Posted by William Charles on July 5, 2016
Bank Account Bonuses

Published on July 5th, 2016 | by William Charles


Charles Schwab $100 Checking Account Bonus – No Requirements, Monthly Fees, International ATM Fees + ATM Fee Reimbursements

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Nationwide 
  • Direct deposit required: No
  • Additional requirements: Minimum opening deposit of $1,000 is required
  • Hard/soft pull: Hard, Equifax
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: Account needs to be kept open for oen year
  • Expiration date: None listed 

The Offer

Direct link to offer

  • Charles Schwab is offering you a $100 sign up bonus when you’re referred by an existing member (the existing member does not receive anything) and sign up for a new account

charles schwab $100 bonus

The Fine Print

  • A minimum deposit of $1000 is required to open most Schwab brokerage accounts. Waivers may apply. See the Charles Schwab Pricing Guide for details.
  • New clients who do not have a Charles Schwab & Co., Inc. (“Schwab”) account (other than a Stock Plan Services account), open an eligible retail brokerage account, and enroll in the offer can earn a $100 Bonus Award.
  • The Bonus Award will be credited to the enrolled account within approximately one month of account open.
  • For taxable accounts, the account must be maintained at Schwab for at least one year or Schwab may charge back the Bonus Award.
  • Schwab reserves the right to change the offer terms or terminate the offer at any time without notice.
  • The offer is limited to one per account, with no more than one account enrolled per client.
  • The offer does not apply to accounts managed by independent investment advisors, the Schwab Global Account™, ERISA-covered retirement plans, certain tax-qualified retirement plans and accounts, or education savings accounts.
  • You’re required to pay taxes on all bonuses

Avoiding Fees

Charles Schwab does not charge any monthly fees and as such do not have a direct deposit requirement or account balance requirement to keep the account fee free. You’ll need to keep the account open for one year, otherwise the bonus might be clawed back.

They also refund all ATM fees (including international withdrawals) and do not charge any forex fees on international ATM withdrawals either. This makes it one of the most attractive options for international travelers wanting to withdraw cash.

Our Verdict

The hard pull makes this one quite difficult to recommend, that being said it is a great account for international travelers. The other benefit is that you could open the High Yield checking account and a brokerage account and it would only be one hard pull. The brokerage account is enough to make you eligible for the Charles Schwab American Express cards. The Platinum card is particularly interesting because of the sign up bonus and also the fact that you can cash out Membership Rewards points for 1.25¢ each. I think I’ll be adding this to our list of the best bank account bonuses, just keep in mind a hard pull will be done (not sure if it’s possible to sign up for these two accounts and credit cards in the same day for only one pull, if it is the offer is even better).

Charles Schwab have offer a similar bonus in the past, but it required you to deposit $10,000.

Thanks to reader Keith M for letting us know about this offer.

206 Responses to Charles Schwab $100 Checking Account Bonus – No Requirements, Monthly Fees, International ATM Fees + ATM Fee Reimbursements

  1. Dan says:

    Hard pull for $100 measly dollars with $10,000 deposit (or is it $1,000, your post mentions both?). Doesn’t seem like a very good deal to me

    • Dima says:

      Dan, the value of this account is not in $100 bonus, but in the benefits for international travelers. No fees on withdrawals and ATM fee reimbursements are awesome. Similar account with Fidelity saved me $100s if not $1000s over the past several years.

    • Yeah, it’ll also give you access to their credit cards and the account itself is very useful. As I said, not for everybody.

      • Max says:

        Also worth noting that Aspiration checking account gives you 1% interest, unlimited ATM withdrawals worldwide, and no foreign transaction fees on those cash withdrawals.

        • Mike says:

          The last part is not true about the Aspiration account – they have a 1 percent fee on international ATM withdrawals, which Schwab does not have.

          • Max says:

            Just want to note, the Schwab One brokerage account is free with the checking, and does not require a $1000 minimum deposit. If you choose that option, you can deposit any amount and will get the $100 in 45 days after the account is opened

          • Harsh says:

            Are you sure? Even Fidelity has that in their fine print that they have a 1% foreign transaction fee. But I’ve read comments from people saying that’s only for purchase transactions. ATM withdrawals don’t have any fees.

          • Kmart28 says:

            I’ve never been charged a fee from Aspiration for foreign ATM withdrawals. They do charge 1% for foreign purchases, not ATM withdrawal.

  2. dddd says:

    Additional requirements: Must add $10,000 in funds
    are you sure?

  3. FB says:

    Does it state the minimum balance required [after] the $1000 initial deposit?
    I don’t see it mentioned. Just wondering if the funds can be pulled, yet the
    account remains open for the year.

    • ae says:

      Well spotted.

      I see nothing in the fine print about any balance being required after the minimum deposit to open…. hmmm this got more intriguing…

  4. Tim says:

    What is the process for getting someone to refer you? I have a friend willing to refer me but we don’t know how the referrer actually makes the referral.

  5. Ted says:

    Great timing! Was about to open with them recently but had some questions.

    Since it is hard pull, does that mean no Chex inquiry?

  6. Adam says:

    Opened this a few months ago! Wonder if they’ll match me… 🙂

  7. Fafa123 says:

    Do you know what a “new client” means? I’m an AU on my son’s account from when he was on his gap year 2 years ago (that allows me to deposit money in his account and check the balance for him). Need to open an account for my daughter in the next few months. Would we be eligible for the bonus if I’m an AU in the new account?

