What you need to do to link a bank account
To connect an outside bank account to your Schwab account, you will add it through the Schwab website or mobile app, then verify ownership by confirming two small deposits Schwab sends to that account. The whole process usually takes three to five business days from start to finish.
You will need the routing number and account number from the bank account you want to connect. These appear on the bottom left of your checks, or you can find them by logging into your bank's website or calling the bank directly. Have this information ready before you start.
Schwab connects outside accounts so you can move money between them — for example, to transfer funds from your regular checking account into Schwab for investing, or to move money out of Schwab back to your primary bank. You can also set up automatic transfers once the account is linked.
Key Takeaways
- You will need your routing number and account number from the bank account you want to connect, which you can find on a check or by logging into your bank's website.
- Schwab sends two small deposits to the account you are linking, and you must confirm the amounts to prove you own it.
- The verification process takes three to five business days, and you cannot transfer money until both deposits have cleared and you have confirmed them.
- Once linked, you can transfer money between your Schwab account and the outside bank account as often as you need.
Steps to add an account through the Schwab website
Log into your Schwab account at schwab.com. Click on the "Accounts" tab at the top of the page, then select "Transfer Funds" or "Linked Bank Accounts" — the exact wording varies depending on your account type, but the option will be in that area.
Click "Add Bank Account" or "Link New Account." Schwab will ask you to enter the routing number and account number of the bank account you want to connect. Double-check both numbers before you submit, because an error will delay the verification process.
Schwab will also ask for the account holder's name and the type of account (checking or savings). Make sure the name matches the name on your Schwab account. If the account is held in a different name, you may not be able to link it — Schwab requires that you own or have authority over any account you connect.
After you submit this information, Schwab will show you a confirmation screen. Write down the date you submitted the request, because you will need to check back in two to three business days to see if the verification deposits have arrived at your outside bank.
How to verify the deposits and complete the link
Schwab sends two small deposits (usually less than one dollar each) to the bank account you linked. These deposits appear in your outside bank account within two to three business days. Log into your outside bank's website or app and look for two deposits from "Schwab" or "Charles Schwab Bank" in the recent transactions.
Once you see both deposits, go back to your Schwab account and return to the "Linked Bank Accounts" or "Transfer Funds" section. Find the account you just added and click on it. Schwab will ask you to enter the amounts of the two deposits. Type in the exact dollar amounts — for example, if the deposits were $0.32 and $0.17, enter those numbers exactly as they appear.
After you confirm the amounts correctly, Schwab will mark the account as verified. You can now transfer money between your Schwab account and this linked bank account. The first transfer may take one business day to process, and future transfers typically take one to two business days depending on the direction and time of day you initiate them.
Linking an account through the Schwab mobile app
Open the Schwab mobile app and tap the menu icon (three horizontal lines) in the bottom right corner. Select "Accounts," then look for "Transfer Funds" or "Linked Accounts." The exact menu structure depends on which version of the app you have, but the linking option will be in the accounts or transfers section.
Tap "Add Bank Account" and enter the routing number and account number the same way you would on the website. The app will ask for the account holder's name and account type. After you submit, the app will show a confirmation. Note the date so you know when to check back for the verification deposits.
The verification process works the same way on the app as on the website — wait for the two deposits to appear in your outside bank account, then return to the Schwab app and confirm the deposit amounts. Once verified, you can transfer money directly from the app.
What to do if verification deposits do not arrive
If you do not see the two deposits in your outside bank account after five business days, log back into Schwab and check the status of the linked account. Schwab will show whether the deposits are still pending, failed, or if there was an error with the routing or account number you entered.
If the deposits failed, Schwab will usually let you try again with corrected information. The most common reason for failure is a transposed digit in the routing or account number. Call your outside bank's customer service line and confirm both numbers while you have them on the phone, then return to Schwab and update the account information.
If you entered the information correctly but the deposits still did not arrive, contact Schwab's customer service. You can reach them through the Schwab website, the mobile app, or by phone. Have your Schwab account number and the routing number of the outside bank ready when you call.
Moving money between linked accounts
Once your account is verified, you can transfer money from your Schwab account to your outside bank account, or from your outside bank account into Schwab. In the Schwab website or app, go to "Transfer Funds" and select the two accounts you want to move money between.
Enter the amount you want to transfer and choose the date. You can transfer when ready or schedule a transfer for a future date. Schwab will show you an estimated arrival date based on the direction of the transfer and the current day of the week. Transfers initiated on a weekend or holiday will process on the next business day.
You can link as many outside bank accounts as you need. Some people link a checking account at their main bank, a savings account elsewhere, and an account at a credit union all to the same Schwab account. Each one goes through the same verification process.
Frequently Asked Questions
Can I transfer money before the verification deposits clear?
No. You must wait for both deposits to arrive at your outside bank and confirm the amounts in Schwab before any transfers are allowed. This usually takes three to five business days total.
What if I do not have checks and cannot find my routing number?
Log into your bank's website or mobile app and look for account details or account information. The routing number is usually listed there. You can also call your bank's customer service number (on the back of your debit card) and ask for the routing number and account number.
Can I link an account that someone else owns?
No. Schwab requires that you own the account or have legal authority over it. You cannot link a spouse's account, a parent's account, or a business account unless your name is on it and you can prove ownership during verification.
How long does a transfer take once the account is linked?
Transfers from Schwab to your outside bank usually take one business day. Transfers from your outside bank into Schwab may take one to two business days. Transfers initiated after 4 p.m. Eastern Time or on weekends will process on the next business day.
What if I want to unlink an account?
Go to the "Linked Bank Accounts" section in your Schwab account, find the account you want to remove, and select the option to delete or unlink it. You can relink the same account later if you need to, and it will go through the verification process again.