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Charles Schwab & Co. Online Insurance Reviews

Company Name: Charles Schwab
Year Founded: 1971
Address: 211 Main Street
City: San Francisco
State/Province: CA
Postal Code: 94105
Phone: (866) 855-9102
Website: www.schwab.com
1.5 
Overall average rating of 1.5 out of 5, and the percentage of positive recommendations 11 %
I have brokerage accounts with 3 other well-known brokers (who I won't mention to not sound like a competitor). I've had these accounts for several years. Charles Schwab (which I will refer to after this as "CS"). None of these brokers ran a credit check on me, and to be honest, why would they need to? You are storing money with them, and the only time I would think you would need credit for is margin borrowing (which I didn't sign up for). CS, after 5 days of opening a Roth IRA, 529 Plan, and a plain ol' brokerage account closed ALL my accounts due to "negative information reported by Equifax". I monitor my credit closely, and while I don't have stellar credit, I don't have any "negative information". In a way, I was almost glad they closed my accounts for the way they treat you. While the reps are nice (they probably have to be), both the phone reps and online chat reps push you off after being on the phone for a few minutes. I wasn't wasting their time with idle chat. I called a few times to ask important information about my accounts such as transfers, dividend reinvesting, and the like. No matter the method I used to talk to them, they would interrupt me after about 5 minutes with "do you have any more questions", and proceed to disconnect. Upon further investigating via google, it appears many other people reach the same conclusion. Unless you plan on having over 20 grand with CS, they do not care about you. I think it's very unprofessional for a brokerage company to "cater to the rich". Although my accounts with the 3 other brokers are under 5,000, they treat me very professionally as if I was a client with over a million dollars stored with them.
I used my Schwab card for a transaction that turned out to be fraudulent. I contested. At first a credit was given, then it was reversed. Why? The Schwab rep told me they called the vendor and the vendor told them that yes, I owed the money. That's all it took to reverse the decision. This, despite the fact that I submitted many pages of documentation to them and to the police, and the police have supported a criminal case against the vendor. That was bad, but it was not the worst of it. When I went back to Schwab with this, I was dismissively waved off. They ignored the questions I asked and made "broken record" type repetitive statements that didn't address anything on point. At one point, I was advised to file a police report -- which I'd already done and copied them on, so it was obvious they never looked at any of the information I spent hours compiling and had provided them.After many of these unfruitful "broken record" type emails, a Schwab representative told me they were prevented by a federal regulation from proceeding on the claim but when I read the regulation they mentioned, it said nothing of the sort. When I asked them to point out what part of the regulation they were referring to, first I was ignored. When I didn't go away, I was handed off to a supervisor who ignored me some more. When I still wouldn't go away I was finally told they refused to answer the question. So I am pretty certain I caught them in a lie -- but OK, I'll give them the benefit of the doubt and say maybe it was just a mistake on their part or a misunderstanding on mine. Rather than clarifying (if they thought they were right) or correcting the statement and apologizing (if they realized they were wrong), Schwab thought it was preferable to arrogantly dismiss me.During these many exchanges, when I was becoming fed up with being ignored and dismissed, I began asking other questions aimed at repositioning my accounts because now I have lost confidence in the Schwab brand. I asked things like, "What is the procedure for transferring securities to another brokerage company without actually selling them?" and "What is the minimum balance I can maintain without incurring a monthly fee?" When the supervisor finally responded to me, I was told they would answer no more questions about those topics either.
I was totally vested as of 12/31 for my equity award. I put in a 'sell' order, and followed it up with a visit to the Woodlands branch and the website. On 1/2, the website told me my stock grant was sold. Showed shares sold, fair market price and "Sales Price". Then, on 1/5 I get an alert from Schwab that it actually sold on 1/5... for considerably less. When contacted, first Schwab blamed it on my company and is now saying it was a 'technical error'.Does anyone remember seeing anything in the TV ads by Schwab about "technical errors" preventing trades? No. Of course not. I have all the documentation from Schwab showing it supposedly "sold" on 12/31 and then again on 1/2. I have a recording from Schwab saying it would execute (sale) on 12/31. So far, Schwab is telling me.... "Sorry". I intend to pursue this.
