Post: #1

Ok, so I need to open my own bank account. Been using a joint account on my mothers credit union.

Looking for great online interface, internationally friendly, zero atm fees, and good rates ect.

With those criteria in mind, it appears Charles Schwab is the way to go.

Looking for feedback and advice!

Post: #2

I'm interested in hearing about this as I am about to open an account - albeit for business.

This is the third time in a week I've heard that Charles Schwab is the way to go.

Post: #3

Just read Charles Schwab has an iphone app for depositing checks by taking a picture if you dont have a branch in your area and dont wanna mail it in.

Thats great.

I wonder if they refund international atm fees as well.

This def looks like the bank to use imo

Post: #4

Appears the only downside of Charles Schwab is transferring money from another bank. Appears it might not be as easy as other banks....

Not sure if this is the case or not.

Post: #5

My only advice is to find a small private bank in your home town. I had an account with a credit union for over 10 years. Never defaulted or owed money, had thousands of dollars go in and out of that account. When I needed a $2k loan to hold me over for less than 2 weeks, I couldnt get it without a cosigner. All those years of good credit and smart money management and just plain proving that I have a shitload of money went for nil and for a measly $2k. At a smaller private (read conservative) bank they give out loans based on the 5 C's of credit. The most important of those C's is Character followed of course by Credit. By having an account at a private bank for 5+ years youll establish the credibility that will help you get a loan should you ever really need one. This is really important if you want to go into business for yourself. At any other bank your just an account number.

Post: #6

The online bank (Ally, ING Direct, Schwab) is definitely a good option, but the problem is that--at the end of the day--you need a brick and mortar for the deposits. Schwab pays for your ATM withdrawal fees, but it's a pain in the ass having to mail them checks just to make deposits, or make deposits to another bank and then move it to Schwab.

I use a couple of online banks and bite the bullet and keep a checking account with one of the massive national banks. That works.

Post: #7

(08-22-2011 10:18 AM)Tuthmosis Wrote:  The online bank (Ally, ING Direct, Schwab) is definitely a good option, but the problem is that--at the end of the day--you need a brick and mortar for the deposits. Schwab pays for your ATM withdrawal fees, but it's a pain in the ass having to mail them checks just to make deposits, or make deposits to another bank and then move it to Schwab.

I use a couple of online banks and bite the bullet and keep a checking account with one of the massive national banks. That works.

Deposits are not a problem anymore.

They have mobile picture deposits with iphone and android apps!

Post: #8

I second the online banks. I've used almost every big name online bank out there and Ally is the best. They refund all ATM fees at the end of the month, although I believe recently they've stopped reimbursing for int'l ATM fees. Good thing about Ally is the interest checking and the 5-year CDs. The 5-year CDs only charge 60 days of interest to cash them in early. You can basically park your money in one and then cash out early if you need it. I'm not sure about your loot, but when you need to park $100k, it makes sense to collect %2.3 instead of the paltry .2% brick and mortar pays. We're talking a few thousand dollars difference in interest every year. That's a two-week fuck fest trip.
You might also consider finding a good credit card with no foreign transaction fee (if you haven't already). USAA provides one, Capital One has one, and I use the British Airways from Chase (but with a $95 annual fucking fee).

I'm always surprised how much people casually dismiss all the small fees and missed opportunities associated with bank accounts. Ironically, the more money I've made, the more I've paid attention. I save/make thousands every year just from making the adjustments I highlighted above.

Post: #9

(08-22-2011 07:22 PM)Smitty Wrote:  I second the online banks. I've used almost every big name online bank out there and Ally is the best. They refund all ATM fees at the end of the month, although I believe recently they've stopped reimbursing for int'l ATM fees. Good thing about Ally is the interest checking and the 5-year CDs. The 5-year CDs only charge 60 days of interest to cash them in early. You can basically park your money in one and then cash out early if you need it. I'm not sure about your loot, but when you need to park $100k, it makes sense to collect %2.3 instead of the paltry .2% brick and mortar pays. We're talking a few thousand dollars difference in interest every year. That's a two-week fuck fest trip.
You might also consider finding a good credit card with no foreign transaction fee (if you haven't already). USAA provides one, Capital One has one, and I use the British Airways from Chase (but with a $95 annual fucking fee).

