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robobert said: You don't need $1,000 to open a brokerage account if you open it with the investor checking account: Schwab Bank High Yield Investor Checking

I think this really is a move to just make them more competitive with Fidelity and other companies. If they had a higher yielding MM I could use for the brokerage sweep and less hassles setting up ACH links, I might consider moving over from Fidelity completely.


I'm confused about this because the FAQ for the card states "There are no monthly account service fees and no minimum balance requirements for the Schwab One account when it is linked to your Schwab Bank Invest First card" which suggest you don't need to open the Checking account and suffer a 3rd credit pull to avoid the $1,000 minimum. Based on that, I only opened the brokerage account along w/ the card. Then today a representative called me to sell me on other products and told me I needed to transfer $1,000 in. I could consider that a mistake because he's from the brokerage and likely isn't familiar w/ the intricacies of the card's rules. I'm going to send them an email and verify whether you need the checking to avoid the minimum.

keensyntax said: robobert said: You don't need $1,000 to open a brokerage account if you open it with the investor checking account: Schwab Bank High Yield Investor Checking

I think this really is a move to just make them more competitive with Fidelity and other companies. If they had a higher yielding MM I could use for the brokerage sweep and less hassles setting up ACH links, I might consider moving over from Fidelity completely.


I'm confused about this because the FAQ for the card states "There are no monthly account service fees and no minimum balance requirements for the Schwab One account when it is linked to your Schwab Bank Invest First card" which suggest you don't need to open the Checking account and suffer a 3rd credit pull to avoid the $1,000 minimum. Based on that, I only opened the brokerage account along w/ the card. Then today a representative called me to sell me on other products and told me I needed to transfer $1,000 in. I could consider that a mistake because he's from the brokerage and likely isn't familiar w/ the intricacies of the card's rules. I'm going to send them an email and verify whether you need the checking to avoid the minimum.


I think if you don't get the checking account also, the 1k minimum does apply. Although, I'm not sure if opening the checking account when you already have a brokerage account requires another hard pull. I'm pretty sure opening the checking+brokerage (at same time) and credit card for me will result in 2 hard pulls, but it's worth it to me for a flat 2% back.

beethovengirl said: Well, I use a plethora of cards... 3% Cash Back at restaurants, 5% for gas, groceries, and drugstores, 3.75% for utilities, Citi PremierPass for flights, etc.

I use my Orchard card at a small number of places like Target, Amazon, etc, so the $20,000 limit is enough for me.


I thought citi's 5% card ended long time ago, which card are you talking about? Which card offers 3.75% for utilities?

bandyopa said: and use the debit card as a credit card in overseas, then, you will easily beat the extra 0.5% CashBack of SchwabFidelity VISA debit card earns no CashBack at all. That being said, Schwab is only giving 0.5% more than Fidelity and, from what I read here, at least 2 hard pulls (hopefully not EXP or EQ) are required to open up what is needed.

ngreen said: called in and they moved some of the credit line from a BoA card I have that is fully paid offHmm, good idea. I have a worthless Worldpoints BofA CC that I never use.

So, is there a $1,000 minimum investment or not?

Edit - I spoke with a rep at length, and apparently unless you have the checking account as well, the minimum DOES apply. If you have the checking account, the minimum is waived.

Check your status online and if you do not get a decision then call. Call Phone: 800-932-2775 - Select option #3. You will speak to a real rep and they will give you an instant decision through the phone along with your credit line and errrythang.

The link to check the app online is in the quick summary.

edit: O yea. Say that it has been over 10 days since you last applied. If you say less then the automated machine will hang up on you.

They approved me for the card but reallocated credit from my other BOFA and cut my lines by 35k. Guess they felt that it was too dangerous for a student to run around with 60k in credit? Haha. I apply for a credit card and get my lines cut. What are the chances? =P

i3ighead said: They approved me for the card but reallocated credit from my other BOFA and cut my lines by 35k. Guess they felt that it was too dangerous for a student to run around with 60k in credit? Haha. I apply for a credit card and get my lines cut. What are the chances? =P

How'd you get such a high limit as a student in the first place?

