Several weeks ago I wrote about how disappointed I was that I blew a few bucks on ATM fees at a major Washington, DC hotel. It was definitely my fault, but I let go of any pre-concieved notions of loyalty to a bank after that. In short, I said to myself, I have to figure out which bank is best for me, and go with that. Enter Charles Schwab Bank. Schwab Bank offers a decent checking product, no drama, and most importantly, no issues with whatever is going on in your life like travel because they reimburse any ATM fees worldwide. I can use any ATM and not worry about pushing the wrong button and getting hit with an extra $2.50. (Note: Schwab reimburses ATM fees monthly when your statement closes.)
In truth, I have had an account with Schwab for a while, but was slowly draining it with the intention to close it… until I got scammed by ATM fees, which I rank right up there with paying interest charges to credit card companies. After several weeks of exclusive use of the account, I ask myself what the heck was I thinking when I was about to close it?!
I’ve only had to call and use the online chat feature one time each since I started actively using the account. During both interactions, Schwab is easy to deal with, even pleasant. If I miss anything about keeping my primary personal bank account (still have other accounts there) at Bank of America, it’s email and/or push alerts for different account transactions, but those just weren’t worth the $8.50 that hundred dollar ATM withdrawal cost me a few weeks ago.
The bottom line – Charles Schwab Bank is working well for me, on the road, and at home.
-MJ, April 29, 2015
In practice, the Fidelity Cash Management account reimburses all ATM fees worldwide, too. Just make sure you select withdrawal and from your checking account and there are no extra fees added on. I also withdraw like crazy from ATMs in NYC where the fees are about $3 each – and they are reimbursed within a few days, not once a month.
Add to that the Fidelity Amex with 2% cash back and their awesome low-expense index funds and it’s a winning combo. I recommend this one!
I agree about Fidelity being worth considering. Actually, have an investment account with them too. For some reason, I was thinking they passed the 1% Visa international fee to customers, where Schwab doesn’t. I may have imagined that.
Can you confirm if there is a hard credit pull to open this account?
@Dan,
Sorry for the delayed response. Yes, there was a hard pull.
for those without Schwab accounts, anyone can open a State Farm Bank account with the same features