Moving from Schwab to another bank

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NYCaviator
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Moving from Schwab to another bank

Post by NYCaviator » Fri Dec 14, 2018 3:00 pm

Looking for suggestions on a new bank.

I like Schwab, and initially went with them because of the ATM fee refunds and the fact that I can withdraw money overseas with no fees (or at least get fees refunded). Now that I hardly ever carry cash (except when traveling to certain countries overseas), having the ATM fee rebate isn't much of an issue.

Are there any other banks that don't charge fees for overseas transactions? A brick and mortar presence here in the states would be nice, but not essential. One thing I do hate is fees. I keep a decent balance in my checking/savings so meeting minimum balances shouldn't be an issue, but all of the other hidden fees drive me nuts.

I looked into HSBC, but they seem to have mixed reviews. Suggestions are appreciated!

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ResearchMed
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Re: Moving from Schwab to another bank

Post by ResearchMed » Fri Dec 14, 2018 3:06 pm

NYCaviator wrote:
Fri Dec 14, 2018 3:00 pm
Looking for suggestions on a new bank.

I like Schwab, and initially went with them because of the ATM fee refunds and the fact that I can withdraw money overseas with no fees (or at least get fees refunded). Now that I hardly ever carry cash (except when traveling to certain countries overseas), having the ATM fee rebate isn't much of an issue.

Are there any other banks that don't charge fees for overseas transactions? A brick and mortar presence here in the states would be nice, but not essential. One thing I do hate is fees. I keep a decent balance in my checking/savings so meeting minimum balances shouldn't be an issue, but all of the other hidden fees drive me nuts.

I looked into HSBC, but they seem to have mixed reviews. Suggestions are appreciated!
What is it about Schwab that you don't like, or wish you could change?
That would help us to suggest alternatives.

RM
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galeno
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Re: Moving from Schwab to another bank

Post by galeno » Fri Dec 14, 2018 3:07 pm

I read several USA ex-pat forums for Costa Rica / Latin America. There was this same question and all appeared to recommend Schwab Bank. What type of fees does Schwab Bank charge? I thought none.
Last edited by galeno on Fri Dec 14, 2018 3:08 pm, edited 1 time in total.
AA = 40/55/5. Expected CAGR = 3.8%. GSD (5y) = 6.2%. USD inflation (10 y) = 1.8%. AWR = 4.0%. TER = 0.4%. Port Yield = 2.82%. Term = 33 yr. FI Duration = 6.0 yr. Portfolio survival probability = 95%.

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Re: Moving from Schwab to another bank

Post by sjt » Fri Dec 14, 2018 3:07 pm

Seems like Schwab fits the bill.... You don't mention why you want to move away from Schwab.
"The one who covets is the poorer man, | For he would have that which he never can; | But he who doesn't have and doesn't crave | Is rich, though you may hold him but a knave." - Wife of Bath tale

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Re: Moving from Schwab to another bank

Post by mptfan » Fri Dec 14, 2018 3:08 pm

sjt wrote:
Fri Dec 14, 2018 3:07 pm
Seems like Schwab fits the bill.... You don't mention why you want to move away from Schwab.
+1

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Re: Moving from Schwab to another bank

Post by NYCaviator » Fri Dec 14, 2018 3:24 pm

ResearchMed wrote:
Fri Dec 14, 2018 3:06 pm
NYCaviator wrote:
Fri Dec 14, 2018 3:00 pm
Looking for suggestions on a new bank.

I like Schwab, and initially went with them because of the ATM fee refunds and the fact that I can withdraw money overseas with no fees (or at least get fees refunded). Now that I hardly ever carry cash (except when traveling to certain countries overseas), having the ATM fee rebate isn't much of an issue.

Are there any other banks that don't charge fees for overseas transactions? A brick and mortar presence here in the states would be nice, but not essential. One thing I do hate is fees. I keep a decent balance in my checking/savings so meeting minimum balances shouldn't be an issue, but all of the other hidden fees drive me nuts.

