Worth it for me to open a Charles Schwab checking account?

[Anonymous]

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

[SouthJamaica]

---

@Anonymous wrote:

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

---

If I were you I'd get in with a good credit union. Most of them have debit cards which are good at a huge network of ATM's.

The majority of credit unions use a soft pull instead of a hard pull for membership, so you just have to ask before applying to confirm which is the case.

[Green456]

---

@SouthJamaica wrote:

---

@Anonymous wrote:

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

---

If I were you I'd get in with a good credit union. Most of them have debit cards which are good at a huge network of ATM's.

The majority of credit unions use a soft pull instead of a hard pull for membership, so you just have to ask before applying to confirm which is the case.

---

I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. Last thing you want is to be stuck in Europe or anywhere else you are traveling without access to your money. If I was you, I would open Alliant CU account, they have great mobile app, high interest savings and 24 hour support. Then I would open an account with local bank or credit union for those times you need to go to a branch.

Alternatively I would go with BECU, which advertises itself as credit union with least fees.

My wife uses Alliant for primary banking and Chase for local branch/credit cards.

I use BECU/PenFed combo for online banking and US bank for local branches.

Both Alliant and BECU refund ATM fees ($20 per month and $6 per month respecitvely). Alliant has adventage over BECU due to having 24 hour phone support, huge number of ATMs. BECU has advantage over Alliant by having a great money manager and great mobile app. I use PenFed with BECU since BECU does not have high yeild savings like Alliant does.

[M_Smart007]

---

@Green456 wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

---

If I were you I'd get in with a good credit union. Most of them have debit cards which are good at a huge network of ATM's.

The majority of credit unions use a soft pull instead of a hard pull for membership, so you just have to ask before applying to confirm which is the case.

---

I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. Last thing you want is to be stuck in Europe or anywhere else you are traveling without access to your money. If I was you, I would open Alliant CU account, they have great mobile app, high interest savings and 24 hour support. Then I would open an account with local bank or credit union for those times you need to go to a branch.

Alternatively I would go with BECU, which advertises itself as credit union with least fees.

My wife uses Alliant for primary banking and Chase for local branch/credit cards.

I use BECU/PenFed combo for online banking and US bank for local branches.

Both Alliant and BECU refund ATM fees ($20 per month and $6 per month respecitvely). Alliant has adventage over BECU due to having 24 hour phone support, huge number of ATMs. BECU has advantage over Alliant by having a great money manager and great mobile app. I use PenFed with BECU since BECU does not have high yeild savings like Alliant does.

"I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. "

---

I totally and 100% disagree with That statement about Charles Schwab I am a 20+ year Customer. Probably 25 years.

I do not travel to Europe, isn't that what Travel Card's are For?, or am I missing something here?

I have Chase, never shut down, but they pale in comparison to Charles Schwab. I have not one bad thing to Say About Charles Schwab.

I held Close to $2,000,000.00 (two Million at Schwab) and slept very Good at Night.

I have a Corporate Account, 3 Accounts For My Children. one now Graduated College. A Roth IRA, An Inherited IRA

and two personal accounts. Top Notch in My Book. High Yield Checking is Fabulous. I keep a Majority of My Money Parked There.

with exception of Investments.  Transfers to other Bank, I never had a problem. Check writing (Rarely Used) no problem.

Holds on Checks, usually 24hours or less. and I am not talking a few hundred dollars.

I Have BofA Accounts, Chase, Wells Fargo, US Bank, NFCU (Navy) & Excite CU, Formerly Alliance CU & Charles Schwab.

The Best for Me in Order are Charles Schwab, Navy Federal & US Bank.

All Just My Own experience.

[M_Smart007]

---

@SouthJamaica wrote:

---

@Anonymous wrote:

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

---

If I were you I'd get in with a good credit union. Most of them have debit cards which are good at a huge network of ATM's.

The majority of credit unions use a soft pull instead of a hard pull for membership, so you just have to ask before applying to confirm which is the case.

---

+1

@SouthJamaicaGreat Advice as usual!

[Green456]

---

@M_Smart007 wrote:

---

@Green456 wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

---

If I were you I'd get in with a good credit union. Most of them have debit cards which are good at a huge network of ATM's.

The majority of credit unions use a soft pull instead of a hard pull for membership, so you just have to ask before applying to confirm which is the case.

---

I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. Last thing you want is to be stuck in Europe or anywhere else you are traveling without access to your money. If I was you, I would open Alliant CU account, they have great mobile app, high interest savings and 24 hour support. Then I would open an account with local bank or credit union for those times you need to go to a branch.

Alternatively I would go with BECU, which advertises itself as credit union with least fees.

My wife uses Alliant for primary banking and Chase for local branch/credit cards.

I use BECU/PenFed combo for online banking and US bank for local branches.

Both Alliant and BECU refund ATM fees ($20 per month and $6 per month respecitvely). Alliant has adventage over BECU due to having 24 hour phone support, huge number of ATMs. BECU has advantage over Alliant by having a great money manager and great mobile app. I use PenFed with BECU since BECU does not have high yeild savings like Alliant does.

