Schwab as a one stop shop

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jeffyscott
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Re: Schwab as a one stop shop

Post by jeffyscott »

BuglesHead wrote: Mon Dec 25, 2023 7:44 pm 3. default to average cost basis for selling shares? have to submit a pdf form to switch your default to tax optimized? I'm a little lost on this one
For mutual funds, yes. I submitted the form to change to "tax lot optimized" for our taxable account (this is not something that applies to Roth or tIRA). It's a minor annoyance that I had to download and then upload a paper form, but it's a one time thing. My understanding is that you can also contact them to specify shares to sell after submitting the sell order, if you want to choose something other than your default. I'm not sure of the timing for making such a request or if it can be done via chat or email, or only by phone. If I ever need to do this, my plan would be to email my "dedicated" rep. and see if that works, if he can't do it based on an email, I'm sure that he will just call or email me back to let me know what to do.
Right now I'm at a point where I've been paying all of my bills and purchases with CC (except mortgage), simply for rewards and tracking. Then I manually move my money out of my HYSA before the payment date. That's no big deal, so I don't think the lack of auto MMF would really bother me.
Same here, except I am using Schwab's Treasury Money Market and have no mortgage, so everything is via credit card and I have moved most due dates to shortly after our monthly pension deposits occur, to simplify things and minimize the time that money is earning 0.45% in Schwab checking.
First, how is everyone tracking multiple short term savings goals? My HYSA at SoFi has "Vaults" where you can have different sets of funds set aside for each goal. Is it feasible with Schwab to maybe buy into multiple MMF and keep note somewhere (maybe in my own records) what each MMF is a goal for? Is that just silly? These are just for basic things like the laptop I replace every few years for programming, for vacation, etc.
I don't generally have a need to silo money like that, except sometimes timing the maturity of individual treasuries. For example, I can buy a T-bill (or T-note/bond) that matures about when I will pay property tax. That leaves less in the money market, avoiding the 0.34% ER at the cost of, perhaps, slightly more complicated taxes.

Due to the high ER on the money markets, I have also used funds like SWSBX (Schwab short term bond index) and PYLMX (NTF ultrashort term bond fund with 0.25% ER) as cash substitutes. So far, to keep taxes simpler and because our taxable account is very small, I have only done this in tax deferred, but I may be venturing into doing something like this in taxable.
Second question, there's no real tax benefit for ETF vs mutual fund in a tax advantaged account, correct?
That is correct.
I'm only going to be maxing both my "401k" & Roth for a few years at first. Once I am actually buying things in a non-tax advantaged account, is the tax difference for schwab index mutual funds vs ETFs that large?
I don't think it's much, if you look at the historical distributions they are pretty small.
If I go with Schwab I just see myself doing all mutual funds solely because of the lack of fractional ETFs. Probably SWTSTX, SWISX, and SWAGX. I'm just scared at how crazy capital gains ends up being since I'm so new to all of this. I see people trying to avoid it in so many threads but no relative dollar amounts, haven't been able to find any calculator that's like... If I had put x dollars into y funds during z years how much capital gains tax would I have owed.
You can calculate what your tax cost would've been from those past distributions. If/when you are actually spending the money, then the distributions don't even matter (except if they are short term cap gains). Also, if you are in the 0% LTCG/QDI bracket, then the cost is only state income tax for those type of distributions.

Some Schwab index funds may have slightly lower ERs than Vanguard, so that can offset some of the tax drag and any savings on the ER are real, permanent savings (while the taxes may only be deferred, if you eventually sell). I am stubbornly clinging to mutual funds and, while I have not yet done so, I won't hesitate to buy Schwab's in taxable.