I have used Charles Schwab bank to wire money overseas, it has been almost two months now and I am still waiting for an answer. Whenever I called them, I get representative that blame the Federal Reserve, and they can do nothing about my money. This is misleading, and further covers up a flawed banking system that lacks the ability to track payments. When they don’t arrive at the supplier’s bank, payments cannot easily be found and recovered. Banks are supposed to be trusted institutions. However, their outdated technology leaves customers vulnerable to these issues. When these problems arise, banks don’t provide adequate support. It seems they either just don’t care enough or they simply lack the technology to adequately process a payment across borders.
Having trusted my broker (and I still do), I took his advice to invest in an IRA Dividend account with Charles Schwab. The market was up over 25% over the period I invested and my portfolio was down 10%. OK - so I made an error trusting a supposedly credible Charles Schwab. What bothers me most, is the way they handled the closing of my account. After almost 50 days it still isn't transferred over some issue or another. Additionally, the gentleman I spoke to, allegedly at CS, informed me that my account is being handled by a 3rd party. Huh? There is no need to beat a dead horse on this - just beware where you place your money. Do not take anyone's advice when they drop the name CS. It's a gimmick... at least in my opinion.
Ever since opening my brokerage account at Charles Schwab, my debit card has been declined 90% of the time for "fraud monitoring". No matter how many conversations I have had with representatives and supervisors, explaining that I travel a great deal for work, my card is almost always declined. I cannot use it with colleagues, socially or anywhere I am known, as 9 out of 10 times I will be humiliated. That is then followed by the same aggravating 20 minutes of waiting on hold, followed by "verifying my identity", on average 2-4 times a week. Do not ever leave home thinking you can access your funds, because chances are, you can't!
Too bad there wasn't a zero rating on this lawyer. I hired this Law Firm to take on my case. I was hit in the head with a hammer by a contractor. They took several months to even review my case. And in that time I got a snotty lawyer that decided he would see if he could have time to take my case. Do not use this lawyer.
We opened up a Charles Schwab account specifically for traveling overseas. We set up all the required travel alerts and started our six month European adventure. Before the first month was up, they had put our account on hold due to fraud alert. We called and had to confirm all info and again say that we were traveling. The second month going to the ATM the card was taken by the machine and the receipt said that the card was reported lost or stolen. We called Charles Schwab and was told that our account was closed and a check was mailed to the last address on file. We did not get any notice and worse yet we had some very important auto pays coming out of the account. We were in scramble mode trying to get everything switched to a different account. Bottom line - if traveling with Charles Schwab ATM card you may save fees but beware that you might have to spend a frantic day on your cell phone trying to straighten it all out. I'm not sure it is worth it.
I bought 50 call options with a $9.00 strike price. Stock price closed at $9.97 and was $.97 above strike price. I called Schwab and told them I did not want to buy or hold 5,000 shares of atml. Since I paid $1.20 per option, I would take my 23 cents loss. Not being an expert options trader, I assume they would look after my best interest and close my position for me and minimize my loss of $1,300.00 loss. Instead, I ended up losing my $.97 x 5,000 per share on the options because they let them expire without even telling me what the consequences were. I had enough cash in my account call the 5k shares and sell them but never was I told I had that option by Schwab broker who called me. Never will I do business with these people again.
Within 2 hours after I filed the complaint with this site and notified the parties involved. I was contacted by the branch manager and assured that the bonus would be credited to my account the next day. It did appear on my account the next morning.
If you are looking for a report about Schwab, look elsewhere. I have been going through this site now for a while out of boredom and 70+% of the people are just terrible in their ability to understand and communicate. Charles Schwab is not your average bank. It is a great bank if you are an investor however. This last year, I made over $75,000 while investing through Schwab. I have never had any issues with Schwab and I would recommend them to anyone who isn't as stupid as half the people here. If you are in the beginning of your investing career or are interested in it, I seriously recommend taking some economics courses and reading what you get in your initial sign up package. There are some people in here that have had real problems that deserve to be on this site. Some may even be professional traders but a large majority of these people are just plain stupid. Bottom line: if you don't know anything about finances and don't have a good understanding of how the market works and the difference between a "Market Order", "Limit", "Stop" and "Stop/Limit", don't trade. If you are a regular Joe or Jane and just want a good bank that gives you a decent interest on your savings, I would go with ING Direct. They offer .80%. This is my two cents and I really hope you all take it very seriously. Read the print on everything you get.
