New Vanguard CEO Tells Barron’s He Will Lead With ‘the Zeal of a Convert’.
https://www.msn.com/en-us/money/other/new-vanguard-ceo-tells-barron-s-he-will-lead-with-the-zeal-of-a-convert/ar-BB1mrHBJ

+1.
But there's a wall around wifey's Trad IRA.

Alternatively, you can always sell something worth $0.87 in your account that does not have a transaction fee and then invest the $0.13 + $0.87 = $1 in the chosen fund...

Giggle. I see what you mean. Is it worth my time? Will they PERMIT an .87 cent sale of ANYTHING? No.

17 May, 2024:
https://www.bloomberg.com/news/videos/2024-05-18/wall-street-week-05-17-2024

17 May, 2024:
https://www.bloomberg.com/news/videos/2024-05-17/bloomberg-real-yield-05-17-2024

Understood @Low_Tech. To each their own, but again, I have no problem playing Schwab's game. My mind set is those who keep a higher dollar amount in the sweep are playing THEIR game. And if "the game" eeks out an extra $500 or so for me, the game becomes fun and worth doing, to me anyway.
I'll add, where the low interest rate is painful is in their robo accounts. Those portfolios typically put 10 to 12% in the cash sweep. That's how they make their money on the Intelligent Portfolios. Seemed ok when all cash vehicles made close to nothing. But times have changed. I dumped the robo last year, mostly because of that.

I'm retired and keep enough in my SEP cash for monthly RMDs with probably an extra month to spare. Bond interest and divvies come out of the bond and stock funds that I want them to automatically.
I started RMDs in 2022 and I have to hand it to Schwab, they make it very easy and it was something I was fretting over. They tell you in January the amount you will owe for the year down to the penny, and you can have it transferred out in any time frame you want -- I like monthly and you can select any day of the month you want. I have it transferred into my brokerage account automatically, although I could have it moved to my local bank checking account automatically if I wanted.
I could keep the cash in my brokerage account cleaned out and into the MM, and do when it gets high enough, but I never leave it empty.
Now with 5%+ MMs, that has changed a lot of things. I have a lot in the MM where previously I would have had it in some kind of short bond fund.
Ha, the robo accounts? I never got sucked into that for numerous reasons, the main one being that I want total control over my portfolio. When they came out with them I was still in the accumulation stage and I sure didn't want 10%+ of my portfolio sitting in cash.
Oh well, so far so good. :)

Alternatively, you can always sell something worth $0.87 in your account that does not have a transaction fee and then invest the $0.13 + $0.87 = $1 in the chosen fund...

Understood @Low_Tech. To each their own, but again, I have no problem playing Schwab's game. My mind set is those who keep a higher dollar amount in the sweep are playing THEIR game. And if "the game" eeks out an extra $500 or so for me, the game becomes fun and worth doing, to me anyway.
I'll add, where the low interest rate is painful is in their robo accounts. Those portfolios typically put 10 to 12% in the cash sweep. That's how they make their money on the Intelligent Portfolios. Seemed ok when all cash vehicles made close to nothing. But times have changed. I dumped the robo last year, mostly because of that.

I pay property taxes and state and federal income taxes routinely by credit card. All of these go through as regular charges. Though ultimately it depends on what the vendor (county) puts through to the bank.
With BofA one can get 2 5/8% back on some of their credit cards - any credit card paying 1.5%, boosted by 75% with BofA platinum honors ($100K+ in BofA and Merrill accounts combined).
It's hard not to make money paying taxes that way. Even without a year's free interest.

Many brokerages carry "excess of SIPC" coverage. For example, Fidelity writes:

Excess of SIPC: In addition to SIPC protection, Fidelity provides its brokerage customers with additional "excess of SIPC" coverage. The excess coverage would only be used when SIPC coverage is exhausted. Like SIPC, excess protection does not cover investment losses in customer accounts, including losses due to market fluctuation. For example, fraud claims would not be covered if the brokerage firm was still in operation. Total aggregate excess of SIPC coverage available through Fidelity's excess of SIPC policy is $1 billion. Within Fidelity's excess of SIPC coverage, there is no per customer dollar limit on coverage of securities, but there is a per customer limit of $1.9 million on coverage of cash awaiting investment. This is the maximum excess of SIPC protection currently available in the brokerage industry.
Both SIPC and excess of SIPC coverage is limited to securities held in brokerage positions, including mutual funds if held in your brokerage account and securities held in book entry form

https://clearingcustody.fidelity.com/app/proxy/content?literatureURL=/9860886.PDF
Alternatively, you could transfer securities "in-kind", meaning that they are not sold but merely moved from one brokerage to another. This only works if the receiving brokerage is able to hold the securities being transferred. Usually MMFs have to be transferred as cash and some proprietary mutual funds cannot be held by all brokerages.

