Charles Schwab Debit Card/Checking/Brokerage Acct

[Pib]

I'm seriously considering opening a Charles Schwab checking account primarily to get their debit card which supposedly provides worldwide ATM fee reimbursement and no foreign transaction fee. This ATM fee reimbursement and no foreign transaction fee should come in real handy in Thailand, in the home country, and when traveling most anywhere.

Per the Charles Schwab web site at http://www.schwab.co...g&lvl2=checking a person must also open a brokerage account in order to open a checking account, but it can all be done on the same application form at the same time. I really don't plan to use the brokerage account to trade stocks/funds at this time. Neither the brokerage account or checking account apparently requires a minimum balance, no monthly service charges, FDIC insured checking account, and other benefits. This all seems to be nice, maybe too nice.

A person can wonder "What's the catch" and even the Schwab web site has a question & answer section where the answer to the question, "What's the Catch" is "There are no catches." But there always seems to be some devils-hidden-in-the-details that are hard to flush out before signing up and a person only finds out through day-to-day use of the account/debit card.

I was wondering if there are any US citizens living/vacationing in Thailand who use a Charles Schwab brokerage/checking account "with debit card" and how the use of that "debit card" has worked out for them (inside or outside Thailand), especially when it comes to any possible hidden fees, ATM fee reimbursement, foreign transaction fee, or any other brokerage/checking account fees/issues, etc. Thanks in advance for any and all feedback...and Welcome to 2011.

[Genericnic]

I have Charles Schwab online accounts (brokerage/checking/savings). There is no requirement to fund the brokerage account. I have not funded mine and use the checking account for my direct deposits. I keep money in the savings account, though that is not required either. It you open an account, I suggest you get both a checking and savings account. That way, you get a separate debit card for each. I keep the savings account card put away, just on the odd chance I might loose the checking account debit card. That way you have one to use until a replacement arrives. They really do refund the ATM fees at the end of the month. Their customer service is excellent as well.

David

[globalmenace]

I use Schwab and am very happy with it. All ATM fees are refunded at the end of the month. I think they do that because they don't have branches/ATMs all over the place.

No pesky foreign transaction fee either.

Problem is I don't have 30K+ posts on ThaiVisa, so I'm sure some smug know-it-all with nothing better to do will tell you they have a better way. So just ignore me, I've only been to 40+ countries.

[mairuu]

I've had the checking account for maybe 2 years.

I've withdrawn money in Argentina and the USA with the card. There aren't any hidden fees.

The card works on the Plus network, so it should work on most any ATM that supports that network. I say this, because I have used other cards in Argentina that the ATM says use the same network as the card, but they won't process the transaction.

I tried to use the card once in Thailand, but I input the wrong PIN too many times and I couldn't use it anymore, anywhere.

I emailed Schwab customer service about this and was told that the card wasn't blocked. The card still wouldn't work, so I called them and found out it was blocked and they took care of it for me.

[el jefe]

I have had a Schwab brokerage and checking account for 20 years, as well as their ATM card which I use regularly, both here in Thailand and wherever I travel.

There used to be a minimum funding amount. If that no longer exists, I'll take your word on it. Other than that, there are no hidden fees. It works perfectly now. (There was a minor glitch two years ago. They erroneously "rebated" ATM fees that were never charged. I profited by a substantial sum.)

But I respectfully disagree with the above posters who say they receive their ATM rebate at the end of every month. That would be a pain in the a$$. You'd have to keep track of the fees charged in various currencies and reconcile it each month. On my Schwab account, I get the ATM rebate simultaneously with the ATM withdrawal.

[MTH]

I Have a Charles Schwab brokerage account, and use my debit card frequently in Thailand (I have also used it a few times in Europe). If there are any ATM fees they have always been reimbursed. Except for one time that I did 5 or 6 withdrawals in a month, one fee wasn't reimbursed. I never bothered contacting Schwab for it, as it was a one time off. However their customer service is excellent, and you can call them toll free from pretty much anywhere in the world.

The ATM fees have always been reimbursed the same day as the withdrawal clears from my account. Not a chunk at the end of the month. I haven't been as lucky as el jeffe though and received reimbursements for erroneously "rebated" ATM fees

One drawback is that it's limited to $500 per withdrawal and $1000 in a 24 hour period at an ATM.

