Schwab Bank Investor Checking™ account common questions

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No, there are no monthly service fees when you open an Investor Checking account linked to a Schwab One brokerage account. Other account fees, fund expenses, and brokerage commissions may apply to your Schwab One account. See the Charles Schwab Pricing Guide for Individual Investors and the Schwab Bank Pricing Guide for comprehensive details on fees.

Are there minimum balance requirements?

No, there are no minimum balance requirements for either account when you open an Investor Checking account linked to a Schwab One brokerage account. However, funding is required to establish Bill Pay and receive a debit card and checks.

Is this a fixed interest rate on the Investor Checking account or will it change?

Schwab Bank Investor Checking™ is a variable rate checking account, so the rate will fluctuate as the market rates change.

Is the money in my Investor Checking account FDIC-insured?

Yes, the funds in your Investor Checking account are insured, in aggregate, up to $250,000 based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC). Learn more about FDIC insurance.

If I open a Schwab Bank Investor Checking™ account, what can I expect to receive?

You will receive a Schwab Bank Visa ® Platinum Debit Card that can be used for purchases anywhere Visa is accepted and provides you with unlimited ATM fee rebates within 7-10 business days after funding your account. You will receive complimentary checks, deposit slips, and pre-addressed postage-paid envelopes within 7-10 business days after funding your account with a minimum of $100.

About ATM usage

Does my Investor Checking account come with a debit card?

Yes. For your convenience, your Investor Checking account comes with a Schwab Bank Visa Platinum Debit Card. It is automatically mailed to the address on file upon funding your account. Use your card to make purchases wherever Visa is accepted, and to withdraw cash from your Investor Checking account at ATMs worldwide.

Do I pay ATM fees?

Unlimited ATM fee rebates only apply to cash withdrawals using the Schwab Bank Visa Platinum Debit Card wherever it is accepted 3 .

ATM fee rebates do not include fees imposed by merchants or ATM operators for POS transactions, or fees for stamp purchases, balance inquiries, non-local ATM currency withdrawal fees (referred to as dynamic currency conversion fees), or any transaction other than an ATM cash withdrawal from your Schwab Bank account.

How do I receive the ATM fee rebates for my ATM withdrawals?

We refund ATM fees for cash withdrawals using your Schwab Bank Visa Platinum Debit Card wherever it is accepted at the end of the same month that you used your Schwab Bank Visa Platinum Debit Card. 8

What is a Dynamic Currency Conversion?

Dynamic Currency Conversion (DCC) is a service offered by a merchant location or ATM that allows a cardholder - when traveling outside of the United States – to view and accept the amount of their transaction in US dollars instead of the local currency.

For example, if you are traveling in the United Kingdom and decide to withdraw cash from an ATM, the ATM may offer to perform a currency conversion from GBP (Pound Sterling) to USD (US Dollars) so that the amount of the withdrawal is presented in US dollars and your account is charged for the conversion at the rate offered. Regardless of whether or not you accept the conversion, your withdrawal will be dispensed in the local currency, Pound Sterling in this example.

Do I need to accept the Dynamic Currency Conversion when the option is presented?

You are not required to accept the Dynamic Currency Conversion and the associated fee as this transaction is optional. There are advantages and disadvantages to accepting the Dynamic Currency Conversion. However, if you accept the Dynamic Currency Conversion, please note that there will most likely be an additional fee that is not considered an ATM withdrawal fee and will not be rebated by Schwab Bank.

Does Schwab Bank rebate Dynamic Currency Conversion fees?

If you use your Schwab Bank debit card to withdraw foreign currency from an ATM and accept the Dynamic Currency Conversion, your account will be charged and the fee will not be rebated by Schwab Bank. Schwab Bank charges your account for the US dollar equivalent of the transaction fee. Depending on the specific arrangements that are in place, the exchange rate will be determined by the bank at which you conduct the transaction, the network to which the ATM belongs, or Visa.

About Schwab Bank Visa Platinum Debit Card

How do I dispute a transaction made on my debit card?

First, you may want to consider contacting the merchant as it is generally faster and simpler for you to attempt to resolve the question with the initiator of the charge; however, if you cannot resolve the issue with the merchant then you should contact a Schwab Bank Representative at 888-403-9000. For fraudulent charges, see the Schwab Security Guarantee and the next question below.

Is the debit card secure?

You don't pay for any unauthorized charges or withdrawals. With the Schwab Security Guarantee, Schwab Bank will cover 100% of any losses in any of your Schwab Bank accounts due to unauthorized activity. 7 Please monitor your monthly statement for fraudulent charges and immediately contact a Schwab Bank Representative at 888-403-9000 if you notice unauthorized activity. Full details on the Schwab Security Guarantee can be found here.