Thanks msf for bringing up the 'excess' SIPC coverage. I called my brokerage firm to make the 'in-kind' transfers and ask about 'excess SIPC' coverage. I explained what I wanted to do, and before I asked about the excess SPIC, he brought it up. It turns out that we, (wife & I) have multi-millions of coverage through the excess SIPC. In-kind transfers are off.

I keep roughly 1% of assets in cash from two accounts at Schwab. Even if they paid me 5% it wouldn't change my life any.

Won't change my life either but 1% in say, a million dollar account(s), would be about $500 bucks more in my pocket each year. I play the Schwab game of moving between MM and the sweep account as they made the rules, typically limiting the sweep to a couple of bucks. If a trade kicks in you have a day or two to make the switch back.

I would get a couple free lunches per month. If I was worried that much about it I would eat lunch at home instead of going out every day. :)

It appears that if you are a Flagship customer (1M+) you will be exempt from the $25 Broker-assisted commision.

I keep roughly 1% of assets in cash from two accounts at Schwab. Even if they paid me 5% it wouldn't change my life any.

Won't change my life either but 1% in say, a million dollar account(s), would be about $500 bucks more in my pocket each year. I play the Schwab game of moving between MM and the sweep account as they made the rules, typically limiting the sweep to a couple of bucks. If a trade kicks in you have a day or two to make the switch back.

My bureaucratic retirement plan custodian issued the cheque made payable to Schwab FBO my name, instead of cheque made payable to Schwab FBO my name rollover IRA, notwithstanding my written instructions in their portal to issue the check in the name of my rollover IRA. Does it make a diferrence? I thought I would just wait until they issue a Form 1099-R to see what box they check, rather than ask them to reissue the check correctly, which they may not do after all the hassle.
(I deposited the check into the rollover IRA.)

Coverage is $500K per 'separate capacity' - defined, loosely, by account ownership and type: https://www.sipc.org/for-investors/investors-with-multiple-accounts
Since it sounds like everything is currently in a "joint" account, you could open an 'individual' account at the same firm and move some of the assets there.
Alternatively, you can move assets to another firm "in-kind", which would not be a taxable event.

Thank you yugo, opening 'individual' accounts is exactly what we are doing and then moving some of the 'joint' account shares 'in-kind' to the individual A/Cs. Thanks for your comment.

I keep roughly 1% of assets in cash from two accounts at Schwab. Even if they paid me 5% it wouldn't change my life any. When it gets much more than 1% I will add to positions or put it in the MM fund.
But, TBH, this is something I've never fretted over.

@Crash - Can you submit that $1 sell order now? (Use the “sell all” option.) Then it should automatically execute in 2462.
In 1976, you could have mailed a letter first-class for 13-cents

And I bet it costs them more then 13 cents to administer/track/journal that amount, too. LOL
Cash management @ Schwab still sucks bigtime but I don't see that changing anytime soon unless there's a large exodus of AUM.

While 13¢ may actually be something to sneeze at, you could move the money to Fidelity where you can open a house fund for a penny. Why, you might even open a baker's dozen different funds there!
Slightly more seriously, you might be able to move the cash into SWVXX. According to Schwab's webpage for the fund, that has a true zero minimum, as opposed to, say, SNXFX that requires $1.00 to open. With the higher interest you'll get (assuming rates don't fall), you'll be able to open up that SNXFX account in just half a century give or take.
For tax purposes, was the Bruce cheque made payable to Schwab FBO your IRA? If it was, then it counts as a trustee-to-trustee transfer, and not an indirect transfer. This matters because you are allowed just one 60-day (indirect) transfer per year, but an unlimited number of trustee-to-trustee transfers. Just in case you want to move that 13¢ to Fidelity :-)