If you`re a Charles Schwab Bank customer, you might be wondering about the terms and conditions of your Visa debit card agreement. This agreement outlines the rules and regulations surrounding the use of your card, as well as the fees and charges you might incur. As a professional, I`m here to provide you with a summary of the Charles Schwab Bank Visa debit card agreement.
One of the most important things to note is that your Charles Schwab Bank Visa debit card is linked to your Schwab Bank High Yield Investor Checking account. This means that any purchases or withdrawals you make will come directly out of your checking account balance. You can use your debit card to make purchases at merchants that accept Visa, as well as to withdraw cash from ATMs.
In terms of fees, there are a few things to be aware of. There are no monthly service fees for using your debit card, and Charles Schwab Bank does not charge any ATM fees. However, if you use an ATM that is not in the Schwab Bank network, you may be charged a fee by the entity that owns the ATM.
It`s important to note that there are also some limits on how much you can withdraw from an ATM or spend in a single day. The daily ATM withdrawal limit is $1,000, while the daily spending limit is $5,000. If you need to increase these limits, you can contact Schwab Bank customer service to request an increase.
Another important aspect of the Charles Schwab Bank Visa debit card agreement is the overdraft policy. If you do not have enough funds in your checking account to cover a purchase or withdrawal, the transaction will be declined. However, if you have opted into Schwab Bank`s overdraft protection program, the bank may cover the transaction and charge you a fee of $25. It`s important to note that overdraft protection is not automatic and you must opt in to the program.
Overall, the Charles Schwab Bank Visa debit card agreement is fairly straightforward and transparent. As long as you are aware of the fees, limits, and policies outlined in the agreement, you should have a positive experience using your Schwab Bank Visa debit card. If you have any questions or concerns, don`t hesitate to reach out to Schwab Bank customer service for assistance.