Processes

DAF to DAF Transfers

Nov. 15, 2023, 9:02 p.m.
blog image

To complete a DAF-to-DAF transfer between Schwab Charitable and Fidelity Charitable, you'll need to follow a few steps. Keep in mind that each organization has its own policies and procedures, so it's essential to consult with both organizations to ensure a smooth transfer process. Here's a general outline of the steps you should take:

  1. Contact Schwab Charitable and Fidelity Charitable: Reach out to the customer service or support teams at both organizations to let them know you're planning a DAF-to-DAF transfer. They can provide specific guidance and instructions tailored to your situation.
  2. Obtain the necessary forms: Both Schwab Charitable and Fidelity Charitable may require you to complete specific forms or provide documentation for the transfer. Request these forms from both organizations and carefully review the instructions.
  3. Complete the grant recommendation: For the transfer to occur, you will need to recommend a grant from your Schwab Charitable DAF to Fidelity Charitable. To do this, log into your Schwab Charitable account and follow their process for recommending a grant. You will need to provide Fidelity Charitable's information as the grant recipient, including their EIN (tax ID) number, which is 11-0303001.
  4. Provide the necessary information: You will need to provide Fidelity Charitable's DAF account information as the destination for the grant. This may include the Fidelity Charitable DAF account number, the name of the account, and any other required information.
  5. Submit the forms and documentation: Once you have completed the necessary paperwork and gathered the required information, submit your grant recommendation and any additional forms or documentation to Schwab Charitable. They will review your request and, if approved, initiate the transfer to Fidelity Charitable.
  6. Confirm the transfer: After the transfer is initiated, monitor your Schwab Charitable and Fidelity Charitable accounts to ensure the funds are successfully transferred. It may take several days or even weeks for the transfer to be completed. Contact the organizations' customer service teams if you have any questions or concerns during this process.

 

Remember to consult with both Schwab Charitable and Fidelity Charitable for specific instructions and guidance, as the process may vary depending on your unique situation. Additionally, consider discussing your plans with your financial advisor to ensure you understand the tax implications and benefits of the DAF-to-DAF transfer.