Schwab/Fidelity vs BoA Gold: Checking

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kayanco
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Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Sat Nov 11, 2017 7:03 pm

I've split this post into three independent parts, please feel free to respond to any or all.
Need feedback from fellow Bogleheads.

1.
I'm taking a slightly critical look at the Big bank checking accounts (BoA, Chase, etc) that offer "perks" for higher balances, to determine if they have any merit.

Looking at Bank of America's Preferred Rewards - Gold tier, which starts with a $20,000 balance, here are the perks:

Image
https://info.bankofamerica.com/preferred-rewards

If you click on "No Fees", details:

Image

Questions:

- Are these real/substantial benefits (worth the $20K) or just gimmicks?
- Do other banks/CUs offers these for free?


2.
I recently came across the Checking account of Charles Schwab and the Cash Management Account of Fidelity.

I'm impressed by the features:
- No minimum balance, no monthly fee.
- No ATM fee, worldwide,
- Reimburse other institution's surcharge.
- No foreign transaction fee on ATM cash withdrawal.

So are there good reasons to bank with the likes of BoA, Chase, Citi which have none of these features?
I'm trying to see if there are downsides to Schwab/Fidelity accounts, or under what situations would one prefer BoA/Chase for checking?

For comparison, BoA has $2.50 non-BOA ATM fee. To waive it you'd need minimum balance of $100,000 - and that would still NOT apply overseas. Outside the US you'd pay $5 + 3% !!


3.
Capital One 360 Checking.

It has similar benefits as Schwab/Fidelity, except it doesn't reimburse other institution's ATM surcharge.
Does Capital One have any benefit (within US) over Schwab/Fidelity that would offset this?

I know it has one benefit outside the US. Capital One is Mastercard, which has 0.2 - 0.5% better exchange rate than Visa. So that might offset the non-reimbursement of foreign ATM surcharge? And might make Capital One and Schwab/Fidelity come out even overseas.

Thoughts?

Thank you for your interest and responses.

Nate79
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by Nate79 » Sat Nov 11, 2017 7:12 pm

We currently use Wells Fargo but have decided to start switching to Schwab. I am very impressed with the no fees and the excellent customer service. Let's just say when there is an issue or anything needs to be resolved their phone or chat people are top notch!

I also opened the Schwab AMEX card in the process. There is also some cash bonuses right now to open these accounts.

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bostondan
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by bostondan » Sat Nov 11, 2017 7:14 pm

I have >$100k at Merrill Edge, which put me into the Platinum level. I moved some ETFs there that had significant capital gains and were unlikely to ever be sold. I enjoy the benefits of having BofA with no fees whatsoever, mostly because there are so many BofA locations in Boston.

Also, I enjoy the 75% bonus on my cash back from my BofA Visa. The result is 5.25% cash back for gas, 3.5% back on groceries, and 1.75% back on everything else. I have a couple other cash back cards that I use to optimize for other categories.

The BofA people are also extremely helpful to me because I am a Platinum level client.

I wouldn't move cash to BofA, since there are better places to earn 1.4% or more (rather than basically 0% at BofA), but the 100 free trades/month at Merrill Edge makes it pretty easy to manage an ETF portfolio which can count towards the BofA rewards.

I also have a Schwab account, which I use when I travel internationally. I transfer cash into the checking account and use it to get unlimited free international ATMs. It is pretty great. I also have about $100k in ETFs there because I took advantage of a transfer bonus.
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baliktad
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by baliktad » Sat Nov 11, 2017 8:02 pm

kayanco wrote:
Sat Nov 11, 2017 7:03 pm
2.
I recently came across the Checking account of Charles Schwab and the Cash Management Account of Fidelity.

I'm impressed by the features:
- No minimum balance, no monthly fee.
- No ATM fee, worldwide,
- Reimburse other institution's surcharge.
- No foreign transaction fee on ATM cash withdrawal.
The Fidelity ATM/Debit card has a 1% foreign transaction fee on ATM withdrawals:
Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account
Brokerage-linked checking accounts are useful as the margin feature allows immediate access to cash via ATM, debit card, or checks even when your cash balance is $0. So if your emergency funds are locked up in I-bonds or other investments that may take several days to liquidate/transfer, you can still withdraw against your margin balance if needed and replenish the funds later. The small cost of the margin loan may be worth it so you can avoid keeping a large cash balance uninvested.

