Charles Schwab limits ATM rebates

[ndcj]

Those are the only 3 checking accounts they offer according to their website and all have a 6 transaction/$9 USD cap.

You're looking at the Schwab Bank products, as opposed to the combined "Schwab Bank High Yield Investor Checking® account linked to a Schwab One brokerage account".

The deal is that you have to open a Schwab One brokerage account, which has no minimum balance, no monthly fees and no obligation to actually do anything at all with it other than to have it. With this, you have the option of the "Schwab Bank High Yield Investor Checking" account, which rebates unlimited ATM fees anywhere in the world (I just got nearly $100 rebated today from this account).

Take a look here:

http://www.schwab.com/public/schwab/investing/accounts_products/accounts

 

[fred mertz]

Yesterday 30/09 Bank of America announced that they will be charging a US$5.00 per month fee to make purchases with their debit cards. Their customers are outraged.

 

[citygirl]

Citibank just announced that if you don't keep 6000 USD in your checking or combined (checking/savings/etc) accounts, they will charge $20 USD A MONTH But they were quick to point out they won't charge their customers $5 a month to use their debit card. How sweet of them

 

[El Duderino]

Reminds me of this Louis CK bit:

http://www.youtube.com/watch?v=rpaCQKJpE9k

 

[BAwithkids]

Just checked my Schwab (High Yield Investor Checking and Savings) - $96 in rebates between accounts this month alone. And I've never put so much as a penny in my brokerage account.

 

[elalancito]

There are legitimate casas de cambio that "only" charge 1% for transfers from the "exterior." That's only a $50 charge for a transfer of $US 5,000. If you cannot open a local bank account because you don't have a DNI, this would be a good alternative. You must fill out a lot of paperwork the first time you use them, of course. Another alternative is XOOM. It charges $US 67 for a $US 2,500 transfer and requires less paperwork and you receive the cash within hours. In both cases, only a passport as ID is required. In the case of XOOM, I had to send them scans of my Ohio driver's license along with my passport. In both cases, you receive your funds in US$ and not pesos. Both are sensible alternatives to the ATM extortion racket (5-6% for only 1000 pesos) which now exists here.

 

[chiguy]

When I receive my next statement, I'll see if they are still refunding all ATM fees (as they've always done.)

Any update on this, starlucia? Are they still refunding ATM fees?

 

[ghost]

Just an FYI as I was looking at the Charles Schwab account options on line today.

From their website "** We do not charge any fees for use of any ATM. If you use a machine that is not a Schwab Bank ATM, you may be charged a fee by the ATM operator or any network used. This may include a fee for a balance inquiry even if you do not complete a withdrawal or other monetary transaction. We offer a rebate on these fees assessed by others: For Interest Checking, Regular Checking, and Basic Checking up to first 6 transactions not to exceed $9.00 per statement period. Schwab Bank reserves the right to discontinue or modify the ATM Fee Rebate program at any time. Please see your Schwab Bank Deposit Account Pricing Guide for details."

Their web site has stated that for the last 8 years. Still, I have neverfailed to get a rebate evn after 30 transactions in one month

 

[Sleuth]

Any update on this, starlucia? Are they still refunding ATM fees?

Yes, every month. I got over $100 back last month. I'm just hoping they do not cancel my account for all these refunds...

 

[sesamosinsal]

Yes, every month. I got over $100 back last month. I'm just hoping they do not cancel my account for all these refunds...

If they do, you might be able to find another bank in your state that would allow you to open an account with ATM fee refunds. I found a bank in southern Missouri (my state of residence) that refunds ATM fees worldwide.