We are living in a world where we now have to have a bank account to survive because cash is disappearing and everything is done electronically.
Reason number one is that is it is 100% free but I have not included that in the list as the first 5 reasons are why it is free. So many NO’s but all reasons why they are all YES’s for me.
1. No Minimum Balance.
I recently closed my Bank of America checking account because out of the blue with no warning I saw a $12 fee on my account. When I called to ask why they were charging me as I had had this account for 6 years and it was an e-account which meant free if I used online banking only and didn’t use the service of a teller, they told me that they were moving all customers with this account type to accounts that had to have a minimum of $1500 at all times to not incur this fee. Also there have been many times in my life when I haven’t even had $100 in my account because I was living check to check hence why I also closed my Capital One account. (Having had Bank of America I was used to not being able to use a teller so not having a branch teller to go to at Charles Schwab doesn’t make a difference to me).
2. No need for a Monthly Direct Deposit
As I get paid by check each week and my job does not offer direct deposit, this works for me and for people that are independent contractors.
3. No minimum transactions required each month.
I hate the fact that every month I have to worry about making a minimum of 10 transactions on my Wells Fargo debit card otherwise I will incur a $10 fee. Who are they to tell me that I have to spend my money. I also have to constantly worry about looking at a calendar as the transactions have to be made by a set date each month. Charles Scwarb allows me to be a saver not a spender.
4. No ATM fees World Wide.
I am cheap so always refused to pay to withdraw money from another bank even if it meant I had to drive miles out of my way to find a branch of my bank. I also like to pay for everything in cash to stay on top of my finances and out of debt. Now I can go to any ATM I want because they refund any ATM fees you incur at the end of each month. This was actually the reason that I signed up for this account initially as I travel overseas to England at least once a year and wanted it for that reason alone.
5. Free Checks.
I still need checks to pay my rent each month as I don’t want to carry that much cash to the landlord and I like the check system as it is an extra receipt that my rent was paid.
6. Best Customer Service.
You have to apply on line but it was very simple and easy and when I had questions I called the customer service line and they were the nicest, friendliest, patient, accommodating and professional reps I have dealt with. They will stay on the phone as long as you need until all your concerns are answered. They make you feel valued as a customer even if you are poor. Whereas other banks don’t respect you unless you have a lot of money.
7. Brokerage Investor Account.
You have to have a brokerage account connected to the checking account but you don’t have to use it. But I have utilized it and made my first investment in Azzad Ethical Halal mutual funds. It made me research stocks and bonds that I knew nothing about and empowered me to start investing for my retirement.
8. Great Mobile App.
User friendly and after a couple of months of being with them, you can deposit a check and the funds will be available immediately. You can also trade stocks on the app as you use the same app for both accounts.
9. Free Paper Statements.
Choice of paper statements or e-statements or both.
10. High Yield 0.20%.
As a muslim I am not allowed to deal in interest, so I had to write a letter stating that I did not want to incur interest on my account and it was removed.
It may sound funny that I am saying I love a bank but this bank has opened doors for me to take control of my finances, educate myself, plan for my future and put me on a path to financial freedom. It is a brand I have now come to trust not just a place that is looking to rob the poor and reward the rich for a service that they have no choice but to have.
© 2018 Georgina Prentice
Mohamed on May 18, 2020:
Thank you for the very nice post! I love Charles Schwab and I really want to open an account with them. The only thing I don't like is that they do a hard credit check when you open an account with them and I'm still new in the country and trying to build my credit. A credit check could lower my new credit dramatically so I'm waiting on it for a little bit. Thank you so much for the very useful post though! Gazak'um Allah Khayran!