    • Kim says:

      for what it is worth, I am a type of AU (with a Schwab login as a holder of a power of attorney for a family member’s IRA) and when I called today, the rep said I was eligible. So I went forward with opening the accounts in hopes that I get the bonus along with the hard pull.

      • Kim says:

        Update: I had to call the Investor Development Team at
        866-855-9102, 8:30 am – 8 pm ET Monday-Friday, and plead my case to get the bonus. I cited the name of the initial rep that said I was eligible for the bonus and finally got it.

  8. Jay says:

    I have a schwab traditional IRA I opened a couple years back. Would I still count as a new customer and still be able to get the $100 bonus from this offer?

  9. Andy says:

    Thanks for posting the offer…. anybody with any experience funding a new Schwab brokerage account? Can I fund it with a credit card or will I need to ACH the opening $1000 from another account in order to meet the $1K opening deposit minimum? Thanks…

  10. Brandon says:

    Any confirmation on ability to fund with CC?

  11. Karl says:

    So the offer is for a brokerage account not the standard checking account right? I wanted to take advantage of the $100 offer and ATM benefits, so ill have to create both accounts?

    • Ted says:

      Even without the bonus, you’ll need to open brokerage account anyway when opening the checking account

      • brian says:

        but the title says checking and all the verbiage in the post is about brokerage.

        which one do you need to deposit 1000 in? there is no requirement of 1000 dollar deposit if you just open the checking to my knowlege

  12. Paul says:

    Great account to have. Makes it easy to get local currency when traveling anywhere.

  13. Joey says:

    I have been informed on Charles Schwab chat that if you open the Investor Checking account with your brokerage account the $1000 minimum deposit is waived for your brokerage account. Therefore, you do not need to put in any additional deposit in to receive your $100 bonus.

    • Joy says:

      Same thing here. I opened a brokerage and checking account and I did not need to fund either one. The customer service rep claimed I’m still eligible for the bonus. I hope he’s right, I saved the chat transcript.

    • Joy says:

      Has anyone gotten their bonus yet? I did not fund mine with $5K, I just put a few dollars in there…but I have not gotten the bonus yet. It’s been 30 days. I might have to contact them with the screen shots I have.

      • Joy says:

        Data Point:

        I just received my bonus!!

        I opened a brokerage and a checking account under this offer. I funded the brokerage account with $1 and I funded the checking account with $100 and I received a $100 bonus in my brokerage account. Sweet deal!

  14. Jon says:

    Okay let me get this straight, do I send the $1000 deposit to the checking account or the brokerage account in order to earn the $100 bonus? The Schwab site isn’t clear? How long do i have to maintain the $1,000 balance?? Thank you.

  15. Hongchang says:

    I only see one account (individual account) on the home page. Does this include both the checking account and the brokerage account?

  16. Pag says:

    It seems $1K funding is not required. Does anyone know when would they credit $100 with $0 balance?

  17. Rick says:

    Would opening a new account with this bank count against the Chase 5/24 rule? I am traveling abroad in 2 months and would like to have international ATM fees waived. However, I am also applying for a Chase card in about a month. I know Charles Swachb requires a hard pull but not sure whether it messes with 5/24.

    If anybody knows that would be great!

  18. Dan says:

    Any idea if you open the account and apply for a credit card on same day, if the inquiries would be combined?

  19. Jason says:

    In the application process there is a checkbox to consent to enroll in Schwab “Cash Features” — is this necessary or beneficial?

  20. David L says:

    Any idea when offer might expire? No exp date mentioned in fine print, that I can see.

    Thanks as always for excellent info!

  21. Ryan says:

    to get $100 bonus I have to open brokerage account first or in any account (I meant checking acct)

  22. Chuck says:

    One comment on RTC indicates that if you opt out of the Margin option there’s no hard pull done, but numerous Redditers did not have this experience.

  23. TJ says:

    I just signed up for checking/brokerage account. Does the checking automatically send a debit card and checks? I’m going to primarily be using this for international ATM usage so I want to make sure a card gets ordered. I didn’t see anything on the set up process that mentioned it.

    Love the site by the way. Made some good money with sign up bonuses!

  24. TJ says:

    Don’t think I got a hard pull. How long has ti been taking people to get a debit card? I’ve been getting all kinds of literature and e-mials from Schwab, but no debit card as of yet.

  25. TJ says:

    ^Not the same TJ as me. I got a hard pull. I said no to the margin option. Sucks to get a pull for a checking account but I’ll be traveling internationally so I guess it’s worth it.

  26. Ted says:

    I opened both Brokerage and Checking account last week. Brokerage account opened fine, but checking account is still showing “We are not able to retrieve your data at this time, please try again later.” today, their agents kept saying it’s processing up until Tuesday, then now they don’t seem to know what’s going on. This is for both me and my wife’s account. Anyone experience same?