Talked to Schwab briefly and it seems that I cannot up the limit.

So I have also set up my account for online transfer to Bangkok Bank in New York, that I use if I need a larger amount transferred.

You can also go into a local bank with the debit card and withdraw larger amounts, however it's always required that you call Schwab in advance to take off the fraud protection for a day or two, otherwise the withdrawal will not clear.

You will get the best exchange rate at an ATM (this is an average of the VISA exchange rates for the day, so it's excellent), somewhat less for an online transfer and the poorest exchange rate when withdrawing cash at a local bank branch.

[calbts2]

I have been using Schwab Brokerage and Savings accounts exclusively for a few years here. It is the real deal - no ATM fees and true exchange rates.

I prefer to use AEON atms since they charge no front end fees but I do believe you can use any ATM on Plus network and they reimburse fees.

Customer service is excellent and responsive. Important to notify them of you travel to a new country. All my other US bank account ATM cards collect dust since they all (Citibank, US Bank, Chase) all charge 3% of the withdrawl amount plus additional ATM charge - A rip off.

Funny I used to use Citibank which was also free until around 2006 when they went to 1% and then they went to 3%.

And I will close my Chase (formerly WAMU) account this week since it is going from free to fee.

[wimpy]

I have a Schwab account. When i withdraw money from a Thai bank's ATM, the fees are rebated at the end of the month. I try to use Aeon ATMs when possible, as i don't want to take advantage of it.

[Pib]

As the OP, thanks to everyone who has responded...good info in your responses and it's pretty obvious you like your Charles Schwab accounts and debit card.

I wonder if I can expand my request for info a little bit by asking what you think about their online funds transfer capability, ease of use, etc., "to another bank", repeat, "to another bank" like Bangkok Bank." Everything I've read so far on the Schwab website indicates once you have your brokerage/checking/savings account, in order to set-up a reoccurring/periodic ACH transfer you have to fill out a paper form with a copy of a voided check, deposit slip, or letter from the receiving bank and mail that package to Schwab. Once Schwab receives the paperwork and sets up transfer link to bank XYZ, then to do a transfer you need to call Schwab each time to initiate a transfer....you can not do it online.

A partial quote from a web site that reviews bank accounts stated the following regarding their checking and savings account...first bullet is about their checking account and the second bullet about their savings account regarding transfer of funds to other banks:

- You can now set up direct ACH transfers to/from your Schwab Investor Checking account. You need to mail in a paper form with a voided check for each account you are linking. And you cannot request a transfer online,

you need to call up Schwab to request a one time or recurring transfer.

- Provides an Electronic Funds Transfer (EFT) service for initiating ACH transfers to and from other institutions. An EFT form is required to set up a link. Once the link is set up, you have to call by phone to initiate the transfer.

From you fine folks having Schwab checking or savings accounts is above true regarding the transfer of funds "to other banks?" If true, it seems awful paperwork and telephone call oriented to do interbank transfers versus just doing it online yourself. Please don't confuse this request with funds transfer "between Schwab accounts" as that look like it can all be done online...but the transfer to other financial institutions gets more complicated. Big Thanks.

[hhgz]

I too have a Schwab debit card, and all ATM fees are refunded. I have money transferred, via SWIFT, from PNC/Schwab bank to my account @ my Krung Thai bank account. Schwab does not charge for the transfer, but my bank has a small fee. Although there isn't an online form, I initiate my transfer via an email to my broker in California.

[Pib]

I too have a Schwab debit card, and all ATM fees are refunded. I have money transferred, via SWIFT, from PNC/Schwab bank to my account @ my Krung Thai bank account. Schwab does not charge for the transfer, but my bank has a small fee. Although there isn't an online form, I initiate my transfer via an email to my broker in California.

Thanks. You must have a special setup/fee structure for your broker/banking accounts, as Schwab's wire transfer form shows a $25 wire transfer fee.

http://www.schwab.com/cms/P-221673.12/APP10602-09-WB.pdf?cmsid=P-221673&cv39

Thanks again.

