The short answer
A transaction showing SCHWAB* BROKERAGE SWEEP represents an automated cash movement between your Charles Schwab Bank checking account and your Schwab brokerage investment portfolio.
Charles Schwab Cash Sweep Functionality
A financial statement entry showing `SCHWAB* BROKERAGE SWEEP` represents an automated cash movement or sweep transfer between a Charles Schwab Bank checking account and a Schwab One brokerage investment account managed by The Charles Schwab Corporation. This recurring financial transaction reflects internal liquidity management rather than an external merchant purchase or bank fee.
This transfer appears on your account statement because uninvested cash in your brokerage portfolio automatically sweeps into interest-bearing FDIC-insured deposit accounts, or conversely, funds sweep from your investment holdings to cover debit card purchases, check clearings, wire transfers, or ATM withdrawals when your checking cash balance is insufficient to settle the transaction.
To verify or review these automated cash transfers, sign into your secure account portal on the official Charles Schwab website or mobile application, navigate to your detailed account history, and filter by transfers and payments. Because these are internal asset movements between your own linked accounts, no cancellation or dispute is required unless an accidental transfer error or routing mistake occurred. Automatic cash sweeps move funds automatically between linked banking and investment portfolios.
- Automatic transfer of uninvested cash to earn interest in deposit accounts
- Automated sweep from brokerage cash to cover a checking account debit or debit card charge
- Dividend or interest payout routed between investment accounts
Reviewing Schwab Account Transfers
Track detailed sweep histories and money movements on the Schwab platform.
- Sign in to schwab.com or the Schwab Mobile app.
- Go to "Accounts" → "History".
- Filter by "Transfers & Payments" to examine the source and destination account numbers.
Frequently Asked Questions
Does Schwab charge fees for brokerage cash sweeps?
Charles Schwab provides automatic sweep features for linked checking and brokerage accounts with zero transfer fees.
What is Schwab Bank ATM rebate on a statement?
Schwab refunds all worldwide ATM operator fees automatically at the end of each monthly billing cycle on Investor Checking debit cards.
Part of a family
SCHWAB* BROKERAGE SWEEP is one of the Charles Schwab statement codes and Fidelity Investments statement codes lines — see the whole family decoded.
Independent reference — not affiliated with The Charles Schwab Corporation. Billing names and policies change; verify with the merchant or your bank before acting.
Verified sources
Every claim on this page is checked against official sources — open them to confirm before you call your bank.
- Charles Schwab Bank Account Disclosures https://www.schwab.com
- SEC Cash Sweep Account Rules https://www.sec.gov
Reviewed Aug 15, 2026 · high · About UnknownCharges