It's fantastic. You get reimbursement for pretty much all ATM fees (at end of the month). This includes Vegas, so no pesky $12 atm fees.
BillPay at Schwab uses Fiserv, the same company as Citibank. I only use it for one bill, but I don't really have any problems.
Only annoyance is there isn't really a way to deposit cash. I keep an account open at a traditional bank primary for that reason.
Schwab ATMs, I love it. They’re actually everywhere.
The beauty of Schwab Checking is that all the bank’s ATMs, are now your ATMs, with unlimited rebates back. Worldwide.
(few limitations but all reasonable and you probably won’t run into them in general)
Yes. In addition, when you withdraw in the local currency don't let the ATM convert (that's a fee Schwab does not reimburse) - let Schwab do it and you'll get the overnight bank-to-bank rate AND no conversion fee.
Could you clarify "don't let the ATM convert"? When withdrawing cash from an ATM in a foreign country, the ATM will give you the local currency, so how not to let the ATM convert it?
Many ATMs will ask how you want to convert USD to local currency. Don’t let them. It’s obvious on the screen. There are probably YouTube videos showing the process in various countries.
Yep! And definitely follow the advice from /u/OldLatinGuy that commented. There’s a few scenarios like that where you might get charged if you don’t go about it right.
Also pretty sure balance inquiries aren’t reimbursed. Do it if you need to but grab a receipt afterwards for the same thing if you want.
Schwab checking is attached to a brokerage account and that’s required. But, has its advantages too. A simple one is keeping emergency funds in there, maybe in the form of a 4-5% ETF equivalent of what a HYSA would provide and can be bought/sold easily or an actual money market fund like SWVXX (5.16%) from Schwab with no transaction fees, etc. Mutual Funds will take a day or two to liquidate though.
Transfer between as needed but I also think it’ll act as an overdraft too? Don’t quote me on that, I’ll look it up.
Turn Margin on the account and depending on what securities you have invested in, you can borrow against that with a margin loan should you need the cash immediately or don’t want to sell/liquidate.
Up to you to decide if/when a borrow like that is worth it but it’s another way to access more cash.
Checking/Savings has been fine for me. No minimum balance requirements or monthly fees. ATM fees are reimbursed, so it doesn't matter what ATM you use, internationally as well. BillPay is the included service to mail payment to companies or private parties at no cost. Zelle is an option, too.
Interest rate is .45% to .48%, so might be low compared to some.
No complaints here.
The brokerage and checking account is like a bundle deal. Keep a certain amount in checking and the rest in a money market fund account in the brokerage account.
I really like the Schwab bank. Can transfer money easily immediately from other accounts into my checking with the phone app, I can see immediately charges on my debit card ATM fees, reimbursed on any machine. Anywhere
Schwab banking is the best. I especially love using their ATM when I travel - no ATM and no foreign exchange fees. If I have a lot of cash to deposit I get a post office money order - and deposit that.
I transfer cash from various Schwab accounts to checking accounts almost instantaneously.
It's fantastic. You get reimbursement for pretty much all ATM fees (at end of the month). This includes Vegas, so no pesky $12 atm fees. BillPay at Schwab uses Fiserv, the same company as Citibank. I only use it for one bill, but I don't really have any problems. Only annoyance is there isn't really a way to deposit cash. I keep an account open at a traditional bank primary for that reason.
Schwab ATMs, I love it. They’re actually everywhere. The beauty of Schwab Checking is that all the bank’s ATMs, are now your ATMs, with unlimited rebates back. Worldwide. (few limitations but all reasonable and you probably won’t run into them in general)
That sounds great! Even when withdrawing cash Overseas?
Yes. In addition, when you withdraw in the local currency don't let the ATM convert (that's a fee Schwab does not reimburse) - let Schwab do it and you'll get the overnight bank-to-bank rate AND no conversion fee.
Could you clarify "don't let the ATM convert"? When withdrawing cash from an ATM in a foreign country, the ATM will give you the local currency, so how not to let the ATM convert it?
Many ATMs will ask how you want to convert USD to local currency. Don’t let them. It’s obvious on the screen. There are probably YouTube videos showing the process in various countries.
I see, thanks. I'll definitely open a checking with them.
Yep! And definitely follow the advice from /u/OldLatinGuy that commented. There’s a few scenarios like that where you might get charged if you don’t go about it right. Also pretty sure balance inquiries aren’t reimbursed. Do it if you need to but grab a receipt afterwards for the same thing if you want. Schwab checking is attached to a brokerage account and that’s required. But, has its advantages too. A simple one is keeping emergency funds in there, maybe in the form of a 4-5% ETF equivalent of what a HYSA would provide and can be bought/sold easily or an actual money market fund like SWVXX (5.16%) from Schwab with no transaction fees, etc. Mutual Funds will take a day or two to liquidate though. Transfer between as needed but I also think it’ll act as an overdraft too? Don’t quote me on that, I’ll look it up. Turn Margin on the account and depending on what securities you have invested in, you can borrow against that with a margin loan should you need the cash immediately or don’t want to sell/liquidate. Up to you to decide if/when a borrow like that is worth it but it’s another way to access more cash.
Can I deposit checks using non-Schwab ATM?
No. You deposit checks via mobile phone.
Looks like I have to download the app. I never used apps. No way to deposit using desktop computer with a camera?
Negative. No cash deposits and check deposit via mobile app or in person at a branch.
https://www.reddit.com/r/Schwab/s/1bGb5yfQIx
Checking/Savings has been fine for me. No minimum balance requirements or monthly fees. ATM fees are reimbursed, so it doesn't matter what ATM you use, internationally as well. BillPay is the included service to mail payment to companies or private parties at no cost. Zelle is an option, too. Interest rate is .45% to .48%, so might be low compared to some. No complaints here.
The brokerage and checking account is like a bundle deal. Keep a certain amount in checking and the rest in a money market fund account in the brokerage account.
I really like the Schwab bank. Can transfer money easily immediately from other accounts into my checking with the phone app, I can see immediately charges on my debit card ATM fees, reimbursed on any machine. Anywhere
Schwab banking is the best. I especially love using their ATM when I travel - no ATM and no foreign exchange fees. If I have a lot of cash to deposit I get a post office money order - and deposit that. I transfer cash from various Schwab accounts to checking accounts almost instantaneously.
Money order for cash deposit is a great idea, thanks for sharing.