Schwab Bank Investor Checking™ account common questions

The Schwab Bank Investor Checking account is designed specifically to work alongside a Schwab One^® brokerage account.¹ Schwab Bank Investor Checking accounts provide overdraft protection² and seamless, instant transfers between your banking and investing accounts³, all on Schwab.com and the Schwab Mobile app. 

With this checking account, you get: 

• Easy transfers from your checking account to your linked brokerage account
• No monthly service fees⁴
• Unlimited ATM fee rebates and no foreign transaction fees⁵
• Tighter security with card lock/unlock⁶, transaction alerts, fraud alerts, and travel notifications
• Easy check deposits with the Schwab Mobile Deposit™ service⁷
• Free standard checks⁸ and Schwab Bank Bill Pay™⁹ on Schwab.com and the Schwab Mobile app¹⁰
• Convenient payments and extra security with mobile wallets¹¹

Schwab One brokerage accounts are not insured by the FDIC; are not deposits; and may lose value.

Both accounts share a strong set of everyday banking capabilities, including no monthly service fees, a Schwab Bank Visa^® Platinum Debit Card with unlimited ATM fee rebates worldwide, the Schwab Mobile Deposit™ service, free standard checks, online check images, wire transfers, ACH to/from outside domestic financial institutions, and the Schwab Security Guarantee¹².

But your Schwab Bank Investor Checking account goes further with:

• Zelle^®13
• Schwab Bank Bill Pay™ service
• Automatic enrollment of your Visa debit card in two-way fraud text alerts 
• Debit card lock/unlock 
• Card reorder, Visa debit card alerts, and transaction alerts
• Overdraft protection and target balance transfer
• Digital messaging for card mailing status

If you're already using a Schwab One account with payment features, upgrading to a Schwab Bank Investor Checking account gives you a more complete, modern banking experience, with more ways to pay, stronger security tools, and greater flexibility—all at no additional cost.

Schwab One brokerage accounts are not insured by the FDIC; are not deposits; and may lose value.

No. There are no monthly service fees when you open a Schwab Bank 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.

Schwab One brokerage accounts are not insured by the FDIC; are not deposits; and may lose value.

No. There are no minimum balance requirements for either account when you open a Schwab Bank 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.

Schwab One brokerage accounts are not insured by the FDIC; are not deposits; and may lose value.

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

Yes. The funds in your Schwab Bank 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 3-7 business days after funding your account, which can be used for purchases anywhere Visa is accepted and provides you with unlimited ATM fee rebates. You will also receive complimentary checks 7-10 business days after funding your account with a minimum of $100.

The Schwab Bank Investor Checking account is designed specifically to work alongside a Schwab One brokerage account.¹ The Schwab Bank Investor Checking account provides overdraft protection and seamless, instant transfers between your banking and investing accounts, all on Schwab.com and the Schwab Mobile app. The linked brokerage account does not need to be funded, has no minimum balance requirements, and carries no monthly service fees. If you already have a Schwab One brokerage account, it may be eligible to link; otherwise, a new one will be opened as part of your application.

In many cases, yes. During the online application, you will be prompted to select an eligible existing Schwab One brokerage account to link to your new Schwab Bank Investor Checking account. However, some account types—such as accounts with trading authority, a power of attorney, or a designated beneficiary, as well as certain retirement and joint accounts—will not be eligible for online linking. You can either open a new brokerage account or contact a Schwab Bank representative at 888-403-9000 for assistance.

Schwab One brokerage accounts are not insured by the FDIC; are not deposits; and may lose value.

When your application is approved, you will receive a Schwab Bank Investor Checking account linked to a Schwab One brokerage account.¹ What that means for you depends on your situation:

• If you have an eligible existing Schwab One brokerage account: You will have the opportunity to select an account during the application, and no new brokerage account will be created.
• If you don't have a Schwab One brokerage account or your existing one is not eligible for linking: A new Schwab One brokerage account will be opened automatically for you.

Opening a joint Schwab Bank Investor Checking account linked to an existing joint Schwab One brokerage account is not currently available through the online application. To open a joint account, please contact a Schwab Bank representative at 888-403-9000 or visit your nearest Schwab branch for assistance.