Can I use my debit card to make purchases?

Yes. Use your debit card to pay for your purchases, like groceries, gas, and utilities. The money will be deducted from your Investor Checking account and transaction details can be viewed on Schwab.com and on your monthly statement.

Does the debit card have smart chip technology?

Yes, the debit card has smart chip technology—sometimes called "chip and signature" or "EMV" (Europay, MasterCard, and Visa) technology—that adds an extra level of security to your debit card transactions. Cards using this technology feature an embedded microprocessor chip that stores the same information as the magnetic stripe usually found on the back of credit or debit cards. But smart chip technology encrypts that information, adding an extra layer of security.

About contactless payments

What are contactless payments?

Contactless payments are a secure way to purchase products or services using near-field communication (NFC) technology. NFC technology allows the card and the terminal to speak to each other to enable payments at close ranges. Once you tap or wave your card at the terminal, when prompted to pay, an authorization is sent securely without transmitting personal account information.

How do I get a contactless Schwab Bank Visa Platinum Debit Card?

You can receive a new contactless card in one of two ways:

By clicking here, you will be sent to the Debit Card Reorder page on Schwab.com. Choose the "upgrade to contactless" button, verify your address and then click "Request card". Your card will be mailed to the address that you choose, and you should receive it in 3-5 business days.

You will receive an upgraded contactless card upon expiration of your current card. There is nothing you will need to do. Your new card will be shipped to you a month or so before the expiration of your current card.

Can I still use my current debit card while waiting for my new contactless card?

Yes. Once you receive and activate your new contactless card, be sure to destroy the old card.

How do I know if my Schwab Bank Visa Platinum Debit Card is a contactless-enabled card?

If your card has a contactless indicator on it, then your card is enabled with contactless and ready to make contactless payments.

What are the benefits of contactless payments?

Contactless payments are:

Contactless cards and mobile wallets use the same technology. When using your mobile wallet, you are just using your smart device instead of your physical contactless card. The security is the same for both the physical card and the digital card in your mobile wallet.

Are contactless payments safe?

Yes. Every transaction is sent with a one-time code that secures your payment information.

Ready to get started?

About mobile wallets

What is a mobile wallet?

There are different types of mobile wallets Charles Schwab Bank offers via the Schwab Bank Visa Platinum Debit Card. A mobile wallet is an electronic version of payment credential storage that allows cardholders to make purchases using an electronic mobile device as opposed to a physical card, cash or checks. Mobile wallets allow cardholders the ability to store their payment credentials with a mobile device provider such as Apple Pay, Google Pay, and Samsung Pay. The primary uses have been at retail but are expanding in availability for mobile apps and online. You can also use the wallets to store eligible retailer loyalty cards, airline tickets and sporting or concert event tickets.

The term mobile wallet can also be referenced for these options and used interchangeably with the term Digital wallet. Since these digital payment options are used primarily with mobile devices, they are identified as mobile wallets.

Are these mobile wallets safe to use?

Yes, the mobile wallets use a unique digital account number called a token to complete a purchase with a merchant. This means that your actual payment card information is not transmitted to the merchant at any time during the checkout or payment process and it protects your Schwab Bank debit card information in the event of a merchant breach of financial data. Even if your unique digital account number is stolen, it is useless to a person trying to use it fraudulently. The same security applies for your online and in-app purchases. Also, since you do not have to enter your card information, you have peace of mind from anyone accessing your electronic device to capture what is on your screen of your keystrokes.

Are they easy to use?

Yes. They take away the requirement to input card information and speed up the actual checkout process. You use your specific mobile device and there can be a bit different method to checkout with the mobile wallet based on which wallet you utilize and the type of point of sale terminal a merchant provides. The experience and convenience of the mobile wallets can provide a more satisfying experience knowing your financial information is secure and not having to wait to remove your chip card from the reader. As more retailers accept these mobile wallets and usage grows, the ease of use will continue to improve.

How do I add my Schwab Bank debit card?

You will need an eligible Apple, Android, or Samsung device and operating system. Also, you will need to open or download Apple Wallet, Google Pay, or Samsung Pay. Most eligible devices will have these applications available on your device already but in case they do not, you would need to visit the appropriate app store for your device to download the mobile wallet app. You can find questions and answers about Apple, Android and Samsung here.

About online services

Can I manage my Investor Checking account online at Schwab.com?⁵

Yes. Schwab.com offers many convenient features, including online funds transfer, online Schwab Bank Bill Pay, viewing and printing check images, viewing account history, and easy transfers between your accounts.

