Schwab Checking Account questions.

[redwood_canyon]

I recently opened one, had an investment account long before. I decided to open with Schwab due to no minimum balance, 0.40% apr, and no Atm fees.

I have a question for anyone out there who has an account. Its great and all, but it doesn't seem you are able to deposit cash anywhere. Currently I have my BOA savings account linked and will use that to do any cash deposits and transfer. Its rather inefficient of a system for depositing cash and may incur transfer fees from BOA. Does anyone out there have a better way? I already ruled out cashiers checks both due to the expense and hassle. Also how has your experience been with a Schwab Checking account?

[GizmoTX]

We rarely deposit cash but have a brick & mortar (Wells Fargo) checking account linked to our Schwab checking to handle this or other face to face bank functions like notarization. The key to avoiding fees from the linked bank is to initiate a transfer on the Schwab side using its online portal (computer site or mobile app).

We also use the WF account for automatic bill pay transactions with non-variable amounts that would incur a fee if charged to a credit card. By auto funding this account monthly from our Schwab account, these bills are on autopilot.

Schwab is our primary checking account: zero fees, including ATM fees anywhere in the world, free checks, & bill pay that deducts when the payee actually receives it.

[tarheeldan]

I have a Merrill Edge CMA account with $100 in it so I can use BoA ATMs to deposit cash and then transfer to Schwab. If you set up the account links there are never fees for transferring money between your own accounts using the online banking portals.

[SmileAllDay]

Yup, I second what @gizmo said.

I linked my BoA checking as an external account and transfer it online through the Schwab mobile app. Just double checked my BoA account to make sure, and there was no fee on any Schwab transfer.

[redwood_canyon]

I have a Merrill Edge CMA account with $100 in it so I can use BoA ATMs to deposit cash and then transfer to Schwab. If you set up the account links there are never fees for transferring money between your own accounts using the online banking portals.

Thank you very much that puts me at ease. Being a student and not having a job is why I gravitated towards Schwab, with no minimum balance and the slew of other benefits. Ill keep my savings account open to deposit cash and then transfer. Thank you!

[Dibdab]

I just deposit checks by taking a picture of check with Schwab mobile app.  And there is also no foreign currency conversion fee.

[ReadySetMillionaire]

Love my Schwab Checking Account and would probably never switch.

As for cash, I keep it and use it when something comes up.  It's like having a little emergency fund but then nothing in my accounts actually changes, which is fun.