My checking account is fundamentally a revolving cash account between a portion of my paycheck and my monthly bills (cc, mortgage, utilities, etc.). Other than autopay bills, all my purchases go through my credit card (which is then another autopay against my checking acct.). I manage all this at a macro level through Mint.
I never visit my bank website, partly because it sorta sucks, but partly because I have no reason to—I really just care about the balance. Additional views would be nice, but I need it at the macro level to incorporate all my accounts (which Mint, admittedly, falls short on). I don't use my debit card for anything other than ATM cash.
My checklist for a checking account is pretty short:
1. No fees. (Including ATM fees. I'm reimbursed if a third-party charges one, too.)
2. Smartphone check deposit.
3. Features / Customer Service / Interest Rate, etc.
Simple's down in that third bucket (and they don't meet criteria #1).
We're planning on doing smartphone check deposit. We have a huge fee-free ATM network, but you're right, we don't reimburse all ATM fees. Thing is, most banks that do reimburse all ATM fees are either making that money back by charging account maintenance fees or subsidizing it through brokerage account fees. There's no free lunch.
So, we may not be a perfect fit for you, but I hope you'll give us a second look with that in mind.
Although you may be referring to third-party ATM fees. I'm curious which banks still reimburse for third-party ATM fees. Can you share the name of your bank?
This is correct for their high-yield investor checking account (don't let the name fool you, the interest is a fraction of a percent). This account requires a credit check and a linked brokerage account; although, I don't think that brokerage requires a minimum balance. While I hold options, my cash balance is ~$3.
Anecdote: I have been with Schwab for years and love their offering. One weekend in Vegas I accumulated something like $150 in ATM fees and they refunded every penny of it. Like Alex said, this was only possible through previous trade commissions/fees they've generated from me.
It's only possible from trade commissions/fees they've generated in general, but not specifically from you. Some people definitely come out ahead.
And yeah, you have to open a brokerage account but you can leave it with $0 and no positions forever. That said, Schwab has some pretty killer deals on ETFs on the brokerage side..
USAA reimburses third party fees, has a nice iphone app for deposits, and a generally sound web interface. If you can get in, I highly recommended them.
I never visit my bank website, partly because it sorta sucks, but partly because I have no reason to—I really just care about the balance. Additional views would be nice, but I need it at the macro level to incorporate all my accounts (which Mint, admittedly, falls short on). I don't use my debit card for anything other than ATM cash.
My checklist for a checking account is pretty short:
1. No fees. (Including ATM fees. I'm reimbursed if a third-party charges one, too.) 2. Smartphone check deposit. 3. Features / Customer Service / Interest Rate, etc.
Simple's down in that third bucket (and they don't meet criteria #1).