Yep, I've been a customer of both Fidelity and Schwab and both have been fantastic replacements for brick and mortar banks. The only catch is dealing with cash deposits, but that can be easily mitigated by keeping a no-fee bank account with branches and/or ATMs locally. I use Capital One 360 for that. Also, both Fidelity and Schwab offer 24/7 customer service, and both have live chat if you don't want to wait on the phone.

Do you know if schwab high investor yield checking bank account has 1% foreign transaction fee? I have both Fido cash mag and schwab HIY account.

Schwab's debit card is 0% for both international ATM withdrawals and other purchases. Fidelity's debit card is 0% for international ATM withdrawals, but 1% for other purchases.

Yes, they absolutely 100% are.

Source: Fidelity is my primary bank account.

A bonus is I get paid a day early, Fidelity makes my paycheck available a day before payday for some reason.

Fidelity licenses software that powers the backend of a lot of the banks. That may have something to do with it.

Anticipatory banking! Marvelous!

Schwab's been my primary bank account for 10 years. It's fantastic.