Banking Fees For Atm Withdrawl

[SurfRider]

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"That may prove somewhat convoluted but I'll give it a shot"

I just went through the process a few days ago in doing a test transfer from E-Trade to Schwab-- unfortunately, there was confusion on both ends.

Schwab told me that I could only transfer from "checking", not "savings", and the transfer HAD to be into "brokerage", not "checking" I spent 30 minutes on the phone with two Schwab reps who were swimming in a sea of ABA transfer codes and gave me several that they "thought" might work. I finally got a valid ABA code from a friend who had already successfully transferred funds into Schwab-Checking.

E-Trade told me that my Schwab account was not verified on their end, and to go to a special web-page to verify the account. I followed the instructions and there was NO such process.

I finally decided to spin the roulette wheel and do a test transfer from ET-Savings to Schwab-Checking. Despite warnings on both ends, the transfer went just fine and took two days. ( E-Trade is still telling me it's not possible and Schwab has apparently given up on warnings )

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[jfchandler]

ST, it's clear from your post below that you tried, and ultimately succeeded, in doing an ACH transfer from an E*Trade Bank account into your Schwab checking account using E*Trade's system. Glad that worked fine.

It's not clear to me, from your post, whether you ever used or tried to use Schwab's online banking system to establish a link between your Schwab brokerage account and any of your external bank accounts. That (via the brokerage account) is definitely the easiest route to go on the Schwab end.

E*Trade Bank, on its online banking system, has a web page for verifying the links you've created to other external banks in the E*Trade system, by entering in the correct trial deposits amounts.

As I mentioned to Jazzbo, with both E*Trade and Schwab, you can push out or pull in funds to/from either system -- provided you've established the necessary links... and no fees, of course.

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"That may prove somewhat convoluted but I'll give it a shot"

I just went through the process a few days ago in doing a test transfer from E-Trade to Schwab-- unfortunately, there was confusion on both ends.

Schwab told me that I could only transfer from "checking", not "savings", and the transfer HAD to be into "brokerage", not "checking" I spent 30 minutes on the phone with two Schwab reps who were swimming in a sea of ABA transfer codes and gave me several that they "thought" might work. I finally got a valid ABA code from a friend who had already successfully transferred funds into Schwab-Checking.

E-Trade told me that my Schwab account was not verified on their end, and to go to a special web-page to verify the account. I followed the instructions and there was NO such process.

I finally decided to spin the roulette wheel and do a test transfer from ET-Savings to Schwab-Checking. Despite warnings on both ends, the transfer went just fine and took two days. ( E-Trade is still telling me it's not possible and Schwab has apparently given up on warnings )

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[SurfRider]

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"It's not clear to me, from your post, whether you ever used or tried to use Schwab's online banking system to establish a link between your Schwab brokerage account and any of your external bank accounts."

Here's the rest of the story - I omitted it previously because it was unnecessary and also emphasizes how daunting and confusing the process can be.

When I set up the Schwab accounts, they require you to specify an amount that you WILL deposit into your BROKERAGE account. They also require you to give them permission to do a one-time-transfer of that amount into your Schwab-checking, which they claim will activate all your checking account features, ATM-Card, Bill-Pay, etc.

I linked the Schwab Brokerage account to my ET-Checking, since I use ET-Checking for doing other transfers. Schwab made two small test deposits to the ET account and I entered those amounts into Schwab as part of their verification process. Everything went fine and I was instructed to call a number at Schwab to activate their "MoneyLink" service, which would allow me to transfer funds at Schwab both internally and externally.

I called the number, but it had nothing to do with MoneyLink. The call goes into a Voice-Mail jungle and the first requirement is to change your Schwab Login-name and password. I reluctantly did that, because I had not requested such an action and preferred the codes that I had originally supplied when I set up the account. I later found that the exercise was superfluous and the new login codes didn't work - the original codes still work fine!