"I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. "

---

I totally and 100% disagree with That statement about Charles Schwab I am a 20+ year Customer. Probably 25 years.

I do not travel to Europe, isn't that what Travel Card's are For?, or am I missing something here?

I have Chase, never shut down, but they pale in comparison to Charles Schwab. I have not one bad thing to Say About Charles Schwab.

I held Close to $2,000,000.00 (two Million at Schwab) and slept very Good at Night.

I have a Corporate Account, 3 Accounts For My Children. one now Graduated College. A Roth IRA, An Inherited IRA

and two personal accounts. Top Notch in My Book. High Yield Checking is Fabulous. I keep a Majority of My Money Parked There.

with exception of Investments.  Transfers to other Bank, I never had a problem. Check writing (Rarely Used) no problem.

Holds on Checks, usually 24hours or less. and I am not talking a few hundred dollars.

I Have BofA Accounts, Chase, Wells Fargo, US Bank, NFCU (Navy) & Excite CU, Formerly Alliance CU & Charles Schwab.

The Best for Me in Order are Charles Schwab, Navy Federal & US Bank.

All Just My Own experience.

---

Regarding Chase, I opened an account with them and only to find out that they froze my assets due to their own incompetence. Only way to unlock them required me to come into the branch. Now if i was in Europe, Africa, Australia or Asia, that would have been obviously a big problem. I don't recommend Chase for primary banking, my wife has Chase but only for reoccuring small transactions, majority of liquid assets are at Alliant.

OP do your own research on Chase and Charles Schwab and see if you feel comfortable putting 100% of your liquid funds there.

For me, I read enough on CS and decided not to do buisnses with them. Same goes for Chase, as I am in the process of closing my accounts after 180 days pass.

[M_Smart007]

---

@Green456 wrote:

---

@M_Smart007 wrote:

---

@Green456 wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

---

If I were you I'd get in with a good credit union. Most of them have debit cards which are good at a huge network of ATM's.

The majority of credit unions use a soft pull instead of a hard pull for membership, so you just have to ask before applying to confirm which is the case.

---

I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. Last thing you want is to be stuck in Europe or anywhere else you are traveling without access to your money. If I was you, I would open Alliant CU account, they have great mobile app, high interest savings and 24 hour support. Then I would open an account with local bank or credit union for those times you need to go to a branch.

Alternatively I would go with BECU, which advertises itself as credit union with least fees.

My wife uses Alliant for primary banking and Chase for local branch/credit cards.

I use BECU/PenFed combo for online banking and US bank for local branches.

Both Alliant and BECU refund ATM fees ($20 per month and $6 per month respecitvely). Alliant has adventage over BECU due to having 24 hour phone support, huge number of ATMs. BECU has advantage over Alliant by having a great money manager and great mobile app. I use PenFed with BECU since BECU does not have high yeild savings like Alliant does.

"I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. "

---

I totally and 100% disagree with That statement about Charles Schwab I am a 20+ year Customer. Probably 25 years.

I do not travel to Europe, isn't that what Travel Card's are For?, or am I missing something here?

I have Chase, never shut down, but they pale in comparison to Charles Schwab. I have not one bad thing to Say About Charles Schwab.

I held Close to $2,000,000.00 (two Million at Schwab) and slept very Good at Night.

I have a Corporate Account, 3 Accounts For My Children. one now Graduated College. A Roth IRA, An Inherited IRA

and two personal accounts. Top Notch in My Book. High Yield Checking is Fabulous. I keep a Majority of My Money Parked There.

with exception of Investments.  Transfers to other Bank, I never had a problem. Check writing (Rarely Used) no problem.

Holds on Checks, usually 24hours or less. and I am not talking a few hundred dollars.

I Have BofA Accounts, Chase, Wells Fargo, US Bank, NFCU (Navy) & Excite CU, Formerly Alliance CU & Charles Schwab.

The Best for Me in Order are Charles Schwab, Navy Federal & US Bank.

All Just My Own experience.

---

Regarding Chase, I opened an account with them and only to find out that they froze my assets due to their own incompetence. Only way to unlock them required me to come into the branch. Now if i was in Europe, Africa, Australia or Asia, that would have been obviously a big problem. I don't recommend Chase for primary banking, my wife has Chase but only for reoccuring small transactions, majority of liquid assets are at Alliant.

OP do your own research on Chase and Charles Schwab and see if you feel comfortable putting 100% of your liquid funds there.

For me, I read enough on CS and decided not to do buisnses with them. Same goes for Chase, as I am in the process of closing my accounts after 180 days pass.

---

two sides to every story, I would like to hear Chase's side on why you were shut down?

[frugal47374]

I've used Charles Schwab for years and have never had any problems.

I opened the account mainly to use it as a way to get foreign cash from ATMs without having to pay any ATM fees or fees at currency exchange offices.  But I occasionally use it for cash from US ATMs.  I don't have to think about what network to use ... any ATM will cost the same ... $0.

