Charles Schwab Launches Brokerage and Banking Mobile Deposit for iPhone®

Other new mobile applications and services including a new Android™ app round out Schwab’s anytime, anywhere banking and investing approach

Thursday, May 26, 2011 5:30 am PDT



Public Company Information:

"We want to make it easy for clients to manage their money no matter where they are"

SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab today launches mobile deposit capabilities for iPhone users, enabling brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their iPhone camera. Schwab is one of the only financial services firms to provide its clients the convenience of mobile deposit capabilities and integrated banking and brokerage mobile services, including money transfer.

Schwab is also launching its first native application for Android. Mobile deposit for Android users will be available next month. Both iPhone and Android users can now transfer balances between Schwab Bank and brokerage accounts, place trades in brokerage accounts, and view balances and account activity for Schwab Bank and brokerage accounts, Schwab 529 College Savings Plans, and Schwab-administered 401(k) and stock option plans.

“We want to make it easy for clients to manage their money no matter where they are,” said Diane Russell, senior vice president of platform services for Charles Schwab. “People want convenience, ease of use and a great value; with mobile deposit, integrated bank and brokerage applications, and reimbursed ATM fees, we’re delivering just that.”

To deposit a check via their iPhone clients simply select the Schwab Bank or brokerage account into which they wish to deposit funds, enter the deposit amount, take a photo of the front and endorsed back and hit submit. For a helpful how-to video on mobile deposit, go to

Consumer interest in mobile banking and investing, according to new Schwab survey

According to a recent Schwab survey of 2,000 consumers regarding mobile banking and investing, nearly seven in ten Americans ages 18-44 showed some interest in depositing checks using a mobile phone, with convenience as the driving reason. The survey also found that 43 percent of smartphone owners have used their device for banking and investing activities and that the average frequency for these activities is nine times a month. More findings from this survey can be found here and on Schwab’s new corporate blog, Schwab Talk.

New mobile app for 401(k) plan participants

This week, Schwab also announced an app for iPhone for the more than 1.4 million participants in 401(k) plans serviced by Schwab Retirement Plan Services. Available in early June, this first app will include view-only access to 401(k) account information, including balances, year-to-date personal performance, contribution rate, a 45-day transaction history, and Schwab contact information. Schwab plans to introduce a similar 401(k) plan participant app for Android users in the next few months and there are enhancements planned for both apps in the coming year.

About Charles Schwab Mobile Financial Consumer Survey

The Charles Schwab Mobile Financial Consumer survey was conducted by Kelton Research between April 14 and April 20, 2011, using Random Digit Dialing of listed and unlisted numbers. Quotas are set to ensure reliable and accurate representation of the entire U.S. population ages 18 and over. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 2.2 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

About Charles Schwab

The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.1 million client brokerage accounts, 1.4 million corporate retirement plan participants, 728,000 banking accounts, and $1.7 trillion in client assets as of Apr. 30, 2011. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC,, and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Independent investment advisors are not owned, affiliated with or supervised by Schwab. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at and (0511-3417)

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Charles Schwab
Lindsay Tiles, 415-667-0479
Hannah Wong, 415-486-3287

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Money Goes Mobile Infographic: Schwab Mobile Financial Consumer Survey (Graphic: Business Wire)

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