After doing a good deal of shopping around, I decided to open a brokerage and checking account through Schwab. The application process went smooth and within a day, I was delighted to know that my accounts have been opened and were ready to be funded. I then set up a money link with my current bank which took a total of 2 days to have set up and verified. This is where it all went downhill fast. I set my first transfer on Thursday 5-29-14. On Saturday 5-31-14 I attempted to log on to initiate a second transfer. I was prompted that my password was incorrect and that I needed to call to reset it. I called and was told that my accounts were closed and was given no further information as they didn't have access to it. I asked if they would be able to stop the funds transfer that I had initiated on 5-29. I was told that it was already processed and the funds would be on hold until 6-5-14. I was then told that if I called back on 6-5 that they would send a check for those funds overnight. On 6-4-14 I received a letter explain that I didn't meet their "business model". So I called back on 6-5-14 and asked to have that sent overnight. The rep was very kind and expressed her apologies that I have had to deal with this issue and the yes in fact she would ensure that the check was sent overnight. So basically on 6-6 I expect something from either UPS of FedEx. Nothing came. I called back today 6-7 to find out if indeed it was sent and where to. This rep, again very kind, offered her apologies, said that it was sent standard mail. So here I am waiting for my money.
My account was closed due to my credit score which was not told to me that could even happen while I was signing up. I guess my money is no good here. People with less than perfect credit are not alowed to invest and make money to better their lives. This world we are living in keeps getting worse and worse. The system is designed to keep people at the bottom stuck there and extremely difficult to climb to the top. Now you can't even invest your own money on your own terms. This makes me sick. Other people have had the same problem as me and actually lost their money because Charles Schwab closed it on them for no reason other than credit score. It's our own money wtf. Thankfully I didn't deposit anything into the account. My transfer was pending but others have lost their hard earned money due to these malicious practices only receiving a fraction of what they are actually owed. This country needs to change these financial institutions. Should not have this much control on people lives that are trying to move up in the world. Good luck to you all. I tried doing verified buyer but it wouldn't work for me. But I am sincere and only trying to prevent this from happening to someone else.
I paid these jokers $500, for which they were to rent my timeshare property. I checked and found that Charles Schwab was a legitimate business, but looks like I got taken.At a time when my personal economy could have used either the rental of the timeshare or the return of my $500, I find that they are indeed a fraudulent enterprise.
many processes were paper based and redundant. finally schwab rectified the mistakes and shortcomings after my complaint to the top management. i could file everything online and i was promised to get better response times in the future. people make mistakes but it is most important how they make up for. by providing special service after many mistakes. schwab has proven that it is an excellent company. the free debit card refunds all worldwide atm fees and does not charge any bogus fees (international fees, conversion fees etc) as most other cards. for the card alone, schwab is better than most other brokers.
Had an account in Barrington, IL. Was switched to Schaumburg, IL with my knowledge. Quarter meeting was always a battle because, my work finish time is 5pm. Advisor and Schaumburg office account person was complaining about out 5:15 pm 30 minute phone call. Numerous last minute schedule changes due to family issues... Do they want to be advisors to my schedule or not??? Sick and tired of this whining bunch of so called advisors. Oh, and by the way, having so many "accounts" with little growth even though the market had been breaking records. So long Schwab, and hello to another group.
My employer set up a Roth IRA account for me through Schwab. Shortly after, I got a new job and new 401k. The process to transfer my money was EXCRUCIATING. The first woman I spoke to had no I idea what she was talking about, and directed me to contact the new investor. The second person I spoke to told me I needed to mail in a special form because they could not make the check out to the new investor. The third person I spoke to told me I didn't need to do that, just fill out a form online. Then I received an email saying they could not process my request, providing 2 separate numbers for me to call, both of which, brought me to a survey which I was immediately hung up on after answering the first question. The third, Google search customer support line, brought me to someone who said he was transferring me to the appropriate department. The person who then picked up said I was in the wrong department and needed to be transferred again. I have been on hold for over 30 minutes in counting and have gotten absolutely nowhere. Mind you, I had another investor to transfer funds from, Fidelity, in which the process was extremely simple and straightforward. Vanguard has also been great. DO NOT DO BUSINESS WITH SCHWAB!!!