After that, "the voice" asked if I wanted to do anything else -- answer: "MoneyLink" -- Confused voice asked if I wanted to talk to a representative - answer: "Yes" -- A very nice woman in Denver came on the line and assured me that my MoneyLink had been established several days earlier and there had been no reason to call them. She said that transfers were authorized ONLY into BROKERAGE and not CHECKING. She added, that if I wanted to transfer into Checking, it would require me to mail paper forms to Schwab and would take about three weeks to set up. ( this later proved to NOT be accurate! )

The remainder is as I stated - confusion among two Schwab reps about ABA numbers, and finally a test transfer from ET-Savings to Schwab-Checking. The reason I transferred into Schwab-Checking instead of the "required" Brokerage account was because that was the only ABA code that I could be sure would work. Obviously, Schwab's warning about paper forms and three weeks to authorize transfers to Checking, was not correct.

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Edited September 13, 2010 by SurfRider

[jfchandler]

ST, sorry you had complications in dealing with Schwab.... But the process you describe below -- apart from the apparent confusion on your part and theirs -- is how their process works...

The process for linking external accounts to the Schwab brokerage account can be done entirely online in the Schwab online banking system. But the process for linking external accounts to the Schwab checking account must be done by mailing in paper forms -- it can't be done online.

I've chided Schwab several times about that, and they've indicated they're working to upgrade the checking account linking process, but no timeframe given for completion.

And, when you've created brokerage links online, Schwab does ask you to take an additional step of calling them to confirm and activate the links you've done online. I did that just the other day in updating some linked accounts, calling the number listed on the account linking web page, and it took about 2 minutes of speaking with a CSR, who confirmed what I had done, and I could then see all the newly linked accounts immediately online.

The only saving grace of their process for linking to the Schwab checking account is, as I mentioned earlier: the Schwab online banking system allows account holders to move funds back and forth between their brokerage and checking accounts, for free, immediately, and without any limitation.

So, creating external links to your brokerage account effectively gives you equal access to move funds into and out of the checking account, just by going thru the brokerage account in the Schwab system.

For whatever reason, I didn't experience any of the same difficulties you did throughout my dealings with them.

PS - the required mailing in of forms to link the Schwab checking account applies on the Schwab online banking end, if you want to initiate a funds transfer there.

Obviously, once your Schwab checking account was up and running, you could initiate a transfer in or out using the E*Trade system without any paperwork, just using their trial deposits process to create the link.

Edited September 13, 2010 by jfchandler

[JimGant]

JFC, any success with setting-up ACH transfers to Bangkok Bank NY? (Can't remember if it was E*trade or Schwab that was giving you problems with this?)

[jfchandler]

Jim, for that purpose, E*Trade seems to work fine...

However, trying to link Schwab's brokerage to BKKB New York using Schwab's online linking system wasn't accepted... never even got to the point of attempting trial deposits...

Next step would be to try mailing in the paper forms for purpose of linking the Schwab checking account.

JFC, any success with setting-up ACH transfers to Bangkok Bank NY? (Can't remember if it was E*trade or Schwab that was giving you problems with this?)

[SurfRider]

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"But the process for linking external accounts to the Schwab checking account must be done by mailing in paper forms"

JFC, maybe what I posted wasn't clear, but that's simply NOT the case.

My test transfer of $100 from ET-Savings to Schwab-Checking went just fine -- It took two days and no paperwork or snail-mail was involved.

A friend who set his Schwab accounts up a few days before me also did a test transfer from Schwab-Checking, back to ET-Savings and everything worked fine -- no paperwork or snail-mail!

Yes, Schwab tells you that the paperwork and snail-mail are necessary, but by empirical evidence, they are not!

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[jfchandler]

SR, there's no ability/functionality on the Schwab web site that I've ever seen to create online links between the Schwab checking account and one's external bank accounts... The only link to click for that brings up a pdf form to fill in and mail.

If you somehow think there's the ability to create links from the Schwab checking to an external account solely online, PM me with the details... I'd like to know....

From your prior post, I was assuming you created the links on the E*Trade end, and then pushed the money from E*Trade to Schwab using the E*Trade system...

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"But the process for linking external accounts to the Schwab checking account must be done by mailing in paper forms"

JFC, maybe what I posted wasn't clear, but that's simply NOT the case.

My test transfer of $100 from ET-Savings to Schwab-Checking went just fine -- It took two days and no paperwork or snail-mail was involved.

A friend who set his Schwab accounts up a few days before me also did a test transfer from Schwab-Checking, back to ET-Savings and everything worked fine -- no paperwork or snail-mail!

