Skip to content

May 31, 2012

Free Checking Account With No ATM Fees

Hi investors!  Do you have a checking account earning no interest on your money and still paying ATM fees?  Well this one is a no brainer then.  Charles Schwab has a checking account service and it is awesome.  I’ve been using them for like the past 5 years and I have no complaints.

PROS:

  • Free Checking Account:  Not a big deal I guess because most checking accounts are free.  But can’t really beat free!
  • Earn Interest On Your Money: Not much interest, but most checking accounts give 0% interest.
  • NO ATM FEES!!!:  This is the big selling point here.  Since Schwab doesn’t have their own ATM machines, they allow you to use ANY ATM you want!  They will reimburse you on ATM fees at the end of every month.  Most banks charge you for using other bank’s ATM machines AND the ATM machine itself charges you a fee!  Now, you don’t have to find your particular bank’s ATM machine to save the fees.
  • All The Normal Stuff:  FDIC insured, no minimum balance, big brand name, debit card, etc.  Has all the usual features, so you’re not losing anything.

CONS:

  • No Branch Locations:  They don’t have branches you can walk into to get money or make a deposit.  I don’t think this is a big deal as I handle like 99% of my banking online anyway.  I do also keep another checking account at another bank for these types of transactions.
  • Must Signup For Their Brokerage Account:  This brokerage account is also free so not a big deal.  Could be seen as a positive since having this account opened has made me a few dollars fiddling with stocks.

Honestly I can’t see why anyone wouldn’t want this account.  If you need to be able to go into a bank branch, just keep your normal checking account and open a schwab account as well.  Read more by visiting.

http://www.schwab.com/public/schwab/banking_lending/checking_account

Share your thoughts, post a comment.

(required)
(required)

Note: HTML is allowed. Your email address will never be published.

Subscribe to comments