I am about to receive an inheritance for securities that are worth a considerable amount of money. I needed a receiving account and heard good things about Schwab, so I opened an account and was impressed with the level of customer service I received in the process. That night I spent $20.00 on a FedEx overnight delivery of my account information to the trustee so they could make the disbursements. A few days later I tried to log into my account with no success. I called and they told me that it was closed because of my bad credit. Had they emailed me I would have saved 20 bucks. Instead, they sent me a letter. After I pay off my debt and restore my credit I will never go back to them and make sure to spread the word, too. It's a shame they lost a wealthy customer.
This bank is the worst and I mean the WORST bank to ever deal with. This bank should be ashamed of how they even conduct their business and should be shut down IMMEDIATELY!!! I tried to explain to the head managers that they reversed a lot of my money back to a crooked person who said that I was doing fraud like activity and once they seen that he was lying and I was telling the truth the bank wanted nothing to do with this issue anymore and told me I would have to now deal with this in court even after I proved my innocence to the bank. They also now have the nerve to tell me not to contact them anymore because of how badly they messed up. The Crook (Brett **) even so much as tried to write a check to try to make it better however he wrote it for an amount way LESS than the amount that he now owes me. I CAN'T BELIEVE HOW POORLY THIS BANK WOULD ACT. SHUT DOWN YOUR BANK!!!
Here's the backstory. I recently moved from California to Florida and I will be traveling internationally for the next 6 months or so. All of my personal identification is still for California as I haven't been able to switch it just yet. I filled out an application to open an account using the Florida address to make sure I could receive my debit card prior to departing internationally this week. This is where the mayhem ensued...I heard about the Charles Schwab High Yield Investor Checking account, which has no foreign ATM fees, and I thought that this might be a great option to obtain cash while overseas. I signed up for an account online and it was very seamless. I immediately had access to online banking where I was able to transfer money from my other checking account so that I could fund my travels. A few days later I received two pieces of mail. One was my debit card asking me to activate it. The other was a document stating that I needed to contact Charles Schwab to verify my address. I called Charles Schwab and they indicated that they couldn't confirm my Florida address.I explained to them that I just moved here and that I don't have any Florida identification just yet. The customer service rep said it was okay as long as I could answer a four-question questionnaire to verify my identity. I said sure no problem. They then proceeded to ask me four questions that had absolutely nothing to do with my life, so naturally I could not answer them. As a result, they restricted my account and said it was going to be closed. I asked if they could simply change the address on record to my California address, as I have proof of identification, and was told that this was not possible. The account was going to be closed in the coming days and they would transfer my funds back to my other checking account. I said okay fine, since this was the only option, and I was rushed off of the phone.Thinking about how preposterous this was, I then showed up to a local Charles Schwab location in Florida the following day and explained the situation to an agent. She said she could help, took a scan of my California driver's license, sent it over to the address verification team, and asked me to wait a few minutes until the account was updated. I felt like I was making some progress here. WRONG.30 minutes later, I was again rejected as they stated that they couldn't verify my identity. How can you not verify my identity when I am literally standing inside of the bank branch with a copy of my ID on me? I don't think there is more of an ironclad way of establishing your identity than physically being there in person but apparently to Charles Schwab, this is not good enough. Listen, I understand that I probably should've just opened the account with my California information, but since everyone now knows the situation, why can't this be fixed? Anyway, I was told at the bank branch that there was nothing else they could do, so I left dejected once more. Hey, at least I got a free coffee from their Keurig machine out of it.Later that day, I called Charles Schwab again and asked to speak to someone from the verification team. I explained the situation and was told that they have my license picture on file and that they can easily change my address and reissue me a new debit card. I needed a new card since I destroyed the previous debit card after I was told that my account was being closed. Wow, great, seems like we've finally figured it out. I was very happy with the result of this call because it seems like common sense finally prevailed.The next day (today), I decided to log back into the account to make sure everything was okay. I come to find out that I couldn't log in because my account was closed. What the heck? I called Charles Schwab again, explained to three different people about the circus that I had been through and was told that the account was closed because I had requested it to be closed a few days prior so whatever was changed about the address yesterday didn't matter anymore. Once an account is queued for close, it's going to close NO MATTER WHAT. Thanks for the heads up guys. As a quick refresher, the only reason I had requested it to be closed was because this was the only option provided to me during my first call with this cast of characters.Naturally, I requested for a supervisor, waited on hold forever, and finally got to speak to someone of authority. He offered to look into making an exception to reopen the account, said he would listen to the phone calls with previous agents and see what he could do. An hour later, he calls back, says they're going to stick with closing the account since they couldn't verify my identity during the first call, and basically told me "Good luck." I explained to him how ridiculous this customer experience has been. He offered no sympathy (not that I was looking for it anyway) and seemed to be pleased with how he handled the situation. Look, these people at Charles Schwab are morons. I basically jumped through a million hoops just to open up a bank account to GIVE THEM MONEY and they essentially did everything they could to turn away my business. If I could give zero stars I would, but since the lowest is one star, let's go with that. What originally begin as a simple enrollment turned into a week-long affair that ultimately wasted everyone's time and sanity. Thanks Charles Schwab. I would rather light my money on fire than let you idiots handle it in the future.