    • Ted says:

      Called Customer Care and they said they could not open account due to “negative items” on Chex. Then talked to Client Verification team and they said:
      1) They only pull Chex when there isn’t enough history on Equifax
      2) There were negative items on Chex
      3) They won’t tell you any more details in terms of what was considered negative
      4) When I described what should only be on my Chex report in terms of inquiries, she said I was describing a credit report
      5) She said complete Chex report needs to be paid for, perhaps I didn’t receive full report.
      6) Brokerage account will also be closed
      7) If you had funded money into brokerage account already like I did, the brokerage account is restricted. Restriction need to be lifted by Customer Care in order to withdraw funds

      Frustrating because
      1) I have 10 year history on Equifax with almost 60 total accounts, including a mortgage and car loan, so not sure what “lack of history” means.
      2) I just got my Chex report last month, unless something was added on there in the past month, there should not be anything to frown upon on there other than about 7 inquiries in past 12 months.
      3) I’m going to assume same scenario with my wife’s account

      • Liz says:

        Same thing happened to me–denied due to information in my ChexSystems report. No idea why there wouldn’t be enough history on Equifax.

  27. Andy says:

    Anybody get their bonus yet? We are at 30 days now

  28. PSB says:

    @Andy Nope. My account is one month old today. Still no sign of the bonus.

  29. B says:

    Customer service rep says that while you do not need to fund your account to open it (if you are opening a brokerage account + investor checking account). You will need to fund the Brokerage account with min. of $1,000.00 dollars in order to receive the reward offer. Additionally, they may take back the $100 dollar reward if you do not maintain $1000.00 balance in brokerage account for the period of 1 year.

    • Andy says:

      Nowhere in the REFER bonus stipulations does it state the brokerage account needs to be funded with $1K (I opened it with 0 by opening up the linking bank account) nor does it state that that $1K would even need to be held in the account for one year. It just says the brokerage account must be opened and then maintained for at least a year. So it sounds like if we don’t get our bonuses we have complaints with the BBB or the like. Figures these Schwab guys are a bunch of crooks, probably why I have been Fidelity for 20+ years

  30. FH says:

    Opened my account on 7/5, then funded with $1000. Didn’t touch it all, received my $100 bonus today.

    • TJ says:

      Did you have $1k in the brokerage account or the checking account?

      • FH says:

        $1k in the brokerage, didn’t touch it at all until today (8/9) after receiving the bonus yesterday (8/8). I did put a separate $100 into the checking account on 7/27, just to trigger the debit card and checks sent to me.

  31. Joey says:

    received my $100 bonus on 08/08. funded the account with $1000 just to be safe on 07/08

  32. Andy says:

    Well, how about that. I received the $100 today after about 35 days upon initial account opening… I had funded the brokerage with 0 by opening the linking bank acct also with 0. I had messaged them on Monday where is the $100 and they replied yesterday to call a certain number and I was going to do that tonight but now I don’t need too 🙂 Thanks for the info Keith M and to the Doc of course….

  33. TJ says:

    Schwab has a brokerage bonus at the moment as well:

  34. TJ says:

    So I tried to ACH Pull the $100 from Schwab brokerage accounts with the original ACH link that was set up when i opened it. They pulled it back and I got charged a $15 returned deposit fee.

  35. TJ says:

    Opened account July 18th with $50 in checking and $0 on brokerage. Transferred $5.00 into brokerage act on 8/1. Got $100 bonus into brokerage 8/19. Easy peasy.

  36. Debra says:

    Sad data point here. I opened the account last week, asking a number of questions through live chat because the process was kind of confusing. The representative said I simply needed to open a brokerage account and fund it with any amount to receive the $100. No other requirements. You have to make sure to open either the checking feature with the brokerage or a linked Schwab checking account to get a debit card, by the way. You can do this either with the initial application or after the fact, with the aid of live chat and some online forms.

    But today, when I went on the live chat to make sure my debit card was on the way, they told me my account was being closed due to negative remarks on my Chex report. I have hit the bank bonuses pretty heavily in the past couple years, maybe 15 accounts opened and generally closed as soon as possible. I am guessing that is it. I did accidentally overdraw a checking account one time but quickly corrected it–could that be it too?? This hasn’t happened to me yet in all my churning. Any thoughts anyone reading this has are appreciated.

    Anyway, my brokerage account had already been funded and everything. I was not able to transfer the money back to my funding account directly online, the feature was blocked, but a rep on live chat was able to set it up for me. So this may not be worth your hassle (it was a lot!) and possible hard inquiry (none has shown up for me yet, but it certainly could with my next creditkarma / update) if you churn a lot of bank bonuses… or maybe I just got really unlucky.

  37. TJ says:

    Note to all: THIS IS NOT A CHECKING ACCOUNT BONUS. This is a brokerage account bonus. That is why you have to deposit $1,000 into the brokerage account.

    If you want to take advantage of the far more lucrative brokerage offer, using this offer will disqualify you from that offer, and according to the chat rep, forever. New to firm clients only. As in, anybody who has ever had any sort of Schwab account going back to 1971.

    • FB says:

      “That is why you have to deposit $1,000 into the brokerage account.”

      It’s been reported that a brokerage deposit of a few dollars will trigger
      the bonus when it is opened along side a funded checking account.

  38. Nus says:

    TJ, when you say “THIS IS NOT A CHECKING ACCOUNT BONUS” which offer is the one you are calling “THIS”.

    What offer is the “far more lucrative brokerage offer”?

    Is the link you give
    one of the above two, or a third offer.

    I’ve never had any kind of Schwab account, and I actually do want to open Schwab checking and brokerage accounts, and keep them long term, but I want to maximize whatever signup bonuses I can get for opening both these accounts.