Schwab One brokerage accounts are not insured by the FDIC; are not deposits; and may lose value.

Yes. For your convenience, your Schwab Bank 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 Schwab Bank Investor Checking account at ATMs worldwide.

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

ATM fee rebates do not include fees imposed by merchants or ATM operators for point-of-sale (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.

We refund ATM fees for cash withdrawals made with your Schwab Bank Visa Platinum Debit Card at the end of the same month that you used your Schwab Bank Visa Platinum Debit Card.

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 U.S. 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 (U.S. dollars) so that the amount of the withdrawal is presented in U.S. dollars and your account is charged for the conversion at the rate offered. Regardless of whether you accept the conversion, your withdrawal will be dispensed in the local currency—pound sterling in this example.

You are not required to accept the DCC and the associated fee as this transaction is optional. There are advantages and disadvantages to accepting the DCC. However, if you accept the DCC, 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.

If you use your Schwab Bank debit card to withdraw foreign currency from an ATM and accept the DCC, your account will be charged and the fee will not be rebated by Schwab Bank. Schwab Bank charges your account for the U.S. dollar equivalent of the transaction fee. Depending on the specific arrangements 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.

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 Guarantee⁹, Schwab Bank will cover 100% of any eligible 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. For more information, please see the Schwab Security Guarantee.

Yes. You can use your debit card to pay for your purchases like groceries, gas, and utilities. The money will be deducted from your Schwab Bank 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. Smart chip technology encrypts that information, adding an extra layer of security.

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

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 using your smart device instead of your physical contactless card, just like you would with Apple Pay¹⁴ or Google Pay¹⁵. 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.

Charles Schwab Bank offers several different types of wallets via the Schwab Bank Visa Platinum Debit Card¹¹. 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 to store their payment credentials with a mobile device provider such as Apple Pay, Google Pay, and Samsung Pay16. 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. 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, no one will be able to access your electronic device to capture what is on your screen or your keystrokes.

Yes. Mobile wallets remove the need to input card information or insert your chip card into a reader, speeding up the actual checkout process. Please note there may be different checkout methods with the mobile wallet based on which wallet you use and the type of POS terminal a merchant provides. Overall, the convenience and security of the mobile wallet can provide a more satisfying experience. As more retailers accept 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. Please visit Mobile Wallet FAQs to review questions and answers about Apple, Android, and Samsung.

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 Schwab Bank 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.

No. Standard wallet and duplicate check styles are free with the Schwab Bank 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 Schwab Bank Investor Checking account includes free unlimited check writing.

Now that you have an Investor Checking account, your payment features have migrated from your Schwab One account to your Investor Checking account. Schwab One brokerage account checks will be honored for 90 days after you open your Investor Checking account. Checks will be sent to you 7–10 days after you fund your Investor Checking account. Please start using the checks for your new Investor Checking account when they arrive and destroy your old Schwab One checks.

If you currently have Schwab Bank Bill Pay, automatic debits, or direct deposit set up with your linked Schwab One brokerage account, you will need to switch these to your new Investor Checking account within 90 days of opening the account to avoid any interruption in service. The Schwab One brokerage account Bill Pay service will be deactivated, and your billers will be moved to your Investor Checking account. Any recurring payments set up on your Schwab One account will need to be re-established on your Investor Checking account.

A Schwab Bank Visa Platinum Debit Card will also be sent to you after you fund your Investor Checking account. You may begin using your new Visa Platinum Debit Card as soon as you receive it. If you had a Visa debit card for your Schwab One account, please destroy it, as it will not be honored after 30 days.

If you have any additional questions, please call a Schwab Bank representative at 888-403-9000.

Yes. To view and print images of your checks, log in to Schwab.com and choose your Schwab Bank Investor Checking account. In Posted Transactions, select a date range, then select Checks as the transaction type. Click More to view and print your checks.

No. Direct deposit into your Schwab Bank 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. Log in and download a Direct Deposit Sign-Up form.

Schwab's mobile app may be used to make deposits to your eligible Schwab brokerage accounts or Schwab Bank accounts. After downloading the app, you can make deposits by taking pictures of your checks.