We applied for a loan modification with Schwab Bank in May 2010. We were locked into an interest only adjustable loan. We could not refinance due to the drop in the market. Our money was tight, so we needed a reduction in rate (preferably a locked in rate) or reduction in principal per the Homeowners' Relief Act. My husband had just gotten back from Iraq (his 2nd deployment in 4 years). I was not working and unable to find work. They told me the process would take approximately 90 days. More than 6 months went by with no word from them. I was calling several times a week. In November of 2010, we missed our first monthly payment. In December, we called to ask about how we could pay that in incremental payments. We were informed that we had to pay our December and November bill and any partial payment would be returned. We were also told that if we were waiting on a modification, it would be in our best interest to not make a payment until we heard back on that. Long story short, 12 months went by and it was May 2011 and we still had not heard anything. We decided to short sale the house at that point because my husband was informed that he would be deploying again in August of 2011. We started into the short sale process. We were completely victimized by our realtor (whole other story) and the buyer walked. The sale fell through. When we called to explain what was going on to the bank, they had absolutely no compassion. They said that if we took it off the market and out of the short sale process, they would begin foreclosure proceedings. I asked about the modification. I was informed that we had to start the whole process all over again. But they said that it would not "halt" foreclosure proceedings, because they had "no control" over what that department does and it had already been referred to a lawyer. As a result, they will be hearing from our lawyer. I do not recommend that anyone get a mortgage product with this bank.
I approached the only local Charles Schwab office in my area (Burlington, VT) as I was interested in rolling over 2 pensions and my 401K savings into an investment vehicle. I met with Mr. ** in August and shared my information. I followed up again a couple of weeks later via email to which I received no reply. I guess this firm is only interested if you have $1M or more to invest.
I just got off the phone with a Charles Schwab customer representative. What started off as a typical call (please verify that your account is legitimate), ended up being a really creepy call. As standard to identity calls, I was asked about previous addresses I lived in. Then the CS person went off and started asking me the age and birth dates of people employed at my company. Even after insisting I held no relation with them so wasn't willing to answer these questions, he continued to press on and say the only other way to verify the identity was physically going to a branch. I'm not sure what they gain by having me look up personal information of other employees at my company, but I'm definitely switching brokers after this experience.
I discovered fraud on my Charles Schwab account. After many delays, and much lack of professionalism, after 6 months they decided not to pay the claim because it was just outside of a 30 day period for filing that I did not know about.
Charles Schwab Bank is the very best bank that an average Joe would ever want to bank with. I will not review the brokerage aspects as I have only made few trades over some period of time and I was satisfied with the executions 100% of the time. I lost my account however and it was my own fault. I had over-drafted for a period of 90 days and then it was closed down. It was my own fault, I was going through a difficult period. With that said, I once had to overdraft my account each and every month for a whole year and then wait for a direct deposit. I never once got charged an overdraft fee and I have always been reimbursed for my ATM fees. The customer service was always impeccable, (until the lazy generation has begun to creep in however) with 24/7 phone access and internet access to a live rep during the day.
I realize that Schwab is in a regulated industry but their speed of settling sales and transferring money is abysmal. Confirm sale of mutual fund on day 1, cash not available in account until day 4. Request money transfer (remember, this is CASH!!) to my bank and it's another three-day process - minimum (Fidelity is two!). This is not the 80's. If PayPal can confirm a $5000 payment to China in less than an hour what the heck is Schwab doing with my money? (It's called "float" and the longer they can hold it the more they make on it and you are making nothing!!!
