www.CostaRicaTicas.com

I have heard numerous people mention this and I finally looked into it today. I'm not sure if I'm looking at the correct type.

Is it the "Schwab Bank High Yield Investor Checking Account"?
http://content.schwab.com/m/q310/schwab ... 7C-02.html

The link above says that you get a linked Schwab Brokerage account. Is that mandatory to get this checking account? I already have enough brokerage accounts and working in financial services, there are regulatory and compliance issues that I have to deal with when I open any kind of investment account and quarterly reporting that I must do. I don't need more of that crap.

Can I just open the stupid checking account without a brokerage account?

From their site:

"Do I have to open a Schwab One® brokerage account with my High Yield Investor Checking account?

Yes. Schwab Bank High Yield Investor Checking is only available when linked to a Schwab One brokerage account. There are no monthly or low-balance fees for either account.
Get a brokerage account and one-on-one investment guidance with no account minimums or monthly service fees.
View and manage both accounts with a single login.
Easily transfer funds online between accounts for free."

And I'm pretty sure that's the only way to get the card. It works great for me but it sounds like you have a different situation. But call them and ask 800-540-6718.

_________________
Knowledge speaks...Wisdom listens

Seabee is correct, you must have a Schwab One brokerage account linked to the investor checking account. That's why they offer the tremendous benefit of having no minimums and reimbursing ALL ATM fees anywhere in the world...Oh, and you also get free, no charge printed checks for your checking account!

I highly recommend both accounts. Their customer service over the phone is excellent.

CRT member RAC is all-knowing on this matter. Maybe he will chime in. I now have two accounts. One to receive cash from my pension, then transfer to the other which dispenses cash. I have a buffer in case of foul play.

How is Schwab's trading platform? Do they have true Level2 direct access?

I have been using Schwab for over five years, and recommend it highly. The new debit cards have the security chip and are handy internationally for their zero commission exchange rate with no ATM fees.

I also really like the Android/iPhone app and the remote deposit capture (taking photos of checks). Taking a stateside check to the bank in Costa Rica is not convenient. Nice to just take a photo with my phone and see the money in the Scwab account on the same day.

They call it a "linked account" because you can move money instantly between the brokerage and bank account. However there is a formal separation. It goes so far to say that the money in the checking account is FDIC protected and the money and securities (if any) in the brokerage account are protected by SIPC.

https://en.wikipedia.org/wiki/Securitie ... orporation

https://en.wikipedia.org/wiki/Federal_D ... orporation

There are no fees for having a dormant brokerage account.

Another nice feature of the Schwab card is the automatic transfer from brokerage if you overdraw, or not.

_________________
My English teacher said "I before E except after C". Then she told me to go to science class!

I really like Schwab on all accounts. Great execution on trades. Great technology (I really like StreetSmart Edge). Outstanding customer service. I just have a regular brokerage account (no checking) and they always reimburse me for ATM fees. Highly recommend.

.

_________________
its easier to fool people than to convince them they have been fooled- mark twain

if you are looking to actively trade look elsewhere...

if you are swing trading or short to long term trading its adequate enough...
Level 2 these days isnt as useful as it used to be.. but schwab has better executions than most discount brokers...

_________________
its easier to fool people than to convince them they have been fooled- mark twain

Schwab has totally sucked for me.
I opened an account and plainly told them I wanted a debit card I could use anywhere without fees.
They said "5 working days". After 7 w. days I said where is my card?
They said what card?
I said the card I was told I would get in 5 working days.
They said "You never ordered a card."
Then they said "Okay, we'll over night it to you, you'll have it by Friday (because I was leaving Saturday night).
It did not come Friday,
It did not come Saturday.
It came after my flight and sat in the lobby of my apt. for 2 weeks.

Horrible experience. Everyone I spoke with said "Don't worry, you'll get it by Friday".
Buncha incompetent customer service reps.

There is one other bit of information for those of you who are watching your credit score. If you are opening an account, Equifax reports a hard inquiry on your credit report. Transunion does not report it.

The Schwab card works great for me. I have saved a lot of money by not paying ATM fees while I am traveling. I opened two accounts in order to have a backup card in case something happened to one.

The card works great

You do need both a brokerage account as well as the checking account but both have no minimum balance so you dont even need to use the brokerage account.

The atm/debit card comes with the checking account and I got mine a few days after setting it up

You can link it to your normal bank account which makes funding it a breeze.

Does take a few days for your money to be available for withdrawal which is no different than any other transfers from an outside account

atm/debit card works great for international travel as you get near market rate exchange and all of your atm fees are refunded at the end of the month.

A great card for traveling

regarding Scwab account.
I have read so many good things here about it I am in the middle of doing it myself right now.
Warning* allow plenty of time to get it done.
First it says it takes 10 minutes to do on the internet.
Nope- took me 2 hours (if you read any of the stuff you need to agree to)
2ndly - I did it 4 days ago, then they sent me an email saying that I need to do something else to complete it.
I call the number, after failing something I have to drive to the local branch with 2 forms of ID to finish opening it.
I have already mailed my money to their place in Texas and it has not registered yet.
I am not badmouthing them too much yet, but be prepared for more time and work than they say.
I hope it is worth it as it will save 10% when getting money in Medellin.
Maybe I will update you when I am up and running.
We will see how long it takes to get the card and then make sure it works.
Thankfully I won't be needing it for 2 months.
Red

LOL... I know. I applied for one earlier this year, and my Colombian IP address brought the process to all-stop. I gave up. One of the Schwab requirements is to live in the US for at least 6 months a year... I don't cut it. Fortunately, my US bank will be issuing its own chip debit cards (soon I hope), so getting a Schwab chip card is not so important now. Like Schwab, my US bank does not charge me ATM or foreign transaction fees.