If you opened a self-directed solo 401k with My Solo 401k Financial which allows for solo 401k participant loans, then you may access the participant loan funds by wire once the solo 401k loan documents have been drafted.  To access the solo 401k loan funds, you will need to complete and submit to Charles Schwab their “Request a Domestic Wire Transfer” form referenced below, which can be submitted by fax to Schwab.   

Using Charles Schwab Wire Directive – “Request a Domestic Wire Transfer” to Access Your Solo 401k Participant Loan Funds

The solo 401k loan funds can be wired from the Schwab brokerage account. Make sure the funds are liquid in the solo 401k brokerage account.

Click Here to download the Charles Schwab wire directive. 

 

How to Complete the Charles Schwab Wire Form Directive

Schwab Account Number: enter the solo 41k Schwab brokerage account number

Name: Enter the name of the solo 401k

Home and Work Phone: Enter the phone numbers

Check off “One-Time Wire”

Amount to Be Wire: Enter the solo 401k loan amount as listed on the solo 401k loan documents.

Bank Name: Enter your personal checking or savings account bank name.

Enter your bank routing and bank account number

Enter the name of the bank where you have your personal savings or checking account.

Account Holder: Sign 

Print Name: Clearly type your name

Enter today’s date

Submit the Signed Form Directly to Schwab by Fax. See Fax Number Below