Deposit Money Into Schwab Account

Below we'll cover some of the FAQ's we've encountered, been asked, or have asked ourselves related to Schwab's Cash Deposit features, as well as issues we've had depositing cash into our schwab account in the past.

Why doesn't Charles Schwab allow Cash Deposits?

It's not that they don't allow it, it's that they aren't able to accept it — since they don't have any ATMs and lack Bank Branches to accept deposits at.

Am I able to send them my Check via mail (envelope)?

Yes, but it will take a few days before they receive your check and process it – at which point you can expect your deposit to be instantly available. If you don't like the above options this is another option, but to us you might as well just use the mobile deposit feature instead of bothering mailing the check — remember though if you opt to go this route use the envelopes Schwab provided as the postage is pre-paid for them and have expedited processing.

What is the maximum amount of money I can deposit via Mobile Check Deposit?

According to Schwab's website they "limit deposits to $250,000 per day and $1 million per month — beyond this you should seek guidance from Schwab directly, preferably by calling them as they'll need to confirm a few things with you before accepting larger sums of capital.

Are Cash Despoits Insured with Schwab?

Yes, cash deposits are insured when they're with Schwab, however pending deposits, say you mailing Schwab a money order or physical cash, is not insured and if Schwab doesn't receive the funds then they are not liable nor are you necessarily protected. This is why we recommend using one of the above methods instead of sending cash in an envelope.

Can You Deposit Cash with Charles Schwab?

You cannot deposit cash easily into a Charles Schwab bank. You will first need to convert your cash into a check or a money order. You can also deposit cash to another bank and then transfer the money to Schwab as outlined above, but that will take more time.

How Long does it take for a Cash Deposit to be Processed?

The simple answer is instantly — so long as you do it through Schwab's Mobile Check Deposit feature — the money is instantly available when you deposit via this method. If you're mailing a check however it could take up to 3-5 business days for them to receive and process/credit your account with the funds.

I don't have any pre-paid Schwab envelopes, how can I get more?

You can contact Schwab directly via the chat when logged into your account or by phone and ask for them to simply mail you more to the address on file — it should be free, and they should only need your account #, name, and address to do this for you.