Some of us have gotten a waiver for Vanguard mutual funds, so if you can get that by the time you are doing taxable that would be another option. I have use that to buy Vanguard tax managed small cap and tax managed capital appreciation. But I think I will buy SWPPX over VPAIX for the lower ER, if I decide to buy an S&P500 index fund.
Third question, if I'm going to go with Schwab for my Roth, checking, tIRA, etc, should I just do this form to switch my accounts method for selling funds to be tax optimized instead of average cost basis before I ever even bother buying anything? Wasn't sure since I believe I saw in another thread that it only applies to future purchases and is not retroactive.
This is not for IRA or Roth, it would serve no purpose in those accounts, you only need to choose a specific ID option for taxable. Anything you withdraw from a tIRA is taxable, there's no cost basis. Withdrawals from Roth are not taxable provided you are over 59.5 or are withdrawing only contributions.
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BuglesHead
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Re: Schwab as a one stop shop

Post by BuglesHead »

jeffyscott wrote: Tue Dec 26, 2023 9:51 am
BuglesHead wrote: Mon Dec 25, 2023 7:44 pm How is everyone tracking multiple short term savings goals? My HYSA at SoFi has "Vaults" where you can have different sets of funds set aside for each goal. Is it feasible with Schwab to maybe buy into multiple MMF and keep note somewhere (maybe in my own records) what each MMF is a goal for? Is that just silly? These are just for basic things like the laptop I replace every few years for programming, for vacation, etc.
I don't generally have a need to silo money like that, except sometimes timing the maturity of individual treasuries. For example, I can buy a T-bill (or T-note/bond) that matures about when I will pay property tax. That leaves less in the money market, avoiding the 0.34% ER at the cost of, perhaps, slightly more complicated taxes.

Due to the high ER on the money markets, I have also used funds like SWSBX (Schwab short term bond index) and PYLMX (NTF ultrashort term bond fund with 0.25% ER) as cash substitutes. So far, to keep taxes simpler and because our taxable account is very small, I have only done this in tax deferred, but I may be venturing into doing something like this in taxable.
Maybe for things like this, I'll just send money away to my HYSA still to keep things simple. =]

I really appreciate your detailed response for each part of my crazy long query.

I found out now that Schwab actually supports frozen/orphaned SIMPLE IRA plans as well, despite reading on here in the past that they did not support them. Now I have to decide if I want to stick that at Vanguard or Schwab. Going to get more details from Schwab about this once I have the required first statement of my employers SIMPLE IRA that they both require to even let me open a frozen SIMPLE. Vanguard requires a monthly form to be filled out, or at any interval I want, to pull the MMF from my employer plan and invest it, would be great if Schwab can actually automate that.

Anyways, thanks again! I think you cemented my decision to try going with Schwab as my one stop shop. :happy
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GeraniumLover
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Re: Schwab as a one stop shop

Post by GeraniumLover »

I have found a couple more negatives with Schwab versus Fidelity:

(1) Dividend reinvestment occurs the business day after the dividend is paid; Fidelity does same-day reinvestment. Worse, Schwab let me transfer out the dividend the day it was paid, but still went ahead and did the reinvestment the next day, creating a negative balance.

(2) Schwab charges margin interest in situtations where Fidelity does not. For example, I sold a Schwab mutual fund on Friday and initiated a transfer of the funds with a transfer date of Monday (which is when the mutual fund sale would settle). Schwab created a margin loan for this on Monday and charged a day's worth of margin interest.
manlymatt83
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Re: Schwab as a one stop shop

Post by manlymatt83 »

For those who have a Vanguard mutual fund waiver... can you setup auto-investment? I read somewhere this is possible, but no way to test it without first buying VTWAX or something. Seems to work if your transaction fees are $0.
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GeraniumLover
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Re: Schwab as a one stop shop

Post by GeraniumLover »

GeraniumLover wrote: Mon Mar 25, 2024 10:25 am ...
(1) Dividend reinvestment occurs the business day after the dividend is paid; Fidelity does same-day reinvestment. Worse, Schwab let me transfer out the dividend the day it was paid, but still went ahead and did the reinvestment the next day, creating a negative balance.
...
My Schwab branch rep recently informed me that they are now reinvesting the same day the dividend is paid, and I have confirmed that is the case. He also said they ae working on getting a better cash sweep option.
tj
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Re: Schwab as a one stop shop

Post by tj »

