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A few weeks ago I finally pulled the trigger on a Charles Schwab Investor Checking account along with the required free brokerage account. I have to say, the process was even easier than I expected it to be.
After going through a number of screens (nothing crazy, but significantly more than a credit card app) my brokerage account was instantly approved and I was notified my checking account might be delayed by a few days beyond the expected turn around (I forget the exact wording, but the implication was high demand). Surprisingly, a few hours later (in the middle of the night, no less) my checking account was approved as well, and my checking account number and direct deposit information was available online.
So far I've linked my Schwab accounts to my USAA dashboard and USAA checking account, and everything has worked exactly as expected, and in some cases even better than expected. I've funded both the brokerage account and checking account, and I've received my Schwab debit card and checkbook.
I'm just now starting to really look around, but here's what I've found notable so far:
I'm still in the "getting to know you" phase with Schwab, and I'm interested to know if anybody has any advice or thoughts on the Schwab Investor Checking product - feel free to share your thoughts!
Side note: Shortly after getting the brokerage and checking accounts I also picked up the Schwab American Express Platinum. While it's fine to touch on that here as well, any in-depth discussion specific to that product should probably be in a dedicated thread over on the 'credit cards' board.
Congrats. I like the fact that transfers between chase only take a day. I'm actually thinking about closing one of my accounts tomorrow. The whole point was for the Schwab platinum. Amex will only give me a regular one. Also, now that the annual fee has gone up and transfer rate has dropped, I'm finding it hard to find a reason to keep it open.
@UncleB wrote:
- Schwab doesn't have Zelle (at least not natively).
Just a minor note about that:
Schwab was the first account I used Zelle with as part of the Zelle app. For other banks, I use their own apps, registering with different e-mail addresses (GMail doesn't care about embedded periods, Zelle views them as different) so I have connected Schwab, CIT Bank, Discover, Ally, Capital One and NFCU with Zelle.
I don't use my Schwab account a lot, but I love the ATM fee reimbursement. I used this as a way to get foreign currency when travelling without the standard excessive fees.
Congratulations @UncleB ! and Welcome to the Schwab Family.
I have been a happy camper for many years (gotta be 30+ or so by now),
and I have always found the customer service "outstanding"!
Roughly about 7 accounts with Schwab (That includes one Corporate acct.)
@Brian_Earl_Spilner wrote:Congrats. I like the fact that transfers between chase only take a day. I'm actually thinking about closing one of my accounts tomorrow. The whole point was for the Schwab platinum. Amex will only give me a regular one. Also, now that the annual fee has gone up and transfer rate has dropped, I'm finding it hard to find a reason to keep it open.
My transfers from USAA were quick as well.
I think I got lucky with the Schwab Platinum... if this was a year ago I'd probably be in pop-up pergatory, and without the bonus the math would no longer work.
I'm going to cash-out my ~270k MR points before the rate changes in September. I won't have time to earn the sign-up bonus before then, but that's OK... even at the new conversion rate 100k MRs is still more than enough to cover the AF for one year. It'll almost definitely be closed this time next year, though.
@frugal47374 wrote:
@UncleB wrote:
- Schwab doesn't have Zelle (at least not natively).
Just a minor note about that:
Schwab was the first account I used Zelle with as part of the Zelle app. For other banks, I use their own apps, registering with different e-mail addresses (GMail doesn't care about embedded periods, Zelle views them as different) so I have connected Schwab, CIT Bank, Discover, Ally, Capital One and NFCU with Zelle.
I don't use my Schwab account a lot, but I love the ATM fee reimbursement. I used this as a way to get foreign currency when travelling without the standard excessive fees.
Yeah, I got all that... that's why I mentioned "natively." The Zelle app has a weekly send limit of $500 which would be unworkable for me. For moving money around my own accounts it wouldn't matter (I could use other methods) but for sending to others it would be a problem.
For the record having Zelle isn't an absolute requirement for me, but if all other things are equal it's definitely a consideration.
I'm happy to have no-fee ATM access as well. I already have that with USAA, but with USAA there's a monthly limit that very occasionally I'll bump into. What's really nice is knowing if there's ever a problem or fee change with USAA I now have an alternative.
@M_Smart007 wrote:Congratulations @UncleB ! and Welcome to the Schwab Family.
I have been a happy camper for many years (gotta be 30+ or so by now),
and I have always found the customer service "outstanding"!
Roughly about 7 accounts with Schwab (That includes one Corporate acct.)
I'm glad to hear you've been pleased with them for so many years... it sounds like they've served you well!
I like Schwab and have 3 brokerage accounts. Were you able to take advantage of the cash SUB? Recently I referred my wife for her IRA and got a free $500. https://www.schwab.com/referral
@Turbobuick wrote:I like Schwab and have 3 brokerage accounts. Were you able to take advantage of the cash SUB? Recently I referred my wife for her IRA and got a free $500. https://www.schwab.com/referral
No, unfortunately I didn't open the account with the minimum required to get the sub. I guess I should have pulled the trigger back when it was still $1k.
I'm glad to hear Schwab is working out well for you!
@frugal47374 wrote:
@UncleB wrote:
- Schwab doesn't have Zelle (at least not natively).
Just a minor note about that:
Schwab was the first account I used Zelle with as part of the Zelle app. For other banks, I use their own apps, registering with different e-mail addresses (GMail doesn't care about embedded periods, Zelle views them as different) so I have connected Schwab, CIT Bank, Discover, Ally, Capital One and NFCU with Zelle.
I don't use my Schwab account a lot, but I love the ATM fee reimbursement. I used this as a way to get foreign currency when travelling without the standard excessive fees.
I opened a Schwab checking account just for the international ATM fee reimbursement.