Charles Schwab account closed - Now what?
Jul 23, 2017, 9:22 pm
#31
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
The fee is not always present. Sometimes it is built in the exchange rate but often it is less than 1%, more like 0.05% + / -.
The only time I saw a real 1% was an aborted transaction at a BNP at Aix-en-Provence where the bank's ATM ate my card when I tried to withdraw 100 euro. The 100 euro itself was debited and then credited but the credit fell off the next day, leaving me 100 euro short. SM Fido on that and later being told the credit was bounced due to BNP did not use the same authorization to refund - which I did not think it was a reason because the credit was automatically processed by the ATM. I saw both transactions when I accessed the Fido account within a few hours. I made a print out of it just in case. Sure enough the next day the credit fell off. A week later after the SM the credit was returned.
Meanwhile there was a 1 euro debit on my Fido account shown as "purchase". Fido claimed it was the 1% fee.
The only time I saw a real 1% was an aborted transaction at a BNP at Aix-en-Provence where the bank's ATM ate my card when I tried to withdraw 100 euro. The 100 euro itself was debited and then credited but the credit fell off the next day, leaving me 100 euro short. SM Fido on that and later being told the credit was bounced due to BNP did not use the same authorization to refund - which I did not think it was a reason because the credit was automatically processed by the ATM. I saw both transactions when I accessed the Fido account within a few hours. I made a print out of it just in case. Sure enough the next day the credit fell off. A week later after the SM the credit was returned.
Meanwhile there was a 1 euro debit on my Fido account shown as "purchase". Fido claimed it was the 1% fee.
Jul 23, 2017, 9:27 pm
#32
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
Having worked at Schwab in fraud investigations, I have first hand knowledge of how our AML team determines when to close an account. We are a small bank and have become very sensitive over the years with the movement of money in and out. If you're depositing $50k per year in MOs, not using your account regularly and moving most of that money out, we are going to flag it and submit it for review. You may have better luck depositing MOs at your local advisory branch. They will deposit it into your brokerage account for you. Transfering the money from brokerage to bank will not be flagged as easily. Might I suggest just using the bank account as a primary account and finding another place for MS, like a local CU. Schwab accounts are not something you want to loose because you'll face another hard inquiry.
I really like Schwab over Fido because Fido does not have its own bank and the bank (5/3 bank) assigned to our accounts dont have the friendly reps or not even knowledgeable reps.
Jul 24, 2017, 6:46 am
#33
Join Date: Aug 2013
Posts: 1,207
Yes Schwab bank is very sensitive even when giving travel notice. Each time I call to give travel notice, the reps would ask questions such as recent deposit amount, account balance, and some unusual questions for ID verification purpose.
I really like Schwab over Fido because Fido does not have its own bank and the bank (5/3 bank) assigned to our accounts dont have the friendly reps or not even knowledgeable reps.
I really like Schwab over Fido because Fido does not have its own bank and the bank (5/3 bank) assigned to our accounts dont have the friendly reps or not even knowledgeable reps.
Jul 24, 2017, 12:43 pm
#34
Join Date: Feb 2012
Location: The place where it gets so hot in the summer some planes can't take off.
Programs: Marriott LT Titanium, WoH Globalist, National EE, United Platinum
Posts: 1,446
They actually ask those questions quite often. I needed to get more than $1000 from the ATM one day and went through the same process. I haven't had any additional scrutiny for travel notice than I have from any other bank.
May 15, 2018, 9:50 pm
#37
Suspended
Join Date: Aug 2009
Location: Look up - On a ✈ DELTA ✈ jet NOW!
Programs: Blogger & Delta Diamond Medallion Million Miler
Posts: 4,174
I have hammered my Schwab account with MOs each year (I MS well north of 100k per month). But, I always send them to my investment account and then trade. I always make money and then, after a month or so, cash out my MO and gains. That is the way to work Schwab and MOs to a winning equation. 
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May 17, 2018, 2:10 pm
#38
Join Date: May 2015
Location: LAX, BUR
Programs: AS,AA,JB, HH Gold, Starriott Titanium Elite, Hyatt Explorist, Global Entry
Posts: 1,933
To do business with most all Banks and CUs. Not use them as the Pony Express, in one day and out out the next.
May 17, 2018, 8:46 pm
#39
Join Date: Sep 2002
Location: Thousand Oaks, Ca., USA
Programs: AA Lifetime Plat; Bonvoy Titanium Lifetime Elite;Hyatt Globalist; HHonors Diamond; United Silver
Posts: 8,315
One never alerted Schwab about my travel plans and use them exclusively for cash atm withdrawals all over the world. Have I just been lucky?
May 18, 2018, 12:07 pm
#40
Join Date: Mar 2005
Programs: Continental Onepass, Hilton, Marriott, USAir and now UA
Posts: 6,442
I use my Schwab checking account for exactly the same reason. However, I do have a substantial (to me
) investment account with them as well. All service provided by them has been professional.I also never use the account for any type of MS'ing.
May 18, 2018, 7:40 pm
#41
Join Date: Feb 2012
Location: The place where it gets so hot in the summer some planes can't take off.
Programs: Marriott LT Titanium, WoH Globalist, National EE, United Platinum
Posts: 1,446
Same here. I rarely pull out cash unless I'm at the casino or overseas but never give travel notices. I've had the account for 8+ years and tend to carry a decent cash balance so maybe that has something to do with it?
I also deposit between $2k and $4k in MO's a month (on top of my work expense reimbursements and salary) and have never had a problem. The only difference in a typical month would be one of my CC's having a higher than normal payment if I'm depositing more MO's.
I also deposit between $2k and $4k in MO's a month (on top of my work expense reimbursements and salary) and have never had a problem. The only difference in a typical month would be one of my CC's having a higher than normal payment if I'm depositing more MO's.