[MTH]

As I mentioned in my earlier post I have ACH transfer set up to Bangkok Bank in New York.

The advantage of this is that you can do the transfer online, no need to call them up.

Takes about 2-3 business days from request, to money arriving in your local account.

You will get a lesser exchange rate then using the ATM card and there is a very small fee involved in each transfer as well.

But it's convenient when needing to transfer larger amounts than the $1000 per 24 hours allowed for ATM withdrawals.

As far as I remember when setting it up, and I did this online. Was to set it up with BKK Bank in New York, but to my local BKK Bank account number (in Pattaya).

The reason to set it up with the bank in NY, is that it will be considered a domestic transfer.

There are some instructions on Bangkok Banks home page on how to do this.

Either way two small transfers will be sent from Schwab to BKK Bank, you then have to verify the amounts. The only tricky part about this is that the transfer will of course show up in Thai Baht in your local account and Schwab wants to know how many cents was transferred. However looking at the spread of the exchange rate during the day, it was quite clear down to the cent how much each transfer was. The transfers will be in the range of $0.01 – 0.99.

[wimpy]

I thought Schwab didn't do foreign wire transfers. That is what the literature I have says.

[Pib]

As I mentioned in my earlier post I have ACH transfer set up to Bangkok Bank in New York.

The advantage of this is that you can do the transfer online, no need to call them up.

Takes about 2-3 business days from request, to money arriving in your local account.

You will get a lesser exchange rate then using the ATM card and there is a very small fee involved in each transfer as well.

But it's convenient when needing to transfer larger amounts than the $1000 per 24 hours allowed for ATM withdrawals.

As far as I remember when setting it up, and I did this online. Was to set it up with BKK Bank in New York, but to my local BKK Bank account number (in Pattaya).

The reason to set it up with the bank in NY, is that it will be considered a domestic transfer.

There are some instructions on Bangkok Banks home page on how to do this.

Either way two small transfers will be sent from Schwab to BKK Bank, you then have to verify the amounts. The only tricky part about this is that the transfer will of course show up in Thai Baht in your local account and Schwab wants to know how many cents was transferred. However looking at the spread of the exchange rate during the day, it was quite clear down to the cent how much each transfer was. The transfers will be in the range of $0.01 – 0.99.

Thanks. I do ACH transfers to Bangkok Bank from my current banks...easy and straight forward to setup online with the test transfers. But the Schwab webpage for non-account holders like myself could be better in explaining how certain things actually work, like interbank transfers. Their public web site right now seems to always take you to a paper based form to initially fill out to setup interbank transfers versus totally doing it online with test transfers as you described. I expect their public web site is just a little dated in some areas; hopefully their secure/account holders web site is more detailed/up to date but I can't access that until I get an account. But you fine folks on ThaiVisa who actually have Schwab accounts are giving me the "hands-on" info needed. Thanks again.

[wimpy]

You can setup interbank transfers between he Schwab brokerage account and outside banks on-line. Setting up interbank transfers between the Schwab checking account and outside banks requires a paper form.

[Pib]

You can setup interbank transfers between he Schwab brokerage account and outside banks on-line. Setting up interbank transfers between the Schwab checking account and outside banks requires a paper form.

Seems like a strange policy....money is money whether it's coming from a brokerage account or a checking/savings account. Guess Schwab wants to make things a little easier for those who fund the brokerage account, since I'm sure the brokerage side of Schwab is where all their big money/profits are made. Thanks for the clarification.

[SurfRider]

.

"I try to use Aeon ATMs when possible, as i don't want to take advantage of it."

Good Point! - I have a Schwab Debit Card also and the Thai ATM usury fee of 150 Baht per transaction has always been reimbursed. There's also an additional 1% fee charged by the VISA network that Schwab absorbs.

But, think of it from their point of view - you live in Thailand which has the highest ATM fees of any country on the planet. Schwab makes their money off of Brokerage commissions and offers the fee-free debit card as an inducement for investors to use them for securities transactions. Sooner or later it's likely that Schwab will wake up and smell the coffee and realize that they're covering fees for MANY Expats living in Thailand who are not generating any revenue for them. When that happens, it's likely the gravy train will screech to a halt.