Yes, Schwab tells you that the paperwork and snail-mail are necessary, but by empirical evidence, they are not!

.

Edited September 13, 2010 by jfchandler

[SurfRider]

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"I was assuming you created the links on the E*Trade end, and then pushed the money from E*Trade to Schwab using the E*Trade system."

Yes, I "pushed" the funds from ET to Schwab, as I've always done with all transfers anywhere-- and for very good reason! -- details in the PM I sent to you.

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[jfchandler]

Sr, thanks for the PM and the info therein..

But, I believe my original comments were correct... you cannot use the Schwab online banking system/web site to link their checking to an external account.

However, you can use the correct Schwab ABA number to link to the Schwab checking account using some other bank's online banking system.... That's what you did with the E*Trade account.

The only part I'm not understanding is why, if you created the link from the E*Trade side, you say you're seeing the E*Trade account in the pull down menu of linked accounts now on the Schwab side.

PS - My earlier comments were all clearly addressing what could be done within Schwab's online banking system to set up links to its checking account... I wasn't talking at all about creating links originating from other non-Schwab accounts.

Edited September 13, 2010 by jfchandler

[SurfRider]

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"The only part I'm not understanding is why, if you created the link from the E*Trade side, you say you're seeing the E*Trade account in the pull down menu of linked accounts now on the Schwab side."

Presumably, there are only two possibilities: When Schwab required that I establish an external link to ET and I did so via their two test deposits-- or, when I established the link from ET to Schwab -- one of those two procedures had to be the source of the ET account in the Schwab drop-down menus. ( Best guess - it originated on the Schwab side )

To the bigger point - if Schwab claims that you MUST use paper forms and snail-mail to establish external links to their Schwab-Checking, and I've already proven that is not accurate information - which would you choose? Paper and snail-mail and a 3 week delay, or simply going to the source of the funds and establishing an on-line link to the destination?

Seems to me it's a choice that's a bit like saying: Hmmmm... I want to go from Vegas to L.A. -- should I go direct or via London? . . .

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[citizen33]

I received notification today that another of the cheaper routes to ATM use for UK customers has been blocked off. The Post Office visa credit card will no longer permit positive account balances. This will stop people using it to withdraw cash from ATMs without paying a cash advance fee. Although a credit rather than a debit card this, along with the cards from Saga and NW, had the lowest charges for overseas use.

Edited September 13, 2010 by citizen33

[cardholder]

I received notification today that another of the cheaper routes to ATM use for UK customers has been blocked off. The Post Office visa credit card will no longer permit positive account balances. This will stop people using it to withdraw cash from ATMs without paying a cash advance fee. Although a credit rather than a debit card this, along with the cards from Saga and NW, had the lowest charges for overseas use.

Hi citizen33,

How was this communicated and does it only relate to PO Visa cards ?

I have a PO Platinum Mastercard and have not seen anything about this.

[jazzbo]

Message today from ChuckS:

Dear Schwab Client -- You have successfully initiated the online MoneyLink enrollment process to the following outside account: XXX

Two Test deposits to follow ... Stay tuned for further developments... BTW my USA phone number is my SKYPE account so I can make calls and activate cards from anywhere and the US number shows on caller-ID.

[ThaiBob]

SR, there's no ability/functionality on the Schwab web site that I've ever seen to create online links between the Schwab checking account and one's external bank accounts... The only link to click for that brings up a pdf form to fill in and mail.

If you somehow think there's the ability to create links from the Schwab checking to an external account solely online, PM me with the details... I'd like to know....

From your prior post, I was assuming you created the links on the E*Trade end, and then pushed the money from E*Trade to Schwab using the E*Trade system...

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"But the process for linking external accounts to the Schwab checking account must be done by mailing in paper forms"

JFC, maybe what I posted wasn't clear, but that's simply NOT the case.

My test transfer of $100 from ET-Savings to Schwab-Checking went just fine -- It took two days and no paperwork or snail-mail was involved.

A friend who set his Schwab accounts up a few days before me also did a test transfer from Schwab-Checking, back to ET-Savings and everything worked fine -- no paperwork or snail-mail!

Yes, Schwab tells you that the paperwork and snail-mail are necessary, but by empirical evidence, they are not!

