ET Reddit Mentions | ChartExchange

Thank you to everyone contributing to this thread.

Here is a step-by-step guide based on this thread that worked for me. In my case, I initiated the transfer from BofA at 1:05pm EST and the money hit my Schwab account 3 minutes later at 1:08 EST. The wired cash was immediately available as settled funds (unlike ACH transfers which tend to hit the Schwab account immediately but don't actually settle for 3-5 days and are not usable for option trading in a cash account)

On the Schwab side:
1. Log in to [Schwab.com](http://Schwab.com) on your desktop, open the "Move Money > Transfers & Payments" page from the main menu
2. At the bottom of the page click "Incoming wires and routing numbers"
3. Select the account where you want funds deposited
4. Click "Domestic wire instructions"
5. Keep this browser window open or copy and paste the info specific to your account into a notepad app:
The info looks like this:
"Provide the sending institution with the following information for a wire coming into your Schwab account.
Bank Name Citibank NA
Bank Address The Bank's address
ABA/Routing Number XXXXXXXXX
Account Number XXXX-5555
Account Name Charles Schwab Co. Inc.
For Further Credit To FirstName LastName, XXXX-5555"
On the BofA side:
\*\* Setting up the target recipient wire account \*\*
1. Log in on BofA on a desktop browser, open "View/manage wires & external transfers" from main menu's "Pay & Transfer > Wire & external transfer" section.
2. Click "Add Account/Recipient" on the page sub nav
3. Perform data entry:
A. Domestic vs international: Select "Domestic (U.S)"
B. Check the checkbox next to "Verify your identity" & perform 2FA with your phone
C. What type of account is it? Select "A business account, mine or someone else's, at another bank (only transfers to)"
D. Business Name: type in "Citibank NA"
E. Nickname you would like to call this account: type in "MY SCHWAB ACCT" (or whatever you want)
F. Street address / city /state / zip: type in the bank's address from the Schwab info
G. Routing number: type in the ABA/Routing number from the Schwab info
H. Account number: type in YOUR 8-digit account number from the Schwab info (do not include dash)
I: Account type: Select "Business Checking"
J: Follow any remaining prompts to complete the account set up.
\*\* Initiating a transfer \*\*
1. Log in on BofA on a desktop browser, open "Send a wire/external transfer" from main menu's "Pay & Transfer > Wire & external transfer" section.
2. Perform data entry:
A. Select "From" account
B. Select "MY SCHWAB ACCT" (or whatever you named it) for the "To" account.
C. Select "Wire Transfer, Same business day, $30 transfer fee, Delivery time is shown immediately below.5 PM ET cutoff time, most often required for real estate closings; money is not recoverable; similar to using a cashier's check to get final funds to a recipient"
D. Enter an "Amount"
E. Perform another 2FA check with your phone as needed
F. For "Frequency", select "One time, immediately" (or whatever you're going for)
G. !!IMPORTANT!! For "Description": type in "FirstName LastName XXXX5555" (match what Schwab gave you in "For further credit to"). (Note: I omitted the comma between the name and account number that Schwab provides there)
Enjoy your fast money.

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