Charles Schwab brokerage and investment accounts have gained popularity over the years, thanks to its high-yield investor checking with no monthly fees and restrictions on minimum balances. Besides being an investing platform, Charles Schwab offers other banking services such as certificates of deposit and savings accounts.
If you have a Schwab account, or you’re looking forward to acquiring one.
Below is a detailed list of all that you need to know, you can read on to get started.
How to Apply for A Schwab Checking Account
- Visit CharlesSchwab.com then select, High-Yield Investor Checking Account. Here, you can navigate through the overview, the frequently asked questions, account pricing, and the application checklist. These will give you enough information before you start the application process.
- On the overview tab, select the account type then click apply now. Before getting a checking account, you must apply for an investing (brokerage) account. This process involves a credit check and all the information given should be accurate. To open a brokerage account, click on the link to the bank’s official site www.schwab.com.
- Once your application is approved, a background deposit-test is done on your linked bank account. Here, you’ll need to verify the amount deposited into your new Schwab online account. To do this, log onto the online bank account, check the exact amount deposited to your account from Schwab, go back to Schwab account and enter the amount in the spaces provided.
- After the verification process, all you need to do is deposit money from a linked external account into the new checking account. To do this, navigate to the online transfer tab then execute the transaction.
- After making a deposit, you can then apply for a debit card. This is done online where you also set your preferred pin.
- You’ll receive the debit card by mail and you can transfer money into the account and start using it.
- For convenience, download the Charles Schwab mobile-app. From here you can manage all your account transactions.
Benefits to Users
Being an online bank with no ATM, Charles Schwab reimburses its customers for all the ATM fees instead of charging them for using other bank’s ATM. This no fee on withdrawal policy is valid worldwide making it a magical debit card for travel and investment purposes.
The ATM fee reimbursements are unlimited and are offered at the end of every month. The bank also offers free checks.
Other Things to Note
If you want to attach a checking account to a savings account, you’ll need to apply as well. This is quite beneficial if you have some amount you want to collect interest on. The saving account is FDIC-protected and you’ll always have your money in safe custody. In case you misplace the debit card, contact the bank as soon as possible; this is to ensure a 24-hour monitoring for any fraudulent charges and also to get you a new debit card.