Account Transfers Between Schwab and Acorns
Moving a brokerage account from Charles Schwab to Acorns or from Acorns to Schwab is possible, but it must be done in a specific way. This is because Acorns doesn’t handle ACAT transfers. So, an alternative method is needed.
Transfer an Account from Charles Schwab to Acorns
First, you need to open an Acorns account.
Acorns only accepts cash transfers, not securities. So, to move an account from Schwab to Acorns, sell all holdings in the Schwab account to turn them into cash.
Keep in mind, selling securities in a taxable account could mean taxes, and withdrawing from a tax-advantaged account could have tax impacts. It’s a good idea to talk to a tax professional before deciding.
After the Schwab account is converted to cash, move the money to a linked bank account. Sales may need to settle, which could take a couple of days for stocks and ETFs.
When the cash is ready, go to the More page on the Schwab mobile app (look for the More icon at the bottom) and choose Transfers & Payments. Then, tap on Transfers and fill out the form to move funds to a linked bank account.
If you don’t have a bank account linked to your Schwab account, you can add one on the website. The mobile app can’t do this.
Once the money is in the external bank account, you’ll need to send it to the Acorns brokerage account. To deposit money into the Acorns account, you can set up a one-time deposit or a recurring schedule using the app or website.
When the funds arrive in the Acorns account, Acorns will invest the money in a selection of low-cost ETFs.
Open Acorns Account
Open Acorns Account
Transfer an Account from Acorns to Charles Schwab
To go the other way, the process is different if you want to keep your ETFs. These can be moved into a self-directed Schwab account, but not into a robo account (Schwab’s automated accounts only accept cash).
To move securities to a self-directed account, a non-ACAT transfer is possible. It’s “possible,” but not easy. Here are the steps:
(1) Open a Charles Schwab account.
(2) Contact Schwab and ask for a non-ACAT transfer from Acorns. This will require physical paperwork.
(3) Get a medallion signature guarantee on the paperwork from a local financial institution.
(4) Submit the completed paperwork to Acorns by email (help@acornssecurities.com) or mail:
Acorns Securities
ATTN: Account Transfers
5300 California Ave, Bldg 1
Irvine, CA 92617
After receiving the paperwork, Acorns will email you for confirmation. If you don’t respond, the transfer will be canceled.
Only whole shares can be moved out of Acorns. Any fractional shares will be converted to cash and moved to a linked bank account.
To move an Acorns account into a robo account, it must be fully liquidated to meet Schwab’s cash-only policy. This could be easier because it avoids the non-ACAT transfer process. But, selling is needed to get the cash for withdrawal, which could have tax impacts.
Free Charles Schwab Account
Open Schwab Account
Possible Cost of Switching
Schwab doesn’t charge commissions on most US-listed stocks and ETFs, but selling other assets might have fees. There could also be a fee for a medallion signature guarantee.
How Long Does an Account Transfer Take?
Transferring from Acorns to Schwab might take a few weeks due to the paperwork involved. Going the other way might take a similar time because of selling assets, waiting for trades to settle, moving cash to a bank account, and finally transferring to Acorns.
Updated on 9/18/2024.
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