GeraniumLover wrote: Wed Jun 19, 2024 5:36 pm
GeraniumLover wrote: Mon Mar 25, 2024 10:25 am ...
(1) Dividend reinvestment occurs the business day after the dividend is paid; Fidelity does same-day reinvestment. Worse, Schwab let me transfer out the dividend the day it was paid, but still went ahead and did the reinvestment the next day, creating a negative balance.
...
My Schwab branch rep recently informed me that they are now reinvesting the same day the dividend is paid, and I have confirmed that is the case. He also said they ae working on getting a better cash sweep option.
I highly doubt Schwab will get a better cash sweep option. They removed the government money market as sweep for a reason. It would certainly make them more competitive, but it would cut into their profits...I guess we'll see if they think the trade off is worth it.
urban
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Re: Schwab as a one stop shop

Post by urban »

GeraniumLover wrote: Wed Jun 19, 2024 5:36 pm My Schwab branch rep recently informed me that they are now reinvesting the same day the dividend is paid, and I have confirmed that is the case. He also said they ae working on getting a better cash sweep option.
The Schwab rep I was talking with a few days ago said they are well aware about super low interest in cash sweep position, but it is not in the work yet, maybe in the future they will do something about it.
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GeraniumLover
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Re: Schwab as a one stop shop

Post by GeraniumLover »

urban wrote: Wed Jun 19, 2024 6:00 pm
GeraniumLover wrote: Wed Jun 19, 2024 5:36 pm My Schwab branch rep recently informed me that they are now reinvesting the same day the dividend is paid, and I have confirmed that is the case. He also said they ae working on getting a better cash sweep option.
The Schwab rep I was talking with a few days ago said they are well aware about super low interest in cash sweep position, but it is not in the work yet, maybe in the future they will do something about it.
He also touted the superior dividend rate of their money market fund over Fidelity’s offerings.
KRP
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Re: Schwab as a one stop shop

Post by KRP »

manlymatt83 wrote: Fri Mar 29, 2024 4:17 pm For those who have a Vanguard mutual fund waiver... can you setup auto-investment? I read somewhere this is possible, but no way to test it without first buying VTWAX or something. Seems to work if your transaction fees are $0.
I have the vanguard mutual fund waiver and hold vanguard mutual funds. The Automatic Investing page says "No eligible mutual funds in this account", so it appears that it is NOT possible to set up auto-investment on vanguard mutual funds even if already holding shares.
glitchy
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Re: Schwab as a one stop shop

Post by glitchy »

KRP wrote: Wed Oct 16, 2024 7:38 pm I have the vanguard mutual fund waiver and hold vanguard mutual funds.
A different question for you (or anyone else in a similar situation who's willing to answer): does the waiver give you access to Vanguard money market funds as well, in particular VUSXX?

I've been meaning to shuffle funds around to get some SUTXX into my taxable Schwab account, but VUSXX would be even better!
TimRCM
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Re: Schwab as a one stop shop

Post by TimRCM »

In case anyone else hadn’t noticed— Schwab dropped their cash sweep and checking account rates to 0.05 with the latest fed cut. Make darn sure you’re buying the appropriate money market fund.

I find myself once again considering Vanguard or Fidelity due to these moves. I use SWVXX for my cash holdings, and it’s fine, but Schwab couldn’t be making it more painfully obvious that we are their product.

Still, I’ve used them for over a decade and am generally quite happy with the platform. Tough call. Is anyone else annoyed enough to potentially transfer out?
drzzzzz
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Re: Schwab as a one stop shop

Post by drzzzzz »

TimRCM wrote: Mon Dec 30, 2024 11:34 am In case anyone else hadn’t noticed— Schwab dropped their cash sweep and checking account rates to 0.05 with the latest fed cut. Make darn sure you’re buying the appropriate money market fund.

I find myself once again considering Vanguard or Fidelity due to these moves. I use SWVXX for my cash holdings, and it’s fine, but Schwab couldn’t be making it more painfully obvious that we are their product.

Still, I’ve used them for over a decade and am generally quite happy with the platform. Tough call. Is anyone else annoyed enough to potentially transfer out?
Totally annoyed that I have to check the accounts regularly to transfer cash to SWVXX. I am likely going to transfer to Fidelity or Vanguard (have accounts at both and each have their own issues at times). I like that Fidelity will autoliquidate checks and transactions from any money market fund if not enough in the settlement account.
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beernutz
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Re: Schwab as a one stop shop

Post by beernutz »

TimRCM wrote: Mon Dec 30, 2024 11:34 am In case anyone else hadn’t noticed— Schwab dropped their cash sweep and checking account rates to 0.05 with the latest fed cut. Make darn sure you’re buying the appropriate money market fund.