    If it’s a once-a-lifetime deal, I’m wondering whether to wait until I can do a bigger deposit, or if to do it now in case the bonus(es) disappear(s) completely.

    • TJ says:

      The $100 offer posted here is for a new brokerage account with a token deposit requirement. You can get a bank account at the same time, but the don’t need to open a bank account hence it is a brokerage bonus not a bank bonus.

      If you do that then you aren’t eligible for the offer that gives you $500 for investing $100k with them, which probably will disappear, and return. Schwab doesn’t typically have incentives for brokerage deposits like that, the chat agent claimed one per lifetime unlike other brokerages which let you do-over every year

  39. FB says:

    $100 bonus posted into the brokerage account.
    It has been 35 days since opening them.
    I originally pushed $1000 into the checking account,
    and then also pushed another $1000 into brokerage.
    Didn’t want to take a chance on missing the bonus.

  40. Darv says:

    If anybody knows what amount to leave in the account after the bonus posts, that would be helpful. I am pulling all but one cent out of the account and will leave the one cent in the account until the one year has passed.

  41. Dave_B says:

    Opened, funded, bonus posted after 1 month. Thanks DoC.
    This may well become my main checking account. The “use any ATM” has been handy. No monthly fees, free checks, and free overdraft protection(with no fees) if you have enough money in your brokerage account to cover it. I’ve tried using a few different ATMs, and got an automatic refund from them for the ATM fee every time.

  42. Humberto says:

    My account was opened and then I received a letter in mail that the account was closed due to Chex system. I wonder what that means. I requested a copy of the chex system.

  43. Elvis says:

    10/27 – account opened
    11/29 – brokerage account bonus
    12/13 – brokerage net deposit bonus

    • Schmekel says:

      Elvis – How did you apply for both, since they both are for opening a brokerage account?
      You opened the account for the brokerage account bonus, and once open applied for the brokerage deposit bonus?

  44. Ted says:

    Will the hard pull be avoided if I have brokerage account with them?

    • Not sure sorry, does anybody else know?

    • Gadget says:

      I did only a brokerage account, no checking. According to the rep that called me Monday, they will pull credit, and account should be completely open in 3 days. Today was day 3 and no alarm yet from CreditKarma, assuming they pull EQ. Will post if anything pops. I opted into getting a debit and checks with the brokerage account, so as far as I can tell, the only advantage to getting the official checking account add-on is not having to open with 1K.

      • Gadget says:

        Oh, and FDIC insurance… brokerage account is not insured – Bank products are insured. So you can lose money, or make money – vice just having it sit and erode away. Not sure about ATM reimbursement – I don’t need it.

    • Gadget says:

      No, hard pull was not avoided by going brokerage only, no checking. Took them almost a week to get around to pulling it. VA – EQ pull.

  45. Gadget says:

    I am going to attempt to stack promo codes for the brokerage account (SchwabWelcome11 & REFER), but going to bypass the checking account. (I did request free checks, and a debit card as part of the brokerage account) Nowhere on either promo does it say you have to open a separate checking – from what I can tell, the checking account option just avoids the 1K opening deposit. So far I applied, and already have an account number and online account access. All codes stacked – no error – unless they QA it later.

    I have no love for my current investment firm, and the additional promo just pushed me over the top. The only downside I see is tying up the funds for a year, in the investment(s) of my choice; otherwise they can claw back the bonus.

    BTW, their signature card can be submitted via SM or FAX, for those cheapos like me that don’t want to waste a stamp.

    I will report back on what credit reports and/or Chex gets pulled for the account. It is Saturday now, but so far, no hard pull. I plan on requesting a CHEX report soon anyway since the Quorum FCU failure now gives me justification to pull my report again.

    • Kevin Rose says:

      What is the “SchwabWelcome11” code? I’m not seeing it anywhere?

      • Gadget says:

        SchwabWelcome11 promo code came from – When you go to apply it shows the code.

        I am giving them a full week to setup the brokerage account before moving in large amounts. I also applied the code for free trades (STSOFFER16), but requires 100K… not sure I want to be that vested into Schwab.

        So far I have had no issue getting 1K ACH from Discover bank to officially fund the account, and my ID protection/Credit monitoring hasn’t alerted me of a hard pull, but it’s only business day #3. I do find it annoying that Schwab has different ACH RT & Account numbers, depending if it is outgoing pull, or incoming push.

        • Zack says:

          Hey any news on the pulls? I assume hard pull from everyone else. But is there a chex inquiry too? Thanks

        • Gadget says:

          Update: $100 Refer bonus posted about 30 days after account opening. My $300 bonus for schwabwelcome11 did not automatically post. Called on about day 60, and the CSR said it should have been credited, and he applied $200 of the $300 for my deposit level that I was due. He said his system would not allow him to apply the full $300. The other $100 would require more research on how to apply it, and he will be calling me back tomorrow.

          • Gadget says:

            Update: As promised, I received a phone call back from the CSR that I had spoke to yesterday. Said the bonus posted. I verified later, and online it says $300 “Misc Credits CUST SERVICE GEST”.

            So, SchwabWelcome11 [10K-100K tiered bonus] & REFER [flat $100] do stack – you just may need to call to explain and request the credit. I had also added the STSOFFER16 promo code at opening to get free trades, but that code requires 100K, which I ended up not fulfilling. Too much worry about transferring Vanguard mutual funds to Schwab, tax implications, and honestly, some laziness on my part.

