In the world of investing apps, there’s always new innovations that take hold of our interest and curiosity.
From advanced trading controls in the palm of your hand, to providing a smooth interface into banking and stock options, to even social trading, there’s always something new to try.
Charles Schwab is one of the premier banking services that can be found. From their low fees, wide range of investment products offered, and their tried-and-true brand experience, they are truly hard to beat. However, sometimes you just need to see what else is out there, and expand your horizons.
Public is the first banking app to offer what’s been coined “social trading” - the ability to follow other investors in a social media format, read their blog posts about their recent investing moves, and interact with them in real time.
The value of this new innovation is hard to quantify, but in creating a network of peer-to-peer learning, it may just usher in a new era of financial freedom for many.
Regardless of your own reason, today we’re going to show you exactly how to transfer from Charles Schwab to Public, step by step.
Let’s go see exactly how much greener this Public grass is!
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Transferring into Public is pretty simple.
You'll need to grab some account info from your Charles Schwab, sign up for Public, and navigate the app to transfer stocks into the new account.
Transferring From Charles Schwab To Public:
Now we’ll break down each step.
When transferring into Public, we'll need a few details in order to link your Charles Schwab account:
At the time of writing, Public may not be accepting direct transfers from 401K and Retirement accounts.
Here's how to get both inside your Charles Schwab:
Currently, you can’t find your account numbers inside the Charles Schwab mobile app, so you’ll have to log in online.
If you have multiple accounts with assets you want to transfer to Public, you'll need to securely copy the information for each account.
With everything on the Charles Schwab side of things taken care of, we can open your new Public account.
In order to transfer stocks from Charles Schwab to Public, you need to open a Public account of the same type as your Charles Schwab account. Personal/Individual/Taxable, Roth IRA, traditional IRA, etc.
If you open up the wrong type of account, you will be unable to transfer your stocks.
Additionally, Public may not have retirement accounts available at this time - check when applying to make sure.
Already set up with a matching account in Public? Move on down to step 3.
Use this link when signing up for a free stock slice, on us!
It may take a couple of days for your application to get approved, this is normal.
Finally, we can move your stocks from Charles Schwab into your new Public account using the info we safely copied from step 1.
Inside your Public app, do the following:
Transfers usually take a couple business days to fully process, so the money won’t be seen in your account right away.
When transferring from Charles Schwab, you will face a $50 fee for a full transfer, and a $25 fee for a partial transfer.
You’ll often see these listed as “ACATs” fees - Automated Customer Account Transfer Service, or as a transfer fee.
With Public, they will pay all transfer fees for you, so long as you’re transferring at least $150 in per transfer.
If you do have multiple accounts that can be transferred into Public, it’s best to make sure each account is funded above that $150 threshold, so you can avoid those pricey fees!
Enjoy your Public experience!