I looked into HSBC, but they seem to have mixed reviews. Suggestions are appreciated!
What is it about Schwab that you don't like, or wish you could change?
That would help us to suggest alternatives.

RM
Sorry, should have made it a bit more clear! I was wondering if there was a Schwab-like product with a brick and mortar presence. Sometimes I have to deposit cash (not terribly often), and its a bit of a pain to go buy a money order somewhere and then deposit it online.

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Re: Moving from Schwab to another bank

Post by sjt » Fri Dec 14, 2018 3:26 pm

NYCaviator wrote:
Fri Dec 14, 2018 3:24 pm

Sorry, should have made it a bit more clear! I was wondering if there was a Schwab-like product with a brick and mortar presence. Sometimes I have to deposit cash (not terribly often), and its a bit of a pain to go buy a money order somewhere and then deposit it online.
AH that makes sense too. As a Schwab bank account holder, I would like to find a decent brick and mortar bank for the same reason - also I have some savings bonds which are maturing and BoA no longer cashes these for non account holders.
"The one who covets is the poorer man, | For he would have that which he never can; | But he who doesn't have and doesn't crave | Is rich, though you may hold him but a knave." - Wife of Bath tale

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Re: Moving from Schwab to another bank

Post by livesoft » Fri Dec 14, 2018 3:28 pm

Amazingly, Wells Fargo does not charge fees for overseas transactions if you get the right kind of account. And they don't charge any fees if you get the right kind of account. I imagine that all banks have such "right kind of account."
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Re: Moving from Schwab to another bank

Post by mptfan » Fri Dec 14, 2018 3:29 pm

NYCaviator wrote:
Fri Dec 14, 2018 3:24 pm
I was wondering if there was a Schwab-like product with a brick and mortar presence.
No, I don't think there is. You have to look at the big picture and understand what Schwab is doing... the main reason why Schwab can offer such a great banking product with lots of features that is virtually free and that refunds all of your ATM fees, including foreign ATMs, is because they do not have to pay for brick and mortar branches all over the place. Think about the expense of paying for all of those buildings and employees and multiply that times hundreds if not thousands of branches all over the country, and you can get a sense of how much Schwab is saving by providing an online only bank product, and that is why they can offer such great online banking services at virtually no cost to you. I know there are other online only banking products out there, I just happen to think that Schwab is one of the best, and if you look at the big picture, you will realize that a bank with lots of brick and mortar branches can't compete in terms of low costs with what online only banks are offering. You can't have your cake and eat it too.

You said a brick and mortar presence would be nice but it is not essential and I agree. So you need to decide whether the "niceness" of having a brick and mortar presence is worth giving up the great and free online only banking product that Schwab offers in favor of the minimum balance and inevitable fees associated with traditional brick and mortar bank accounts. I have been using Schwab bank for a while now and I have decided that it is not. Some people try to have the best of both worlds by having an online only account and a brick and mortar account, but that's not for me because I don't want to keep track of yet another account and its related minimum balance requirements to avoid fees and other gotchas. I would also point out that even though Schwab only has one bank branch (I think it is in Nevada somewhere) they have lots of brokerage offices throughout the country that can assist with banking issues even though they do not handle cash.
Last edited by mptfan on Fri Dec 14, 2018 3:48 pm, edited 14 times in total.

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ResearchMed
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Re: Moving from Schwab to another bank

Post by ResearchMed » Fri Dec 14, 2018 3:32 pm

sjt wrote:
Fri Dec 14, 2018 3:26 pm
NYCaviator wrote:
Fri Dec 14, 2018 3:24 pm

Sorry, should have made it a bit more clear! I was wondering if there was a Schwab-like product with a brick and mortar presence. Sometimes I have to deposit cash (not terribly often), and its a bit of a pain to go buy a money order somewhere and then deposit it online.
AH that makes sense too. As a Schwab bank account holder, I would like to find a decent brick and mortar bank for the same reason - also I have some savings bonds which are maturing and BoA no longer cashes these for non account holders.
Okay. Yeah, we have a small B&M account almost next door to the local Schwab (both *very* nearby), for "cash" needs.

