
what kind of “4 to 5 days hold” money are you talking about….check, ACH, ?

I just mobile deposited a Vanguard check into our Schwab joint brokerage account.
The funds can be traded or withdrawn; this is same day funds availability.
Bama12
Posts: 509
Joined: Fri Aug 30, 2019 11:48 pm

Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by Bama12 »

bondsr4me wrote: Wed Jul 21, 2021 2:57 pm
Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
what kind of “4 to 5 days hold” money are you talking about….check, ACH, ?

I just mobile deposited a Vanguard check into our Schwab joint brokerage account.
The funds can be traded or withdrawn; this is same day funds availability.
When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
Vanguard has always let me use any money I move from my bank to Vanguard the second I move it.

ACH Transfer from Another Institution Fourth business day after the day of deposit.
Schwab Mobile Deposit May be held longer than checks submitted in person or via the mail.
bondsr4me
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Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by bondsr4me »

Bama12 wrote: Wed Jul 21, 2021 6:13 pm
bondsr4me wrote: Wed Jul 21, 2021 2:57 pm
Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
what kind of “4 to 5 days hold” money are you talking about….check, ACH, ?

I just mobile deposited a Vanguard check into our Schwab joint brokerage account.
The funds can be traded or withdrawn; this is same day funds availability.
When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
Vanguard has always let me use any money I move from my bank to Vanguard the second I move it.

ACH Transfer from Another Institution Fourth business day after the day of deposit.
Schwab Mobile Deposit May be held longer than checks submitted in person or via the mail.
Today I used Schwab Mobile Deposit to deposit the check.
It showed as available to trade and available to withdraw in both the Schwab website and StreetSmartEdge.
No hold on this check.
nalor511
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Joined: Mon Jul 27, 2015 1:00 am

Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by nalor511 »

bondsr4me wrote: Wed Jul 21, 2021 7:30 pm
Bama12 wrote: Wed Jul 21, 2021 6:13 pm
bondsr4me wrote: Wed Jul 21, 2021 2:57 pm
Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
what kind of “4 to 5 days hold” money are you talking about….check, ACH, ?

I just mobile deposited a Vanguard check into our Schwab joint brokerage account.
The funds can be traded or withdrawn; this is same day funds availability.
When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
Vanguard has always let me use any money I move from my bank to Vanguard the second I move it.

ACH Transfer from Another Institution Fourth business day after the day of deposit.
Schwab Mobile Deposit May be held longer than checks submitted in person or via the mail.
Today I used Schwab Mobile Deposit to deposit the check.
It showed as available to trade and available to withdraw in both the Schwab website and StreetSmartEdge.
No hold on this check.
Does ACH incur a hold at Schwab before you can trade?
bondsr4me
Posts: 1660
Joined: Fri Oct 18, 2013 7:08 am

Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by bondsr4me »

nalor511 wrote: Wed Jul 21, 2021 8:22 pm
bondsr4me wrote: Wed Jul 21, 2021 7:30 pm
Bama12 wrote: Wed Jul 21, 2021 6:13 pm
bondsr4me wrote: Wed Jul 21, 2021 2:57 pm
Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
what kind of “4 to 5 days hold” money are you talking about….check, ACH, ?

I just mobile deposited a Vanguard check into our Schwab joint brokerage account.
The funds can be traded or withdrawn; this is same day funds availability.
When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
Vanguard has always let me use any money I move from my bank to Vanguard the second I move it.

ACH Transfer from Another Institution Fourth business day after the day of deposit.
Schwab Mobile Deposit May be held longer than checks submitted in person or via the mail.
Today I used Schwab Mobile Deposit to deposit the check.
It showed as available to trade and available to withdraw in both the Schwab website and StreetSmartEdge.
No hold on this check.
Does ACH incur a hold at Schwab before you can trade?
I’m sorry, but I can’t answer that; I’ve never used ACH; only wire transfers and mobile checks.
old medic
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Location: NC

Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by old medic »

Bama12 wrote: Wed Jul 21, 2021 6:13 pm When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
I just opened an account yesterday with a certified check from my bank and Schwab says it may be the 28th before funds are available.
At least it gives me time to figure what to do with the funds...
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galawdawg
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Joined: Thu Dec 14, 2017 12:59 pm
Location: Georgia

Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by galawdawg »

nalor511 wrote: Wed Jul 21, 2021 8:22 pm
bondsr4me wrote: Wed Jul 21, 2021 7:30 pm
Bama12 wrote: Wed Jul 21, 2021 6:13 pm
bondsr4me wrote: Wed Jul 21, 2021 2:57 pm
Bama12 wrote: Fri Jul 16, 2021 10:24 pm My buy and hold money has been with Vanguard for 25 years, I have never had an issue.

