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I have my banking with one organization, and my investments with Schwab. I invest my money by "linking" my main checking account with my Schwab checking account, and then...

  1. Moving the money from my main to my Schwab.
  2. Moving the money from my Schwab checking account into my Schwab brokerage.

The problem is that step 1 takes at least one full business day, which is very annoying. I'm looking for a suggestion on how to move the money from my bank to Schwab as quickly as possible per instance. Any way I can do this intra-day before the markets close? Schwab indicated there's nothing on their end that they can do, but I'm not opposed to 3rd party services if they're sufficiently inexpensive.

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  • Taking only one day is impressive. I've been moving money around for many years and no one ever did it that fast (external transfers).
    – Bob Baerker
    Commented May 27, 2020 at 19:59
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    Country and currency matters for what settlement options are possible, and the question does not indicate them.
    – Peteris
    Commented May 27, 2020 at 20:08
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    tagged with the country
    – Raven
    Commented May 27, 2020 at 20:13
  • Would it be possible to bypass step 1 completely? For example, perhaps your employer can split direct deposit into two accounts, with some going into your checking account and some going directly into your brokerage account.
    – TTT
    Commented May 27, 2020 at 20:39
  • @TTT Not ideal, as I invest until my cash is down to a set amount every week. I don't know how much I will need in advance, and I don't want to constantly screw with my DD settings.
    – Raven
    Commented May 27, 2020 at 20:58

2 Answers 2

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When I worked in banking, this kind of situation was handled via a wire transfer from your personal banking main account in the FDIC-insured business unit to your margin account with the investment bank business unit.

We wired to Schwab and other external entities too.

Confirm deadlines for same-way wires with your main bank.

Wires aren’t cheap unless you qualify for fee waivers under your main bank’s policies. The bank I worked with required good standing and a very large amount of money in the bank (not $250,000 but close).

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    You might be technically correct, but I'm not going to experiment with that because the fees would eat me alive
    – Raven
    Commented Jun 3, 2020 at 15:34
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So far the fastest way I've found is by transferring my money from my bank to the investment broker. This has 2 advantages.

  1. The money shows as debited immediately, rather than 2 business days later, which is what would have happened if I initiated the transfer from the broker's side.
  2. The money shows up the next day, which doesn't hurt me massively since I don't day trade. I invest consistently so this won't make any difference in the long run.

It still is inconvenient that I need to take 2 days to move my new money from cash into a security though. If someone comes up with a faster way, then I will mark their answer as accepted instead.

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