How do you setup MoneyLink with a no-check saving account? Schwab's application needs a void check to be sent.

cjdtech said:Forget this.. Salem Five is getting my money instead.

Yeah, I wish I saw the SalemFive account beforehand.

I agree with the advantages you mention, though they may not mean much to some people.

You only thing I do not like about Schwab so far is their MoneyLine takes too much time. It takes about 1 week to transfer money, and for the funds to clear. That is too slow in my opinion. I hope all deposits do not have the same holds.

Ability to ACH is HUGE. Most of my liquid money is kept in 5.xx%-6% savings account anyways so Schwab just gives me my extra $80/year in interest off my ~$2-3k balance.

Schwab is still the best deal especially for a big name company. I switched from ING because of no universal ATM refund (Only within network) and no paper checks.

Moneylink issue is kind of annoy but I have the ability to push and pull directly to Schwab checking from my savings account so not that big of a deal.

I agree to an extent. I write about one check every two months, so free checks means little to me. I also only use an ATM about once every month or two. Still, I like the option to get cash free wherever it is I may be. So I do look for ATM reimbursements with an account.

Clocks said:I agree to an extent. I write about one check every two months, so free checks means little to me. I also only use an ATM about once every month or two. Still, I like the option to get cash free wherever it is I may be. So I do look for ATM reimbursements with an account.

Think ING could ever start offering an ATM reimbursement?

Clocks said: I won't hold my breath. LOL

I agree. I think a lot of people get confused with what a "competitive" business is. Most business leaders want to be competitive in the sense that they make as much profit or more as their peers.

People on here get a pretty warped sense of self that ING and others are "embarassed" or "really want" their particular savings. We are a cut throat, low margin customers and we aren't particularly attractive.

I don't think ING's CEO goes home embarrassed at how low his/her rates are. Last time I heard they had as much money as they could use.

barreg said:I've read the whole thread and I'm still confused. Can you or can you not ACH funds from other accounts (i.e. GMAC) to/from the Schwab checking account (not the brokerage acct, but the checking acct)?

You can do ACH initiated by any other account into or out of Schwab checking no problem.
Ach initiated by outside account <==> Schwab Checking

It's just that ACH initiated by Schwab aka MoneyLink must go via Schwab Brokerage:
Schwab checking <==> Schwab Brokerage <==Moneylink/Schwab initiated ACH==> Any outside account.

The last part is the only minor complaint I have about Schwab checking. No big deal for me since I can initiated ACH from all my accounts except Chase checking which I deposite one check a month then I just pull into ING first then deposite directly into Schwab Checking which bypasses the 3 day wait period for money funding into Schwab Brokerage account

I first called to discuss the accounts with a CSR. He adequately answered my questions, explained why things were set up as they were and didn't try to sell me or use any hype. He was open about the pros and cons. Later it was very straightforward to sign up online. I funded the account from another checking account, printed out the signature card (and some moneylink forms) and will send them off via snail. Done. Thanks OP and also to those who posted helpful points about the account.

pyro123 said:Anyone who lives in Northern NJ, which credit bureau did they pull from??

thanks,
i just cant risk any more Experian pulls, is killing me.
I froze my Experian, to not have to worry about Experian pulls anymore. It's easy, if your state has the freeze law. More and more states do, or will soon, except for a few holdouts. And you can unfreeze it any time, online, at no cost, selecting the length of time for it to stay unfrozen, from a menu.

But there's no telling how Schwab would react if you applied to them while your Ex was frozen. I can visualize it causing smoke to come out of their computers and an evacuation of the building. But I would hope it would cause them to pull a different CRA instead of Ex.