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whodidntante
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by whodidntante » Sat Nov 11, 2017 8:29 pm

Schwab and fidelity atm cards are free to get cash overseas. I believe BoA had a hefty fee for that For everything else BoA is clearly better at the platinum honors level. Gold isn't worthwhile IMO. Transfer in kind, get a bonus, and collect ongoing rewards.

duckcalldan
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by duckcalldan » Sat Nov 11, 2017 8:44 pm

baliktad wrote:
Sat Nov 11, 2017 8:02 pm
kayanco wrote:
Sat Nov 11, 2017 7:03 pm
2.
I recently came across the Checking account of Charles Schwab and the Cash Management Account of Fidelity.

I'm impressed by the features:
- No minimum balance, no monthly fee.
- No ATM fee, worldwide,
- Reimburse other institution's surcharge.
- No foreign transaction fee on ATM cash withdrawal.
The Fidelity ATM/Debit card has a 1% foreign transaction fee on ATM withdrawals:
Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account
As a very satisfied Fidelity CMA customer, it’s my understanding that the 1% fee on international transactions is only on debit card transactions, not ATM withdrawals.

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Sat Nov 11, 2017 9:08 pm

baliktad wrote:
Sat Nov 11, 2017 8:02 pm

The Fidelity ATM/Debit card has a 1% foreign transaction fee on ATM withdrawals:
Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account
This misconception is due to: 1) The poor/unclear wording on their site. 2) The front-line reps themselves not being well-informed on this.

You can confirm that the 1% FTF does NOT apply to ATM withdrawal by two ways:
1) Get a hold of a rep who knows (the rep I talked to, told me they've known this for over 9 years, and then confirmed with their manager)
2) Actual experiences of those who've used the card overseas.

I hope this helps :)

(The 1% does however apply to foreign POS purchases for Fidelity).

euroswiss
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by euroswiss » Sun Nov 12, 2017 1:54 pm

kayanco wrote:
Sat Nov 11, 2017 9:08 pm
baliktad wrote:
Sat Nov 11, 2017 8:02 pm

The Fidelity ATM/Debit card has a 1% foreign transaction fee on ATM withdrawals:
Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account
This misconception is due to: 1) The poor/unclear wording on their site. 2) The front-line reps themselves not being well-informed on this.

You can confirm that the 1% FTF does NOT apply to ATM withdrawal by two ways:
1) Get a hold of a rep who knows (the rep I talked to, told me they've known this for over 9 years, and then confirmed with their manager)
2) Actual experiences of those who've used the card overseas.

I hope this helps :)

(The 1% does however apply to foreign POS purchases for Fidelity).
I can confirm, based on many personal experiences (#2) there is no ATM withdrawal fee overseas for Fido cards

terran
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by terran » Sun Nov 12, 2017 2:01 pm

kayanco wrote:
Sat Nov 11, 2017 7:03 pm

Capital One 360 Checking.

It has similar benefits as Schwab/Fidelity, except it doesn't reimburse other institution's ATM surcharge.
Does Capital One have any benefit (within US) over Schwab/Fidelity that would offset this?

I know it has one benefit outside the US. Capital One is Mastercard, which has 0.2 - 0.5% better exchange rate than Visa. So that might offset the non-reimbursement of foreign ATM surcharge? And might make Capital One and Schwab/Fidelity come out even overseas.

Thoughts?

Thank you for your interest and responses.
I was a Capital One 360 account holder from way back in the days when they acquired ING Direct, but have mostly used Ally Bank for the last several years because they consistently have higher rates and they reimburse up to $10 worth ATM fees per month for US based transactions. Schwab/Fidelity are better for international use though.

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Sun Nov 12, 2017 3:21 pm

euroswiss wrote:
Sun Nov 12, 2017 1:54 pm
kayanco wrote:
Sat Nov 11, 2017 9:08 pm
baliktad wrote:
Sat Nov 11, 2017 8:02 pm

The Fidelity ATM/Debit card has a 1% foreign transaction fee on ATM withdrawals:
Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account
This misconception is due to: 1) The poor/unclear wording on their site. 2) The front-line reps themselves not being well-informed on this.

You can confirm that the 1% FTF does NOT apply to ATM withdrawal by two ways:
1) Get a hold of a rep who knows (the rep I talked to, told me they've known this for over 9 years, and then confirmed with their manager)
2) Actual experiences of those who've used the card overseas.

