OT: Chase sucks………………….fees fees fees fees fees fees

[UCGal]

[quote=flu]I have a question for folks that use Schwab with as both a brokerage account and bank account….

Did you create a separate bank account from your brokerage/trading account, or did you just have one account that has both?

While I like the simplicity of just one account, I’m thinking of getting a standalone checking account with ATM with a very low cash balance…simply because if I lose my ATM card or it gets hacked, some perb doesn’t end up draining my assets in my brokerage…

Simultaneously, I’m thinking of disabling checkwriting/atm/and money tranfers from by brokerage too…Thoughts, or am I just being paranoid here?[/quote]
They are separate but linked… Technically schwab brokerage and schwab bank are separate institutions, regulated under different rules. The bank is fdic insured, the brokerage has SIPC. But it is totally seamless – one website – you can log in and get to everything (I have 2 IRA accounts, 1 post-tax brokerage account, 1 bank account – I can look at all from the same logon.)

Also Schwab’s SIPC is a bit different than many other brokerages… Most of the other big brokerages pool the risk together, and self insure as a pool. Schwab didn’t like that – and purchases SIPC insurance through traditional insurance (Lloyds of London). This made a difference to me because I was looking at it at the time Bear and Lehman were imploding. If all the brokerages collapsed simultaneously SIPC might not cover the holdings if it’s all pooled. (SIPC is mandated by the gov, but not backed by the gov the way FDIC is.)

[Coronita]

Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.

[Coronita]

Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.

[Coronita]

Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.

[Coronita]

Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.

[Coronita]

Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.

[jficquette]

[quote=flu]Ok. I just opened another account at schwab.

Goodbye wells fargo and us bank.[/quote]

Schwabs only drawback that I have experienced is they will not issue cashiers or certified checks. However they make the wiring of funds really easy and their customer service is the best I have experienced from any company.

John

[jficquette]

[quote=flu]Ok. I just opened another account at schwab.

Goodbye wells fargo and us bank.[/quote]

Schwabs only drawback that I have experienced is they will not issue cashiers or certified checks. However they make the wiring of funds really easy and their customer service is the best I have experienced from any company.

John

[jficquette]

[quote=flu]Ok. I just opened another account at schwab.

Goodbye wells fargo and us bank.[/quote]

Schwabs only drawback that I have experienced is they will not issue cashiers or certified checks. However they make the wiring of funds really easy and their customer service is the best I have experienced from any company.

John

[jficquette]

[quote=flu]Ok. I just opened another account at schwab.

Goodbye wells fargo and us bank.[/quote]

Schwabs only drawback that I have experienced is they will not issue cashiers or certified checks. However they make the wiring of funds really easy and their customer service is the best I have experienced from any company.

John

[jficquette]

[quote=flu]Ok. I just opened another account at schwab.

Goodbye wells fargo and us bank.[/quote]

Schwabs only drawback that I have experienced is they will not issue cashiers or certified checks. However they make the wiring of funds really easy and their customer service is the best I have experienced from any company.

John

[TenaciousSD]

[quote=flu]Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.[/quote]

You’re right, there is no easy way to deposit to Schwab (as is the case with most Internet-only banks). They will, however, send you free envelopes to mail in a check.

I kept my old Chase account so that I could use their iPhone app to make deposits (just take a picture of both sides of the check with the app) and transfer the balance to my Schwab account.

The NY Times article “Depositing Checks, Right From Your Phone” (http://gadgetwise.blogs.nytimes.com/2010/09/13/depositing-checks-right-from-your-phone/
) ended their article with the following:

“Now, the only complaint I have here is that I want more. Specifically, why haven’t Internet-only banks jumped all over this? It’s great that Chase has this feature, but where I live, you can’t swing a cat and not hit a Chase branch. Where it would really make sense is with an online bank like Fidelity, where I do most of my day-to-day checking. Fidelity has no branches of its own (just like Charles Schwab’s bank, Everbank or a host of other online banks) — the only way you can deposit a check is to mail it in, which takes forever. Add something like mobile check deposits and you just knocked out one of the main obstacles people have to joining an online bank.”

[TenaciousSD]

[quote=flu]Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.[/quote]

You’re right, there is no easy way to deposit to Schwab (as is the case with most Internet-only banks). They will, however, send you free envelopes to mail in a check.

I kept my old Chase account so that I could use their iPhone app to make deposits (just take a picture of both sides of the check with the app) and transfer the balance to my Schwab account.

The NY Times article “Depositing Checks, Right From Your Phone” (http://gadgetwise.blogs.nytimes.com/2010/09/13/depositing-checks-right-from-your-phone/
) ended their article with the following:

“Now, the only complaint I have here is that I want more. Specifically, why haven’t Internet-only banks jumped all over this? It’s great that Chase has this feature, but where I live, you can’t swing a cat and not hit a Chase branch. Where it would really make sense is with an online bank like Fidelity, where I do most of my day-to-day checking. Fidelity has no branches of its own (just like Charles Schwab’s bank, Everbank or a host of other online banks) — the only way you can deposit a check is to mail it in, which takes forever. Add something like mobile check deposits and you just knocked out one of the main obstacles people have to joining an online bank.”

[TenaciousSD]

[quote=flu]Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.[/quote]

You’re right, there is no easy way to deposit to Schwab (as is the case with most Internet-only banks). They will, however, send you free envelopes to mail in a check.

I kept my old Chase account so that I could use their iPhone app to make deposits (just take a picture of both sides of the check with the app) and transfer the balance to my Schwab account.

The NY Times article “Depositing Checks, Right From Your Phone” (http://gadgetwise.blogs.nytimes.com/2010/09/13/depositing-checks-right-from-your-phone/
) ended their article with the following:

“Now, the only complaint I have here is that I want more. Specifically, why haven’t Internet-only banks jumped all over this? It’s great that Chase has this feature, but where I live, you can’t swing a cat and not hit a Chase branch. Where it would really make sense is with an online bank like Fidelity, where I do most of my day-to-day checking. Fidelity has no branches of its own (just like Charles Schwab’s bank, Everbank or a host of other online banks) — the only way you can deposit a check is to mail it in, which takes forever. Add something like mobile check deposits and you just knocked out one of the main obstacles people have to joining an online bank.”

[TenaciousSD]

[quote=flu]Ok. I just opened another account at schwab.

I found out the following:

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.

Goodbye wells fargo and us bank.[/quote]

You’re right, there is no easy way to deposit to Schwab (as is the case with most Internet-only banks). They will, however, send you free envelopes to mail in a check.

I kept my old Chase account so that I could use their iPhone app to make deposits (just take a picture of both sides of the check with the app) and transfer the balance to my Schwab account.

The NY Times article “Depositing Checks, Right From Your Phone” (http://gadgetwise.blogs.nytimes.com/2010/09/13/depositing-checks-right-from-your-phone/
) ended their article with the following:

“Now, the only complaint I have here is that I want more. Specifically, why haven’t Internet-only banks jumped all over this? It’s great that Chase has this feature, but where I live, you can’t swing a cat and not hit a Chase branch. Where it would really make sense is with an online bank like Fidelity, where I do most of my day-to-day checking. Fidelity has no branches of its own (just like Charles Schwab’s bank, Everbank or a host of other online banks) — the only way you can deposit a check is to mail it in, which takes forever. Add something like mobile check deposits and you just knocked out one of the main obstacles people have to joining an online bank.”

[Author]

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