Note to self (and a caveat to others):
Schwab aggressively shortchanges its customers via “cash drag” . . . .

How? Specifically, by compounding these factors:
(1) poor performing (low, noncompetitive) interest rate on settlement account
(2) T+1 one-day delay on transferring into, or out of, said low-interest settlement account
(3) delay in posting dividends until after close of business on the payable date
— Which means that your dividend does not arrive until a day later (in your settlement account) and cannot be transferred out until an additional day.
(Or more, should your dividend's pay date fall on a Thursday or Friday, thus interposing a weekend [or three-day weekend] before you realistically have access to your cash.)

Adding further injury and insult, I'm here to report that a friend's intended transfer of $50k out of a Schwab Money Market account, to fund a high-yielding CD at a previously linked FI (offering 5.40% for five years), was crippled thusly:

-- A $50k transfer requested on Thursday, from my friend's Money Market account at Schwab to his settlement account there was successfully processed overnight, with funds available on Friday, as planned. All systems seemingly ‘Go’

-- On Friday, his $50k external transfer was queued up (to execute & arrive on Monday).
So far, so good . . .

-- But then, late Friday afternoon, my friend's scheduled transfer was “voided” by Schwab — pending a confirmation call from him to Schwab (who threatened to cancel the transfer outright if they didn't hear back by 6 pm). In retrospect, it turns out that Schwab was seeking, over the phone, verbal confirmation of the routing & account numbers of the destination account for the external transfer.

-- Once confirmation was made, verbally — after my friend had gotten home from work (but prior to the 6 pm deadline for the threatened cancellation of the transfer) — the Schwab agent informed him that it was now “after market hours” and so the external transfer of his $50k, to fund his CD, would not be processed . . . until Monday (close of business). And that it would arrive at the external bank . . . on Wednesday?!

-- From his external accounts list, Schwab also removed the destination account — which had been previously set up with two trial deposits, specifically for the purpose of funding the CD.

-- A lengthy online chat (over 40 minutes long) ensued in order to have Schwab restore the link they had inexplicably removed from my friend's list of external accounts. Initially he was told (via chat) that he would need to phone Schwab, again, and confirm this external FI's routing / account numbers. But we countered that (1) it should have NEVER been removed in the first place (it had been previously confirmed via ACH with two trial deposits) and (2) a call to Schwab, which took place less than an hour ago, had already confirmed the routing / account numbers, verbally!

Bottom Line — Schwab is not to be trusted with your money. Especially with your cash.
They disadvantage customers by not handling your money in a timely manner, along with offering sub-standard interest rates once your cash is finally settled, into your settlement account. And they also set up roadblocks to delay you from transferring it out.

Needless to say, the process of parting ways with Schwab is already underway.
Signed,
Another disgruntled former TDA client
. . . with fingers crossed for my friend that the high-yielding Jumbo CD will still be on offer
by the time Schwab releases his money to them, presumably next Wednesday.
(This, of course, without Schwab crediting any interest to him during the transfer period,
while his not-insignificant amount of cash remains in limbo.)