I hope this helps :)

(The 1% does however apply to foreign POS purchases for Fidelity).
I can confirm, based on many personal experiences (#2) there is no ATM withdrawal fee overseas for Fido cards
Thanks for confirming :)

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Sun Nov 12, 2017 3:22 pm

terran wrote:
Sun Nov 12, 2017 2:01 pm
Schwab/Fidelity are better for international use though.
Thanks for commenting.

Can you say more on how they are better?

Cash
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by Cash » Sun Nov 12, 2017 4:11 pm

I'm very pleased with Fidelity and have consolidated everything there. Schwab is very similar and often gets the nod because of more local offices at which to transact things in person. However, I keep a small amount of money at TD Bank for those purposes. They do not charge me foreign transaction fees, they waive my ATM fees at non-TD ATMs, and their branches have convenient locations and hours (7 days a week, open late on weekdays).

Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Sun Nov 12, 2017 4:42 pm

Cash wrote:
Sun Nov 12, 2017 4:11 pm
I'm very pleased with Fidelity and have consolidated everything there. Schwab is very similar and often gets the nod because of more local offices at which to transact things in person. However, I keep a small amount of money at TD Bank for those purposes. They do not charge me foreign transaction fees, they waive my ATM fees at non-TD ATMs, and their branches have convenient locations and hours (7 days a week, open late on weekdays).

Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
Thanks for sharing.

I looked into TD bank as well. They offer the exact same benefits that I listed for Fidelity/Schwab, except:
- High minimum of $2500 to avoid ATM fees.
- $3 for every outgoing ACH. Who does that these days! (I think only BOA and TD).

So I gave the edge to Fidelity/Schwab :)

Cash
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by Cash » Sun Nov 12, 2017 4:55 pm

kayanco wrote:
Sun Nov 12, 2017 4:42 pm
Cash wrote:
Sun Nov 12, 2017 4:11 pm
I'm very pleased with Fidelity and have consolidated everything there. Schwab is very similar and often gets the nod because of more local offices at which to transact things in person. However, I keep a small amount of money at TD Bank for those purposes. They do not charge me foreign transaction fees, they waive my ATM fees at non-TD ATMs, and their branches have convenient locations and hours (7 days a week, open late on weekdays).

Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
Thanks for sharing.

I looked into TD bank as well. They offer the exact same benefits that I listed for Fidelity/Schwab, except:
- High minimum of $2500 to avoid ATM fees.
- $3 for every outgoing ACH. Who does that these days! (I think only BOA and TD).

So I gave the edge to Fidelity/Schwab :)
Yes, I use Fidelity to push/pull money from TD Bank. That's free. The TD account is solely for writing checks, making ATM withdrawals, and having some emergency cash available ($2500 sounded about right to me). It is not linked to my Fidelity account on the TD side. I wanted to create a security wall for my Fidelity account, which contains the bulk of our liquid assets, so I don't allow any external withdrawals (check (other than bill pay), ATM, ACH, or otherwise) from it. But of course, if I need to, I can use my Fidelity checks and debit card, or send a wire.
Last edited by Cash on Sun Nov 12, 2017 5:15 pm, edited 1 time in total.

terran
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by terran » Sun Nov 12, 2017 5:06 pm

kayanco wrote:
Sun Nov 12, 2017 3:22 pm
terran wrote:
Sun Nov 12, 2017 2:01 pm
Schwab/Fidelity are better for international use though.
Thanks for commenting.

Can you say more on how they are better?
The same reasons you and others have already outlined. Ally reimburses up to $10 per month of domestic ATM fees, but it doesn't reimburse international ATM fees. It may or may not charge a currency exchange fee, I've never bothered to look because of the ATM fee issue. I should note that the high rates at Ally are on the savings account, not the checking account, but I like having a checking account where I have my main savings to I can transfer between them instantly.