I find myself once again considering Vanguard or Fidelity due to these moves. I use SWVXX for my cash holdings, and it’s fine, but Schwab couldn’t be making it more painfully obvious that we are their product.

Still, I’ve used them for over a decade and am generally quite happy with the platform. Tough call. Is anyone else annoyed enough to potentially transfer out?
I've been a Schwab client since 1984 when I opened an IRA at my first big boy job. In 2006 I entered their managed account program and stayed in it until 2020 when I began DIYing all of my account again. When you start a managed account Schwab creates a new brokerage account and transfers investments into it. The new account has a cash sweep to SWGXX their government money market fund.

A Schwab hack is that when you end the managed account service you still have the new account which has the cash sweep to SWGXX. So any of my investments that throw off cash or new cash goes into that account. I keep $0 in SchwabBank until I need it. Other Bogleheads have confirmed that in 2024 this is still the case when you end account management. Whether it is worth the effort to start then quickly end account management is a judgement call. Maybe it would be for those dealing with a windfall as I was.

For investing I deal with Schwab, TIAA, and Vanguard and Schwab's customer service is in my experience an order of magnitude better than the other two.
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jeffyscott
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Re: Schwab as a one stop shop

Post by jeffyscott »

I'm not sure why 0.05% now would motivate a move. The differential vs. cash at Fidelity remains about the same. The high water mark was only 0.45% and at that time one could get about 4.5% on cash at Fidelity.

We're making some use of US Bank to further reduce what was already minimal cash at Schwab. Our savings account there is replacing Schwab checking. The timing is related to the release of the new smartly credit card, not anything Schwab is doing.
TimRCM
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Re: Schwab as a one stop shop

Post by TimRCM »

This isn’t directly motivating a move so much as reminding me that I am being ripped off at these rates. I keep a high checking balance for various reasons.

I also really believe in the power of automation and hate that both Fidelity and Vanguard have automated ETF purchases now whereas Schwab can’t be bothered. If I knew it was coming by EOY 2025 or something I’d get over it, but I’ve seen no such announcement.
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VictorStarr
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Re: Schwab as a one stop shop

Post by VictorStarr »

beernutz wrote: Mon Dec 30, 2024 1:08 pm
I've been a Schwab client since 1984 when I opened an IRA at my first big boy job. In 2006 I entered their managed account program and stayed in it until 2020 when I began DIYing all of my account again. When you start a managed account Schwab creates a new brokerage account and transfers investments into it. The new account has a cash sweep to SWGXX their government money market fund.

A Schwab hack is that when you end the managed account service you still have the new account which has the cash sweep to SWGXX. So any of my investments that throw off cash or new cash goes into that account. I keep $0 in SchwabBank until I need it. Other Bogleheads have confirmed that in 2024 this is still the case when you end account management. Whether it is worth the effort to start then quickly end account management is a judgement call. Maybe it would be for those dealing with a windfall as I was.

For investing I deal with Schwab, TIAA, and Vanguard and Schwab's customer service is in my experience an order of magnitude better than the other two.

There is an option to change the default FDIC sweep to a SWGXX money market fund. I am not sure what are eligibility criterias but my guess is that Private Client status is a must.

Back in October I asked my Schwab FA to change sweep from FDIC to a MMF (SWGXX) and in a few days he replied that “the exception was granted to add the sweep money market feature for all of your Schwab accounts”.

I migrated my primary spending account from Fidelity to Schwab and use Schwab checking with overdraft from a dedicated brokerage. Schwab combo has a number of advantages over Fidelity CMA. So far my experience was very smooth.
tj
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Re: Schwab as a one stop shop

Post by tj »

VictorStarr wrote: Mon Dec 30, 2024 7:31 pm
beernutz wrote: Mon Dec 30, 2024 1:08 pm
I've been a Schwab client since 1984 when I opened an IRA at my first big boy job. In 2006 I entered their managed account program and stayed in it until 2020 when I began DIYing all of my account again. When you start a managed account Schwab creates a new brokerage account and transfers investments into it. The new account has a cash sweep to SWGXX their government money market fund.