I'm always surprised how much people casually dismiss all the small fees and missed opportunities associated with bank accounts. Ironically, the more money I've made, the more I've paid attention. I save/make thousands every year just from making the adjustments I highlighted above.

I have a stashed parked in an Ally account.

I didn't know about the no ATM fee thing.

Do you have an ATM card with them?

Post: #10

(08-22-2011 07:51 PM)thegmanifesto Wrote:  I have a stashed parked in an Ally account.

I didn't know about the no ATM fee thing.

Do you have an ATM card with them?

Yea, with my money market account.

I just checked and confirmed that international ATM fees are no longer reimbursed. Domestic (U.S.) still refunded every month. Means you can use your card at any ATM and be reimbursed for the fee.

Post: #11

It is a special international CapitalOne credit card? Or is all there credit cards like that?

Might need to get one of those to.

Schwab checking account with zero atm fees domestic & international.

Capital One International credit card

Post: #12

I would go with a capital one interest checkings - No ATM Fees.

And any capital one credit card - No Foreign Fees. I would get the cash card which gives you 1.5% cash back and a free $100 for spending $500.

Post: #13

I ended up using BoA eChecking for ATM deposits of cash and checks, which is feeless the way I use it and Charles Schwab for everything else (including payroll deposits). Schwab refunds ATM fees and has no currency exchange fees or percentage, or any fees for that matter. You then setup moneylink with your BoA account and suck the money into your schwab account that way with no fees from BoA or Schwab. BoA has ATMs everywhere in the USA, and schwab is awesome for everything else. Bad thing about moneylink is that there is a 5 business day hold on the cash, except for brokerage investment usage. It's pretty much the only annoying thing about Schwab.

When you travel, many less developed countries are cash only, and all credit cards have some sort of stupid limits and fees on cash advances, so you need the 0% currency exchange fee debit account.

You can also put it to a 3rd level and get an account with a bank that has the best savings rate for excess cash.

Also, since schwab doesn't give you duplicate ATM cards, you have to open up a second account with them to get a second card. I would suggest doing that so if your ATM card gets eaten by the machine (it's happened to me), stolen, etc your not stuck in a foreign country without much access to your money waiting for weeks for your replacement card to come into the mail. It's always good to have several no fee bank accounts and credit cards for your credit history. Keep that second card in a separate place (one in your pocket, one in your pack, etc)!

Post: #14

(08-21-2011 11:41 PM)defguy Wrote:  My only advice is to find a small private bank in your home town. I had an account with a credit union for over 10 years. Never defaulted or owed money, had thousands of dollars go in and out of that account. When I needed a $2k loan to hold me over for less than 2 weeks, I couldnt get it without a cosigner. All those years of good credit and smart money management and just plain proving that I have a shitload of money went for nil and for a measly $2k. At a smaller private (read conservative) bank they give out loans based on the 5 C's of credit. The most important of those C's is Character followed of course by Credit. By having an account at a private bank for 5+ years youll establish the credibility that will help you get a loan should you ever really need one. This is really important if you want to go into business for yourself. At any other bank your just an account number.

Worst option for two reasons

#1 The small banks have the worst online security. I've used them before and it wasn't pretty.

#2 The FDIC closes small banks weekly. These are the most financially vulnerable. If your deposits are over the limit (I know, if you have six figures in your account you are probably not reading this thread) your not going to see it again.

Personally, Wells Fargo has a great online banking setup and for those of you who are running a business and rolling 6 or 7 figure balances, they are well capitalized. I was totally comfortable with my money on there during the 08/09 crises.

Post: #15

(08-24-2011 12:44 AM)ersatz Wrote:  I ended up using BoA eChecking for ATM deposits of cash and checks, which is feeless the way I use it and Charles Schwab for everything else (including payroll deposits). Schwab refunds ATM fees and has no currency exchange fees or percentage, or any fees for that matter. You then setup moneylink with your BoA account and suck the money into your schwab account that way with no fees from BoA or Schwab. BoA has ATMs everywhere in the USA, and schwab is awesome for everything else. Bad thing about moneylink is that there is a 5 business day hold on the cash, except for brokerage investment usage. It's pretty much the only annoying thing about Schwab.

When you travel, many less developed countries are cash only, and all credit cards have some sort of stupid limits and fees on cash advances, so you need the 0% currency exchange fee debit account.