Spoke to a rep, and I got denied! I'm very surprised, since I have a FICO score in the high 700s. The problem, she explained, is that (as a student) my available credit lines of over $15,000 are too high. Even though I told her that more than half of that was in an old card I would stop using if I got this one, there was nothing she could do.

Damn. Advice, anyone? Given that I have less than four years of credit history, I think that closing accounts would probably hurt my score. Should I wait and try again?

BLTLSOH said: So, is there a $1,000 minimum investment or not ?Even if rep is correct, you do not have to get the brokerage account along with the CC account. But you must (eventually) have the brokerage account to obtain your accrued 2% CashBack.

i3ighead said: They approved me for the card but reallocated credit from my other BOFA and cut my lines by 35kIn other words, do not call for a status if you already have high CLs with BofA and limited income.

^
Correctomundo.


I do eBay so I make some heavy CC charges.

BLTLSOH said: So, is there a $1,000 minimum investment or not?

Edit - I spoke with a rep at length, and apparently unless you have the checking account as well, the minimum DOES apply. If you have the checking account, the minimum is waived.


It appears the the FAQ is correct and that if you have the Invest First Card linked to a brokerage (Schwab One), the $1,000 minimum does not apply regardless of whether you have a checking account. Here is the response I got to an email send to the brokerage:

Thank you for your email. I would be happy to provide you with this information.

I have confirmed with our Schwab One Group that opening or linking a Schwab One to the new Schwab Bank Invest First card waives the opening balance requirement (i.e., $1,000). This is stated in the passage that you provided and similar to our Schwab Bank High Yield Investor Checking (HYIC) account offer.

If you are not already familiar, in addition to a checking feature linked to an investment account (i.e. Schwab One account), the opening balance requirement for the Schwab One (i.e., $1,000) is also waived. If you would like more information or to begin the application process, please click on the following link:

http://www.schwab.com/public/schwab/home/account_types/brokerage...

I hope that this answers your questions. Please let me know if I can assist you further. We greatly appreciate your business.

Sincerely,

Paul Iorio
Email Customer Service Representative

Denied according to online app status check. EXP is frozen though, so maybe they tried pulling that. Or the fact that I owe BOA/FIA ~$50k (none of which is on credit report, but they obviously know anyways). We'll see when I get the letter. If its since EXP is frozen I will try to get them to reconsider, otherwise unlocking it would be worth it.

Much nicer looking than my Fidelity 1.5% card. Wish I could convert my current Schwab card to this.

keensyntax said: BLTLSOH said: So, is there a $1,000 minimum investment or not?

Edit - I spoke with a rep at length, and apparently unless you have the checking account as well, the minimum DOES apply. If you have the checking account, the minimum is waived.


It appears the the FAQ is correct and that if you have the Invest First Card linked to a brokerage (Schwab One), the $1,000 minimum does not apply regardless of whether you have a checking account. Here is the response I got to an email send to the brokerage:

Thank you for your email. I would be happy to provide you with this information.

I have confirmed with our Schwab One Group that opening or linking a Schwab One to the new Schwab Bank Invest First card waives the opening balance requirement (i.e., $1,000). This is stated in the passage that you provided and similar to our Schwab Bank High Yield Investor Checking (HYIC) account offer.

If you are not already familiar, in addition to a checking feature linked to an investment account (i.e. Schwab One account), the opening balance requirement for the Schwab One (i.e., $1,000) is also waived. If you would like more information or to begin the application process, please click on the following link:

http://www.schwab.com/public/schwab/home/account_types/brokerage...

I hope that this answers your questions. Please let me know if I can assist you further. We greatly appreciate your business.

Sincerely,

Paul Iorio
Email Customer Service Representative


Thanks!!

That's even better than the info they gave me. Worst case, you can open the brokerage account with $1,000 and then remove it soon after as there is no minimum balance fee, just the requirement for $1,000 initial deposit.

FWIW, I went to our local Schwab office to set up my accounts. As others have mentioned, if you get only a brokerage account, the minimum initial deposit is $1,000. If you get the linked investor checking acct, there is no minimum. You can ACH separately in/out of the brokerage and checking accts -- they have different acct numbers but both have the same ABA routing number (Schwab bank).

