I know what you're thinking, my friends…read more
A review of...Charles Schwab? Isn't that for rich people that wear suits every day, drive a BMW 7-series, and are generally severely rude to everyone around them?!
No.
Not at all.
This is my bank. They are mostly an online bank, but they have a physical location in Anchorage if you need to talk to some fleshy homo sapiens.
The checking account you apply for is called: "Investor Checking". Don't be scared, you don't have to be an investor or know the difference between a bear and a bull. Just get one.
I can unequivocally say this is the BEST option for most everyone as far as checking accounts in Alaska go. And not even Alaska, anyone that is a citizen of the USA.
Why?
FREE: yes, truly, really, free. Like how 'Merica used to be.
0.10% interest on your checking account: I know, it's not much, but this is as much as you'd get with a SAVINGS account from Wells Fargo (which is pretty much the worst bank in the world for non-millionaires). Fun fact: 0.10% is infinity times more than 0.00%...which is what you'd get with most free checking accounts.
NO MINIMUMS: go below $10? Who cares! There are never any fees for going under any arbitrary limit.
NO BIZZAREE COMMITMENTS: Checking account is free...as long as you have direct deposit...and use your debit card 17 times...and like us on Facebook...and sign our guestbook on our website...and speak at our daughter's wedding...and....THERE IS NONE OF THIS NONSENSE. You don't have to jump through any hoops to avoid fees, it's free. In the very real sense. Use it however you like, they don't care.
FREE CHECKS: Order checks, for free, anytime.
TAKE A PICTURE TO DEPOSIT A CHECK: yep, just grab their smartphone app, snap pictures of the front and back of your check, and it's in your account.
NO ATM FEES, EVER: At the end of the month, Schwab reimburses you for any and all ATM fees. Whether it's the Wells Fargo downtown or a seedy dockside bar in Thailand, they got you covered. No need to switch the GPS on your phone on, drain your precious battery life, and locate "your bank's" ATM to save $3. No more pain, no more stress, not more worries. Withdrawal with confidence.
NO FEES: did I mention there are no fees?
THEY ARE NICE: seriously, I LOVE calling them up on the phone when I have an issue. How many of you can say that about your bank? They are always incredibly nice and insightful and sound like they actually LOVE what they do. Shocking.
There are a couple of very minor downsides worth mentioning:
1) It's almost impossible to deposit cash. I spoke to the teller at this physical location and he told me it's coming, possibly in 2015, but as of right now the easiest way is to probably buy yourself a money order. So if you're a drug mule, a speaker-out-of-the-back-of-a-van salesmen, or a woman of ill-repute you'll probably want to stick to the crooks at Wells Fargo. They have sprinkled ATM's throughout the 49th state, which makes them much more convenient for scuttling cash before hopping on an international flight or negotiating with a border guard.
2) There will be a hard-pull on your credit report when you apply for the checking account: again, not a huge deal, but worth mentioning. If you are in the final talks of purchasing a home, or you just got 6 credit cards (or are trying to get your 7th), this might not be for you.
On Credit Unions:
I know what you're thinking "My credit union is the best!". I agree that 99% of credit unions are better than 99% of banks. But this isn't 99% of banks. I encourage you to do your own research and make your own conclusions. I'm a pretty anal analyst, and months of research lead me to Schwab. It is worth mentioning that I DID find a bank on-par with Schwab: Ally Bank. I chose not to go with them because there is a limit to their ATM reimbursements (although it is quite high) and because they do not reimburse for foreign ATM's.
I know this might sound like an advertisement, but I swear I'm not getting a Beamer for posting this. Although, Chuck, if you're listening...black is my favorite color.
