Schwab Is Sending Out Settlement Checks. Here’s What to Know.

Clients of


Charles Schwab


‘s robo-advisor have begun receiving distribution checks from a settlement the company reached with the Securities and Exchange Commission in summer 2022. 

Hundreds of thousands of current and former clients may be eligible for a payment, according to estimates by Scott Smith, director of advice relationships at Cerulli Associates. If you’re one of them, you don’t have to do anything to receive your money. Checks were mailed to eligible clients on Dec. 30, 2022 along with a letter explaining the distribution.