A Schwab hack is that when you end the managed account service you still have the new account which has the cash sweep to SWGXX. So any of my investments that throw off cash or new cash goes into that account. I keep $0 in SchwabBank until I need it. Other Bogleheads have confirmed that in 2024 this is still the case when you end account management. Whether it is worth the effort to start then quickly end account management is a judgement call. Maybe it would be for those dealing with a windfall as I was.

For investing I deal with Schwab, TIAA, and Vanguard and Schwab's customer service is in my experience an order of magnitude better than the other two.

There is an option to change the default FDIC sweep to a SWGXX money market fund. I am not sure what are eligibility criterias but my guess is that Private Client status is a must.

Back in October I asked my Schwab FA to change sweep from FDIC to a MMF (SWGXX) and in a few days he replied that “the exception was granted to add the sweep money market feature for all of your Schwab accounts”.

I migrated my primary spending account from Fidelity to Schwab and use Schwab checking with overdraft from a dedicated brokerage. Schwab combo has a number of advantages over Fidelity CMA. So far my experience was very smooth.

How much $$$ do you need to be Private Client?
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VictorStarr
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Re: Schwab as a one stop shop

Post by VictorStarr »

tj wrote: Mon Dec 30, 2024 7:34 pm
VictorStarr wrote: Mon Dec 30, 2024 7:31 pm


There is an option to change the default FDIC sweep to a SWGXX money market fund. I am not sure what are eligibility criterias but my guess is that Private Client status is a must.

Back in October I asked my Schwab FA to change sweep from FDIC to a MMF (SWGXX) and in a few days he replied that “the exception was granted to add the sweep money market feature for all of your Schwab accounts”.

I migrated my primary spending account from Fidelity to Schwab and use Schwab checking with overdraft from a dedicated brokerage. Schwab combo has a number of advantages over Fidelity CMA. So far my experience was very smooth.

How much $$$ do you need to be Private Client?
$1M: https://www.schwab.com/wealth-managemen ... t-services
manlymatt83
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Re: Schwab as a one stop shop

Post by manlymatt83 »

Checking users. Does anyone ever notice that sometimes Schwab shows a debit or credit from your checking account but when you click into it the credit / debit isn’t in the transactions list?
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typical.investor
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Re: Schwab as a one stop shop

Post by typical.investor »

manlymatt83 wrote: Fri Jan 03, 2025 9:19 pm Checking users. Does anyone ever notice that sometimes Schwab shows a debit or credit from your checking account but when you click into it the credit / debit isn’t in the transactions list?
It will be soon at least in my experience. No more than a couple minutes.
manlymatt83
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Re: Schwab as a one stop shop

Post by manlymatt83 »

typical.investor wrote: Sat Jan 04, 2025 4:43 am
manlymatt83 wrote: Fri Jan 03, 2025 9:19 pm Checking users. Does anyone ever notice that sometimes Schwab shows a debit or credit from your checking account but when you click into it the credit / debit isn’t in the transactions list?
It will be soon at least in my experience. No more than a couple minutes.
Okay thanks. I am trying to move my checking from a no name bank to either Schwab or Bank of America (I have checking accounts at both right now for various reasons but both sit unused). If you were making the decision today would you still be glad about picking Schwab checking?
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typical.investor
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Re: Schwab as a one stop shop

Post by typical.investor »

manlymatt83 wrote: Sat Jan 04, 2025 11:05 am
typical.investor wrote: Sat Jan 04, 2025 4:43 am

It will be soon at least in my experience. No more than a couple minutes.
Okay thanks. I am trying to move my checking from a no name bank to either Schwab or Bank of America (I have checking accounts at both right now for various reasons but both sit unused). If you were making the decision today would you still be glad about picking Schwab checking?
For my usage, I am 100% satisfied with Schwab Checking which I mostly use to pay credit cards. I have little need for anything else but ATM fee refunds, bill pay and Zelle have all been occasionally useful.