I set up both and went ahead and deposited $1,000 -- not because I had to, but because I intend to use this as a cash backup to my Fidelity account. The Schwab VISA ATM card has a limit of $2,000/day, more generous than the Fidelity ATM card's $500/day. I might also do some other investments via Schwab, we'll see.

By last evening, everything was working and linked online. All the accounts (brokerage, checking, and eventually cc) show up on the accounts summary page. The only minor inconvenience I can see is that to set up an external account for ACH, I have to fill out a form and sign it, then send it in. (At Fidelity, I can enter the info, they prenote it, then it's active and available in a few days. At CapitalOne, they send trial deposits.) Perhaps this will change as I become an established customer.

Overall, a very pleasant experience, looks like a good setup.

Should we make this the primary Schwab thread, to discuss acct features, glitches, details, etc?

UncaMikey said: FWIW, I went to our local Schwab office to set up my accounts. As others have mentioned, if you get only a brokerage account, the minimum initial deposit is $1,000. If you get the linked investor checking acct, there is no minimum. You can ACH separately in/out of the brokerage and checking accts -- they have different acct numbers but both have the same ABA routing number (Schwab bank).

I set up both and went ahead and deposited $1,000 -- not because I had to, but because I intend to use this as a cash backup to my Fidelity account. The Schwab VISA ATM card has a limit of $2,000/day, more generous than the Fidelity ATM card's $500/day. I might also do some other investments via Schwab, we'll see.

By last evening, everything was working and linked online. All the accounts (brokerage, checking, and eventually cc) show up on the accounts summary page. The only minor inconvenience I can see is that to set up an external account for ACH, I have to fill out a form and sign it, then send it in. (At Fidelity, I can enter the info, they prenote it, then it's active and available in a few days. At CapitalOne, they send trial deposits.) Perhaps this will change as I become an established customer.

Overall, a very pleasant experience, looks like a good setup.

Should we make this the primary Schwab thread, to discuss acct features, glitches, details, etc?

This is the only issue I have with the Schwab checking (everything else about it has been great, been using it for more than 6 months), the fact that I can't set up external accounts online. It's a pain, I think if you open individual accounts you can eventually set up external accounts online, we've discussed this in the Schwab checking account thread, I know for a fact that Schwab has told me the reason I can't set up external transfer accounts online is because I have a joint account.

I was told though there is a $1000 min, it is not enforced in anyway. The rep told me there would be no fee, and they would not close the account on me. He said therefore I did not need to setup the checking if I did not want to. You can get a debit card, checks, online billpay, etc on the brokerage.

He said basically the only advantage to setting up the checking would be because it offers a higher interest rate than the core brokerage account.

I started to get only the brokerage, too, but decided on both. It does seem like Schwab has needlessly complicated this setup, since you can do billpay, ATM, etc, out of either account.

Reviewing the accts this morning, the ACH stuff does seem like a major pain. Setup requires a form and signature. Apparently, transfers to the checking acct must be recurring/automatic, OR you have to call them during business hours -- you cannot do an online, one-time transfer of $X from another bank into your Schwab checking acct. (Huh???) The brokerage acct, however, accepts one-time transfers online, once the setup is approved.

I've initiated ACH acct setup online at both Fidelity and Cap1 for this new acct, but it would be nice to be able to initiate ACH transfers at Schwab. Cap1 is very slow!

UncaMikey said: I started to get only the brokerage, too, but decided on both. It does seem like Schwab has needlessly complicated this setup, since you can do billpay, ATM, etc, out of either account.

Reviewing the accts this morning, the ACH stuff does seem like a major pain. Setup requires a form and signature. Apparently, transfers to the checking acct must be recurring/automatic, OR you have to call them during business hours -- you cannot do an online, one-time transfer of $X from another bank into your Schwab checking acct. (Huh???) The brokerage acct, however, accepts one-time transfers online, once the setup is approved.

I've initiated ACH acct setup online at both Fidelity and Cap1 for this new acct, but it would be nice to be able to initiate ACH transfers at Schwab. Cap1 is very slow!