          • Volker says:

            I used the schwabwelcome11 & REFER code. I only got an email notification for the schwabwelcome11 code. I chatted with them to see if I am eligible for both and I was.

            $100 I got after around 30days without anything. I didn’t even transfer money. The bonus for schwabwelcome11 I got also after hitting the requirement by the due date. They tell you the due date in the the email, so that was an easy one: 10 days before move money to the Schwab brokerage account (unclear if checking would have worked, too), get bonus, move money out again.

    • Jordan says:

      Any update on whether both bonuses went through?

    • Schmekel says:

      Gadget – Well done!

      Could you please explain how you stacked them, since it’s 2 separate applications and they are both for opening one’s first Schwab brokerage account?

      “Get $100 when you become a Schwab client.”

      and “3 easy steps to earn your $500.

      Open an eligible brokerage or IRA account and enroll in the offer.”

      “Stacking them” meaning you used one of the forms and listed both promo codes on one application?


      • Gadget says:

        I applied for a brokerage account – not checking account – no prior relationship. If you open a brokerage account you are becoming a Schwab client.

        I selected ” Individual brokerage account”.

        On the “Open an Account” page, it will auto-fill the code from your link you used. If you use the DOC article link above, it auto-fills promo code REFER. Below that block, there is a link says “Add another offer/referral code (optional)”. Click it and enter another code, and “ADD” it. Repeat that process if you have yet another. You can add up to 3 codes.

        If you find other promotion links for Schwab, I would suggest jotting down the codes and enter them all at the time of sign-up. Codes I found require very large deposits, and keeping the funds in place for a year.

  46. TJ says:

    Does this mean we won’t get a 1099 for the $100??

    It says only $600 or more gets reported.

    “Consult with your tax advisor about the appropriate tax treatment of the Bonus Award before enrolling in the offer. Any related taxes are your responsibility. For taxable accounts, the value of all Schwab offers received will be reported as Other Income on your Form 1099-MISC if, when combined with Other Income earned, the value totals $600 or more during the calendar year. Recent IRS guidance may impact your ability to make more than one IRA to IRA rollover in a one-year period.”

  47. Ken says:

    I’ve had a Schwab account for years and a week ago they did a hard pull out of the blue. The only reason they give me is because I added an external bank ACH link. Why would adding an external checking account link generate a hard pull? I’m not seeking a credit card or a loan. Just doesn’t make any sense to me.

    • I’d try and fight that, seems ridiculous.

      • Ken says:

        They said they can pull up to 3 times in one year and that it was likely due to a transfer or a newly linked external account. Now sure what my credit report has to do with either of those things. I did have a $10k transfer, but that is normal for me. A supervisor is supposed to call me Monday, but who knows if that will ever happen.

        From what I can find online this has happened to one other person, and they transferred cash from a foreign account and then immediately out. All of his accounts were closed after the hard pull. Not really similar to mine since I don’t even have any foreign accounts.

        • yeah, that isn’t permissible purpose in my mind so you should be able to get removed.

          • Ken says:

            I wish they’d have just called me in the first place. They did say it was automated, and that’s incredibly stupid if that’s the case. I don’t know what they were trying to accomplish by doing a hard pull, as my credit report is not in any way related to checking accounts. Ughh, more headache for me.

          • Ken says:

            Ok, they called and they are going to remove the inquiry since I need them low for a mortgage soon. He said Schwab does not have the ability to do a soft pull, but I have never heard of that before. AFAIK all financial institutions that can do a hard pull can also do a hard pull for existing clients.

            He could not explain their triggering factors that would cause a hard pull, and I understand why they cannot disclose that. It just puts people in a difficult place that are trying to limit their hard pulls for whatever reason.

            I have his number now, but hopefully this won’t happen again and I won’t have to get in touch with him again. Really nice guy so I wouldn’t mind speaking to him again, but I’d rather not get another hard pull in the first place.

          • That’s very odd, they definitely have the ability to do a soft pull. Let me know if it does/doesn’t fall off.

  48. AndyK says:

    Well, it’s Feb 15 and all Schwab tax forms should be on the website. I am showing zero tax forms for the $100 bonus from last year… anyone else confirm no tax forms for the $100?

  49. Ashhh1991 says:


    Jan 17 – Submitted application for Checking and Brokerage. Checking didn’t open ’cause my Equifax is frozen.
    Feb 7 – I unfroze Equifax and called in. They proceeded with the application.
    Feb 10 – Checking opened and showed up on my online account.
    Feb 13 – Transferred $1000 from Ally to Schwab Checking
    Feb 13 – Transferred $10 to from Scbwab Checking to Brokerage Account
    Feb 17 – Received $100 Bonus

  50. Darv says:

    I did this last September. I did not open a checking account at first, only brokerage. No hard pull.

    Just last month I opened a Schwab checking to take advantage of the debit card benefits. They said it would not be a hard pull to open the checking if I opened it from my brokerage account, and there is a particular way to do this. Otherwise it is a hard pull.

    So for those looking to get the checking account without a hard pull, it is possible. It’s also possible to get the bonus without opening a checking account (simply brokerage).

