Debit/ATM Checking vs. Savings

One of my atm cards is linked only to a credit union savings account (I have no checking account there) and it works fine.

Most people report they can only access their checking account, but if the savings account is the only account that the card is linked to, maybe that's what makes it work? It'd make me a little nervous, if I didn't have a Plan B, but it sounds like this is your backup and that you've got a Plan A in case this doesn't work out like you think it might. Or maybe they can just change it to a checking account? Getting money on your trip is kinda important.

Gwen, normally only chequing accounts can be accessed via ATM's in Europe. However, as someone else mentioned if that's the only account you have with that particular Bank, perhaps it will "default" to savings? ¶ I'd suggest talking to someone at the Bank to see if they can provide any information on that (hopefully you find someone knowledgeable about European ATM use - not all staff in Banks are fully up to speed on that). Good luck!

Yes, I agree I should talk to the bank and I intend to do that, but I'm pretty aware of how much the information I get depends on which employee answers the phone at that particular day and time. It might be someone with no particular knowledge of European ATM machines. I'm much more inclined to trust what I read on this great forum. It's possible, as has been suggested, that if the ATM card is linked to just one account and that happens to be a savings account, it will work. But since the whole point of my effort was to provide a reliable backup ATM card, it seems kind of silly to not insist that it be functional. I'll probably just insist that they give me a checking account. Thanks for your help!

I wasn't aware that Schwab Bank had savings accounts, but maybe I'm wrong. I opened their High Yield Investor Checking and Brokerage accounts. The checking pays interest (0.5%). Are you sure it's not just their checking with interest? Unfortunately, they have discontinued their VISA card, which pays 2% cash back. I was one of the lucky ones who got it before they discontinued it.

Hi Gwen. If you go into your bank, you can probably request to see a personal banker who can go over all of this information (and any paperwork) with you, instead of relying on what someone on the phone might or might not know. It might also be a good idea to ask about your bank's fees for use of the card (foreign ATM withdrawal fee, international transaction fee) so that in case you have to use it, you won't be surprised when you get your bank statement.

Sarah, Schwab has no brick and mortar bank locations- they do business entirely online! But I contacted them this morning and they admitted they screwed up when they gave me a savings account. They're changing it to a checking account, which makes me feel a lot better. And by the way, the reason I chose Schwab for my backup checking account is because they charge no fees for ATM use, and reimburse (up to a point) whatever charges the ATM machine itself might tack onto your transactions.

Gwen, unless they were terribly mistaken, many people on the Helpline have reported using savings accounts in Europe - WHEN it was the ONLY account linked to a particular ATM card. If you have a brokerage acct with them, according to their website they'll be more than happy to add a checking account to it...and THEN make sure all of your money is in the checking account, IF THAT IS THE PRIMARY ACCOUNT (you'll just have to ask them).

Try it at an ATM near you. If it works here, it should work there. Be sure you have a 4 digit pin number. Happy travels.

Devra, "If it works here, it should work there." That's not necessarily true. Many ATM's in Europe don't provide a choice of accounts when accessing ATM's. They seem to default to a chequing account. Cheers!

I'm not sure what a Schwab savings account would be. I have a number of different accounts with them and the interest rates vary (once recently, the checking had a higher interest rate than the high yield account); I have sorted through issues regarding what can be linked to what and whether you can have a checking and an investor checking (apparently you cannot, even though I received checks for both - the regular "checking" deactivated the investor checking), and linking to other banks. Anyway, I have used the basic account quite successfully in Europe repeatedly. ** You are very correct that the information will depend upon who you speak to, but I would very surprised if you were not okay in Europe, if you are okay here. Have you tried a domestic ATM?

PS: Eileen is right. Make sure the money is in cash in the checking account. It can show cash in the investor account, and though linked, will not move automatically.

Ken is right, just because your ATM card works here doesn't mean it will work in Europe. When my daughter and a friend was in Europe, the friend had an ATM card and had been using it for months, but it would not work in Europe.

I had a rather lengthy phone interaction with a Schwab employee who called me to straighten out the issues of opening my new account. He apologized for his error of opening a savings account when I clearly asked for a checking account. So now I've got my Schwab checking account and I have no other accounts with Schwab so there should be no confustion. But when I asked this employee what my daily ATM withdrawal limit would be in Europe he couldn't tell me! Considering that Schwab has no brick and mortar banks and only does business on the phone and online, you would think the people they have making phone calls to customers would be able to answer such basic questions. I have to call another number and prowl around the bank's phone trees to get my answer. Not very inspiring!

Gwen, Your daily limit in Europe is the same as it is here (converted to euro). The ATM may have a lower transaction limit, the amount it will spit out at one time, but you can perform multiple transactions until you reach your daily limit.

Hi Gwen, Schwab does have bank locations, in fact, I have one up the street. When I opened my account in 2008 I was required to have a savings (can't remember what it was "called") and then after that I opened a checking account and transferred almost all my money from my Schwab "savings" into my checking that my ATM care was attached to. They were great, no problems, no fees, etc. I can't recall the limit but it was much higher than my Wells Fargo. I think it was at least $500 or more per day.

FWIW - based on what we read here, we opened a Capital One online Money Market Account this summer, solely for the ATM cards. We were given the option of requesting a checkbook, but we did not have to. We had no problem using this account ATM in Europe with the 4 digit PIN. BTW, Cap One charges no fees for ATM use with this account, and European ATMs have no charges. The cost for purchasing our foreign currency was less than 1/2% over the daily posted commercial exchange rates.