I like that the Schwab Unauthorized Access Guarantee covers the bank too and not just brokerage which is different from Fidelity.

I use brokerage overdraft and liquidate cash from the better paying money funds in brokerage. I mostly don’t even bother to transfer it to the bank as it will debit from brokerage (cash only - no positions ever liquidate to cover it). Sometimes I do transfer the amount I know the credit card will be debiting from the bank just to earmark the bank money as needed for a bill, so I can put the remainder into money funds.

Since Schwab doesn’t auto-liquidate, I do have margin enabled on the brokerage account just in case my wife says on Sat morning - oh I need cash to pay for X today can you get some. I am comfortable with Schwab’s guarantee on unauthorized access and you can toggle the cards on/off easily. I also set the debit card to be like $1 for POS (I forget exactly what it’s called) so the debit card only works as an ATM card and not for store purchases/Internet shopping.

The Fidelity auto-liquidation from money market funds is a little more convenient but seems a little flakey with reports in ATM withdrawals occasionally failing (system work at 12am eastern?), occasional overdraft failure depending on how you set it up, long holds on check deposits and ACH pulls and a hair trigger on fraud suspicion.

I do have a Fidelity CMA account too since any account can get hacked/targeted and an investigation could take a couple weeks.

I actually found Wells Fargo to be a good setup when I was overseas an ineligible for Schwab bank but prefer Schwab due to the ease of bank/brokerage transfers/overdraft. I’m retired now so use income from the portfolio to meet expenses, and thus brokerage/bank integration is important to me.
TimRCM
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Re: Schwab as a one stop shop

Post by TimRCM »

typical.investor wrote: Sat Jan 04, 2025 5:07 pm
manlymatt83 wrote: Sat Jan 04, 2025 11:05 am

Okay thanks. I am trying to move my checking from a no name bank to either Schwab or Bank of America (I have checking accounts at both right now for various reasons but both sit unused). If you were making the decision today would you still be glad about picking Schwab checking?
I use brokerage overdraft and liquidate cash from the better paying money funds in brokerage. I mostly don’t even bother to transfer it to the bank as it will debit from brokerage (cash only - no positions ever liquidate to cover it). Sometimes I do transfer the amount I know the credit card will be debiting from the bank just to earmark the bank money as needed for a bill, so I can put the remainder into money funds.

Since Schwab doesn’t auto-liquidate, I do have margin enabled on the brokerage account just in case my wife says on Sat morning - oh I need cash to pay for X today can you get some. I am comfortable with Schwab’s guarantee on unauthorized access and you can toggle the cards on/off easily. I also set the debit card to be like $1 for POS (I forget exactly what it’s called) so the debit card only works as an ATM card and not for store purchases/Internet shopping.
I had no idea this was a thing despite using Schwab for a decade+. Can you elaborate a bit more on this setup?

Do I have to enable the auto overdraft from brokerage somewhere?

Likewise with limiting the debit card to $1 / ATMs only. Have you ever had a problem with this?
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typical.investor
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Re: Schwab as a one stop shop

Post by typical.investor »

TimRCM wrote: Sun Jan 05, 2025 8:02 pm
typical.investor wrote: Sat Jan 04, 2025 5:07 pm

I use brokerage overdraft and liquidate cash from the better paying money funds in brokerage. I mostly don’t even bother to transfer it to the bank as it will debit from brokerage (cash only - no positions ever liquidate to cover it). Sometimes I do transfer the amount I know the credit card will be debiting from the bank just to earmark the bank money as needed for a bill, so I can put the remainder into money funds.

Since Schwab doesn’t auto-liquidate, I do have margin enabled on the brokerage account just in case my wife says on Sat morning - oh I need cash to pay for X today can you get some. I am comfortable with Schwab’s guarantee on unauthorized access and you can toggle the cards on/off easily. I also set the debit card to be like $1 for POS (I forget exactly what it’s called) so the debit card only works as an ATM card and not for store purchases/Internet shopping.
I had no idea this was a thing despite using Schwab for a decade+. Can you elaborate a bit more on this setup?
I don't know what else to say. If checking doesn't have enough to cover something, it checks brokerage for cash and if not enough, it uses margin. That's how I use it.