They also pay 0.40% interest ... not great, but a lot better than most checking accounts.

[creditfan]

I used to consider charles schwab as my primary because I like the concept of fee reimbursement every where in the world. But not anymore since they did mess up one of my mobile deposit.

As you might know you have to input the amount $$ before taking pictures front/bank of check. How the hell do they think they can read clearly from the image taken (and change number) then I do with physical check on hand. When I call to claim mis-deposit error eg. $xx91.00 to $xx.31.00, I am told check was blurry.

I know a few dollars is not much, but the feeling tells me to not consider them as a primary banking

p/s: I was also the one who refer family members and friends to bank before this thing happened, but now I told them not to as well

[Green456]

---

@M_Smart007 wrote:

---

@Green456 wrote:

---

@M_Smart007 wrote:

---

@Green456 wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

Hi everyone!

I want to close my current checking account with my local bank (d/t ATM fees and other charges) and open a new one. I was doing some research and read great things about the Charles Schwab checking account. I particularly like that it reimburses all ATM fees, even in foreign countries. Not all establishments where I live accept debit/credit cards, so I'd sometimes have to withdraw $20 or so every couple of weeks. However, CS does a hard pull and I'm just not sure whether it would be worth it for me. 

My credit file is fairly new. I just graduated from college a couple of months ago and got the Discover Student as my first credit card in February 2019. I'm also an authorized user of my brother's AMEX Platinum and got the Uber Visa card in April 2019, which resulted in a hard pull and dropped my TU credit score by 24 pts, from 762 to 738 (I track my score through my Discover app). As of this month, my credit score is 757.

Should I still go for the CS checking account or go for another checking account? Thank you! 

---

If I were you I'd get in with a good credit union. Most of them have debit cards which are good at a huge network of ATM's.

The majority of credit unions use a soft pull instead of a hard pull for membership, so you just have to ask before applying to confirm which is the case.

---

I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. Last thing you want is to be stuck in Europe or anywhere else you are traveling without access to your money. If I was you, I would open Alliant CU account, they have great mobile app, high interest savings and 24 hour support. Then I would open an account with local bank or credit union for those times you need to go to a branch.

Alternatively I would go with BECU, which advertises itself as credit union with least fees.

My wife uses Alliant for primary banking and Chase for local branch/credit cards.

I use BECU/PenFed combo for online banking and US bank for local branches.

Both Alliant and BECU refund ATM fees ($20 per month and $6 per month respecitvely). Alliant has adventage over BECU due to having 24 hour phone support, huge number of ATMs. BECU has advantage over Alliant by having a great money manager and great mobile app. I use PenFed with BECU since BECU does not have high yeild savings like Alliant does.

"I second that. Charles Schwab is what Chase is to other banks. They shut down your accounts without or with little warning. "

---

I totally and 100% disagree with That statement about Charles Schwab I am a 20+ year Customer. Probably 25 years.

I do not travel to Europe, isn't that what Travel Card's are For?, or am I missing something here?

I have Chase, never shut down, but they pale in comparison to Charles Schwab. I have not one bad thing to Say About Charles Schwab.

I held Close to $2,000,000.00 (two Million at Schwab) and slept very Good at Night.

I have a Corporate Account, 3 Accounts For My Children. one now Graduated College. A Roth IRA, An Inherited IRA

and two personal accounts. Top Notch in My Book. High Yield Checking is Fabulous. I keep a Majority of My Money Parked There.

with exception of Investments.  Transfers to other Bank, I never had a problem. Check writing (Rarely Used) no problem.

Holds on Checks, usually 24hours or less. and I am not talking a few hundred dollars.

I Have BofA Accounts, Chase, Wells Fargo, US Bank, NFCU (Navy) & Excite CU, Formerly Alliance CU & Charles Schwab.

The Best for Me in Order are Charles Schwab, Navy Federal & US Bank.

All Just My Own experience.

---

Regarding Chase, I opened an account with them and only to find out that they froze my assets due to their own incompetence. Only way to unlock them required me to come into the branch. Now if i was in Europe, Africa, Australia or Asia, that would have been obviously a big problem. I don't recommend Chase for primary banking, my wife has Chase but only for reoccuring small transactions, majority of liquid assets are at Alliant.

OP do your own research on Chase and Charles Schwab and see if you feel comfortable putting 100% of your liquid funds there.

For me, I read enough on CS and decided not to do buisnses with them. Same goes for Chase, as I am in the process of closing my accounts after 180 days pass.

---

two sides to every story, I would like to hear Chase's side on why you were shut down?

---

That depends which Chase customer service rep you would ask. Because none of them were on the same page. In the end my accounts were not shut down. They were frozen and it was huge inconvenience for me to get them unfrozen. I still have my checking account with them, I will close them in 3-4 months. My wife will probably continue checking with them but majority of our liquid funds will be held elsewhere. Their private client and other perks are not worth peace of mind.