Schwab (based on my experience) and Fidelity (based on reviews I have read) do reimburse international ATM fees and do not charge currency conversion fees, but they don't offer a savings account with attractive rates. As such I have a Schwab account that I use for international travel, and an ally checking and savings accounts that act as my primary accounts.

amitb00
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by amitb00 » Sun Nov 12, 2017 5:09 pm

Recently I went on international trip and notified Ally. They stated that international ATM fees charged by ATM owner will not be reimbursed.
Interestingly when I saw the statement they had reimbursed ATM fees incurred in Peru and India. So you may also take chance with Ally Debit cards internationally.

simas
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by simas » Sun Nov 12, 2017 7:06 pm

" Are these real/substantial benefits (worth the $20K) or just gimmicks? "
- do you use or do you see yourself using any of these services? if you do not they have zero value regardless of the provider..
- the cost is $20k, it is the interest you lose on that money (and the spread you allow them to earn). figure ~$200 a year


"- Do other banks/CUs offers these for free?"
free checking - sure.
foreign transaction emphasis - probably not at your local credit union.

I used Fidelity and Schwab both and think their cash management is better than any commercial bank around... used it in US, abroad (former Soviet Union, India, etc), zero issues, zero fees. excellent customer service form both, exceptional customer service from Fidelity

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Sun Nov 12, 2017 10:26 pm

amitb00 wrote:
Sun Nov 12, 2017 5:09 pm
Recently I went on international trip and notified Ally. They stated that international ATM fees charged by ATM owner will not be reimbursed.
Interestingly when I saw the statement they had reimbursed ATM fees incurred in Peru and India. So you may also take chance with Ally Debit cards internationally.
What were the ATM surcharge fees in Peru and India?

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Sun Nov 12, 2017 10:27 pm

simas wrote:
Sun Nov 12, 2017 7:06 pm
" Are these real/substantial benefits (worth the $20K) or just gimmicks? "
- do you use or do you see yourself using any of these services? if you do not they have zero value regardless of the provider..
- the cost is $20k, it is the interest you lose on that money (and the spread you allow them to earn). figure ~$200 a year


"- Do other banks/CUs offers these for free?"
free checking - sure.
foreign transaction emphasis - probably not at your local credit union.

I used Fidelity and Schwab both and think their cash management is better than any commercial bank around... used it in US, abroad (former Soviet Union, India, etc), zero issues, zero fees. excellent customer service form both, exceptional customer service from Fidelity
What were the ATM surcharge fees in Soviet Union, India?

benevo
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by benevo » Mon Nov 13, 2017 12:02 pm

I actually use both Schwab and CO360.

Schwab - for all "spending money" and any time I need an ATM. As you mention, free ATM fee refunds at the end of the month!

I use CO360 checking and savings for paying bills and keeping all my non-emergency fund savings balance. It's also extremely useful having a CO credit card as transfers are quick and easy, as are mobile deposit. (Schwab mobile deposit, I hear, is also easy.)

Just my 2 cents!

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oldcomputerguy
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by oldcomputerguy » Mon Nov 13, 2017 12:57 pm

Cash wrote:
Sun Nov 12, 2017 4:11 pm
Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
I did have to go to a Fidelity branch with dead-tree paper in hand to get them to give POA over my Roth and traditional IRA accounts to DW. But other than that, you're right, their online experience is pretty decent.
Anybody know why there's a 20-pound frozen turkey up in the light grid?

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JDCarpenter
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by JDCarpenter » Mon Nov 13, 2017 2:05 pm

kayanco wrote:
Sun Nov 12, 2017 10:26 pm
amitb00 wrote:
Sun Nov 12, 2017 5:09 pm
Recently I went on international trip and notified Ally. They stated that international ATM fees charged by ATM owner will not be reimbursed.
Interestingly when I saw the statement they had reimbursed ATM fees incurred in Peru and India. So you may also take chance with Ally Debit cards internationally.
What were the ATM surcharge fees in Peru and India?
I can provide Peru from our recent stay. We made 17 cash withdrawals, totalling about $2500, with total charges by dispensing banks of $80.68 (all reimbursed by Schwab). We had so many withdrawals because of, in our minds, pretty low maximums throughout the country on what you could get in a single transaction.

(FWIW, we have both Schwab and BoA platinum... The BoA 2.625 points for everything on no-fee travel rewards card makes it our everyday card, while we use Sapphire Reserve for most travel/restaurants.)