For the savings bonds, wouldn't Schwab take them, and deposit the amount in your account there?
Then you'd deal with getting cash however you now deal with that...?

RM
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Re: Moving from Schwab to another bank

Post by snowman » Fri Dec 14, 2018 3:34 pm

NYCaviator wrote:
Fri Dec 14, 2018 3:24 pm


Sorry, should have made it a bit more clear! I was wondering if there was a Schwab-like product with a brick and mortar presence. Sometimes I have to deposit cash (not terribly often), and its a bit of a pain to go buy a money order somewhere and then deposit it online.
I don't think there is. That's why I opened free checking account years ago at my local brick and mortar bank. I only use them couple times a year for cash deposits, then next day I do EFT to my online bank (Schwab in your case).

arf30
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Re: Moving from Schwab to another bank

Post by arf30 » Fri Dec 14, 2018 3:36 pm

Almost every B&M bank has a "high end" checking product that waives most of the fees, including ATM, but the catch you need to keep a large amount of assets or deposit with the bank to qualify (Wells Portfolio, Chase Private Client, etc). Sometimes I think about switching for the warm fuzzy feeling of having a local branch, but would rather keep investments separate from banking for now.

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Re: Moving from Schwab to another bank

Post by NYCaviator » Fri Dec 14, 2018 4:02 pm

arf30 wrote:
Fri Dec 14, 2018 3:36 pm
Almost every B&M bank has a "high end" checking product that waives most of the fees, including ATM, but the catch you need to keep a large amount of assets or deposit with the bank to qualify (Wells Portfolio, Chase Private Client, etc). Sometimes I think about switching for the warm fuzzy feeling of having a local branch, but would rather keep investments separate from banking for now.
Agreed about the "warm and fuzzy." I personally don't like having my investments and banking in one place. Chase has an interesting new "sapphire" product (much like their credit card), but I think it requires upwards of 100k at Chase, and I'm not going to switch from Vanguard to JPM.

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Re: Moving from Schwab to another bank

Post by gclancer » Fri Dec 14, 2018 4:11 pm

Find a new bank, leave your Schwab bank account open, and set up a link between your new account and Schwab. If you’re going overseas transfer the money you’ll need to the Schwab account. I’ve had a Schwab Bank checking account with a $0 average daily balance for going on 10 years now, it’s not hurting anyone and doesn’t cost me a penny.

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Re: Moving from Schwab to another bank

Post by Mountain Doc » Fri Dec 14, 2018 4:18 pm

I switched from Schwab to Alliant Credit Union. Better interest rates, plenty of ATM fee reimbursement, awesome credit card (Signature Visa), and they have a network of ATMs where you can deposit cash. I'm happy with the change.

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Re: Moving from Schwab to another bank

Post by mptfan » Fri Dec 14, 2018 4:41 pm

Does Alliant reimburse foreign ATM fees?

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Re: Moving from Schwab to another bank

Post by arf30 » Fri Dec 14, 2018 4:44 pm

mptfan wrote:
Fri Dec 14, 2018 4:41 pm
Does Alliant reimburse foreign ATM fees?
Yes, but there's a 1% FTF.

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Re: Moving from Schwab to another bank

Post by mptfan » Fri Dec 14, 2018 4:45 pm

arf30 wrote:
Fri Dec 14, 2018 4:44 pm
mptfan wrote:
Fri Dec 14, 2018 4:41 pm
Does Alliant reimburse foreign ATM fees?
Yes, but there's a 1% FTF.
Ouch. What the bold print giveth, the fine print taketh away.

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Re: Moving from Schwab to another bank

Post by BogleMelon » Fri Dec 14, 2018 4:46 pm

Mountain Doc wrote:
Fri Dec 14, 2018 4:18 pm
I switched from Schwab to Alliant Credit Union. Better interest rates, plenty of ATM fee reimbursement, awesome credit card (Signature Visa), and they have a network of ATMs where you can deposit cash. I'm happy with the change.
slightly better. 0.65% Vs 0.35% is not that much specially for a checking account
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Re: Moving from Schwab to another bank

Post by Mountain Doc » Fri Dec 14, 2018 4:49 pm

I rarely travel internationally anymore and would use credit cards most of the time anyway. The other benefits (including 2% on savings) far outweigh the 1% FTF for me.

