Originally Posted by
Happy
They advertise unlimited ATM fee refund, and supposedly only charges 1% of the network fee.
The catch is, in order to have this checking account, you must also open a Schwab One brokerage account.
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I have used the Schwab Bank ATM card extensively in the US and Germany. In the US, ATM refunds have always been paid into my account at the end of each month. In Germany, the ATMs I used did not impose any fees of their own. The exchange rate for these transactions appears to have been interbank + 0% (according to oanda.com)! I confirmed this verbally with a Schwab CS agent, who insisted they do not add even the common 1% for overseas ATM withdrawals.
When I opened my Schwab Bank checking account, I also opened a Schwab One brokerage account, did not fund it, and have ignored it ever since. There are no fees for that account.
The Schwab Bank account can also come with an overdraft line of credit, which has no transaction fees and an interest rate of 10.25% as of March 1. Rather convenient if you miscalculate the amount of cash you may need for a trip, etc.
Overall, I am very satisfied with the account.