I am the court appointed conservator for my husband who suffers from early onset Alzheimer's disease. He had to retire early from his career as a commercial airline pilot. Schwab manages an employee 401K for the airline retirees. Even with court documents, they will not let me withdraw funds to pay for his care. I have been given the runaround for months. I need these funds to pay for his medical care. Unlike Vanguard, you are not appointed a contact person. So every time I call for an update on the process, I get a different **. Every time, I have to give a tutorial on Conservatorships before we can take the next step. I have been advised to sue for damages and emotional distress. I think they are guilty of theft and fraud. I am exhausted and now forced to pay my attorney to take on the fight for what is my husband's money. Schwab's business model - Maliciously keeping their contact people poorly trained to create a wall so they can keep their customer's money. Shame on you, Schwab!!
I've been a Bank of America customer since they were Bay Bank 1993, over the years they were good to me but gave me only 0.01% interest as a preferred customer? I've been changing money around testing other banks. Capital One 360 is also a good banking option. BoA charges me $3 to transfer my own $$$ to my own accounts? ENOUGH!!! I looked up Charles Schwab and seen they were a broker as well as a Bank, I decided to apply (they WILL hard credit check you), Charles Schwab is apparently not a Bank for people with bad or low credit ratings. They have a higher standard and it's worth it. I was 808 rating, dropped to a 804 with the hard check, got my Checking account and WOW, so much information on the app, I got a free brokerage account with my Checking. I can literally swipe right and see today's stock market and even buy trade...I already as a new customer get 0.20% interest on my checking account which is way better than 0.01% from BoA, free checking, free checks, they even reimburse all ATM fees from anywhere for any reason. I wanted a savings account also, well unlike the online application for a checking account you have to fill out a paper with your information and fax it to them. I thought this was cheesy, I mean it's 2018 and I have to mail or fax a savings account application???At any rate they accepted it, dropped it right under my checking, I get 0.40% interest on my savings. I transferred all my BoA bill to Schwab, all my auto deposits, and auto transfers, it's been AWESOME!!! I cannot deposit checks without going to a Schwab bank or doing the photo deposit but honestly I just photo deposit. BoA if you have a problem your call go through the call center hell, go through 14 security checks, and then wait on hold for 45 minutes! Schwab, I click chat with Schwab customer service and in 2 minutes a person greets me with, "Hello Marc. What can we help you with today," I ask and within minutes my question answered feeling calm and pleased. I am sure others may have had issues, but if you're financially savvy, don't spend your entire account every other day and are frugal, and just want a great professional bank with quality service and an amazing banking app... Charles Schwab is it! I mean seriously, I am so pleased I've been telling all my friends, "Dude get Schwab. You won't be disappointed." In closing I will admit I've only been with Schwab for 4 months now, but it's been bliss! :)
I made an online withdrawal of all my money fund balance leaving a zero balance. Schwab proceeded to charge me several hundred dollars of margin interest on an account with a zero balance. Securities were never held in the account. The wrongful margin interest charge was never refunded.
My wife died on 7/23/2017. As of 02/12/2018, Estate Services has still not resolved their internal needs to settle the estate. They are the only people, of many accounts, to seem to have no empathy, understanding or need to act in a professional manner. I am at a loss as to who I can complain to. I've had to spend $2,000 on legal fees just to get them the documents and Estate Distribution Division still has not taken action after having the paperwork for one month. If someone knows who I can complain to, please let me know.
I have been with Charles Schwab for 5 years now. In their managed account, they make moves that generate K1s. The K1s are very hard to do on taxes. I asked my adviser to stop making moves that generate K1s, but was told it is a managed account and they WON'T stop making the moves that generate K1s. In the last 5 years Charles Schwab has made moves that generate K1s. EACH YEAR THEY LOSE MONEY ON THE K1s. What kind of brokerage house does the same thing year after year that loses money for its clients?? Also, I asked my adviser what should I do with the money that I have in my IRA? I was told to get some energy positions, which I did. When the position started losing money, I called my advisor and asked, "why should I do?" MY ADVISER YELLED AT ME SAYING THAT SHE IS NOT RESPONSIBLE FOR THE POSITION. Another time, I had a bank account at Charles Schwab and took out some money. The bank rep said the money would be available the next day...it was not. The checks that I wrote against the amount all bounced. I had to leave that bank, which was Bank of America, because of the bad information that I got from Charles Schwab.
