www.CostaRicaTicas.com

Many of us have and use the Schwab debit card to get cash worldwide. The reason is that they refund any ATM fees that we are charged. That's great and all.

But when you make a transfer from your bank to Schwab, there is a 5-6 business day hold before you can get your money out. They say 4 biz day hold but that starts when the money hits them which is 1 to 2 days after you actually initiate the transfer online.

For example, I moved some money on Monday 9/11. The transaction date is 9/13, so the money won't be available to withdraw until 9/18, possibly 9/19.

I made a transfer at 7am this morning. Online, the transaction date is 9/18, so hopefully the money is available end of next week.

My capital one does 1-2 business day transfers to/from my regular bank. But they don't refund ATM fees, as far as I know.

Bottom line... transfer money to Schwab a week before you plan on having it available for withdrawal.

.....or hold some assets in a Schwab brokerage account linked to the checking/ATM account; then the transfer is immediate and automatic.

That's probably the reason for the long hold, not having any assets with Schwab brokerage, their main business.

What's in it for Schwab if all a customer does is transfer minimal funds to checking for ATM fee-free withdrawal, and that's it...they lose money servicing such an account

I NEVER have a problem with holds on my Schwab accounts.

I mail a personal check from my local bank to the Schwab Bank in Orlando about a week before I begin my travel. If there's ever any hold, it's only a partial hold for a few days. Often there's no hold at all for my personal check of about $5,000 or $6,000. I've NEVER had any money in my Schwab brokerage account.

Maybe Schwab is more worried about wire transfers than they are worried about the old fashioned paper check clearing process. I have no special relationship with Schwab.

New accounts have a longer hold time. That's finished after 90 days. I'm with RAC. I have ZERO issues with my Schwab Checking Account and customer service is great. There's light at the end of the tunnel. Change your deposit.

I switched to Schwab for obvious reasons and I was tired of my credit union; always nickling and diming me. I had a checking account with my credit union that was paying less in interest than the fee to hold the account.

If you have a smart phone, download their Charles Schwab app. You can deposit checks from ANYWHERE IN THE WORLD FOR FREE. You're in the washout rates. Hang in there. Plan accordingly.

Not a new account, over a year. They have this 4 day hold for every external account transfer. I talked to them and it seems to be a security measure. It gives the external bank 3 days to cancel the tranfer in case it was fraudently transferred.

Ah, thanks, that's a good idea. It's the 21st century equivalent of what RAC does.

I like the OTHER century. My main car is 32 years old with 450,000++ miles and runs like a clock with an A/C that is like a meat locker. My spare car is 53 years old - - - - twice as old as my girlfriend

I have a different experience. I moved some money on Sunday, 9/10 before the hurricane came through. I received the automated message that the transaction would occur on 9/13. The money actually left my bank account on 9/12. On Thursday, 9/14, the money was available in my Schwab account.

I agree that it doesn't make sense to hold an electronic transfer longer than a paper check, but that is the way they do it. So far, I haven't had an urgent need to get the money from Schwab. So I just plan at least four days in advance.

I think it depends on how fast your bank verifies the transfer. Mine must be slow.

Same experience as Orange.

As a matter of fact, I have visited the Schwab offices in CG and Brickell, and in both places the message from the onsite CSR was the same: policy is for Schwab to place a 5 business day hold on all bank to bank deposits, quickest way to have funds available is to deposit cash or certified check and even then - at least 3-5 days.

And I've had that account for over 20 years. And have brokerage accounts tied to it as well.

Go figure. I just do a bank transfer a couple of weeks before any trip. Problem solved.

mh

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mh

I was wrong. It's 30 days.

https://client.schwab.com/secure/file/P ... ldsrev.pdf

Just found this out too. The daily withdrawal limit is $1,000.00 with Charles Schwab. My last card was $500.00. A $500.00 daily withdrawal limit is a nusiance when vacationing.

Since this thread has been refreshed, I'll provide some more information I have learned about delays. If you pull money from a bank (example, you're on the Schwab web site and transfer money from another bank), the other bank has three days to cancel the transaction after they have transferred the money. That is the reason it takes four to seven days for the funds to be available. If you are on the other bank's web site and push the money to Schwab, the money will be available to you as soon as Schwab receives it. The other bank cannot cancel the transfer once they have initiated it.

The problem is that many banks charge a fee for push transactions.

What I have done to eliminate stress and always be prepared is I have two Schwab checking accounts, one I use for ATM withdrawals and one for backup. I keep at least enough in the backup account to fund one trip. That way, if I forget to transfer from my other bank, or I have an unplanned trip, I have enough money in Schwab.

The easy way to go around the schwab ACH hold is to write your self a check and mobile deposit it. It will be available the same day.