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Jeff,

On the Transfer & Payments tab on the Schwab website; change your account from checking to brokerage. I see both the On-line Enrollment option AND the download form option. When using a checking account Schwab imposes an addtional security check.

[jfchandler]

To the bigger point - if Schwab claims that you MUST use paper forms and snail-mail to establish external links to their Schwab-Checking, and I've already proven that is not accurate information

No SR, at least on their web site, Schwab doesn't claim that... They only say, correctly I believe, that if you want to use THEIR online banking system to create links to an external account, you need to go thru the mail in paper forms route, as their web site clearly shows. There is no function on their web site to initiate trial deposits and such for linking their bank accounts -- unlike the fact you can do exactly that with their brokerage accounts.

However, Schwab doesn't make any claims at least on their web site, or even address, what people can do in other banks' online banking systems to create links TO Schwab bank accounts.

But we're really talking about technicalities here.. Both Schwab and E*Trade have free online transfers. So in those cases, I think it doesn't make much difference whether one pushes and pulls funds...that is... uses one system or the other to initiate the transfer. In the end, the money moves the same, either way...

That wouldn't be the case, however, if the other bank were one like Bank of America, which charges $3 or $10 for domestic ACH transfers. In that case, you'd clearly want to initiate the transfer from the Schwab end, so it would be free... and not from the BofA end, where you'd be charged a fee... In that case, you'd clearly want to 'pull" the funds out of the BofA account using Schwab's system.

[jfchandler]

Yes, as I've said above a number of times, the Schwab system does allow online linking of its brokerage accounts to external banking accounts, using the Schwab web site, no paper or forms required... Just the usual trial deposits approach.

And then, funds can be transferred online at will for free between Schwab's brokerage and Schwab bank accounts, using their online banking system.

On the Transfer & Payments tab on the Schwab website; change your account from checking to brokerage. I see both the On-line Enrollment option AND the download form option. When using a checking account Schwab imposes an addtional security check.

[citizen33]

Hi citizen33,

How was this communicated and does it only relate to PO Visa cards ?

I have a PO Platinum Mastercard and have not seen anything about this.

Letter to UK address and attached leaflet setting out new terms and conditions from (I think) November 1st. I'm afraid I binned it, so can't quote the exact passage. I have the same card as you - sorry for mistake re visa.

Edited September 14, 2010 by citizen33

[SurfRider]

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"Bank of America, which charges $3 or $10 for domestic ACH transfers. In that case, you'd clearly want to initiate the transfer from the Schwab end, so it would be free"

This is getting WAY off-topic, but have you actually tested your B of A theory?

It seems that any bank that charges for outgoing transfers would levy their charges regardless of whether the funds were "pulled" or "pushed"

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[JimGant]

It seems that any bank that charges for outgoing transfers would levy their charges regardless of whether the funds were "pulled" or "pushed"

http://www.fatwallet.com/forums/finance/714617/

[jfchandler]

Good point, SR...

BofA clearly charges when you use their online banking system to ACH funds.

It's been a long time since I've used them for anything...

But I do seem to recall ACHing in or out funds to/from the BofA account using E*Trade online banking, and no resulting fee on the BofA end.

I wouldn't expect BofA to charge a fee, so long as you're not using their system. I would say that would be the normal, typical practice.

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"Bank of America, which charges $3 or $10 for domestic ACH transfers. In that case, you'd clearly want to initiate the transfer from the Schwab end, so it would be free"

This is getting WAY off-topic, but have you actually tested your B of A theory?

It seems that any bank that charges for outgoing transfers would levy their charges regardless of whether the funds were "pulled" or "pushed"

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[SurfRider]

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Jim-- that data is more than 3 years old and cites no credible source.

The Banking climate is far different today from 2007 (i.e. E-Trade's recent levying of a 1% fee on foreign ATM pulls).

Do you have anything current that references a valid credible source?

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[jfchandler]

Thanks for that link, Jim... Good info, though I suspect some of the FatWallet post details are likely outdated since they originated in 2007...

Now, as far as semantics are concerned, please correct me if I'm wrong... But...

I think, a person can push or pull funds, if the bank allows it, from any particular account. Pushing funds would be sending them outward from the original account. Pulling funds would be bringing them inward from some other account into the original account.

