topic Re: Alliant vs DCU vs Schwab Checking in Personal Finance

Alliant vs DCU vs Schwab Checking

MASTERNC — Tue, 22 Mar 2022 19:54:54 GMT

I am considering a move from USAA for my primary checking account. I have checking accounts that I barely use at DCU (I opened when taking out a car loan I later refinanced) and Schwab (for international travel), and I have an Alliant membership. I looked at SoFi but their bill pay makes you set up a payee every time you want to pay a non-constant bill.

The Alliant checking account looks attractive but I read somewhere from a few years ago that they don't use the typical Fiserv interface that other institutions use (which includes the ability to receive e-bills). I was wondering if that has changed.

Schwab has unlimited ATM rebates and free checks but pays paltry interest (slightly better than USAA but not much). DCU pays less interest than Alliant but seems to have e-bills (though I can't get them to work) and allows me to deposit cash at a shared branch without using a local bank account as an intermediary.

Anyone have good/bad experiences using any of these as primary checking?

Re: Alliant vs DCU vs Schwab Checking

DJRobbieD — Tue, 22 Mar 2022 20:44:55 GMT

I've been using Schwab's Investor Checking account for over 15 years after I moved out of the area of my local CU. I've had nothing but good experiences with Schwab's banking side. The unlimited ATM fee rebates have been a blessing and their Bill Pay system works well when I use it. If you're looking for bank just for recurring electronic transactions (e.g. direct deposits, paying bills online, ATM withdrawals), Schwab is great.

With that said, I do use a local bank as an intermediary for cash deposits and my primary savings account is held outside of Schwab (Alliant, earnings 0.55%).

@MASTERNC wrote:
I am considering a move from USAA for my primary checking account. I have checking accounts that I barely use at DCU (I opened when taking out a car loan I later refinanced) and Schwab (for international travel), and I have an Alliant membership. I looked at SoFi but their bill pay makes you set up a payee every time you want to pay a non-constant bill.

The Alliant checking account looks attractive but I read somewhere from a few years ago that they don't use the typical Fiserv interface that other institutions use (which includes the ability to receive e-bills). I was wondering if that has changed.

Schwab has unlimited ATM rebates and free checks but pays paltry interest (slightly better than USAA but not much). DCU pays less interest than Alliant but seems to have e-bills (though I can't get them to work) and allows me to deposit cash at a shared branch without using a local bank account as an intermediary.

Anyone have good/bad experiences using any of these as primary checking?

Re: Alliant vs DCU vs Schwab Checking

Anonymous — Tue, 22 Mar 2022 21:15:00 GMT

I am done with DCU. I was trying to call and waiting for a call back from their automated system. Estimated hold time is "between 1 hour 50 minutes and 2 hours 55 minutes"

Re: Alliant vs DCU vs Schwab Checking

SouthJamaica — Tue, 22 Mar 2022 23:13:12 GMT

@MASTERNC wrote:
I am considering a move from USAA for my primary checking account. I have checking accounts that I barely use at DCU (I opened when taking out a car loan I later refinanced) and Schwab (for international travel), and I have an Alliant membership. I looked at SoFi but their bill pay makes you set up a payee every time you want to pay a non-constant bill.

The Alliant checking account looks attractive but I read somewhere from a few years ago that they don't use the typical Fiserv interface that other institutions use (which includes the ability to receive e-bills). I was wondering if that has changed.

Schwab has unlimited ATM rebates and free checks but pays paltry interest (slightly better than USAA but not much). DCU pays less interest than Alliant but seems to have e-bills (though I can't get them to work) and allows me to deposit cash at a shared branch without using a local bank account as an intermediary.

Anyone have good/bad experiences using any of these as primary checking?

I have familiarity with DCU and Alliant, not with Schwab. And I never use e-bills.

Alliant has the advantage of paying interest on the checking account.

DCU has the advantages of 2 day early direct deposit in the checking account and the ability to link a credit card to the account as an overdraft line of credit.

Re: Alliant vs DCU vs Schwab Checking

DONZI — Sat, 26 Mar 2022 07:34:40 GMT

I have Schwab checking and for paying or moving cash out ACH or wire they get it done, fast.

I have an account there also with billpay, but I have never used it. I imagine that it's done efficiently too.

All the remaining features of the checking except APY are great.

The APY is almost worthless, but many great checking accounts also have pitiful APY.

Re: Alliant vs DCU vs Schwab Checking

butterpecan — Sat, 24 Jun 2023 01:50:28 GMT

@SouthJamaica wrote:
@MASTERNC wrote:
I am considering a move from USAA for my primary checking account. I have checking accounts that I barely use at DCU (I opened when taking out a car loan I later refinanced) and Schwab (for international travel), and I have an Alliant membership. I looked at SoFi but their bill pay makes you set up a payee every time you want to pay a non-constant bill.

The Alliant checking account looks attractive but I read somewhere from a few years ago that they don't use the typical Fiserv interface that other institutions use (which includes the ability to receive e-bills). I was wondering if that has changed.

