Every ATM is Your ATM
The absolute best thing about this account is the ability to pull out cash from any ATM WORLDWIDE. This includes gas stations, liquor stores, corner markets, and swap meets, etc. You can even withdraw money oversees without worrying about foreign transaction fees. Schwab reimburses you monthly for any transaction fees you incur. This feature has changed the way I use cash. Now I don’t have to search for the nearest Chase or BofA whenever I need cash to avoid ATM fees. Even though most people use credit or debit cards for almost every purchase nowadays, sometimes cash is still needed. How many of you pull out a couple hundred bucks when you go to Vegas or vacation? Do you really want to carry $1k in cash next time you go to Cambodia? With this account, you wouldn’t have to. $20 ATM fee in a Las Vegas casino? No problem. I pull out just enough for what I need that day.
While people might be hesitant to use an online bank, I haven’t had any issues. How often do you actually need to step into a bank nowadays? Almost anything you need from a traditional bank you can do with Schwab over the phone, online, or through your smartphone or tablet. You can deposit checks on your phone, and you don’t need to go to a branch to pull out cash. You can call customer service 24/7 and get connected to a live person quickly compared to when I used to bank at Bank of America. The one time I had an issue, they were helpful and were able to solve my problem fairly quickly. There are no hidden fees, no monthly minimums, and checks are free. You also get a little bit of interest on your loans which are comparable to savings accounts at the bigger banks.
The ATM-fee reimbursement feature alone is worth using Schwab as your primary checking account. When you add the top notch customer service to an account that doesn’t try to nickel and dime you with monthly fees or minimum balances, than you can see why I’m not exaggerating when I say that this is the best checking account I’ve ever had.