My experience with Schwab is similar, but with one addl comment: if I ACH $ into my Schwab account it takes 2 biz day to post, then 3 biz days more before it is available to buy, eg, an OTC stock like NWBO, so 5 biz days in Toto. Funds are available sooner if not buying a penny, OTC stock like NWBO, like a fund.
On the flip side, if I transfer $ out of Schwab to, eg, BofAm, the fund are available the next day there. Go figure.