Schwab has unlimited ATM rebates and free checks but pays paltry interest (slightly better than USAA but not much). DCU pays less interest than Alliant but seems to have e-bills (though I can't get them to work) and allows me to deposit cash at a shared branch without using a local bank account as an intermediary.

Anyone have good/bad experiences using any of these as primary checking?
I have familiarity with DCU and Alliant, not with Schwab. And I never use e-bills.

Alliant has the advantage of paying interest on the checking account.

DCU has the advantages of 2 day early direct deposit in the checking account and the ability to link a credit card to the account as an overdraft line of credit.

@SouthJamaica

Hi, I know you are very rehearsed in many banks and credit unions from reading your posts which is superb! By chance would you know:

1.) Is there a list of Banks/Credit Unions that allow credit card linking to the checking account as an overdraft line of credit?

2.) Can the credit card be from another Financial Institution as a line of credit for overdraft protection or does it have to be from the same Financial Instituton?

For example:

DCU linking a credit card from BofA

DCU linking a credit card from DCU

I tried searching the forum for a guide or list and find threads with DP about fees etc.

Thank you.

Re: Alliant vs DCU vs Schwab Checking

creditfan — Sat, 24 Jun 2023 02:21:38 GMT

@butterpecan wrote:
@SouthJamaica wrote:
@MASTERNC wrote:
I am considering a move from USAA for my primary checking account. I have checking accounts that I barely use at DCU (I opened when taking out a car loan I later refinanced) and Schwab (for international travel), and I have an Alliant membership. I looked at SoFi but their bill pay makes you set up a payee every time you want to pay a non-constant bill.

The Alliant checking account looks attractive but I read somewhere from a few years ago that they don't use the typical Fiserv interface that other institutions use (which includes the ability to receive e-bills). I was wondering if that has changed.

Schwab has unlimited ATM rebates and free checks but pays paltry interest (slightly better than USAA but not much). DCU pays less interest than Alliant but seems to have e-bills (though I can't get them to work) and allows me to deposit cash at a shared branch without using a local bank account as an intermediary.

Anyone have good/bad experiences using any of these as primary checking?
I have familiarity with DCU and Alliant, not with Schwab. And I never use e-bills.

Alliant has the advantage of paying interest on the checking account.

DCU has the advantages of 2 day early direct deposit in the checking account and the ability to link a credit card to the account as an overdraft line of credit.
@SouthJamaica

Hi, I know you are very rehearsed in many banks and credit unions from reading your posts which is superb! By chance would you know:

1.) Is there a list of Banks/Credit Unions that allow credit card linking to the checking account as an overdraft line of credit?

2.) Can the credit card be from another Financial Institution as a line of credit for overdraft protection or does it have to be from the same Financial Instituton?

For example:
DCU linking a credit card from BofA
or
DCU linking a credit card from DCU

I tried searching the forum for a guide or list and find threads with DP about fees etc.

Thank you.

short answer is NO. You can cash advance yourself but not other option

by far I see DCU is the only one allow to link their CC to their OWN checking account. You have to submit a form to get it linked

Re: Alliant vs DCU vs Schwab Checking

SouthJamaica — Sat, 24 Jun 2023 03:39:49 GMT

@butterpecan wrote:
@SouthJamaica wrote:
@MASTERNC wrote:
I am considering a move from USAA for my primary checking account. I have checking accounts that I barely use at DCU (I opened when taking out a car loan I later refinanced) and Schwab (for international travel), and I have an Alliant membership. I looked at SoFi but their bill pay makes you set up a payee every time you want to pay a non-constant bill.

The Alliant checking account looks attractive but I read somewhere from a few years ago that they don't use the typical Fiserv interface that other institutions use (which includes the ability to receive e-bills). I was wondering if that has changed.

Schwab has unlimited ATM rebates and free checks but pays paltry interest (slightly better than USAA but not much). DCU pays less interest than Alliant but seems to have e-bills (though I can't get them to work) and allows me to deposit cash at a shared branch without using a local bank account as an intermediary.

Anyone have good/bad experiences using any of these as primary checking?
I have familiarity with DCU and Alliant, not with Schwab. And I never use e-bills.

Alliant has the advantage of paying interest on the checking account.

DCU has the advantages of 2 day early direct deposit in the checking account and the ability to link a credit card to the account as an overdraft line of credit.
@SouthJamaica

Hi, I know you are very rehearsed in many banks and credit unions from reading your posts which is superb! By chance would you know:

1.) Is there a list of Banks/Credit Unions that allow credit card linking to the checking account as an overdraft line of credit?

Not that I know of. The only institution I know of that has that is DCU.

2.) Can the credit card be from another Financial Institution as a line of credit for overdraft protection or does it have to be from the same Financial Instituton?

I have no idea but I doubt it.

For example:
DCU linking a credit card from BofA
or
DCU linking a credit card from DCU

I tried searching the forum for a guide or list and find threads with DP about fees etc.

Thank you.