Debit Withdrawal Fees

[florence]

How does schwab make money if it keeps on refunding their customers?

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Schwab Bank has almost no branches or ATMs of its own. It gets and keeps customers by servicing them through the internet and the facilities of other banks. It's a lot cheaper to refund ATM fees than to support real-estate and machines.

 

[Sleuth]

What rate does Schwab give?

Schwab gives the Visa daily rate which you can find here - https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

My fear is that Schwab might at some point just close the account if you rack up too much in ATM fees.

Before the blue rate came into play Schwab was routinely refunding me over a hundred dollars a month. Never had an issue nor have I ever heard anyone mention their account was terminated.

 

[brandon]

I have an investment account with scwhab, not sure if they could sell all my long positions to close the account.
I opened it based on recommendations from here and have been happy so far, 4 or 5 years.

 

[brandon]

I have an investment account with scwhab, not sure if they could sell all my long positions to close the account.
I opened it based on recommendations from here and have been happy so far, 4 or 5 years.

 

[allforepar]

I've tried to take money out of numerous banks/atms over the past few days and am having no luck with my Schwab card. Maybe it's just my account, but I keep getting a "you've exceeded your daily withdrawal limit" message, even though I haven't taken out any money. I called Schwab, and they made it sound like it wasn't an issue on their end.

Everyone else able to withdraw cash without an issue? I'm at a total loss as to how the official rate is above the blue rate at this point, but I wish that everywhere accepted credit cards.

 

[r2d2]

Just keep trying at different ATM's. I think I got that message as well once. So far Banco Galicia almost always worked for me (up to 2x 2400 pesos per day). At the local Citibank it sometimes works - sometimes doesn't. Banco Nacion and Macro almost never worked.

 

[jbhenson]

Banco Chubut has a limit of 1000 pesos and only gives you 12.20 pesos per dollar! Ripp off, yet I can use my card at YPF, or grocery stores and get a decent rate.

 

[r2d2]

Banco Chubut has a limit of 1000 pesos and only gives you 12.20 pesos per dollar! Ripp off, yet I can use my card at YPF, or grocery stores and get a decent rate.

So the exchange rate is determined by the bank operating the ATM? Not the bank issuing the card?

 

[Sleuth]

So the exchange rate is determined by the bank operating the ATM? Not the bank issuing the card?

The rate is determined by your own bank, and don't forget you have to add in the fee that you are charged too.

 

[r2d2]

The rate is determined by your own bank, and don't forget you have to add in the fee that you are charged too.

That is what I thought.