I think I asked if overdraft works for ATM transactions as well, and I think the answer is yes; but I never have to do that and so won't say with complete certainty.

Anyway, Schwab says:
Please note that overdraft protection will not be provided for ACH transfers initiated under the Schwab Bank Electronic Funds Transfer Service. You must have sufficient Available Funds in your Investor Checking account to cover such ACH transfers, as funds will not be transferred from your Overdraft Sources to cover overdrafts from such ACH transfers. Overdraft protection is provided for ACH transfers initiated under a service other than the Schwab Bank Electronic Funds Transfer Service, including the Schwab MoneyLink® Service offered by Schwab Brokerage, the Schwab
Bank Bill Pay™ Service, and services offered by parties other than Schwab Bank.
I have never used the "Schwab Bank Electronic Funds Transfer Service" and I wonder if you would have to log in to Schwab Bank to see it. In any case, I set up auto payment via my credit card's site and that always overdrafts reliably.

TimRCM wrote: Sun Jan 05, 2025 8:02 pm Do I have to enable the auto overdraft from brokerage somewhere?
I understood it to be the default. See P. 10 at https://www.schwab.com/public/file/p-711637
Your Schwab One® account will automatically be linked to your Investor Checking account for overdraft protection after both accounts are open. It will remain linked for overdraft protection purposes unless you request otherwise
You could probably confirm that with a simple Schwab customer service chat. I don't see a setting showing it is enabled, and we did a chat to confirm it was active on my wife's account.
TimRCM wrote: Sun Jan 05, 2025 8:02 pm Likewise with limiting the debit card to $1 / ATMs only. Have you ever had a problem with this?
By problem, do you mean I left my no foreign transaction fee credit card at home when I took a trip and got the Schwab debit card declined at a store. Yeah, it happened this week. I mean I could have just gotten and paid by cash (and in fact had enough cash in my pocket), but Apple Pay on my iPhone is no foreign transaction fee and I was also carrying a foreign credit card (that my wife pays off hahahaha)so of course I chose to use her card (as an authorized user) since I had a good excuse (wanted to avoid the foreign transaction fee on my other credit cards). I prefer to get points from credit cards rather than nothing from debit cards, so other than my poor planning, I normally wouldn't even try to use the debit card for store purchases. So turning it off works for me.
Last edited by typical.investor on Mon Jan 06, 2025 1:21 am, edited 1 time in total.
Lisbon2022
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Re: Schwab as a one stop shop

Post by Lisbon2022 »

cncm wrote: Sun Aug 04, 2019 6:11 pm I've been with Schwab for 10+ years, and can recommend them whole-heartedly. I first opened an account with them for the free ATM withdrawal benefit (extremely useful when traveling...no need to carry USD cash to convert...just take it directly out of the ATM for better exchange rate and more security). Now I have a bunch of accounts with them, including checking, brokerage, roth IRA, and now an Amex Platinum card (you get $100 off the annual fee if you have over $250k with them which essentially makes the card free with all other benefits you get). Customer service have always been very good and you don't have to jump through hoops to talk to a real person.
Agree with the above. Some interactions need to be face to face and Schwab has brick & mortar outlets. Their phone service is very good, intuitive. Been with them almost 20 years
ee22bee
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Re: Schwab as a one stop shop

Post by ee22bee »

I can't find this when logged in to Schwab website. How do I set alerts in Schwab brokerage such that I'm notified when deposits drop in (such as dividends) and when withdrawals happen?
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typical.investor
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Re: Schwab as a one stop shop

Post by typical.investor »

ee22bee wrote: Tue Jan 07, 2025 3:29 am I can't find this when logged in to Schwab website. How do I set alerts in Schwab brokerage such that I'm notified when deposits drop in (such as dividends) and when withdrawals happen?
Look under Profile --> Alert Settings. The Profile & Security tab has a) Profile Changes and b) Deposits & Transfers
notifications. The Banking & Debit Cards tab has notifications for checking, savings and debit cards.

Dividend notification is set up under Profile --> Alerts. Dividend notification works best with individual stocks I think where you can select to have an Earnings Reported notification on the dividend pay date. No guarantees the money has hit your account though. I am not using it and don't know the exact time.