Edited to correct total withdrawal amount....
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kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Mon Nov 13, 2017 2:20 pm

JDCarpenter wrote:
Mon Nov 13, 2017 2:05 pm
kayanco wrote:
Sun Nov 12, 2017 10:26 pm
amitb00 wrote:
Sun Nov 12, 2017 5:09 pm
Recently I went on international trip and notified Ally. They stated that international ATM fees charged by ATM owner will not be reimbursed.
Interestingly when I saw the statement they had reimbursed ATM fees incurred in Peru and India. So you may also take chance with Ally Debit cards internationally.
What were the ATM surcharge fees in Peru and India?
I can provide Peru from our recent stay. We made 17 cash withdrawals, totalling about $2500, with total charges by dispensing banks of $80.68 (all reimbursed by Schwab). We had so many withdrawals because of, in our minds, pretty low maximums throughout the country on what you could get in a single transaction.

(FWIW, we have both Schwab and BoA platinum... The BoA 2.625 points for everything on no-fee travel rewards card makes it our everyday card, while we use Sapphire Reserve for most travel/restaurants.)

Edited to correct total withdrawal amount....
Thanks.

So that's like $4.7 per ATM transaction! I didn't except it to be that high.

Do you think the BoA platinum benefits justify the very high balance requirement?

Thanks.

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JDCarpenter
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by JDCarpenter » Mon Nov 13, 2017 2:34 pm

kayanco wrote:
Mon Nov 13, 2017 2:20 pm
...

Do you think the BoA platinum benefits justify the very high balance requirement?

Thanks.
Like others, I have six figures sitting in index ETFs at Merrill Edge, so the balance requirements are not an issue. (Then again, we are mid-50s retirees, not starting out in our mid-20s. Like so much else, it will vary with age/assets....)
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Cash
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by Cash » Mon Nov 13, 2017 7:16 pm

oldcomputerguy wrote:
Mon Nov 13, 2017 12:57 pm
Cash wrote:
Sun Nov 12, 2017 4:11 pm
Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
I did have to go to a Fidelity branch with dead-tree paper in hand to get them to give POA over my Roth and traditional IRA accounts to DW. But other than that, you're right, their online experience is pretty decent.
How long ago was that? I did that online too! They sent an e-mail to her e-mail address; she clicked on the link and was able to accept the conditions and sign online (same for me with her accounts).

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oldcomputerguy
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by oldcomputerguy » Mon Nov 13, 2017 7:33 pm

Cash wrote:
Mon Nov 13, 2017 7:16 pm
oldcomputerguy wrote:
Mon Nov 13, 2017 12:57 pm
Cash wrote:
Sun Nov 12, 2017 4:11 pm
Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
I did have to go to a Fidelity branch with dead-tree paper in hand to get them to give POA over my Roth and traditional IRA accounts to DW. But other than that, you're right, their online experience is pretty decent.
How long ago was that? I did that online too! They sent an e-mail to her e-mail address; she clicked on the link and was able to accept the conditions and sign online (same for me with her accounts).
Just a few months ago. :?
Anybody know why there's a 20-pound frozen turkey up in the light grid?

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Mon Nov 13, 2017 7:58 pm

oldcomputerguy wrote:
Mon Nov 13, 2017 12:57 pm
Cash wrote:
Sun Nov 12, 2017 4:11 pm
Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
I did have to go to a Fidelity branch with dead-tree paper in hand to get them to give POA over my Roth and traditional IRA accounts to DW. But other than that, you're right, their online experience is pretty decent.
DW stands for what please?

Thanks.

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whodidntante
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by whodidntante » Mon Nov 13, 2017 8:01 pm

kayanco wrote:
Mon Nov 13, 2017 7:58 pm
oldcomputerguy wrote:
Mon Nov 13, 2017 12:57 pm
Cash wrote:
Sun Nov 12, 2017 4:11 pm
Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
I did have to go to a Fidelity branch with dead-tree paper in hand to get them to give POA over my Roth and traditional IRA accounts to DW. But other than that, you're right, their online experience is pretty decent.
DW stands for what please?

Thanks.
Darling wife. It's common on here. I'm not sure why.

bridgewiz612
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Re: Schwab/Fidelity vs BoA Gold: Fee subsidies

Post by bridgewiz612 » Mon Nov 13, 2017 8:10 pm

Are Schwab and Fidelity subsidizing their fees to drive Vanguard out of business with 'loss-leaders'?

