1)It’s just easier to open a new borkerage+checking account. You supposedly can have just a checking account only, but it has some drawbacks.
No fee, no minimum deposit on either brokerage account or banking account.
2)No fee for closing account.
3)You can use the ATM anywhere in the world. At the end of the month, if you had to pay any ATM fees, Schwab reimburses you.
4)Direct deposit and bill pay available.
5) There is no easy way to deposit a written check or cash at a local branch directly to the bank account. However, you can deposit it into a brokerage and transfer over to bank account from a local branch.
6) No fee-based overdraft protection from the brokerage account. (Not sure how to disable)
7) Money link allows you transfer between brokerages/bank accounts.