You can also put it to a 3rd level and get an account with a bank that has the best savings rate for excess cash.

Also, since schwab doesn't give you duplicate ATM cards, you have to open up a second account with them to get a second card. I would suggest doing that so if your ATM card gets eaten by the machine (it's happened to me), stolen, etc your not stuck in a foreign country without much access to your money waiting for weeks for your replacement card to come into the mail. It's always good to have several no fee bank accounts and credit cards for your credit history. Keep that second card in a separate place (one in your pocket, one in your pack, etc)!

Hmm.. I might do this as well.

Post: #16

As a Canadian, obviously, I use Canadian banks (RBC, Scotia, CIBC). They have an EXCELLENT reputation and during the credit crisis/economic turmoil of 2008-09, not one Canadian bank had to be bailed out. They are also solid stocks to own.

The reason I'm posting this is because my bank, SCOTIA bank, is huge in the English speaking Caribbean (#1 in Jamaica) and is also aggressively expanding in Latin America (they recently bought a major bank in Colombia).

So, for anyone, especially fellow Canucks, who travel in Caribbean/ Latin America, a Scotia debit card or Visa will come in handy, here's a list of countries where you'll find SCOTIA banks:

Caribbean: Anguilla
Antigua & Barbuda
Aruba
The Bahamas
Barbados
British Virgin Islands
Cayman Islands
Dominica
Dominican Republic
Grenada
Haiti
Jamaica
Netherlands Antilles
Puerto Rico
St. Lucia
St. Kitts and Nevis
St. Maarten
St. Vincent & the Grenadines
Trinidad & Tobago
Turks & Caicos Islands
U.S. Virgin Islands

Latin America:
Belize
Brazil
Chile
Colombia
Costa Rica
El Salvador
Guatemala
Guyana
Panama
Peru
Venezuela

Post: #17

@ersatz

So you setup money link with BoA and transfer your money to Schwab and this is free?

Post: #18

(12-26-2011 10:47 AM)scotian Wrote:  As a Canadian, obviously, I use Canadian banks (RBC, Scotia, CIBC). They have an EXCELLENT reputation and during the credit crisis/economic turmoil of 2008-09, not one Canadian bank had to be bailed out. They are also solid stocks to own.

The reason I'm posting this is because my bank, SCOTIA bank, is huge in the English speaking Caribbean (#1 in Jamaica) and is also aggressively expanding in Latin America (they recently bought a major bank in Colombia).

So, for anyone, especially fellow Canucks, who travel in Caribbean/ Latin America, a Scotia debit card or Visa will come in handy, here's a list of countries where you'll find SCOTIA banks:

Caribbean: Anguilla
Antigua & Barbuda
Aruba
The Bahamas
Barbados
British Virgin Islands
Cayman Islands
Dominica
Dominican Republic
Grenada
Haiti
Jamaica
Netherlands Antilles
Puerto Rico
St. Lucia
St. Kitts and Nevis
St. Maarten
St. Vincent & the Grenadines
Trinidad & Tobago
Turks & Caicos Islands
U.S. Virgin Islands

Latin America:
Belize
Brazil
Chile
Colombia
Costa Rica
El Salvador
Guatemala
Guyana
Panama
Peru
Venezuela

Great info - was wondering about a good bank for Latin America. thanks!

Post: #19

Another alternative to Schwab is Fidelity My Smart Cash it is exactly the same account you still get atm fees refunded except Fidelity refunds the next day while Schwab does it at the end of the month.

That is what I use 99% of the time worldwide.

Also I have used Bank Of America @ Scotia Banks in DR which is a partner bank and will not charge you an ATM no the conversion rate.

I also vouch for the Cap One cc.

Post: #20

(12-26-2011 10:52 AM)Dash Global Wrote:  @ersatz

So you setup money link with BoA and transfer your money to Schwab and this is free?

Yes it's free. It's an ACH pull on schwab's part.

Post: #21

I've rolled with Schwab for years. Couldn't be happier. Check out bankrate.com for intel on the best current checking accounts...

Post: #22

Does anyone have any experience on opening accounts in foreign/multinational banks? I've heard HSBC is pretty good and you can easily open an account at their Hong Kong bank from any of their major offices. Any advice?

