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Schwab Bank High Yield Investor Checking account common questions

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The Schwab Bank High Yield Investor Checking® account is linked to a Schwab One brokerage account.1

With this checking account, you get: 

  • Easy transfers from checking to/from your linked brokerage account
  • No monthly service fees or account minimums
  • Unlimited ATM fee rebates, no foreign transaction fees2
  • Tighter security with card lock/unlock, transaction alerts, fraud alerts and travel notifications
  • Easy check deposits with Schwab Mobile Deposit™3
  • Free standard checks4 and free bill pay on Schwab.com and Schwab Mobile5
  • Convenient payments and extra security with mobile wallets

 

    No, there are no monthly service fees when you open a High Yield 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.

    No, there are no minimum balance requirements for either account when you open a High Yield Investor Checking account linked to a Schwab One brokerage account.

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

    Yes, the funds in your High Yield 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.

    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, mailing labels and pre-addressed postage-paid envelopes within 7-10 business days after funding your account with a minimum of $100.  

    About ATM usage

    Yes. For your convenience, your High Yield 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 High Yield Investor Checking account at ATMs worldwide.

    Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa Platinum Debit Card wherever it is accepted2.

    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.6

    About Schwab Bank Visa Platinum 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.

    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. 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.

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

    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

    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. 

    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. 
     

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

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

    Contactless payments are:

    • Secure – contactless payments are just like using the chip in your card – every transaction is sent with a one-time code that secures your payment information.
    • Fast – contactless payments are fast because all you need to do is tap or wave your card. You can use it at grocery stores, some mass transit terminals, restaurants and more.  
    • Simple – contactless payments are simple – just Tap or Wave to complete your transaction. There is no need to insert, dip, or swipe your card at contactless terminals.
       

    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. 

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

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    About mobile wallets

    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.

    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.

    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.

    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

    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.

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

    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

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

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

    Now that you have a High Yield Investor Checking account, your payment features migrate from your Schwab One account to your High Yield Investor Checking account. The Schwab One brokerage account bill pay service will be de-activated and your Billers will be moved to your High Yield Investor Checking account. Any recurring payments you had set up on your Schwab One account will need to be re-established on your High Yield Investor Checking account. Seven to ten days after funding4 your High Yield 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 High Yield Investor Checking account. All your deposit features are still available on both your Schwab One brokerage account and your High Yield 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.

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

    About deposits

    No. Direct deposit into your High Yield 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.

    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.