I use AEON ATMs almost exclusively, unless it's an emergency. AEON is a Japanese company and does not charge the Thai Bankers Assn. 150 Baht usury fee. AEON ATMs are capable of dispensing up to 40,000 Baht in one transaction - Many foreign banks limit that to US$1000 which is currently around 30,000 Baht. A 30,000 Baht ATM withdrawal costs Schwab US$15 ( 450 Baht ) - How long do you think they'll be willing to absorb that level of cost for someone who is not generating any revenue for them???

I strongly urge all Expats to use AEON whenever possible - in other words "Let sleeping dogs lie" and don't rock the boat.

.

[thrilled]

The best way to save on atm fees is schwab.And for direct deposit use bangkok bank.With these 2 ways you'll never bee in A financial bind.Well if ya spend to much I guess ya would be."LOL"

[grin]

I use multiple Schwab checking accounts each attached to a different Schwab trading account. Schwab doesn't seem to care how many of these accounts you wish to open. Using multiple accounts can help with the daily ATM limits. Also having multiple ATM cards comes in handy if you lose an ATM card or are waiting on an expired card replacement.

Actually there is no need to fund the checking accounts. All overdrafts can be funded from the attached trading account with no fees. I can't remember if this was the default action or if I had to request this to be set up. This is especially handy as the money can borrowed on margin if you have no cash in the trading account. It would be even handier if interest rates were not imaginary.

ACH transfers to the BBL NY branch from Schwab trading accounts take 1 or 2 business days to reach my Thai BBL account depending on what time of day the transfer is made. However, I seem to get better exchange rates by doing ATM withdrawals from the checking accounts. My ATM fees are reimbursed at the end of the month.

ACH transfers to my accounts at other banks in the US take place quicker than any ACH transfers from any of these other banks so I tend to aggregate all of my funds at Schwab and dole them out from there.

If you do a wire transfer early in the morning (US time) from Schwab it will be transferred the same day. When I opened my accounts I was told I would get 3 free wires per quarter and that still seems to be the case even though the form shows a $25 fee. I think you can set up pre-flighted wire transfers to particular accounts by filling out a form and faxing it to Schwab and then trigger the wires online but I've never tried this.

The Schwab Visa credit card like the ATM card does not have international transaction fees. The ATM card is also a point of sale card so it can be used like a credit card.

Schwab has lowered trading fees over the years and trading in Schwab ETFs are free and their ETFs seem to have fairly low expenses.

Enough pros, a major con about Schwab in my opinion is that a number of things cannot be done completely online. You have to fax in a form for wire transfers. Also my IRA account seems to need a lot of unnecessary forms faxed in as well.

For their ACH transfers you can only set up 5 links to other banks online. After that you have to fax in a form. I found this out by having it always fail when trying to set up the 6th account. There is no message online to tell you why it failed but I was told about the limit over the phone. This is another reason to have multiple accounts. Also after having confirmed the trial deposits online you still have to call Schwab to activate the ACH transfers to the new account.

Another thing that does not make sense to me is that these external ACH links are tied to only one Schwab account. If you want to do transfers to a particular bank from more than one account then you have to link to that bank multiple times.

Another con is that I've had a few transaction failures over the years due to Schwab being suspicious about the transaction. This is a pain but they always call and are quick to answer and unblock your account. This is yet another reason to have multiple ATM cards or credit cards.

All in all I'm a fairly satisfied customer at Schwab.

Edit: all of my ACH transfer and wire transfer info applies only to trading accounts. I'm fairly sure you can't do transfers online from the checking accounts. I only use the attached checking accounts for ATM withdrawals.

[jfchandler]

WOW, I must say, "Congratulations All..." It's refreshing to read a TV thread filled with people who are smart about how to handle their money in Thailand, and know a good deal when they find it... Well done...

Pib, as others have said above, Schwab's checking account and fee free debit card IS the real deal... In my experience, there are few if any "catches" about using it... It does and functions pretty much exactly as described on Schwab's web site and as explained by posters/users above... It's an excellent, and perhaps the best U.S. bank account available, for anyone living here.

