Get Cash at Any Talking ATM Free Without Surcharge
February 19, 2008
A new kind of checking account has been introduced that provides unlimited refunds of surcharges from automatic teller machines, allowing blind people to use any talking ATM free without fee or extra charges. The accounts are available from Fidelity Investments and Charles Schwab, the two largest online stockbrokers in the United States. However, it is not necessary to have investments at either company to open and use these accounts. The accounts from both companies are virtually identical. Both offer an interest-bearing FDIC insured checking account with no fees requiring no minimum balance that offers free paper checks, unlimited check writing, a Visa debit card with no fees and unlimited ATM surcharge refunds, no ATM usage fees, free unlimited bill pay, free electronic transfers to and from external accounts, and free postage-paid deposit envelopes with pre-printed deposit slips.
The catch is that these accounts are largely Internet based, making an intermediate level of skill with a screen reader essential for easy usage. Both websites are useable with a screen reader, recognizing though that the web pages have a lot of information, forms and drop down lists. Fidelity's website contains accessibility support for screen reader users including helpful hints for the keyboard user and accelerator keys for common tasks. Like most high value Internet offerings, not all the services available at your local bricks-and-mortar outlet are available with these accounts. These include notary services, coin counting, large cash withdrawals, signature guarantees, cashier's checks and money orders. Of course, a deal like this means that no customization or personalization of the accounts is available such as an ATM only card, raising or lowering ATM card withdrawal limits, or paper checks with images of poodles and such. The accounts accept direct deposits from such sources as Social Security, payroll from a job and pension benefits. Automatic electronic payments to utility and credit card companies can also be established. Checks for deposit need to be mailed in, deposited at a Schwab or Fidelity branch, or deposited in an external account, such as a checking account at a bricks and mortar bank, and electronically transferred. Neither company accepts cash deposits of any kind. Cashier's checks, bank checks and money orders under $10,000 are also not accepted. Few will routinely bump into these limitations. However, given the widespread availability of no-minimum balance-free checking accounts at large multi-state banks such as Chase, Bank of America, and Washington Mutual, it is a good idea to maintain such an account with just a few dollars deposited when needed. The account at the local bricks-and-mortar bank can be linked electronically to the online checking account, so shuffling money back and forth is easy.
Schwab calls its account Investor Checking and Fidelity names its offering MySmart Cash. Schwab requires that a brokerage account be opened at the same time Investor Checking is opened. Fidelity does not require but highly encourages opening a brokerage account. At Fidelity, the highest interest rate possible occurs when money is placed in the Fidelity Select Money Market Fund, which is automatically sold to cover withdrawals. A position in the fund, which is not FDIC insured, can be initiated in either a brokerage account or in MySmart Cash. Both companies charge no fees and require no minimum balance to open or maintain brokerage accounts.
The checking accounts can be opened online, by telephone, or in person at a Fidelity or Schwab branch. If opening online or by telephone, the companies will ask for a driver's license or state identification card number. Also, a signature card needs to be downloaded or received by mail, completed and mailed back before checks are issued and the account activated. Opening the accounts at a branch avoids the paper mountain, finding numbers on cards and chasing forms. Be sure to bring a state identification card or passport and the checkbook of the external account at a bricks-and-mortar bank to which the Internet account will be linked electronically.
Once opened, enjoy the flexibility and independence of checking heaven and say goodbye forever to ATM surcharges and those silly banking fees.
Fidelity
1-800-931-9987
http://personal.fidelity.com/accounts/aong/sca_learn.shtml.cvsr
Schwab
866-232-9890
schwab.com