So, using a BofA account as an example, if you push funds from a BofA account, you're using the BofA online banking system to send them outward to some other account.

If you pull funds with a BofA account, you're using the BofA online banking system to bring funds into that account from some other account.

I hope I got that right. So on the lists you referred to, the push/pull permissions/rates are what you incur then you use that particular bank's online banking system to do the transaction.

So if someone was using E*Trade Bank's online banking system to pull funds from a BofA account into the E*Trade account, it would be the pull policy/rate for E*Trade bank that would apply to that transaction ... not the BofA particulars.

[JimGant]

JFC, best I can tell, all pull operations are free, probably because of the float concept involved with 'incoming' monies. A push definitely involves losing money. I haven't the foggiest which of the two financial institutions pays the ACH handling fees -- maybe they share(?).

[jfchandler]

I've always assumed, the particular bank involved would be happy if someone is pulling money into their coffers... the more the merrier for them...

But the last thing they generally want is for someone to take their own money and send it to another bank elsewhere...

JFC, best I can tell, all pull operations are free, probably because of the float concept involved with 'incoming' monies. A push definitely involves losing money. I haven't the foggiest which of the two financial institutions pays the ACH handling fees -- maybe they share(?).

[bkk_mike]

BKK, I've never heard or seen any report of this kind here on TV....

A lot of cards on the PLUS network are also VISA logo cards, and those do get the 150 baht fee from Thai bank ATMs, including SCB....

Are you talking about a PLUS network, non-VISA or MC logo card? Straight ATM, not debit card? If so, what is the issuing bank?

The other method is if your foreign ATM card is on the plus network, rather than MC or Visa as you then avoid the 150 baht at Siam Commercial Bank ATMs (which are a lot more common than Aeon).

Yes - PLUS network ATM debit card that doesn't have a visa or MC label on it.

My own is an HSBC ATM card issued in Hong Kong.

You still get the 150 baht charge from Kasikorn and Bangkok Bank (not sure about others), but you don't get it at Siam Commercial Bank ATMs.

[jfchandler]

Thanks for clarifying that, Mike... But I wouldn't assume that your situation with the Hong Kong issued HSBC card necessarily extends to all PLUS network cards when used in SCB ATMs...

For example, HSBC USA issues plain ATM cards (non Visa/MC logo) not on the PLUS network, but rather on the Cirrus/Maestro networks, last time I checked. And they do draw the 150 baht fee when used at Thai bank ATMs like BKKB and SCB.

And, I happen to have some other straight ATM cards from the U.S. that are PLUS network, non-VISA/MC... And to the best of my knowledge, they would get hit by the ATM fee if I used them in SCB ATMs...

Perhaps it has something to do with some kind of linkage between the Thai unit of HSBC and the HK unit... But I must say, I don't recall hearing the same report re HK HSBC ATM cards before here on TV...

[jazzbo]

I will just add this terse update to linking new SCHWAB One brokerage / banking account (non-IRA) to other existing bank accounts via online: Doable but not easy. To avoid additional 3-day float from SCHWAB brokerage to SCHWAB bank account will have to sign papers for via snail mail or when next in USA ...

[jfchandler]

I don't understand what you're saying below, including about "float", Jazzbo....

Using Schwab online banking, you can move funds immediately and for free back and forth between the Schwab brokerage and Schwab bank account. Both are already integrated together into their online banking setup....There's no linking required between Schwab accounts themselves. And there's no three days of float, as you call it.

Linking the Schwab brokerage account to external bank accounts can be done entirely online.... And it does take a couple of days to complete, because they use the commonly used trial deposits method. So a person has to wait for the two small test deposits to show up in the external account, and then enter those amounts back in the Schwab online banking system to confirm the link.

The trial deposits method is the same method that the vast majority of U.S. banks use when linking to other accounts. But once the Schwab and external accounts are linked, the normal times for ACH transfers would apply.

I will just add this terse update to linking new SCHWAB One brokerage / banking account (non-IRA) to other existing bank accounts via online: Doable but not easy. To avoid additional 3-day float from SCHWAB brokerage to SCHWAB bank account will have to sign papers for via snail mail or when next in USA ...

[gudtymchuk]

Can anyone verify the maximum withdrawal limit from a Aeon ATM?