My experience is slightly different than some of the others here regarding ACH transfer links. As far as I'm aware, you can, and I have, made pretty much unlimited online links between external bank accounts and your Schwab brokerage account, using the Schwab online banking setup... For the brokerage account, links are created online and verified by trial deposits...no paper forms to fax or mail in. And people are correct in saying Schwab does absolutely nothing to insist or pressure anyone to put money into the brokerage account... They've been excellent in that regard.

Regarding the Schwab checking account, however, they still do, as others have said, require the account holder to mail or fax in a completed two page form and attach a voided check from the external account you want to link to. I've complained to Schwab about this in the past, since it's pretty senseless in the world of online banking. And they've told me they have plans in the works to change that. But as of yet, the paper system still applies for checking.

However, in reality, even in the current setup, it's a pretty minor detail because of this. Within your Schwab account, you have the ability online to almost instantaneously transfer funds back and forth between your Schwab brokerage account and either your Schwab checking and/or savings account. So even if you never created a single checking account external link, you could almost just as easily do all your external ACHs into/out of the Schwab brokerage account, and then shift those funds into your Schwab checking or savings via their online banking. I say almost instantaneously because while those internal transfers don't occur in real time, they always seem to occur pretty much within the same day as executed.

Re their foreign ATM fee reimbursements, they absolutely do them and encourage anyone to call if they ever think one has been missed. My impression is that mine have occurred at month's end, not immediate with the transaction. But frankly, I'm with SurfRider and a few others on this, in that I try very hard for other reasons to almost exclusively use the fee-free AEON or CitiBank Asoke ATMs, so I almost never have to worry about a 150 baht fee reimbursement. I do understand, however, that based on where people live, not everyone has as ready access to those kinds of options. So that's why Schwab is an excellent choice.

And, even for those of us who rarely take advantage of the 150 baht fee reimbursements, we still benefit by Schwab, as E*Trade used to do but stopped last year, also absorbs the 1% card networks fee... That's enough for me, and I'm happy to get it, since they are fairly few banks that still do that.

As anyone who's read my posts here knows... I pretty strongly agree that the Thai banks' 150 baht ATM fee is a blatant ripoff... So I have two motivations at work in terms of my using no fee ATMs. 1. Out of principle, I don't want to patronize Thai banks that I feel are ripping off their farang ATM users, and I don't want my U.S. bank to be subsidizing their ripoff. And 2. I want and hope the Schwab account will continue in its current setup for a long time, so, to repeat an old adage, I don't want to help kill the goose that laid the golden egg by over-using the ATM fee refunds benefit.

I'll note in that regard, as others here perhaps already know: Schwab also used to offer what probably what the best VISA credit card available anywhere, a 2% real cash back on everything card, unlimited, and credited monthly to your account, also with no foreign currency fee when used abroad. Last year, Schwab ended its affiliation with that card and stopped opening any new accounts. The card in October was turned over to FIA Card Services, an arm of BofA. And while the benefits apparently remain in effect still for pre-existing card holders, there's a lot of speculation that FIA soon will killl or substantially amends the terms of the card.

Schwab reportedly got out of the VISA credit card deal because it became a major money loser for them. I just hope that they don't end up in the same position with the bank accounts and their no foreign currency fee/ATM refunds. So I do my small part towards that end. And, just for the record, I should say, the checking/savings account programs with Schwab have been in effect for some years, their terms and benefits have remained unchanged, and I've heard nothing via the grapevine that suggests any changes to their bank accounts are in the works.

PS - I should add, the Schwab debit card is on the PLUS network, so it will work worldwide in most banks' ATMs, since PLUS network compatibility is very common for ATMs, including those in Thailand.

[wimpy]

I do some of my stock trading with Schwab just to keep them happy. They are not a bad brokerage at all, although there are cheaper alternatives available.

[Pib]

As the OP, Big Thanks to everyone who provided me feedback on my questions. I'm so glad I asked for feedback on the ThaiVisa forum before applying to Schwab, as the feedback cleared-up several things that was vague to me about the Schwab accounts and some important details about setting up funds transfers via Schwab. And all your great feedback was provided so quickly!