  51. Audrey says:

    Commenter Gadget above reports a hard pull for opening only a brokerage account.

    • Gadget says:

      Correct – I only opened a brokerage and not the checking. It was EQ pull, but oddly I did not get instant e-mail notification from Credit Karma when the hard pull occurred. The HP is listed as “CHARLES SCHWAB INC Feb 1, 2017 Miscellaneous” via Credit Karma. That date was two business days after I submitted the Schwab application online. You cannot see Soft Pulls from CK. Not sure if they pulled my Chex or not.

  52. jz says:

    Open both account on 1/30 and receive the bonus $100 2/28.

  53. jz says:

    How does Charles Schwab reimburse domestic and international ATM fee if the ATM combines the fee with the withdraw? I haven’t tried to withdraw cash from a domestic ATM yet. I traveled to Canada a few weeks ago. I took cash out of ATM using Capital one 360 debit card. it charged me the $3 fee and the withdraw and did not list the fee separately.

    • Ken says:

      I have used my Schwab debit card all over the world and they have always correctly reimbursed the fee, so they have some way of knowing how much it is. FWIW most ATMs worldwide didn’t have any fees except for ones in the US which I thought was odd.

  54. jz says:

    I got the bonus. Just want to confirm that i can pull money out of Checking account and leave a small amount, correct? I need to keep my brokerage account open with $1000 balance for a year, correct?

  55. Tyler Pegues says:

    So do we fund the brokerage account with $1000 or the checking account? Thanks in advance for the help.

  56. Vojd says:

    Just to share my experience:
    It does not have CC funding option. In fact it does not offer any funding options during account opening. I opened account on-line and added links to my other bank accounts for future transfers. I was not been able to do any transfers though since account was shown as restricted. They sent e-mail asking for signature card which I printed out and sent to them via USPS. Account still remained restricted. I called them to clear it out and CSR found that my account was flagged since I applied via Canadian IP address (never had this issue before with any bank). He told me to come to the branch with the id, but he could not find any branch in 50 mi radius. In fact, there is not even a branch in 200 miles radius for me. I offered to send copies, but after consulting with their other department he said it has to be done in person and in 30 days after account opening. Having only few days remaining and no plans in driving south so soon I had to give up on it. I might reapply when I will be somewhere close to one of their branches. For now, I guess, I will continue trading with Sharebuilder

  57. Vojd says:

    And Will – thank you for the excellent job you are doing! I only came across your website recently, and it is quite impressive and very useful with all the info and analysis available. I also find people comment useful and will try to contribute from my side as well.

  58. tennismenace3 says:


    The fine print says: “The $1,000 minimum required to open an account is waived if you set up an automatic monthly transfer of $100 through direct deposit or Schwab MoneyLink® or open a Schwab Bank High Yield Investor Checking® account linked to your brokerage account.”

    Am I missing something or do I really not need to deposit $1000 since I opened the checking account along with it?

  59. travelmom says:

    Opened checking and brokerage account on 1/24/17, $100 bonus deposited to brokerage account on 2/27/17. One HP with equifax.

    If you also want an IRA account, you have to open a separate account for that as well. So I have 3 accounts under one login, did all 3 with only the one HP.

  60. ag says:

    Just opened an account yesterday and there was no hard pull. I declined margin trading when opening the account if that makes a difference. I’ll update if anything changes

    • Ken says:

      I declined margin trading and they still did a hard pull on me.

    • ag says:

      UPDATE: It took a couple days but the there was a hard pull. I set up a single account initially and then a joint account right after and there was a hard pull for both accounts with equifax.

  61. Schmekel says:

    This is only the 2nd time in my life I’ve ever seen a required question: “Liquid Net Worth”.

    The first time was recently with a btc exchange, and I responded “If this is required I’ll take my business elsewhere” and they politely responded that they’re obligated to ask per their licensing/KYC etc. and I went elsewhere.

    I find this terribly intrusive.
    I’m also wondering if they (Schwab) share this info, with whom, etc., and will it cause me any problems in the future.
    And what minimum size they’re looking for if any.

    It’s a required question.

    Not sure if I want to continue with their application.

    Any feedback would be appreciated.
    Thanks for any insights, experiences, etc.

    • ajpl says:

      Huh? That isn’t an intrusive question at all—they’re a brokerage and naturally want to know how much you have to invest with them.

  62. ajpl says:

    For those who only opened a brokerage and deposited $1000, how long did you have to leave it in there? All the way up until receiving the bonus, or did you deposit and then withdraw a few days later (while still receiving the bonus within the month)?

  63. Schmekel says:

    Turned down by Schwab – “Negative information from Chex” was told over the phone.

    Nothing negative on my Chex report, and accepted for new checking accounts by 4 banks recently, so must be the 9 “Inquires Initiated by Consumer Action” from 1-17-17 to 2-25-17.
    Does that seem likely as the negative info Schwab refers to? I see nothing else.

    (These are from only 5 banks, but I applied 3 times to one. Another bank I applied twice because the qualification period for the 1st app was close to expiring and they were starting a new app period so rep advised that. When I applied the 2nd time for some reason the bank pulled from 2 different locations of theirs on the same day.
    So 6 inquiries from 2 banks, and 3 other banks 1 inquiry each).

    I was planning to apply for1 other brokerage/checking account and 1 other bank account.
    Should I try another now, or wait about 3-4 months? Or longer? before trying again?

