Schwab ATM

I don't know. Ask Chuck !!!

That's what it says... Schwab will refund ATM charges that you might incur from out of network ATMs.

On his website, Chuck says "No ATM fees. We reimburse any ATM fee you are charged— worldwide."

However, there is a numbered note after that statement. Here's what the numbered note says

"2. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for POS transactions; or fees for stamp purchases, balance inquiries, or any transactions other than an ATM cash withdrawal from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time."

DeAnn- I am one of those who have been promoting the Schwab account. I think it is a great account for people who travel because:

1)If you travel domestically you often will not withdraw money from your own bank. Most, if not all, banks will charge you a fee - for going to another bank on one side and for using their ATM on the other site. Schwab will not charge you a fee themselves (as they do not have their own free-standing bank) and, best of all, they will reimburse you for the fees charged by the other bank. NOTE - read the fine print - I believe there may be a maximum amount that they will refund but I personally have not reached that amount in the 1 year I've had the card - so all my fees have been reimbursed.

2) For foreign travel - They do not appear to charge a foreign transaction fee or, if they do it is small. I was charged what I believe was the going bank rate this past March though it is possible the markup was so small that I did not notice. It was NOT 3%.

Bingo! This was just the info I was looking for. I think my stimulus check from the gov't will go into a new Schwab account. I checked the website and it sounds like an excellent account--better than my current checking account. This, even with the requirement to open an investment account. Neither have minimum balances. I really don't see a downside. Thanks for your responses.

DeAnn,

I just opened a Schwab Account, and put my tax refund in it. So far everything has been as advertised.. no complaints here.

I wanted a change on the checks they sent me (wanted to how home address on label, not shipping address), so I called customer service. Everything was great.. I had new checks sent to me within the week (sent by DHL no less), and was charged NOTHING (for what could have been considered a customer error by other banks).

Great Service!

I had called the phone number and spoke to my good friend Debbie ;) and I quoted her to saying "We refund any and all ATM fee's. I asked, even the 1% fee that VISA takes on all transactions. She replied with a "Yes".

Seeing/hearing is believing, so is there anyone else out there who has seen his to be true after a trip overseas?

P.S. I've got my Schwab papers in the mail for my new account:)

Brian

I am a new Schwab customer, untested in Europe yet. In my case I am paying cash up front for accommodations in several cities. I am told that my daily ATM limit is $2,000 and there is no limit on the NUMBER of daily withdrawals, just the Cash total. I am also a brokerage customer and have had several reasons to call customer service over the past few months. All in all Schwab customer service has been nothing less than excellent.

Tom....be aware that many European banks impose their own daily limits for cash withdrawals, so the $2000 limit allowed by Schwab may be meaningless. You may want to call them to ask about this.

Hello everyone,
I am thinking of opening a Schwab account but had a question. I beleive they reimburse all ATM fees but how is this reimbursement done?

1) Do they automatically recognize that ATM fees were charged to you and credit it to your account at the end of the month?

2) Does one need to fill in a form etc or do something special to get the remibursement?

Thanks

Aries - I have the Schwab account and they post the amount of the fees (i.e. total of $6.00) to my account at the end of each month.

Thanks, Karen,
When you said total of $6.00 do you mean that the is the maximum amount they will reimburse you?
If your ATM fees total more than that they will not reimburse?
Thanks

All the advice here sounds good and helpful except the disclaimer listed by Larry: "Wherever it is accepted."

You will find that sometimes it is almost impossible to find a machine to take your card. Schwab is not that well known. Look at the systems listed on the back of your card.

My ATM card lists Cirrus and Pulse as systems to look for on foreign ATM machines. And I never have trouble finding a machine to accept it.

From what I have read on Graffiti Wall about ATMs I have decided not to worry about the fees. They will vary at your bank and at the bank you use in Europe and from month to month on each.

I just relax and count the fees as another cost of travel. I like the convenience of using those machines in lieu of travelers checks which are more expensive and much harder to find an office to cash.

The Schwab card is affiliated with Visa, so that would make it part of the Plus network, accepted at ATM's worldwide.

Re: reimbursement of fees - When I said "i.e. $6.00" what I meant was that on my statement there will be a line item called "reimbursement of atm fees" and then there will be a total amount given. So, for the month of July I used an ATM twice that charged me $3.00 per withdrawal. Schwab then reimbursed me $6.00 at the end of the month. I think there may be a maximum amount that they reimburse but I have not reached it.

Re: acceptance in Europe - as noted, this card is branded with the Visa logo. I took it with me to France, Germany & Switzerland in March and took out cash all over the place. I never even looked for the network that it was on, or for any specific bank. I just went to whichever bank ATM was closest and withdrew Euros (or Swiss Francs). In Europe, of course, I was never charged a fee for using their ATMs. My daughter had the card for the entire school year and used it in Morocco as well and we've both been to Canada - again, no problem getting cash anywhere.

I think this is a great account for travellers and specifically opened it for my daughter who was spending the year abroad. It was the cheapest way for her to access her US funds over the course of the year.

Thank you Karen for your help.
That definitely cleared a ton of questions I had. I do wonder what their limit is though.
Also, my husband and I will be travelling to Switzerland this year (October to BO and Zurich). I hope we will not have any ATM issues with this card.
I guess we will be paying a currency conversion fee when we withdraw.

Does anyone have an idea what that conversion % is for Charles Schwab? Is it 1% or 3% or what?

I thought when I first signed up they told me the foreign conversion fee would be 1%. It is not separate on my statement and from what I can tell by comparing it to historical rates on xe.com it is between 0-1%. I'd call them and ask all the questions. They really are very good on the phone.

Thanks Karen :)

They told me no coversion fee and no ATM fees...but I haven't tried it yet..leave in one month!