Charles Schwab is most known for its brokerage account where you can invest money and keep your retirement savings. It also has a Debit Card with High Yield Investor Checking account. So if you have a Schwab Brokerage account you should consider its Visa Platinum Debit Card.

The card has silver color and has no card number on the front side. However, it has a security chip and a contactless payments feature. If the point of sale has no contactless feature and security chip reader, you can still swipe it as an old style plastic.

To move money to Schwab account you can use one of the many ways to transfer money between banks. For example, you can use ACH transfer and send Zelle payments.

What are the benefits of Schwab Debit Card?

Beside having no minimum balance and no monthly or annual fees it pays above the average 0.45% APY on your checking balance.

The debit card has no foreign transaction fees, which makes it fine choice for travelers. However, I wouldn’t recommend using it to make purchases abroad and in the US. To spend money you should get a credit card.

You can write checks! A free checkbook is another nice benefit that Charles Schwab offers for owners of its checking account.

Does Schwab Checking have FDIC insurance? Yes. The FDIC protection is up to $250,000 included!

You can also receive your salary to the checking account. It has account number and routing number. Here is how to find your account number.

Customer support of Schwab high yield investor checking account is outstanding. I have never had to wait more than a couple of minutes on line. They almost immediately take my call. Bank Of America at the same time, can easily keep me on hold for 15 minutes straight.

Can I use the Debit Card to withdraw cash?

Debit cards are often called ATM cards. Because they allow you to withdraw cash from an ATM. Schwab ATM card gives you access to ATMs worldwide and rebates ATM fees. ATMs that are in MoneyPass, Plus, and Visa networks are not going to charge you any fees. And even if they mistakenly charge you, Charles Schwab is going to reimburse you.

The maximum you can withdraw per day is $1,000. The limit can be higher, if you meet certain conditions. Keep in mind that ATMs have their own limits. Also be aware, that your purchases are limited to $15,000.

How to add money to Schwab Checking Account?

You can deposit paper checks using mobile check deposit feature or mail the check. Daily deposit maximum is $100,000. Being able to deposit that amount in one day blows my mind.

Usually banks have much smaller limits on mobile deposits. The most generous limits of Ally Bank and PNC Banks are $50,000 per month.

Schwab Checking account makes $225 of the deposit available on the next business day. Large amounts over $5,525 should be available after 5 business days, which means a week.

There are other ways to add money to Schwab account. For example, you can setup direct deposit of salary or paycheck. ACH transfer from your external bank account works too.

You can link Schwab account to your other bank using Schwab account number and routing number. Then push money to Schwab from external bank. In this case money should be available after 2 business days.

Alternative is to link external bank account to Schwab and pull money. In this case transfer takes 4 business days as Schwab keeps an additional safety hold.

Does Schwab have any fees?

Apparently Charles Schwab earns very little on the investor checking account. Most probably this debit card is a complementary service to its primary business of brokerage commissions.

I was able to find only a few fees. Outgoing wire transfer fee of $25 which is less than many other banks. Another fee $15 is for expedited shipping of card replacement.

Fee	Amount
Foreign Transaction Fee	$0
Maintenance Fee	$0
ATM fees	$0
Outgoing Wire transfer	$25

Does Schwab Debit Card support Zelle?

Yes, Schwab has integrated Zelle so you can send and receive money by phone or email. Do you want to know what it Zelle? It is a peer to peer payment system that was made by largest banks of the US and now majority of banks integrated it.

Sending and receiving money with Zelle makes Schwab account on par with other banks.

You should check my review of Charles Schwab debit card on YouTube!