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Charles Schwab Investor Checking

UncleB
Moderator

Charles Schwab Investor Checking

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:

 

  • Since USAA sold part of their brokerage portfolio to Schwab, they have a relationship where you can 'link' your USAA and Schwab accounts.  Once linked, if you're logged in to your USAA dashboard, it's possible to jump over to Schwab without having to login again.  If you have a Schwab Platinum Amex, you can link your Amex dashboard to Schwab as well... meaning it's possible to get to Amex only by logging into USAA (by passing through Schwab).  Best I can tell this only works on desktop and I agree that in practice it's of limited use, but I found it interesting nonetheless.

 

  • I funded both the checking account and brokerage account by doing an ACH 'push' from USAA.  I don't know if I'll ever need to send money directly to the brokerage account (it seems like it would be easiest to just use the Schwab checking as the go-between) but in any case I'm set up for it, and a small $5 push was successful.  I was careful to designate the brokerage account 'ACH push only' with USAA since the routing info seems to be for 'direct deposits' only (I've read some Schwab brokerage accounts have debit/check options, so this might vary by account).  Also notable, the brokerage account has a different routing number from the checking account... Schwab uses Chase for ACH transfers/direct deposits to the brokerage while they have their own unique routing number for checking accounts. 

 

  • The free checkbook cover is actually really nice... it almost looks like leather.  It's padded, and has the Schwab logo imprinted on the front corner.  I know this isn't a big deal - I write one or two checks a year these days - but it's a nice touch.

 

  • Schwab doesn't have Zelle (at least not natively).  While not a show-stopper by any means, it would be something to think about if I were to ever consider using them as my primary checking account.  I use Zelle regularly with family, as well as to move my own money around (I can send $$$ from my own USAA account to my own Wells Fargo account via Zelle and get instant credit at Wells).

 

  • As far as I can tell from poking around the interwebs, Schwab uses CheckFree as their back end provider for bill pay services, which is the same provider USAA uses.  I've been using USAA for bill pay for nearly 10 years and I've always been pleased.  It's nice to know if I ever wanted/needed to move everything to Schwab at least that much would stay the same (or at least be really similar).

 

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.

Message 1 of 15
14 REPLIES 14
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Charles Schwab Investor Checking

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.




Message 2 of 15
frugal47374
Regular Contributor

Re: Charles Schwab Investor Checking


@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.

Message 3 of 15
M_Smart007
Epic Contributor

Re: Charles Schwab Investor Checking

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.)

Message 4 of 15
UncleB
Moderator

Re: Charles Schwab Investor Checking


@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. Smiley Happy

 

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.

Message 5 of 15
UncleB
Moderator

Re: Charles Schwab Investor Checking


@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.

Message 6 of 15
UncleB
Moderator

Re: Charles Schwab Investor Checking


@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!  Smiley Happy

Message 7 of 15
Turbobuick
Established Contributor

Re: Charles Schwab Investor Checking

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

Message 8 of 15
UncleB
Moderator

Re: Charles Schwab Investor Checking


@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. Smiley Frustrated

 

I'm glad to hear Schwab is working out well for you! Smiley Happy

Message 9 of 15
GatorGuy
Established Contributor

Re: Charles Schwab Investor Checking


@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. Smiley Happy

Message 10 of 15
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