    • Schmekel says:

      In case it matters or if anyone has personal experience with the following:

      Was planning to also apply for Fidelity Investments and State Farm Bank.

      • Schmekel says:

        William Charles – Any opinion?

        I now have 10 Chex inquiries with the Schwab decline.

        If I apply for 1 of the 2 accounts I want and get turned down, will have 11 Chex inquiries in about 7 weeks when applying for the final account I want.

        But is there any point to waiting?
        Chex says some banks only want the last 90 days, some want 3 years of the Chex record.

        I’m leaning towards applying for the State Farm bank checking since it’s not linked to a brokerage account like the other I want, but wondering if you (or anyone else) has any other view?


      • Eric says:

        What kind of promo does State Farm Bank have? Is it nationwide?

        • Schmekel says:

          Not a promo.

          No foreign ATM fees on either side, no Visa/MC exchange/transaction fee.

          No other reason.

          • Schmekel says:

            “no Visa/MC exchange/transaction fee.”

            Referring to using the debit card at an ATM/

    • Patrick says:

      This just happened to me as well. I opened my account a week ago and when the checking account never showed up in my online profile I messaged customer service and was told my account was closed due to negative Chex information. I ordered my report so we’ll have to see what it says. The only negative item I can think of is a denial a couple months ago from that shitty bank in Ohio that changed its terms and claimed it would only accept Ohio residents after I already applied. Are any denied accounts considered negative information on Chex?

      • Ted says:

        Mine and SO were “clean” but with more than average Chex inq and they closed with same reason last year. It is appropriate to label Schwab under “sensitive to Chex inquiries”

      • Schmekel says:

        As far as I can see from my Chex reports, there is no mention of whether one is accepted or denied an account, simply notes the customer initiated inquiries.
        And on the last page, the number of bankruptcies, liens, evictions, and a few other things (all zeros for me).

        Incidentally, per my question above, I did apply to State Farm and was turned down due to negative Chex info.

        So I’m going to have to wait 6 months before applying for anymore bank accounts.

  64. T says:

    I plan to keep Schwab open long term for the no ATM fee perk. So aside from opening both the brokerage and checking account, can anyone confirm there are no minimum balance or direct deposit requirements? Is there more than one type of Checking account? High Yield? Thx!

  65. Dan says:

    Opened 4/4,
    Added funds to Checking and Brokerage 4/17
    Bonus posted 5/5

  66. mike says:

    Can i open only checking account and get $100 bonus? not brokerage account

    • Dan says:

      I don’t think so, the terms specifically state you need to open a brokerage, also my bonus deposited into my brokerage account, not checking. However, someone on reddit today stated they started the app, quit and someone called them with a $100 checking offer, worth a shot.

  67. mtb says:

    Opened on 3/6 and funded completed with $1000 on 3/9. Transferred out to the Checking account on 3/20. It’s 5/13 and still no $100 bonus.

    Any thoughts?

  68. mike says:

    I’m thinking to apply for this $100 offer and i have questions.
    1. Do i need to apply checking account and then brokerage account separately?
    2. Are there going to be two hard pulls?
    3. Which account do i need to deposit 1k to? checking account? or brokerage account?


  69. Dan says:

    If I apply for their checking account and credit card at the same day, will the hard inquiries combine?

  70. Justin says:

    Like many others I applied and was subsequently closed down due to non-existent negative Chex inquiries.

    I was ready to cash out some serious MR into Schwab and probably use their brokerage services for a long time (nice low EF index funds) and now I won’t. I hope they enjoy declining lifelong clients.

  71. Matt says:

    So I read through the comments and I’m confused on if you need to fund the brokerage account with $1000. I was able to open the account and just fund it with $5 to start as some said they received the bonus without funding the grand. Is this definitely needed for the $100 bonus or is no funding an option for some? Thanks great site by the way going to be checking it daily!

  72. bob says:

    No CC funding

  73. Elizabeth says:

    After receiving the bonus, can all the $ in account be withdrew as long as the account is kept open?

    • Greg says:

      Higher up in this thread, B said: “Customer service rep says that while you do not need to fund your account to open it (if you are opening a brokerage account + investor checking account). You will need to fund the Brokerage account with min. of $1,000.00 dollars in order to receive the reward offer. Additionally, they may take back the $100 dollar reward if you do not maintain $1000.00 balance in brokerage account for the period of 1 year.”

      Andy replied with: “Nowhere in the REFER bonus stipulations does it state the brokerage account needs to be funded with $1K (I opened it with 0 by opening up the linking bank account) nor does it state that that $1K would even need to be held in the account for one year. It just says the brokerage account must be opened and then maintained for at least a year. So it sounds like if we don’t get our bonuses we have complaints with the BBB or the like. Figures these Schwab guys are a bunch of crooks, probably why I have been Fidelity for 20+ years”

      Who knows

  74. JASON says:


  75. dave says:

    I just opened a brokerage account only with all credit bureaus frozen.

    They couldn’t verify me so had to call and answer public record questions.

    As of now accounts are opened, but they did say that full verification isn’t completed until 24-48 hours after opening.

    Meanwhile I would not be able to transfer money out.

