Okay. I’ve lived in the Dominican Republic for the summer. I’m from the midwest. I’ve traveled a bit around the US. One of the very few things that’s perpetually annoyed me is accessing my money. I hope to live in Brazil next year, and I don’t want to continue to have to worry about ATM fees, customer support, etc. when it comes to my money.

I did some research, and tried a few different options. In high school, I stuck to my parent’s (obviously) community bank. This was fine for high school. College started, and I tried a few different options. I tried TCF bank, WaMu, a few different community banks, and maybe a few I’m not thinking of. The problem with most banks is that they’re geographically based; they usually count on their customers having access to at least one physical location.

This is where WaMu claimed to be different. So I moved all my money into WaMu (Washington Mutual) and I thought I was going to love it. But.. again, ATM fees and a number of odd requirements (I can’t change the PIN on my debit card without driving to the nearest WaMu location… like 10 hours away?!). Maybe I could have lived with those. But their technical support: absolute shit. Worst I’ve ever dealt with. It took me 3 weeks of emails before I even found out where I needed to mail in my checks to have them deposited. And if you want to get a real person on the phone? Forget it. Impossible.

Then, one afternoon, I was looking at new options with my new-found rage toward horrid customer support. I discovered Charles Schwab’s “High Yield Investor Checking”. Learning from WaMu, the first thing I did was call them with a hundred questions. ATM fees, international rates, FDIC insurance, wire fees, and every other question I had. Someone was on the phone with me inside of a minute, and answered everything right away. I feel like I’m doing a sell job here, but I’m happy enough with their service and think that too many people are using shitty banks. So here’s what I found:

• No physical location. They don’t count on you ever going in. Bottom line: Internet is all you need.
• ZERO ATM fees. Anywhere. Worldwide. They will REIMBURSE every ATM fee from other companies. Even in other countries. And it happens automatically. No phone calls. Bottom line: you’ll never pay a dime to take money out of an ATM.
• No checking / savings account split. You make ~2% APY on your checking account. No more keeping some money in savings, other in checking, and worrying about balances. Bottom line: less maintenance. (Though some like having the separation, I find it annoying)
• Personal bank rep. Someone calls you after you open your account, and says “I’m your guy. If you ever want to know anything about your account, call me. Here’s my direct information.” You have any questions? No stupid automated tele-systems. Just call the number and you deal with someone who knows your account. Bottom line: GREAT customer support.
• They send you pre-addressed pre-paid envelopes to send in your checks for depositing. OR, if you like, deposit at any Schwab investment center. They’re everywhere. The money goes into your investment account (free and automatic with the checking account) and you can move it over to savings online. Bottom line: Depositing is easy.
• No minimums. No monthlies. Your account is completely free, and there’s virtually no requirements to open one.

Okay. I feel like I should be getting paid by Schwab for this rant, but in all honesty, I just want to help anyone out who’s in the market for a new bank (maybe you should be?). I did the research, and these guys are the best (so far). Let me know if you find someone better.

-t