I don't think any institution has the BEST everything. So you can either use several institutions to optimize, or find one that is competitive in the areas that matter to you. Alliant is very strong all around, and I like simplicity.

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Re: Moving from Schwab to another bank

Post by mptfan » Fri Dec 14, 2018 5:20 pm

Mountain Doc wrote:
Fri Dec 14, 2018 4:49 pm
I don't think any institution has the BEST everything. So you can either use several institutions to optimize, or find one that is competitive in the areas that matter to you. Alliant is very strong all around, and I like simplicity.
I agree, it boils down to a choice between optimization and simplicity and I struggle with that balance myself. (It's a first world struggle to be sure) However, comparing Schwab to Alliant, the only way that Alliant appears to be better is the difference in interest in checking between .65% and .35%, in every other way Schwab is at least as good as Alliant, and in some ways better, and that difference is not enough to make me leave Schwab.
Last edited by mptfan on Fri Dec 14, 2018 7:12 pm, edited 1 time in total.

arf30
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Re: Moving from Schwab to another bank

Post by arf30 » Fri Dec 14, 2018 5:46 pm

The main strengths of Alliant is they allow cash deposits through the ATM coop network, decent rewards cards, and competitive savings. Downsides are no shared no branching, the FTF, and outdated billpay.

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Re: Moving from Schwab to another bank

Post by jminv » Fri Dec 14, 2018 6:20 pm

There isn't another bank and broker that's a close equivalent to Schwab for international. Schwab has a very expat/international friendly model: 2 factor identification texts to your overseas cell phone number, can access the account online from anywhere in the world without flagging it, fee rebate debit card works everywhere without being blocked - and I've used it in some very off the beaten track places to get cash, incoming international wires are free (ie expat paychecks), customer help will call you at any number you happen to have worldwide, they'll play along with your usa address and not move you to their international offering, etc.

If you think about why Schwab has the no international fee debit card, it's designed to attract people with above average incomes and/or wealth, ie, people who can afford to travel internationally. Same with a lot of the other account features. It then keeps them and their other accounts with Schwab, ie, increase customer stickiness.

For the brick and mortar needs, just open a no fee, low minimum local bank account and then link them online. That's what I do.

Schwab is weak on outgoing international foreign currency transfers, specifically for smaller sums (ie expat bill payment), where Transferwise and the like are now beating them. Schwab still makes you fax in your request for foreign currency wires, although not for dollar wires. They also don't have a great credit card offering. For that you're better off with one of the no international fee, 1.5-2% cash back cards.

My experience with HSBC, which was my bank before Schwab, was not good. To make a long story short, I had a lot of problems with them over a few years and in the end they closed my account with a 30 day notice while I was in an area where opening a new account was problematic. They did this for risk management reasons which mainly revolved around me being an American (my branch was in UK, my payments were for work in a third country they viewed as high risk). I would never, ever use them again.

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galeno
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Re: Moving from Schwab to another bank

Post by galeno » Fri Dec 14, 2018 6:37 pm

Can you not deposit the cash and just spend it? Instead of using your Schwab debit/credit card?
AA = 40/55/5. Expected CAGR = 3.8%. GSD (5y) = 6.2%. USD inflation (10 y) = 1.8%. AWR = 4.0%. TER = 0.4%. Port Yield = 2.82%. Term = 33 yr. FI Duration = 6.0 yr. Portfolio survival probability = 95%.

