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Moving All My Money To A Schwab Brokerage And Checking Account.

OK, not ALL my money…but I am moving my checking, “immediate need” saving, and brokerage accounts over to Charles Schwab. I have written in the past about my displeasure with some aspects of Bank of America and while I have been with them for what seems like forever, it’s time to move on to a bank I can be happy with. I looked into credit unions, which I would have preferred to go with, but I didn’t find anything in my area that I could join that met my needs. So Schwab it is, and so far so good…with the opening of the accounts.

schwab

The big difference I will have with them from BofA? Schwab is online only – there are no bank branches. Sure, there are brokerage offices, where I could go deposit a check into my account if I really needed to, but most everything is done online and through the mail. Sound scary? Well, BofA doesn’t have a single branch in Colorado and the closest one in NM to my old house was 24 miles away, so I have been banking “online” for almost 2 years now. No worries there for me.

Why am I moving to Schwab? Well, for many reasons, but let’s take a look at a few big ones:

First of all, they reimburse any and all ATM fees. I have been paying up the wazoo for using an ATM in a pinch with BofA, but that ends now. Use an ATM with Schwab? They automatically reimburse you directly into your checking account for the amount the bank charged. Pretty sweet.

Free checks. While I don’t use checks too often anymore, free ones certainly beats having to buy some.

Their checking account pays interest. It’s not a lot, but it’s more than BofA pays me, which is zilch. At 0.75% it is not going to make me rich, but it will help me make a little cash on my cash.

There are no account minimums and no service charges whatsoever. BofA gets you for everything if you are not careful.

Organization. I am tired of having like 10 accounts holding all my money, and I am going to use these guys to consolidate most of my accounts.

The only accounts I am leaving put are my ING Direct savings accounts (emergency fund, tax fund, car fund) and my TRowePrice account that holds a few mutual funds and my Roth IRA. All other accounts – my Scottrade account, a holding account that holds my, er, BofA stock I inherited, and some bond accounts along with a few other little things will be moved to Schwab over the next month.

Schwab is one of the few banks/brokerage houses that didn’t take any Federal bailout money, so I am pretty happy about that. And so far, the account opening process has gone smoothly and I am slowly moving all my money over to them. It’s a little tricky when you have so much set up to be paid automatically out of your checking account, so I have to keep an eye on the few things I have left that are not charged to my credit card monthly. But overall I am excited to start using them and seeing most of my money in a single place, which will make my life easier.

What about you? Any of you guys bank or invest with Schwab? If so, let me know what you think!


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Comments (11)

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  1. Mrs. Money says:

    I hope it works out well for you! The bank I bank with got bought out and I am scared about all my accounts transferring. I’ve been thinking about switching everything of mine to ING. It sounds like so much work though!

  2. I have had some experience with Schwab and they have treated me quite well. Lots of free investment advice, great customer service, etc.

    Don’t think you can go wrong here

  3. I wonder how they do with small business accounts?

  4. Amy says:

    I just opened a new account with Schwab as well, to free myself of the fee-laden shackles of Bank of America! I am keeping an ING Direct savings account, and a joint account with my boyfriend at BofA that we use to pay rent with, etc. I’m hoping my experience with Schwab will be good enough to convert him as well, but we’re waiting to see how long it takes for a mailed deposit to show up. Anyone have experience with Schwab’s mailed deposits?

    Thank you!
    Amy

  5. […] Moving All My Money To A Schwab Brokerage And Checking Account … […]

  6. I have a Schwab checking and investment account. I don’t really use the brokerage account very much but I am very happy with the checking account. I also have their cash back credit card that pays 2% on all purchases. The cash rewards are credited each month and deposited into my brokerage account. I then just transfer it over to the checking account. I highly recommend the account. If I could make a deposit in a local branch, I would switch all my banking over to them.

  7. David says:

    If you have a brokerage near you, you can walk in and deposit a check there and then transfer it to your checking account. 🙂

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