Like it's easier to setup & use funds transfer from the brokerage account versus the checking/savings account. Even if I don't execute any stock/funds trades I would probably still be using my brokerage account for interbank funds transfers due to ease of funds transfer setup & use versus the more paper/fax/telephone-oriented way used for the checking/savings accounts for interbank funds transfers. And it was definitely confirmed that the Schwab debit card reimburses any ATM fees worldwide and there is no foreign transaction fee.

I'm probably going to call Schwab customer/new accounts service tonight and ask a few questions, like if I want to open a savings account also where is the sign-up form on your web site as I sure can't find it and it's not part of your combined brokerage/checking account application form, or do I just do it over the phone after I setup my brokerage/checking account? It does indeed seem that some of Schwab's banking products are still very paper/telephone/fax-oriented but there are ways to adjust to this after getting your accounts setup. I'll be opening a joint account so it looks like I will need to mail in the paper application forms since the online application is for single owner accounts only. Assuming I make my call to Schwab tonight and barring the "creek rising", I should have my joint application forms in the mail by this Wednesday.

Thanks again for all the great feedback, especially those little details on the different account types, as those details can make all the difference in how a person uses and likes (or dislikes) a financial service. Although I feel like I've go all the info I asked for (and more), please continue with any Schwab accounts crossfeed/feedback you feel is informative to expats just trying to make their banking/financial life a little easier and less expensive while living/vacationing in Thailand.

Cheers and Welcome to 2011,

Pib

[jfchandler]

Pib, you're correct in your basic characterization of the Schwab account features above...

You also raised an interesting point I hadn't noticed before...

At present, the Schwab Bank page for their online savings account doesn't appear to have a link for doing an online account application.

Conversely, the Schwab Bank page for their checking account does have a direct link for doing an online application.

I don't know if that's an oversight, or they have some reason for that. In either case, when you go to open the brokerage account (and if you choose the checking account), I'm sure they would arrange the savings account with little trouble if that's what you wanted.

Lastly, one thing that might be helpful to other readers here is to report back on your result, particularly if you're applying using a Thailand address vs. a U.S. one.. Schwab certainly is easy to open accounts when you're using a U.S. address of record. But I'm less clear on how friendly/willing they are when the application is coming from a U.S. citizen with a foreign address of record.

[grin]

One thing to note is that the checking and savings accounts are run by Charles Schwab Bank which is a separate company from the brokerage. That is the main reason checking and savings accounts don't operate in the same manner as the trading accounts. When they first started offering the bank accounts the web pages for them were completely separate pages but now they have integrated the web site so that it is fairly seamless. Another note is that FIA (BoA) is also used to manage the HELOCs offered by the bank. According to my broker the relationship with FIA is tenuous at best.

[Pib]

Pib, you're correct in your basic characterization of the Schwab account features above...

You also raised an interesting point I hadn't noticed before...

At present, the Schwab Bank page for their online savings account doesn't appear to have a link for doing an online account application.

Conversely, the Schwab Bank page for their checking account does have a direct link for doing an online application.

I don't know if that's an oversight, or they have some reason for that. In either case, when you go to open the brokerage account (and if you choose the checking account), I'm sure they would arrange the savings account with little trouble if that's what you wanted.

Lastly, one thing that might be helpful to other readers here is to report back on your result, particularly if you're applying using a Thailand address vs. a U.S. one.. Schwab certainly is easy to open accounts when you're using a U.S. address of record. But I'm less clear on how friendly/willing they are when the application is coming from a U.S. citizen with a foreign address of record.

Yeap, couldn't find any online application link for a Savings account....they just tell you to call for more info. They do have an online application link for a Checking account, but it only takes you to an online application if signing-up for a "Individual" account. When selecting a "Joint" checking account application, it takes you to another link where you have to download an Adobe-based application form, fill it out, print, and mail....apparently it's a "you- no-can-do" an online application for a "Joint" application, which is the way I will be setting up my account.

Regarding the address thing, their application form does require you to provide a "Home/Legal" addrees within the U.S. (no box numbers) but on the same applicaiton form you can provide a separate "Mailing Address" where box numbers are OK. I will be including a military APO mailing address. The application form includes a couple different addresses to mail the application to depending on which State you live in or if you are sending from a APO address.