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Mon Nov 13, 2017 8:12 pm

whodidntante wrote:
Mon Nov 13, 2017 8:01 pm
kayanco wrote:
Mon Nov 13, 2017 7:58 pm
oldcomputerguy wrote:
Mon Nov 13, 2017 12:57 pm
Cash wrote:
Sun Nov 12, 2017 4:11 pm
Also, I believe one can do more things online at Fidelity. I can't think of a single thing that has required me to fax or mail in something, and that's important to me. It's why I did not go with BOA and moved from Vanguard and Wells Fargo.
I did have to go to a Fidelity branch with dead-tree paper in hand to get them to give POA over my Roth and traditional IRA accounts to DW. But other than that, you're right, their online experience is pretty decent.
DW stands for what please?

Thanks.
Darling wife. It's common on here. I'm not sure why.
hahaha, nice! Learned some interesting trivia. Is DH also common or would that be an oxymoron? :p

Btw side-question from OT, is that something generally done/advised? Or was the original poster doing it for some uncommon circumstance?

Thanks.

overthought
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by overthought » Mon Nov 13, 2017 9:57 pm

kayanco wrote:
Mon Nov 13, 2017 8:12 pm
whodidntante wrote:
Mon Nov 13, 2017 8:01 pm
kayanco wrote:
Mon Nov 13, 2017 7:58 pm
DW stands for what please?

Thanks.
Darling wife. It's common on here. I'm not sure why.
hahaha, nice! Learned some interesting trivia. Is DH also common or would that be an oxymoron? :p
I believe DH is usually "Dear Husband" or "Dear Hubby" ?

JGoneRiding
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by JGoneRiding » Mon Nov 13, 2017 11:51 pm

I didn't read everything. I have a Schwab checking acct. It doesn't have a ton of money in but cycles through about 2k a month, I have a linked brokerage acct that has about 8k in it plus about 2k in cash. The other day totally my fault due to to fast ACH withdrawls before the deposits came I overdrew the checking not once but twice. Schwab transfered EXACTLY the amount I needed to cover those from my brokerage, to the penny, with no fee.

Also every time I call them and I have done so on Sunday afternoon they are amazing. In contrast my much better appreciated than BOA (I have had them too) brick and mortar bank charged me $10 for a similar scenario this month and I have over 20k sitting on deposit with them (mildly annoyed but again my fault for not getting the deposits in on time)

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JDCarpenter
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by JDCarpenter » Tue Nov 14, 2017 9:08 am

JGoneRiding wrote:
Mon Nov 13, 2017 11:51 pm
.... In contrast my much better appreciated than BOA (I have had them too) brick and mortar bank charged me $10 for a similar scenario this month and I have over 20k sitting on deposit with them (mildly annoyed but again my fault for not getting the deposits in on time)
You should be able to set up automatic overdraft protection on the checking account (I don't think that is related to the relationship tiers at BoA). If I flub up and checking is hit too hard, it draws from my HELOC. I assume if we had a savings account, we could use that--not sure about tapping Merrill Edge account for this, as I was more comfortable using the HELOC....

Overall agreement with your perception of better customer service at Schwab....
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simas
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by simas » Tue Nov 14, 2017 7:51 pm

[/quote]

What were the ATM surcharge fees in Soviet Union, India?
[/quote]

zero.

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Wed Nov 15, 2017 6:56 pm

How do you deposit cash to Fidelity, Schwab or Capital One if there's no branch near you?

I got some cash back at the grocery store today, but soon realized that I didn't need it. As I exited, right next to the grocery was a national bank's branch. And I thought: If I had an account here, I could easily deposit the cash in my account; so his "might" be a limitation of Schwab, Fido and Cap One.

Is there a free way to do so?

Google tells me that some ATMs accept cash deposits? Has anyone tried this? Is it free?
Also, sounds like you could reload a prepaid debit card (with the cash) at some store and then transfer the money to your online-only bank??

happenstance
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Location: NYC

Re: Schwab/Fidelity vs BoA Gold: Checking

Post by happenstance » Wed Nov 15, 2017 8:00 pm

My answer (with Schwab Checking as my main checking account) is to not deposit cash. Almost all my purchases, even for a single cup of coffee, are made via credit card. And because I have so few cash purchases, I only go to the ATM about once a month to get cash out. If I get cash back for whatever reason, then it just saves me a trip to the ATM for another week or two.

afan
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by afan » Wed Nov 15, 2017 8:01 pm

We use the Schwab account for the free ATM, domestic and travelling. But several times a year we need something that either Schwab does not do at all (notary) or does only with so much hassle it is not worth it (certified check). Schwab offers an FDIC insured bank account, but its services do not match those of a conventional bank.