  76. Matt D says:

    So my bonus posted after 30 days with only a $5 deposit into the brokerage account super easy, just not sure how long to wait before withdrawing the 100, the only thing I see is the account has to be open for a year but may wait a few months just to be safe don’t want to trip and fall with the finish line in sight!

  77. Too Good 2B! says:

    Opened both Investor Checking and Brokerage accounts on 6/5. $100 bonus posted 7/6!
    I did NOT fund either account with $1000.

  78. Jay says:

    Just thought I’d let everyone know, when you open the Checking account it also automatically opens a Brokerage account and waives the deposit requirement (“The Minimum Deposit Requirement is waived if you open a linked Schwab Bank High Yield Investor Checking® account or establish an incoming monthly transfer of at least $100 through direct deposit or Schwab MoneyLink.”). So I don’t think you have to fund either of them with $1000 to have the accounts open and eligible or the bonus. And there is no mention of an initial deposit needed for the checking account (besides funding it to get the debit card).

  79. david says:

    When you set up the Schwab One brokerage account with the Schwab bank high yield checking account, the minimum requirements are waived for both accounts..

    CHAT from chat rep

  80. BT says:

    Do you open the brokerage account first or the high yield checking account? I do not see an option to open the high yield first.

  81. Kurt says:

    Successfully opened Schwab brokerage/checking with all bureaus frozen. No hard pull.

  82. eclipsor says:

    anyone get this before after an opening confirmation? “We’re having difficulty processing this Offer/Referral code. Please call 877-807-9240 for assistance.”

    • eclipsor says:

      update just called and they were easily able to add the $100 bonus to my account, just had to give them someone’s name. Said “William Charles” lmao

  83. Jim says:

    For anyone who is still questioning the checking account + brokerage account opening process, and which account to open first:

    You should open the CHECKING account, and only the checking account, FIRST. When you do this, a brokerage account is automatically opened by CS at the same time. You’ll know this because the application will ask you questions about each account, and the terms you have to acknowledge are broken down into two sections, one for each account.

    You should NOT be opening the brokerage account and then going back in to open the checking account. Some folks have gotten 2 hard pulls doing it this way.

  84. Jim says:

    I’ve also just had my newly-opened accounts closed due to “negative information on Chex”. Can confirm there is no negative information at all on it (I just reviewed my report last month), only just a bunch of new accounts over the past year (~8) due to bonus chasing.

    DoC, I think we have enough DPs in the comments here to say that Schwab is definitely Chex sensitive.

  85. JumpTiger says:

    Just opened an account on 9th Aug, and today the banker was calling me and offer me a promo about put $10k into account. seems like can get add’l $100 by put $10k new money into brakerage account

    • Superchurn says:

      did they mention any special code for this? or is it automatic with deposit of $10k? How long does the $10k need to remain in it?

  86. Tony says:

    How long Should I keep 1000 in the brokerage account? Thanks.

  87. JT says:

    Can you withdraw the $1000 after getting the accounts set up? Thanks

  88. Zach says:

    DP: No HP on this offer after signing up a week ago (8/22).

    Only notable things I did during the app, was deselect Margin trading when signing up. Not sure if this is related to no HP, but entirely possible.

  89. MJ says:

    My DP: Used DoC’s link 9-Aug-17 to open the “Schwab Bank Checking Account” and the linked “Schwab One Brokerage Account” together online (hard pull on EQ), used someone’s name as the referrer who I know has an account but didn’t actually “refer” me (Travis Sherry at “Extra Pack of Peanuts” podcast). Since I opened both a checking and brokerage account together at the same time, that $1K deposit requirement isn’t applicable as that seems to be if you’re opening ONLY a brokerage account without the linked checking account, so I only deposited $5 to both the new checking and new brokerage account and called it good. So kept $5 in both accounts after opening and then $100 bonus posted 11-Sep-17 with no other activity to date.

  90. Ash says:

    Any DP about receiving bonus (or clawback) on Charles Schwab Amex Platinum after receiving bonus on regular Amex Platinum?

  91. GY says:

    got the 100$ bonus today, thanks!

  92. Superchurn says:

    Talked to a Schwab rep when opening the account, and he said that there is no minimum amount to open. I mentioned I thought it was $1000, and he confirmed it could be “$1 to $100,000,000”

    for what its worth, minimum might not be $1000 after all?

  93. Craig says:

    How many days after opening the account does bonus post?

  94. Simon says:

    I applied for the brokerage and the checking on 10/17 with all three credit reports froze. (I deselected the Margin Trade option.) The brokerage account was opened right away and shown under my accounts online, but not the checking. Called them and was told they needed to do a credit check on my EQ report which was frozen. On 10/26 I lifted the freeze and had them do the check. An hour later the checking account showed up online.

    There are 20+ inquiries on my chex report, about 10 this year, and 0 within 3 months.
    EQ score is about 780.

  95. PK says:


    Opened and funded $1K 9/27
    $100 Bonus hit 10/31


  96. DH7 says:

    not sure if anyone mentioned this, but I was having some serious trouble funding the account after opening. Tried linking cap360 and M&T multiple times, but kept failing. Just went back to try again today, and the $100 bonus had posted, with ZERO dd.

  97. doug says:

    so i just signed up for checking and got the brokerage too. when i started the application, promo code “REFER” was in the box. so i assume i am all set for the $100 and should receive it in a month? can anyone confirm a similar experience? just want to make sure i got the bonus applied

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