[jfchandler]

Grin, there's more to the relationship/dealings between Schwab and FIA (BofA) than just HELOCs....

I'll note in that regard, as others here perhaps already know: Schwab also used to offer what probably what the best VISA credit card available anywhere, a 2% real cash back on everything card, unlimited, and credited monthly to your account, also with no foreign currency fee when used abroad. Last year, Schwab totally ended its affiliation with that card and stopped opening any new accounts. The card in October was turned over to FIA Card Services, an arm of BofA. And while the benefits apparently remain in effect still for pre-existing card holders, there's a lot of speculation that FIA soon will killl or substantially amends the terms of the card.

[grin]

Grin, there's more to the relationship/dealings between Schwab and FIA (BofA) than just HELOCs....

I'll note in that regard, as others here perhaps already know: Schwab also used to offer what probably what the best VISA credit card available anywhere, a 2% real cash back on everything card, unlimited, and credited monthly to your account, also with no foreign currency fee when used abroad. Last year, Schwab totally ended its affiliation with that card and stopped opening any new accounts. The card in October was turned over to FIA Card Services, an arm of BofA. And while the benefits apparently remain in effect still for pre-existing card holders, there's a lot of speculation that FIA soon will killl or substantially amends the terms of the card.

Yes, that is why I said "also" in my post about HELOCs as I was adding to the info in your previous post mentioning FIA and credit cards.

People should be aware that FIA is completely independent of the Schwab brokerage and Charles Schwab Bank. This means that your standing with Schwab will not help in any way when you apply for any type of credit from Charles Schwab Bank.

[Pib]

YeeeeeHaaaaaaa.....I finally found the form to open a Schwab Savings account. After doing some word searches on their web site (kinda like googling), I stumbled upon their Forms and Application area, which provides the Savings Account form along with other forms...but a link to their Savings Account application form is no where to be found (that I can find) on their page that solely talks Savings Accounts...it just says give them a call for more info. Heck, I can't even find the Forms and Application link anywhere on their menu structure...it's probably there somewhere...I just can't see it....but, as mentioned, my word search got me to the area where I could download the Savings account form. The Schwab public web page could stand some navigating improvements.

[calbts2]

A few more things-

I have a Savings account and a brokerage account. I get interest on the savings ( currently a pathetic .0055%) and daily $500 withdrawl limits. You are only allowed 6 monthly withdrawls from the savings account but that restriction does not apply to ATM withdrawls. When I do online transfer from Savings to brokerage - the money takes about 3 days to "clear" and be fully available in the brokerage account.

And like many here - I only use AEON ATMS to avoid the Thai bank Association extortion fee for me or Schwab.

As far as addresses go - I use my father's stateside address. Technically non US residents must open a different type of brokerage account for International clients that disallows investment in many US Mutual Funds that by law are only available to US residents. For the past 10 years I have been "traveling" in Schwab's view. There has always been a question in the back of my mind in that what is someone supposed to do when he has a domestic brokerage account with funds "only available to US residents" and moves abroad? Is he supposed to sell everything in these funds the day he moves,close his domestic account, and re-open an international one abroad? I did not do this and highly doubt many others would do this as well.

[jfchandler]

I'm certainly no securities lawyer... not even close..

But I'd wager a fair bit that the system is supposed to work like this: whatever you purchase as a U.S. resident living in the U.S. you're entitled to keep if the same person eventually later moves out of the U.S. to another country.

Once that same U.S. citizen person has moved to another country, are they then using the same U.S. brokerage account still entitled to buy those kinds of funds with it? That one, at least in terms of following the letter of the law, I don't know the answer to.

Lots of people maintain some form of U.S. address in part to avoid having to figure out the answers to those kinds of questions.

PS - re the hold times on incoming deposits to Schwab, I believe it works like this:

If the incoming funds are a direct deposit like from a pension or such, they are available for withdrawal immediately upon receipt.

If the incoming funds are from an external bank account and arrive via ACH, then I believe they get the standard 3 day or so hold time.

If the funds are already cleared in some part of Schwab, then there's no additional hold time involved if you're moving them from one account in Schwab to another account in Schwab.