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Re: Moving from Schwab to another bank

Post by Mountain Doc » Fri Dec 14, 2018 7:05 pm

mptfan wrote:
Fri Dec 14, 2018 5:20 pm
I agree, it boils down to a choice between optimization and simplicity and I struggle with that balance myself. (It's a first world struggle to be sure) However, comparing Schwab to Alliant, the only way that Alliant appears to be better is the difference in interest in checking between .65% and .35%, in every other way Schwab is at least as good as Alliant, and in some ways better, and that difference is not enough to make me leave Schwab.
Schwab is a great bank, no doubt. As already mentioned, though, it is not just about the difference in checking account interest rates. The savings account at Alliant is 2% (Schwab's is 0.45%), I like Alliant's credit card better than Schwab's, and Alliant allows you to deposit cash at ATMs. Collectively, those are more valuable to me than avoiding a 1% FTF on international ATM/debit transactions. Others may have different circumstances.

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Re: Moving from Schwab to another bank

Post by mptfan » Fri Dec 14, 2018 7:14 pm

Mountain Doc wrote:
Fri Dec 14, 2018 7:05 pm
Schwab is a great bank, no doubt. As already mentioned, though, it is not just about the difference in checking account interest rates. The savings account at Alliant is 2% (Schwab's is 0.45%), I like Alliant's credit card better than Schwab's, and Alliant allows you to deposit cash at ATMs. Collectively, those are more valuable to me than avoiding a 1% FTF on international ATM/debit transactions. Others may have different circumstances.
Fair enough, there are more advantages to Alliant than just the difference in interest rates, but as you said it boils down to what combination of features are best for each person.

mhalley
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Re: Moving from Schwab to another bank

Post by mhalley » Sat Dec 15, 2018 7:22 pm

There are other ways to deposit cash besides money orders. I think Clark Howard had recommended the bluebird card to easily put cash into online accounts with no fees. You need to go to Walmart to put the cash on the card.

https://www.nerdwallet.com/blog/banking ... rd-review/

https://www.bluebird.com/

Cash
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Re: Moving from Schwab to another bank

Post by Cash » Sun Dec 16, 2018 8:53 am

If there is a TD Bank near you and you don’t mind keeping $2500 there, they will reimburse ATM fees worldwide and there is no foreign transaction fee. Plus they are open every day and have late hours.

https://www.td.com/us/en/personal-banki ... s/premier/

https://www.td.com/us/en/personal-banking/travel-tips/

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Re: Moving from Schwab to another bank

Post by moehoward » Sun Dec 16, 2018 9:02 am

NYCaviator wrote:
Fri Dec 14, 2018 3:24 pm
ResearchMed wrote:
Fri Dec 14, 2018 3:06 pm
NYCaviator wrote:
Fri Dec 14, 2018 3:00 pm
Looking for suggestions on a new bank.

I like Schwab, and initially went with them because of the ATM fee refunds and the fact that I can withdraw money overseas with no fees (or at least get fees refunded). Now that I hardly ever carry cash (except when traveling to certain countries overseas), having the ATM fee rebate isn't much of an issue.

Are there any other banks that don't charge fees for overseas transactions? A brick and mortar presence here in the states would be nice, but not essential. One thing I do hate is fees. I keep a decent balance in my checking/savings so meeting minimum balances shouldn't be an issue, but all of the other hidden fees drive me nuts.

I looked into HSBC, but they seem to have mixed reviews. Suggestions are appreciated!
What is it about Schwab that you don't like, or wish you could change?
That would help us to suggest alternatives.

RM
Sorry, should have made it a bit more clear! I was wondering if there was a Schwab-like product with a brick and mortar presence. Sometimes I have to deposit cash (not terribly often), and its a bit of a pain to go buy a money order somewhere and then deposit it online.
I live in the Charlotte area and their is a brick and motor Schwab right next to Fidelity.

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NYCaviator
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Re: Moving from Schwab to another bank

Post by NYCaviator » Sun Dec 16, 2018 9:20 am

The other thing that’s nice about a brick and mortar bank is cash withdrawals. There have been time when I needed 1,500-2,500 in cash. Schwab is good about upping withdrawal limits, but most ATMs cap you at 800-1000. So it can take trips to a few different banks to get that kind of cash out.

arf30
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Re: Moving from Schwab to another bank

Post by arf30 » Sun Dec 16, 2018 11:10 am

If you need more cash than an ATM can give with Schwab or Fidelity you can go to the teller at any bank and ask for a cash advance with your debit card, and they'll waive any fees.

