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bumping an old thread b/c i just heard about this. has anyone used it? is it as good as claimed?
what is the connection between having the brokerage account and the checking account? i really just want the checking account, and it looks like you have to have both, but then they also say you can have the brokerage account with $0 balance. wtf?
also, what's the story with the ATM fees? they claim they're reimbursed, but this sentence makes it sound limited to Plus:
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Unlimited ATM fee rebates when using the Schwab Bank VisaŽ Platinum Check Card at any domestic and international locations
on the Plus or Visa ATM networks.
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but then the very next sentence makes it sound like they reimburse for any ATM. i don't get it. this is all from the fine print of this
page
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I use this as my primary bank. The investor checking is now 4.25% interest. The linked brokerage account earns whatever money market rate you have based on your household assets at Schwab. My brokerage acct money market has a 7-day yield of 4.80% as of Aug 31.
The brokerage account acts as an overdraft to the investor checking. Since my brokerage acct money market yield is higher, I move all money into the brokerage and let their system journal it back as I need it. I do not have investments in this brokerage account and use it only for the money market.
All the ATM fees are reimbursed each month. I haven't noticed any not be reimbursed. Basic checks were free, there is no monthly charge, no minimum balance, and the bill system works just fine.
One other really nice feature is Schwab's "MoneyLink" which is ACH depositing or withdrawing from other banks. You can link your Schwab accounts with other banks and move money easily between them.
The only negative I see is that there are no local branches. Checks can be deposited in a Schwab branch (into the brokerage account), but if you need a notary, signature guarantee, or something like that you'll need an account somewhere else. I still have a free account at a local bank (although I actually have not needed it since the switch...)
-Tom