In addition to our “Comprehensive” and “Collaborative” service levels, we also offer some of our services in a “Do-It-Yourself” service level that has a lower annual fee and no minimum. Basic services include asset allocation design and portfolio management. Some additional bonus services are available for an additional charge. We typically recommend using Charles Schwab as the custodian for our “Do-It-Yourself” level accounts.

This year, Charles Schwab will be retiring the outdated PNC Bank ABA routing number, 031000053, that was issued for Schwab One accounts that activated the “Payment Features” on the account prior to March 2012. As of December 31, 2022, Schwab will no longer honor Schwab One checks or electronic funds transfer (EFT) instructions that include or reference the former routing number and will only honor those that include or reference the current BNY Mellon ABA routing number, 031100157.

Note: This change does not apply to Schwab High Yield Investor Checking Accounts; it only applies to Schwab One accounts like individual or joint brokerage accounts.

If you are a Schwab customer and the “Payment Features” on your Schwab One account may have been activated prior to March 2012, we recommend checking to see if the routing number on your checks is 031000053. If it is, here are three steps you may need to take before December 31, 2022 to ensure your checks and electronic funds transfers are not interrupted.

1. Checkbooks & Deposit Slips

With Schwab, any time you need more checks or deposit slips you can simply request them, and they will send a box filled with multiple new checkbooks or deposit slips to your house. This is one of the many features Schwab checking offers.

If the routing number on the checks for your Schwab One account needs to be updated, you can request new checks or deposit slips either by calling Schwab Alliance directly at 800-515-2157 or logging in to Schwab Alliance online and following the steps in our article, “Charles Schwab: How to Order More Checks or Deposit Slips (2022 Update).”

Your new checks and deposit slips will include the correct routing number. Once you have received the new checks, destroy or securely discard the old checks and deposit slips.

2. Direct Deposit

If you have sources of income set up to be directly deposited into your Schwab One account, check to see if the routing number on the direct deposit instructions needs to be updated in order to avoid delays in receiving the income.

Reviewing recent statements for your Schwab One account may help you identify the sources of direct deposit payments which may need to be updated. You can find the statements for your Schwab One account by following the steps in our article, “Where to Find Statements and Tax Documents on Schwab.com.”

If you are implementing The Automatic Millionaire technique at Schwab, your direct deposits may include your paycheck, Social Security income, pension benefits, annuity distributions, tax refunds, and more.

If you need to set up new direct deposit instructions, our guide on How to Set Up Direct Deposit may assist you with the process.

To update the direct deposit instructions for your Social Security income, visit https://www.ssa.gov/deposit/ or call 1-800-333-1795.

You will likely need to contact the pension administrator and annuity company to update the direct deposit instructions for those payments.

For help with the direct deposit instructions on your federal tax return, visit https://www.irs.gov/refunds.

If you file your tax return with H&R Block, they have published instructions for changing your bank account and routing numbers for tax refunds here . This page also clarifies:

If the IRS has accepted your return already, you won’t be able to change your bank and routing number for your tax refund. You can only request that the IRS issue you a check – and that’s only if the return has not yet been processed. If you don’t contact the IRS, they’ll first try to send your refund to the bank account and routing number listed in the return. If the bank returns your direct deposit, the IRS will send a paper check to the mailing address listed on your return.

If you want to change your bank account or routing number for a tax refund, call the IRS at 800-829-1040.

3. Automatic Payments

If you have set up automatic payments from your Schwab One account to pay any of your bills, such as electricity, internet, rent/mortgage, etc., check to see if the routing number on those automatic payments needs to be updated in order to avoid payments failing and potential late fees being charged.

Even if you do not have automatic payments set up for any of your bills, if you have the account and routing number saved for your Schwab One account on any of the websites where you pay your bills, it’s a good idea to check if the routing number needs to be updated so that you don’t accidentally try to make a payment with the old routing number.

Reviewing recent statements for your Schwab One account may help you identify the automatic payments which may need to be updated. Our guide on Where to Find Statements and Tax Documents on Schwab.com may help you find the statements for your Schwab One account online.

If you need help with the Schwab website or have any questions about the routing number update, we recommend you call Schwab Alliance at 800-515-2157 or message them via the message center. They can also help identify places you may be using the old routing number.

Happy banking!

Photo by Sora Shimazaki from Pexels