ETFs only offer the option that "Issues an earnings announcement via Business Wire or PR Newswire". So not exactly what you are looking for.

See https://www.schwab.com/learn/story/set- ... -portfolio
bikechuck
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Re: Schwab as a one stop shop

Post by bikechuck »

TimRCM wrote: Mon Dec 30, 2024 11:34 am In case anyone else hadn’t noticed— Schwab dropped their cash sweep and checking account rates to 0.05 with the latest fed cut. Make darn sure you’re buying the appropriate money market fund.

I find myself once again considering Vanguard or Fidelity due to these moves. I use SWVXX for my cash holdings, and it’s fine, but Schwab couldn’t be making it more painfully obvious that we are their product.

Still, I’ve used them for over a decade and am generally quite happy with the platform. Tough call. Is anyone else annoyed enough to potentially transfer out?
I don't like the abysmally low interest on their sweep accounts but so far it is the only thing that I dislike about them and there is much to like. This is not such a big deal for me but I am not at all confident that my spousal unit would be as diligent about reinvesting money landing in her sweep account once I am out of the picture. Inertia is a powerful force so to date I have not seriously considered changing. If I do eventually change it would likely be to Fidelity.
bikechuck
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Re: Schwab as a one stop shop

Post by bikechuck »

lostdog wrote: Thu Nov 25, 2021 9:02 am At Vanguard I can see my wife's and my accounts on my interface. I can also do trades on her IRA. Does Schwab allow for the same setup?

Yes, I can confirm that this works the same way at Schwab

If I open a checking account at Schwab, will I also see the checking account on the same interface?

I can't comment on this as I do not have a checking a/c with Schwab
FedGuy
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Re: Schwab as a one stop shop

Post by FedGuy »

typical.investor wrote: Tue Jan 07, 2025 1:28 pmDividend notification is set up under Profile --> Alerts. Dividend notification works best with individual stocks I think where you can select to have an Earnings Reported notification on the dividend pay date. No guarantees the money has hit your account though. I am not using it and don't know the exact time.

ETFs only offer the option that "Issues an earnings announcement via Business Wire or PR Newswire". So not exactly what you are looking for.
Schwab also doesn't seem to have a setting to alert you when a mutual fund pays a dividend. I once asked a Schwab customer service representative how to enable such alerts, and she said that Schwab doesn't offer that functionality.
tj
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Re: Schwab as a one stop shop

Post by tj »

FedGuy wrote: Tue Jan 07, 2025 6:16 pm
typical.investor wrote: Tue Jan 07, 2025 1:28 pmDividend notification is set up under Profile --> Alerts. Dividend notification works best with individual stocks I think where you can select to have an Earnings Reported notification on the dividend pay date. No guarantees the money has hit your account though. I am not using it and don't know the exact time.

ETFs only offer the option that "Issues an earnings announcement via Business Wire or PR Newswire". So not exactly what you are looking for.
Schwab also doesn't seem to have a setting to alert you when a mutual fund pays a dividend. I once asked a Schwab customer service representative how to enable such alerts, and she said that Schwab doesn't offer that functionality.
I don't think most of my brokerage accounts have sent notifications of dividends.
Hot Sauce
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Re: Schwab as a one stop shop

Post by Hot Sauce »

If I transfer vanguard mutual funds and ETFs to Schwab, and get a vanguard fee waiver, can I have dividends auto-reinvest in their respective funds?
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jeffyscott
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Re: Schwab as a one stop shop

Post by jeffyscott »

Hot Sauce wrote: Mon Feb 03, 2025 11:02 am If I transfer vanguard mutual funds and ETFs to Schwab, and get a vanguard fee waiver, can I have dividends auto-reinvest in their respective funds?
Yes, and even without a waiver there's no transaction fees on automatic reinvestment. Selling is also always free, in case your not already aware of that.

There are no fees on any ETF transactions, so no waiver needed for those.
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LadyGeek
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Re: Schwab as a one stop shop

Post by LadyGeek »

A discussion by guppyguy is now back into a separate thread. See: What pairs nicely with Schwab for simplicity sake
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