Have the Fidelity CMA, but have not tried to use Fidelity as a bank. They do not have nearly as many branches as does our legacy megabank. At times it has been handy to be able to drop in to a branch out of town and get the same, lousy, inpersonal, disorganized, service.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama

duckcalldan
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by duckcalldan » Wed Nov 15, 2017 8:02 pm

My combo:
Fidelity checking for bill payment & ATM access
Alliant CU savings for high interest rate (all my dividends are deposited here) & cash deposits at many co-op CU ATMs
ACH between the two as needed
Works for me.

kayanco
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Thu Nov 16, 2017 9:31 am

happenstance wrote:
Wed Nov 15, 2017 8:00 pm
My answer (with Schwab Checking as my main checking account) is to not deposit cash. Almost all my purchases, even for a single cup of coffee, are made via credit card. And because I have so few cash purchases, I only go to the ATM about once a month to get cash out. If I get cash back for whatever reason, then it just saves me a trip to the ATM for another week or two.
I like this approach of trying to maximize credit card use, and use little anything else.

Cash
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by Cash » Thu Nov 16, 2017 9:48 am

happenstance wrote:
Wed Nov 15, 2017 8:00 pm
My answer (with Schwab Checking as my main checking account) is to not deposit cash. Almost all my purchases, even for a single cup of coffee, are made via credit card. And because I have so few cash purchases, I only go to the ATM about once a month to get cash out. If I get cash back for whatever reason, then it just saves me a trip to the ATM for another week or two.
This has been my approach as well for years. I just don’t get or use that much cash. But if I somehow need to deposit cash (I think it has been over 10 years since I last did so), I can do so into the TD Bank account that I keep around for potential in-person banking needs.

kayanco
Posts: 508
Joined: Sat Jun 07, 2014 12:20 am

Re: Schwab/Fidelity vs BoA Gold: Checking

Post by kayanco » Fri Nov 17, 2017 12:45 am

kayanco wrote:
Wed Nov 15, 2017 6:56 pm
How do you deposit cash to Fidelity, Schwab or Capital One if there's no branch near you?

I got some cash back at the grocery store today, but soon realized that I didn't need it. As I exited, right next to the grocery was a national bank's branch. And I thought: If I had an account here, I could easily deposit the cash in my account; so his "might" be a limitation of Schwab, Fido and Cap One.

Is there a free way to do so?

Google tells me that some ATMs accept cash deposits? Has anyone tried this? Is it free?
Also, sounds like you could reload a prepaid debit card (with the cash) at some store and then transfer the money to your online-only bank??
I did some research on this. Here are my findings:

Schwab:
Cash: Does not accept cash deposit at branch, nor at any ATM.
Mobile app: accepts both Cashier's checks and Money orders.

Fidelity:
Cash: Does not accept cash deposit at branch, nor at any ATM.
Mobile app: accepts Cashier's checks, but not Money orders.

Capital One:
Cash: Accepts cash deposit at Capital One ATMs, and Target stores (which have Cap One ATMs)
Mobile app: accepts Cashier's checks, but NOT Money orders.

PenFed:
Cash: According to rep, Allpoint ATMs accept cash deposits for PenFed. BUT I tried two Allpoint ATMs, but neither had a deposit option. Has anyone tried this?
Mobile app: Does NOT accept Cashier's checks, nor Money orders.

So overall, for cash deposits, Capital One has the advantage.
(If PenFed does indeed accepts deposits at Allpoint, that would be good too. But not sure if others have tried?)

simas
Posts: 67
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Re: Schwab/Fidelity vs BoA Gold: Checking

Post by simas » Fri Nov 17, 2017 10:54 am

I think you are solving this backwards, rather than going from various offering I would have started with needs and then match what exists in the market to my needs. if I never travel to Antarctica then the cost of ATM withdrawal there is of little concern to me. What are your needs?

i.e. mine are
- local branch for anything I can do online (notary service), open enough hours and not far enough from my home. think could be bank, credit union ,etc
- cash management services tied with the brokerage, good services, no feeds. for me this is primarily Fidelity and transitioning off Schwab.

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