Originally Posted by
jsk1973
If people wanted an ATM-only option, they'd probably provide one. The market has sort of spoken on that issue.
Instead of worrying so much about that, why not just open a secondary Cash Management account and keep most of your cash there, with money transferred into the "ATM" card only when needed?
The market may have spoken but, once again, FIDO ain't listening.
I use a FIDO debit card as a back-up for Schwab Bank debit card which we've used with no lasting problems and great success for 20 years or so. The only time I withdrew cash using the FIDO card was to test it when we got it.
Earlier this year, I called the number on the back of the FIDO card to advise about travel. I asked about daily limits and rep added "You also have a $10k daily limit on purchases". $10k daily purchases on a debit card? I asked her to please drop or at least lower the purchase authority, which triggered being transfered to another rep, 20 minutes on hold, to be fianally told they can't reach the people who change limits on weekends.
Monday I called and, after another, shorter hold, was told they can not change $10k limit but not to worry as there was no risk. I asked what would happen if card is stolen and used for purchases before theft is discovered/reported. Silence.
I told the rep that if they couldn't lower limit, I could by closing the card, which I will do. Lack of fees on back-up card not as important as downside risk, plus I don't have 30 minute blocks of time to spare to deal with untrained employees.
FIDO has some mutual funds that have given us good returns. But it seems every phone call reaches some recalcitrant, untrained rep.