Or keep a low end account at a local CU for cash transactions.

tindel
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Re: Moving from Schwab to another bank

Post by tindel » Sun Dec 16, 2018 11:19 am

Why not have a local Credit Union with national affiliations for brick and mortar services AND a Schwab bank account? Setup online transfers between the two; best of both worlds I'd think.

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Re: Moving from Schwab to another bank

Post by an_asker » Sun Dec 16, 2018 11:38 am

NYCaviator wrote:
Sun Dec 16, 2018 9:20 am
The other thing that’s nice about a brick and mortar bank is cash withdrawals. There have been time when I needed 1,500-2,500 in cash. Schwab is good about upping withdrawal limits, but most ATMs cap you at 800-1000. So it can take trips to a few different banks to get that kind of cash out.
Correct me if I am wrong, but I think folks are still unclear as to what you are looking for.

You wish to find a USA based bank that has B&M presence abroad so you can (abroad):

- deposit checks etc
- withdraw more money at a time than a "normal ATM" would allow

Am I right?

If I am right, assuming your travels are mostly to the same country abroad, why not open a local account with a bank there and have sufficient balance to cover your needs?

UpperNwGuy
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Re: Moving from Schwab to another bank

Post by UpperNwGuy » Sun Dec 16, 2018 12:41 pm

Sounds to me like you should stick with Schwab but perhaps also have an account at one other bank.

I am befuddled by all the concern about cash deposits and cash withdrawals here on Bogleheads. I don't think I've made a cash deposit in any amount in the last 20 years, and I haven't made a cash withdrawal for more than $400 on a single day, and an ATM worked fine for that. Why are people here so awash in cash? I'm eager for us to arrive at a cashless economy.

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wander
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Re: Moving from Schwab to another bank

Post by wander » Sun Dec 16, 2018 1:11 pm

Easy, just open an account at any local bank for cases when you need to deposit cash, then transfer between it and Schwab bank. Transfer money between banks are so easy just like between internal accounts.

mptfan
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Re: Moving from Schwab to another bank

Post by mptfan » Sun Dec 16, 2018 1:42 pm

NYCaviator wrote:
Sun Dec 16, 2018 9:20 am
The other thing that’s nice about a brick and mortar bank is cash withdrawals. There have been time when I needed 1,500-2,500 in cash. Schwab is good about upping withdrawal limits, but most ATMs cap you at 800-1000. So it can take trips to a few different banks to get that kind of cash out.
I also have Schwab bank and I learned that you can take cash out of a local bank using your Schwab ATM card by going to a teller inside the bank and making a cash advance against the Schwab ATM debit card which ultimately withdraws the money from your Schwab checking account. Note that this is not a credit card cash advance and there are no fees or interest charges paid by the Schwab customer. I don't know the exact limits, it may depend on the bank, but I am confident you can get up to at least $1,500 in most cases, and you can get whatever cash denominations you want. Read this thread...

viewtopic.php?t=235126

n00b
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Re: Moving from Schwab to another bank

Post by n00b » Sun Dec 16, 2018 8:12 pm

mptfan wrote:
Sun Dec 16, 2018 1:42 pm
I also have Schwab bank and I learned that you can take cash out of a local bank using your Schwab ATM card by going to a teller inside the bank and making a cash advance against the Schwab ATM debit card which ultimately withdraws the money from your Schwab checking account. Note that this is not a credit card cash advance and there are no fees or interest charges paid by the Schwab customer. I don't know the exact limits, it may depend on the bank, but I am confident you can get up to at least $1,500 in most cases, and you can get whatever cash denominations you want. Read this thread...

viewtopic.php?t=235126
I was able to withdraw 10k for a car purchase that way a couple years ago but, IIRC, I was only guaranteed to be able to withdraw 5k.

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