You should really do some reading through the Schwab checking account thread, this has all been addressed. I believe you'll be able to do everything online eventually if this is an individual account. I would call if you have more questions, the CSRs are really very helpful.

Thread: Schwab checking

ngreen said: You should really do some reading through the Schwab checking account thread, this has all been addressed. I believe you'll be able to do everything online eventually if this is an individual account. I would call if you have more questions, the CSRs are really very helpful.

Thread: Schwab checking


Oops! Sorry, and thanks.

How many hard pulls did you get when you open all the three accounts? Thanks!

liuandy said: How many hard pulls did you get when you open all the three accounts? Thanks!

since CS Checking account is under its separate bank, you will see at least two pulls for the openings of checking and brokerage account. I guess there will be another for the credit card itself.

I don't know if anyone else mentioned about it. I think the beauty of this card is that the rebate will be automatically deposited to the brokerage account at the end of each month regardless of the amount. Almost all other reward cards out there require accumulation of at least 2500 or 5000 points to redeem the rewards.

UncaMikey said: I went to our local Schwab office to set up my accounts ... By last evening ... All the accounts (brokerage, checking, and eventually cc) show up on the accounts summary pageTryin to determine if you were you able to avoid any hard pull by going in person. How many hard pulls did you end up with, and on which credit bureau ?

xoneinax said: How many hard pulls did you end up with, and on which credit bureau ?

Sorry, don't know, haven't checked, don't worry much about them.

My wife's application is still pending. She is going to call them within the hour to get status.

They should approve her. But hopefully they won't get too spooked since she applied for the BOA Plat Plus card earlier that day and got a 15k instant approval (even after already having a 30k NEA card with 0 balance).

She doesn't have any other balances on her cards so they should approve this. We'll see.

Hey guys... 1st post here.

I have had a Schwab One account with the interest checking for a little while now and I must say I am pretty impressed with them. They are very helpful over the phone and in their branches (which I find to be numerous). I like many of you decided to apply for their VISA when I read this thread. I would first warn you to not apply as a student if you don't have to. I am in full-time grad school, but have my own business. I was instantly approved for the card but with only a $1000 credit limit, which considering I have an AMEX platinum and a Citi Diamond Preferred, kinda shocked me. So I called them up at the 800 number they supplied on the website and they sent me over to a credit analyst. The analyst was very friendly (based out of Newark, DE) and he asked me how much I wanted the limit. I only asked for 10k, mainly because I was just shocked at the $1000 limit and really didn't care how much my limit was, which he approved after he told me he could've given me a much higher limit if I wanted it. He said that the reason for the $1000 limit was due to the student part on my application. He said that it immediately puts a flag up no matter what you put in as your income. He said should I have put in self-employed or employed, it wouldn't have caused the same error. I would suggest talking to the analyst for anyone not approved instantly or for not enough. They are really nice.

As for the checking and brokerage account, it has worked out really nicely for me. I love being able to go to any ATM and not have to worry, I like their website and their CSR on the phone, and if you open the checking with the ONE account, there is no minimum to open or keep it fee free.

edit: oh, and I called right after I got my instant approval. I didn't wait or tell them it had been over the 5 minutes it had been since I got the approval.

If you're curious, I only have about 10,000 in an IRA with Schwab, $100 in the checking, and $100 in the ONE account at time of application for the card. I mainly use Citibank since my business account is through them. I can answer any questions you guys have about Schwab if you are debating going with them.

Oh and for the person asking about pulls, I had two pulls when I opened my accounts way back when. I was pulled for the checking account, and then a few days later for the ONE account. It was through Equifax. Nothing has shown up yet for the VISA, so I will report when it does. I am not sure if there will be less pulls if you apply for all 3 at the same time, although I don't believe they would pull any less.

wildstarUD said: I had two pulls when I opened my accounts way back when. I was pulled for the checking account, and then a few days later for the ONE account. It was through Equifax.That could potentially mean 3 hard pulls. With all the AA going on these days, new pulls will certainly be scrutinized. I will just get the CC and nothing else for now.

Ok Wife got card approved but they wouldn't grant any additional credit so we had to move.

