Tag: Charles Schwab Mobile App

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Banking Apps

Charles Schwab Mobile App: Bank and Brokerage On the Go

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Charles Schwab’s mobile features allow you to travel with both your bank and brokerage wherever your go. Thanks to the bank’s app, you’re able to access services and information once limited to the morning paper and brick-and-mortar institutions, anytime, anywhere, from the palm of your hand.

Schwab Mobile Deposit

IMG_0846As a freelancer sporadically receiving checks throughout the month, I particularly appreciate Schwab’s 24/7 mobile check deposit service. Snapping a quick picture of my endorsed checks and seeing them shortly thereafter deposited into my account certainly beats booking it to the bank a few times a week. The convenience and speed of the Schwab mobile deposit feature makes the app a must-have on all my mobile devices.

The Charles Schwab Mobile app is compatible with iPhone (with iOS 4 and higher), iPad (2 and higher), the Kindle Fire and Android (OS version 2.1 and higher), and protected by all the same features as the Schwab.com online platform. The app further protects all personal and financial information by not storing passwords, check deposit records, or check images on any of your devices.

Schwab Mobile Deposit Limitations

While the mobile deposit service is a breeze once it’s up and running, it does require a bit more set up than a simple download. You’ll need the latest update of the Schwab mobile app, a compatible mobile device with a built in camera, and a Schwab brokerage or bank account in good standing.

Once you have the app downloaded and opened, you’ll have to apply for Schwab mobile deposit and wait up to three business days for your application to be processed and approved. During this time Schwab checks your account activity, credit report information, and any negative data like identity theft alerts to protect you from any possible fraud.

When making a mobile deposit, you select which of your Schwab bank accounts you’IMG_0847d like to receive the funds. However, you cannot divide an individual check among two or more accounts (though you can easily transfer the money later on, once the check has been processed into the receiving account).

All checks for Schwab mobile deposit must be issued by a U.S. bank in U.S. dollars, and made payable to the name of the account holder. Checks made payable to others, checks that are not dated or are post dated, and traveler’s checks are also ineligible.

Lastly, you will be limited in how much you can deposit using Schwab’s mobile deposit service each day. For example, my daily mobile deposit limit is $1,000. It doesn’t happen very often, but if I have more than $1,000 in checks to deposit, it can be a bit of an inconvenience to wait for the first deposits to process before moving forward.

Despite those limitations, however Schwab’s mobile app, and in particular, the mobile deposit service, is far more convenient than traditional brick-and-mortar banking.

Schwab Mobile Banking

In addition to making deposits, Schwab’s mobile app can be used to manage your Schwab bank accounts. You can easily view transaction histories, keep an eye on your balances, and even pay your bills on the go using Schwab bill pay.

If, for whatever reason, you find you’re unable to complete all of your necessary banking from the app itself, it also comes with a branch locator to help you identify the nearest Schwab branch location; and Schwab’s 24/7 U.S. based customer service is always just a phone call away.

Schwab Mobile Brokerage

IMG_0844Schwab mobile not only allows for on the go banking and deposits, it also provides resources for retirement planning and investing, whenever and wherever you need. You can easily link your Schwab checking and savings accounts to your Schwab brokerage account for instant transfers, even on the go.

Get all the latest market information- news, charts, stock analysis, etc- no sign in required. If you want to make a trade, simply log in to your account to view your holdings, check the status of your orders, and trade stocks, ETFs, mutual funds, and options. Once you’re logged in, you can easily view your transaction histories and keep tabs on all accounts.

With Schwab’s mobile brokerage services, the limitations on investing- time, place, information, etc- are no longer. Anyone with a smartphone and a desire to grow their savings can have all they need to succeed at their fingertips.

On Investing from Schwab 

In conjunction with its other mobile capabilities and services, Schwab has introduced an additional app for iPad called On Investing.

The On Investing app serves as a kind of interactive investing platform where you can connect with advisors, researchers, and other contributors to Schwab’s popular On Investing magazine, to get the latest insights, news, and top investment picks.

On Investing app users get access to the most up-to-date articles and multimedia from the experts, with the option to save relevant content on a customizable board (think Pinterest for investing), create notes and reminders, use investing checklists to navigate life events, and share any relevant content with friends and family.

With all that Schwab mobile has to offer, you may never need to visit a brick-and-mortar bank or brokerage again.

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Stefanie O
Stefanie O'Connell |

Stefanie O'Connell is a writer at MagnifyMoney. You can email Stefanie at stefani@magnifymoney.com