I may just end up going with Schwab anyway. I've heard nothing but good things.

Post: #23

(12-29-2011 10:43 AM)November Wrote:  Does anyone have any experience on opening accounts in foreign/multinational banks? I've heard HSBC is pretty good and you can easily open an account at their Hong Kong bank from any of their major offices. Any advice?

I may just end up going with Schwab anyway. I've heard nothing but good things.

The ease with which you can open a bank account overseas varies based on the target country. Is your goal to have a local bank account (local to the country you're in) or to own foreign currency? If the latter, use Everbank.
One thing to consider when using a foreign account (if you're a U.S. citizen) is you have to report the account on your tax return if the balance (total of all foreign bank accounts) exceeds $10k. It adds a level of complexity when filing your taxes. The U.S. is increasing the amount of resources it dedicates to finding people who are stashing money outside and not reporting it. Welcome to the Motherland.

Post: #24

http://www.schwab.com/public/schwab/banking_lending

I am applying for the CSchwab account. Any benefit to going for the 2nd type? Pros/ Cons.

I have an Interest checking with BoA.

(08-22-2011 10:38 PM)Dash Global Wrote:  It is a special international CapitalOne credit card? Or is all there credit cards like that?

Might need to get one of those to.

Schwab checking account with zero atm fees domestic & international.

Capital One International credit card

(08-23-2011 11:34 PM)ea303 Wrote:  I would go with a capital one interest checkings - No ATM Fees.

And any capital one credit card - No Foreign Fees. I would get the cash card which gives you 1.5% cash back and a free $100 for spending $500.

(08-24-2011 12:44 AM)ersatz Wrote:  I ended up using BoA eChecking for ATM deposits of cash and checks, which is feeless the way I use it and Charles Schwab for everything else (including payroll deposits). Schwab refunds ATM fees and has no currency exchange fees or percentage, or any fees for that matter.

You then setup moneylink with your BoA account and suck the money into your schwab account that way with no fees from BoA or Schwab.

BoA has ATMs everywhere in the USA, and schwab is awesome for everything else. Bad thing about moneylink is that there is a 5 business day hold on the cash, except for brokerage investment usage. It's pretty much the only annoying thing about Schwab.

When you travel, many less developed countries are cash only, and all credit cards have some sort of stupid limits and fees on cash advances, so you need the 0% currency exchange fee debit account.

You can also put it to a 3rd level and get an account with a bank that has the best savings rate for excess cash.

Also, since schwab doesn't give you duplicate ATM cards, you have to open up a second account with them to get a second card. I would suggest doing that so if your ATM card gets eaten by the machine (it's happened to me), stolen, etc your not stuck in a foreign country without much access to your money waiting for weeks for your replacement card to come into the mail. It's always good to have several no fee bank accounts and credit cards for your credit history. Keep that second card in a separate place (one in your pocket, one in your pack, etc)!

(12-26-2011 11:06 PM)txbeachbum Wrote:  Another alternative to Schwab is Fidelity My Smart Cash it is exactly the same account you still get atm fees refunded except Fidelity refunds the next day while Schwab does it at the end of the month.

That is what I use 99% of the time worldwide.

Also I have used Bank Of America @ Scotia Banks in DR which is a partner bank and will not charge you an ATM no the conversion rate.

I also vouch for the Cap One cc.

(12-27-2011 09:16 AM)Hencredible Casanova Wrote:  I've rolled with Schwab for years. Couldn't be happier. Check out bankrate.com for intel on the best current checking accounts...

(12-29-2011 10:43 AM)November Wrote:  Does anyone have any experience on opening accounts in foreign/multinational banks? I've heard HSBC is pretty good and you can easily open an account at their Hong Kong bank from any of their major offices. Any advice?

I may just end up going with Schwab anyway. I've heard nothing but good things.

In Summary:

- Charles Schwab for International Checking without any fees for ATM Withdrawl, Currency or etc.
- Fidelity MySmartCash has similar features and is an equivalent alternative
- Capital One Credit Card (International) - Best.. ? (Visa or Mastercard ??)
Any others?
Any good Amex card recommendation?

http://www.schwab.com/public/schwab/banking_lending

Post: #25

There is really only one bank in the world that doesn't treat you like shit: NavyFed. You have to be military or former military though.