She had a 20k NEA card. Got 10k CLI last month to 30k. Then two days ago she applied for the PlatPlus 0% card 15k instant approval. So I am not surprised they didn't grant any additional credit. We moved 6k to the Schwab. That should be more than enough.

xoneinax said: That could potentially mean 3 hard pulls. With all the AA going on these days, new pulls will certainly be scrutinized. I will just get the CC and nothing else for now.

Hope this helps. I applied for the credit card on Dec. 2 and got the wait 48-72 hrs message. I also opened a Schwab Brokerage account that day. Been checking the online application status page and did not see an answer until today (12/5) where it says I was approved for the card. I see an inquiry on EQ on 12/3 from C Schwab and an inquiry on Experian on 12/2 from FIA CSNA.
Thanks for posting the link OP.

notpolite said: xoneinax said: That could potentially mean 3 hard pulls. With all the AA going on these days, new pulls will certainly be scrutinized. I will just get the CC and nothing else for now.

Hope this helps. I applied for the credit card on Dec. 2 and got the wait 48-72 hrs message. I also opened a Schwab Brokerage account that day. Been checking the online application status page and did not see an answer until today (12/5) where it says I was approved for the card. I see an inquiry on EQ on 12/3 from C Schwab and an inquiry on Experian on 12/2 from FIA CSNA.
Thanks for posting the link OP.


Yea, I have a feeling its a hard pull for every account you open (1 for checking, 1 for brokerage, 1 for CC). My first two were pulled through Equifax, I will post when the CC one gets listed.

uncamikey, I have have had the Schwab Investor Checking with the Schwab Regular (and IRA) Brokerage for quite some time now.......what you can do, is set up outside bank ach links ONLINE if you do it on the brokerage side, rather then the on the Checking side...they have an online fill in form for that where you type in the route # and account # and they send test links to your bank, which you then verify with Schwab...then you simply give them a quick call and they activate the "Moneylink" transfers for that account...

On the Checking side, you have to mail in a form, and then once it is established, phone them each time you want to make a transfer...
What i do is transfer in to the Brokerage account first, and then move it in to Checking from there....this way i can both set-up new links and use them, entirely online.......

Just click on the brokerage account first...THEN go to transfers, and you should see the Online option to set up a link...if you click on the checking account side, it will only give you the option of mailing the form.....
and on the checking side you have to phone for each transfer....so be sure and also set it up on the "brokerage" side for greater convenience

Two big advantages of having the debit card with the Investor Checking (rather then the Brokerage account itself) is: 1) much higher interest then the core in brokerage 2) Unlimited ATM rebates....
What is also nice over Fidelity's debit card, is it has a much higher daily cash withdrawal limit ($2000 a day, i believe)......

Instant approval on this - $16K line of credit

This looks like an outstanding credit card offer.

craig10x said: What is also nice over Fidelity's debit card, is it has a much higher daily cash withdrawal limit ($2000 a day, i believe)......

Thanks for the info, Craig. I think I'm OK for now, doing ACH push/pull from outside.

And yes, that $2000 limit is a BIG improvement. As you probably know, Fidelity/VISA will not budge a penny on their $500 limit.

I look at Fidelity and Schwab as complementary rather than either/or. It's nice to have both MasterCard/Visa, both cc and debit, with no forex fees, good customer service, etc. I also have USAA if both of these fail, LOL. My fear is that I am someplace outside the US and a card ceases to function for whatever reason.

Thanks again to the OP for telling us about a great deal!

I have to transfer my credit line from another card so ending with a $15k line
2% is great as I made purchase all the time.

I want to emphasize what Wildstar said about being a student. I called again today (see my earlier post) to ask a few more questions about my rejection. The analyst (a very nice person, which seems to be the trend) assured me that I have excellent credit, but they have pretty hard limitations on how many cards FIA will issue to students. I have a BofA card with a modest credit limit, and she was not able to re-allocate some of that line for a new Schwab card. But she said I should have no problem applying once I am no longer a student.

So my advice is, if you can justify yourself as something besides a student (say you work part time or are self-employed), do that and you'll have a much better chance of getting approved.

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