If you just checled the "Dividend Reinvest?" on the Schwab website, that just enrolls you in the Schwab program. In my past experience with Schwab you have to call them and they contact the respective company to set the DRIP up with them.
From an online chat just now:
Cash dividends and/or capital gains in a Schwab account are generally paid on the payable date and reinvested the next business day.
[For discounted DRIP programs] Thank you, at this time the DRIP program has been discontinued at Schwab - you would have the ability to Reinvest the dividend with no discounted rate.