[titan89]

Not an expert on SIPC either, but if you have less than $500k on your brokerage (including a max of $250k in cash), you should be fine either way (just like with FDIC insurance). The only possible exception is if you allow the broker to lend your shares, but even that may be covered, I don't know. If you have more though, the assets of an account with no margin are segregated, held 1-1, and are not allowed to be lent on, which simplifies the situation (barring criminal actions by Schwab, which are very unlikely). Not sure of the exact legal situation, but I remember that in 2008, this was considered relevant for funds that platformed with Bear Stearns, and caused funds to deleverage (ironically accelerating the situation)) in the weeks leading to its collapse/takeover.

Again, this is almost certainly not relevant, but it was a pretty simple action for me to do and quelled my paranoia.