Charles Schwab account closed - Now what?
Jul 18, 2017, 5:31 pm
#16
Join Date: Jul 2014
Posts: 3,688
Read the newbie thread for manufactured spending, check the previous years as well since they still have a lot of info that are still useful to understand basic MS. Good luck!
Jul 18, 2017, 8:53 pm
#18
Join Date: Nov 2015
Programs: DL, Marriott & IHG Platty; HH Diamonte
Posts: 861
Jul 18, 2017, 10:13 pm
#19
Suspended
Join Date: Aug 2009
Location: Look up - On a ✈ DELTA ✈ jet NOW!
Programs: Blogger & Delta Diamond Medallion Million Miler
Posts: 4,174
Would love to know how much OP has invested with Schwab. I have a rather large sum and invest and trade often.
I run about 30 to 50k a month in MOs with them and no issue but tend to invest MOs for a while before I suck them out.
I run about 30 to 50k a month in MOs with them and no issue but tend to invest MOs for a while before I suck them out.
Jul 19, 2017, 6:05 pm
#20
Join Date: Dec 2012
Location: SoCal
Posts: 123
I opened a couple business accounts several years ago for the express purpose of MS. Ran over 500k with the WF card before getting the "letter" about 5 months in. Never had a hint of problems depositing MOs thru atms or recently mobile aps and MS now.
Jul 20, 2017, 11:55 am
#22
Join Date: Jun 2014
Posts: 207
Fidelity will waive fees with high enough deposit. Etrade will also waive certain fees if you throw big enough of a tantrum, although I would avoid them like the plague.
Jul 20, 2017, 12:00 pm
#23
Join Date: Aug 2009
Posts: 662
Capital One 360
https://www.capitalone.com/checking-accounts/online-checking-account/
Jul 20, 2017, 12:07 pm
#24
Join Date: Nov 2015
Programs: DL, Marriott & IHG Platty; HH Diamonte
Posts: 861
Fidelity cash management ATM is fee free and pays back all ATM charges. They will also through in a number of free trades (# fluctuates...right now it is 300 for a $50K deposit, 500 for a 100K deposit).
Jul 20, 2017, 12:18 pm
#25
Join Date: Jun 2014
Posts: 207
Jul 20, 2017, 3:01 pm
#26
Join Date: Jun 2017
Posts: 86
If fee free ATMs are a major concern you should be using credit cards more.
Fidelity and Alliant are good choices though. Most banks will waive some amount of fees monthly if you maintain a moderate average daily balance in the 2-5k range.
Fidelity and Alliant are good choices though. Most banks will waive some amount of fees monthly if you maintain a moderate average daily balance in the 2-5k range.
Jul 22, 2017, 7:04 pm
#27
Join Date: Jun 2012
Location: New England
Programs: American Gold, Marriott Gold, Hilton Silver
Posts: 5,640
this looks like the next best option
https://www.capitalone.com/checking-...cking-account/
Capital One 360
https://www.capitalone.com/checking-...cking-account/
On top of that, they do not charge ATM fees at foreign ATMs. I was able to pull Euros out of an ING ATM in Amsterdam with no fees and at a very good exchange rate.
Last edited by diburning; Jul 23, 2017 at 10:36 am
Jul 23, 2017, 10:15 am
#29
Join Date: Jul 2014
Posts: 3,688
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.
This is very valuable card for overseas travel, I'll keep it separate from MS activities.
Jul 23, 2017, 6:50 pm
#30
Join Date: Aug 2009
Posts: 662
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.