I did move my little play money to Schwab. I really like Schwab but cannot get over the 4 to 5 days hold on my money.
what kind of “4 to 5 days hold” money are you talking about….check, ACH, ?

I just mobile deposited a Vanguard check into our Schwab joint brokerage account.
The funds can be traded or withdrawn; this is same day funds availability.
When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
Vanguard has always let me use any money I move from my bank to Vanguard the second I move it.

ACH Transfer from Another Institution Fourth business day after the day of deposit.
Schwab Mobile Deposit May be held longer than checks submitted in person or via the mail.
Today I used Schwab Mobile Deposit to deposit the check.
It showed as available to trade and available to withdraw in both the Schwab website and StreetSmartEdge.
No hold on this check.
Does ACH incur a hold at Schwab before you can trade?
Generally not, but you need to move the funds via ACH into the brokerage account. If you move it to Schwab Bank checking first, then the transfer from Schwab Bank checking to the brokerage account is subject to the funds availability at Schwab Bank.

From https://www.schwab.com/faqs (When are deposited funds available for trading):
Schwab Brokerage Accounts—Generally, electronic deposits and incoming wires to your Schwab brokerage account are available for same day trading. In some instances, however, incoming deposits may not be immediately used for certain securities and are subject to a holding period of up to five business days.
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galawdawg
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Location: Georgia

Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by galawdawg »

old medic wrote: Thu Jul 22, 2021 8:55 am
Bama12 wrote: Wed Jul 21, 2021 6:13 pm When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
I just opened an account yesterday with a certified check from my bank and Schwab says it may be the 28th before funds are available.
At least it gives me time to figure what to do with the funds...
If you deposited the funds into your brokerage account then the funds should be available for trading immediately. If that is the case and you still cannot trade with those funds, contact your advisor.

However, if you deposited them into a banking account or wish to withdraw them (rather than invest them), they are subject to Schwab's fund availability policy for new accounts, which is:
If you are a new customer, the following special rules will apply during the first 30 days your account is open:
• Funds from electronic Direct Deposits to your account will be available on the day we receive the deposit, unless we require additional time to review the item to determine if it can be legally processed.
• Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first Business Day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the fifth Business Day after the day of your deposit.
• Funds from all other check deposits will be available on the fifth Business Day after the day of your deposit.
As I mentioned in a post above, if you deposit or transfer funds into a Schwab banking account rather than a brokerage account, then the ability to trade using those funds may be delayed as I understand that the movement of the funds from the banking account to the brokerage account is considered a withdrawal from the banking account and subject to the funds availability policy.

So the key is to transfer or deposit the funds directly into the brokerage account if you wish to use those funds to trade immediately.

Hope that is helpful.
Bama12
Posts: 509
Joined: Fri Aug 30, 2019 11:48 pm

Re: Transferring accounts from Vanguard to Schwab - should I stay or should I go?

Post by Bama12 »

galawdawg wrote: Thu Jul 22, 2021 10:01 am
nalor511 wrote: Wed Jul 21, 2021 8:22 pm
bondsr4me wrote: Wed Jul 21, 2021 7:30 pm
Bama12 wrote: Wed Jul 21, 2021 6:13 pm
bondsr4me wrote: Wed Jul 21, 2021 2:57 pm

what kind of “4 to 5 days hold” money are you talking about….check, ACH, ?

I just mobile deposited a Vanguard check into our Schwab joint brokerage account.
The funds can be traded or withdrawn; this is same day funds availability.
When I move money from my bank account to Schwab, they also put a 4 to 5 day hold on it.
Vanguard has always let me use any money I move from my bank to Vanguard the second I move it.

ACH Transfer from Another Institution Fourth business day after the day of deposit.
Schwab Mobile Deposit May be held longer than checks submitted in person or via the mail.
Today I used Schwab Mobile Deposit to deposit the check.
It showed as available to trade and available to withdraw in both the Schwab website and StreetSmartEdge.
No hold on this check.
Does ACH incur a hold at Schwab before you can trade?
Generally not, but you need to move the funds via ACH into the brokerage account. If you move it to Schwab Bank checking first, then the transfer from Schwab Bank checking to the brokerage account is subject to the funds availability at Schwab Bank.

From https://www.schwab.com/faqs (When are deposited funds available for trading):
Schwab Brokerage Accounts—Generally, electronic deposits and incoming wires to your Schwab brokerage account are available for same day trading. In some instances, however, incoming deposits may not be immediately used for certain securities and are subject to a holding period of up to five business days.
Thanks! I will look into it because this issue along has kept me from putting much money in my Schwab account.
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