Do you offer a free way to pay my bills online?

Yes, your Investor Checking account comes with free online Schwab Bank Bill Pay ® . It's a fast, secure, and convenient way to pay your bills.

Can I get paperless statements?

Yes, electronic statements are available. Sign up any time by calling a Schwab Bank Representative at 888-403-9000 or visit schwab.com/paperless.

About check writing

Do I have to pay for checks?

No. Standard wallet and duplicate check styles are free with the Investor Checking account. Deposit slips and postage-paid return envelopes are also free. There is a charge for nonstandard checks and expedited shipping.

Is there a limit to how many checks I can write?

No, your Investor Checking account includes free unlimited check writing.

I had check writing, Bill Pay, and a debit card on my Schwab One brokerage account. What happens to that now that I have a Schwab Bank Investor Checking™ account?

Now that you have an Investor Checking account, your payment features migrate from your Schwab One account to your Investor Checking account. The Schwab One brokerage account bill pay service will be de-activated and your Billers will be moved to your Investor Checking account. Any recurring payments you had set up on your Schwab One account will need to be re-established on your Investor Checking account. Seven to ten days after funding 4 your Investor Checking account with a minimum of $100, checks and deposit slips will be sent to you. A Schwab Bank Visa Platinum Debit Card will be sent to you after funding your Investor Checking account. All your deposit features are still available on both your Schwab One brokerage account and your Investor Checking account. If you have any questions on how to deposit to either account, please visit Deposits and Withdrawals, or call a Schwab Bank Representative at 888-403-9000.

Are online check copies available?

To view and print images of your checks, log on to Schwab.com, choose your Investor Checking account, then select History > Transactions > and select the check number under "Posted Transactions."

About deposits

Is direct deposit required for my Investor Checking account?

No. Direct deposit into your Investor Checking account isn't required but we do encourage you to enroll in this free service. It's a great way to move deposits into your account quickly and reduce paperwork. You have the option to deposit all or a portion of your paycheck or government payment such as Social Security. Download a Direct Deposit Sign-Up form here.

How do I make deposits with my smartphone?

Schwab's Mobile App may be used to make deposits to your eligible Schwab brokerage accounts or Schwab Bank accounts. Start by downloading it here and then you can make deposits by taking pictures of your checks. Learn more.

About the checking account name change

Why are you changing the name of the High Yield Investor Checking/Savings accounts?

Our goal is to be clear and consistent in how we describe our products and services. Calling out our checking and savings accounts as high yield when our purchased money market funds and CD offerings have higher rates may create confusion for clients since we don't use modifiers (e.g., High Yield) to describe these other choices. Straightforward naming conventions across our cash offerings are designed to help you make informed decisions on how to deploy your everyday cash and your savings and investment cash. You can learn more on our cash solutions page.

With the name change, will I lose any account services or features?

No, you will continue to have access to all of the same great account services and features, and no changes to fees. Only the product name is changing.

Will I need to order new checks and/or a new debit card?

No, you can continue to use your Schwab Bank checks and debit card as normal.

Is my account number or routing number going to change?

No, your account number and routing number will remain the same.

Will I need to update my Schwab Bank Bill Pay TM ?

No, your Schwab Bank Bill Pay will be unaffected by the name change.

Will this affect my Zelle ® enrollment?

No, your account enrollment in Zelle ® will not change.

When does the name change take effect?

The name change began in December 2022. You may see the old name appear in some places until we have completed the full rollout.

Will the interest rate change on my account with the name change?

Your Schwab Bank Investor Checking TM account/Schwab Bank Investor Savings TM account are variable rate accounts, so while the name change will NOT affect your interest rate, we regularly review the interest rates on our accounts in the context of the federal funds rate and competitive environment.

Will I need to update my Direct Deposit instructions?

No, your account and routing number will remain the same.

1. The Schwab Bank Investor Checking™ account is available only as a linked account with a Schwab One brokerage account. The Schwab One brokerage account has no minimum balance requirements, minimum balance charges, minimum trade requirements, and there is no requirement to fund this account, when opened with a linked Investor Checking account. To learn more about other Schwab Bank checking accounts, please contact Schwab Bank at 888-403-9000.

2. Schwab Bank's Investor Checking account has no account maintenance or activity fees. Fees may be assessed for additional services such as custom check orders, outgoing wires, or rush delivery. Review Schwab Bank's full Deposit Account Pricing Guide or contact Schwab Bank at 888-403-9000. Schwab Bank reserves the right to amend these terms at any time.

3. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa ® Platinum Debit Card wherever it is accepted. ATM fee rebates do not include any fees imposed by merchants or ATM operators for POS transactions, or fees for stamp purchases, balance inquiries, non-local ATM currency withdrawal fees (referred to as dynamic currency conversion fees), or any other transaction other than an ATM cash withdrawal in local currency from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance at 1‐888‐403‐9000 (or for clients of independent investment advisors, a Schwab Alliance Service team Member at 1-800-515-2157). Schwab Bank reserves the right to modify or discontinue the ATM surcharge rebate at any time.

If you use your Card to withdraw foreign currency from an ATM, or to pay for a purchase with foreign currency, Schwab Bank charges your account for the U.S. dollar equivalent of the transaction. Depending on the specific arrangements that are in place, the exchange rate and calculation of the U.S. dollar equivalent will be done by the bank at which you conduct the transaction, the network to which the ATM belongs, or Visa. The bank or network may also charge a fee. Schwab Bank does not assess foreign transaction fees (i.e., a fee to convert US dollars to local currency) to debit card holders. See the Schwab Bank Visa Debit Card Agreement for details.

4. Lock your card if it's lost or stolen, if you suspect fraud, or if you won't be using it. You can lock your card if it is activated and in good status. Locking blocks cash advances, ATM withdrawals, and purchases at point of sale, online, or over the phone. The account is still active and you can still see your balances. Note that even if your card is locked, the following transactions still continue:

We'll notify you anytime the card is locked or unlocked. For assistance in locking or unlocking the card or to file a fraud claim, contact us at 888-403-9000.

5. The Schwab Mobile Deposit service is subject to certain eligibility requirements, limitations, and other conditions. Enrollment is not guaranteed. Standard hold policies apply. Requires a wireless signal or mobile connection. Access to Electronic Services may be limited or unavailable during periods of peak demand, market volatility, systems upgrade, maintenance, or for other reasons. Functionality may vary by operating system and/or device. Mobile carrier data charges may apply.

6. Limited styles only. Schwab Bank checks will be sent to the address on file between 7-10 business days after your account is funded with a minimum of $100.

7. The Schwab Security Guarantee: Schwab will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity. The highest levels of security are only possible when we work together. To ensure your protection under this guarantee, it is your responsibility to safeguard your account access information. If you share this information with anyone, we will consider their activities to have been authorized by you. It is also your responsibility to report any unauthorized transactions to us as quickly as possible. If you suspect you are a victim of fraud, please contact us immediately at 888‐3‐SCHWAB. There may be other individuals to whom you grant authority in your account. Their activities in your account will also be considered authorized. "Account access information" includes your login ID, password, or any other information used by Schwab to authenticate you; as well as payment devices such as credit cards, debit cards and checks. We may hold you responsible if we determine that you shared this information, or unauthorized activity was caused by your fraudulent conduct or gross negligence. Reimbursement under the guarantee requires your timely reporting of unauthorized activity to Schwab. Schwab will not be liable for additional or increased losses resulting from a failure to report unauthorized activity in a timely manner. Different transactions have different reporting deadlines. More details are available in your account agreements, statements and trade confirmations. This applies to third parties (who are not Schwab employees or Schwab companies), including the employees or agents of any business or any investment advisor to whom you have granted authority of any type over your account. This includes authority to manage your account, and any other power of attorney you may have granted. This applies to activity by your employer and their employees, representative or agent which have authority to access your Employee Benefit Plan Account. Schwab will also not be liable for the failure of those third parties to safeguard your information or access to your account.

8. The rebate will appear as a lump-sum credit on the same checking account periodic statement that includes ATM fees incurred for that particular account statement cycle.

9. Use of your card through a mobile wallet is also subject to the terms and conditions of your Schwab Bank Deposit Account Agreement (which contains information on any potential liability for unauthorized transactions), your Visa Debit Card Agreement, the terms and conditions of the mobile wallet you use, the privacy policy set forth at Schwab.com, and the privacy policy of the mobile wallet you use.

10. Apple, the Apple logo, iPhone, and iPad are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay, Touch ID and Apple Watch are trademarks of Apple Inc. Android, Google Play, and Google Pay are trademarks of Google Inc. Use of these trademarks are subject to Google Permissions. Samsung, Samsung Pay, Samsung Gear, Galaxy S and Gear S (and other device names) are trademarks or registered trademarks of Samsung Electronics Co., Ltd. Use only in accordance with law. Other company and product names mentioned may be trademarks of their respective owners. Samsung Pay is available on select Samsung devices.