Schwab is known for paying dividends late. It has gotten so bad recently that actually tried to steal several dividends in different accounts and time. I also had an accounting issue, even though It was a small amount that Schwab tried to cheat. I had to threaten Schwab to get it corrected. Finally, today 9/12/2016, Schwab suspended one of my fund in Roth Account, stating that this fund is in the process of changing name, but there was neither article nor news about it. Most of all, it was still trading under the same ticker symbol. At the market closing, change in fund price has not been reflected in my account. They told me that it will be corrected tomorrow. When I caught Schwab red handed, they came up with another deceitful practice right away. I was busy making copies of every detail that Schwab couldn't get away with tricks so far, but suspending my fund is not something that I can forget.It is time for us to look for another brokerage. Have a control of your money as much as you can, don't leave it to Schwab and make copies of everything, even have to record a phone conversation too. Call your local congressman office before hiring a lawyer. Maybe, we all should get together pushing for congressional hearing on this online brokerage issue. Good luck to you all. I feel your pain including mine.
Like many other reviewers here, I opened an account online. I had recently lost my father who had left me a sizable inheritance which currently is in the survivorship period. The total works out to the middle six figures, but on account of the survivorship period, it's several much smaller (but not insignificant) insurance payouts that I will be receiving first. One of these companies does not offer the option of receiving a mailed check, so I made the mistake of telling them to deposit the funds to my CS account. Seeing as I was given account and routing numbers, and even now I can still log on to my CS account, I foresaw no difficulty in having the insurance money deposited into it. I had also let CS know that I would soon be receiving a much greater amount of money and, not having handled any such amount before, that I looked forward to working with them to use and invest the money in the most prudent way possible.Surprise! Due to poor credit, my account is restricted; when I first found out about this I told them about the incoming deposit and was told I still might be able to receive the deposit, to be immediately transferred out or liquidated into check that would be mailed to me. Surprise again! Now it seems they won't be able to do that after all. Instead, they will bounce my deposit back to the insurance company. Since that takes at least a week, I have to wait at least that long before I can resubmit my claim. Then it will be another couple of weeks before I can get my money. You would think CS would at least be understanding enough to process a deposit before they kick you to the curb, but they couldn't care less. Not for people with less than stellar credit.
I decide to open an account with CS. I started to complete the paperwork online but didn't completely finish the application. CS transferred several deposits $.25 and $.15, not too sure on the amounts but I never responded to the amount. CS keeps sending me paperwork to finish and at this point I don't want to do ANYTHING WITH CS. I am a member of Credit Karma and received a report today. My surprise came when I noticed that they ran a HARD CREDIT CHECK on my payment history. My credit score was 835, yes 835. My score has dropped 8 points. I pride myself of having an excellent score. I can't remember the last time someone ran a Hard Credit check on me. I resent the fact that they did this without my approval. First, I will never open an account with CS. Secondly, will be contacting my attorney on Monday to file a suit against CS for lowering my CREDIT SCORE. Who the H-LL do these people think they are.
I wanted to liquidate my 401k from my previous employer. I was told that I could do that and pay 40% income tax or move it to a brokerage account and pay 15%. They led me to believe that this was a normal way to do things. The only drawback was that it would take longer. Seemed like the smart thing to do at the time. They sent me the forms and I did what they said. I even called a few times to get help with the forms.Eventually, I figured out how to log into my account online to find that I was losing money because my shares were going down. Shares you ask? I didn't even know I still had shares in anything. I thought I had liquidated my shares. I liquidated some right away because I needed the money. I waited to liquidate the rest in hopes that the stock may recover some of my loss. It didn't and I ended up liquidating at about $22 less per share than when I thought I liquidated. I'm not a person that knows about 401k and tax implications. I was taken for a ride for what seems like no reason at all. I talked to Kevin today at Schwab and he gave me a number to call. He said they have all 401k calls recorded. I'm going to call them tomorrow and see what I can turn up. I was lied to by at least two people and was never told that I had to sell the shares out of the brokerage account. I called a few times asking about that as well. I feel like I'm due the money I lost while my shares were sitting in the brokerage account. The phone call would clearly state my intention to sell the shares from the start.
I opened a dispute for a charge on my checking account with Schwab. They didn't tell me, however, that they would withdraw the payment from the vendor and hold it in limbo while the matter was in dispute. Over 2 weeks and more than 20 calls, I was condescended to by their customer service reps and blatantly lied to. Out of my 20 calls, only one customer service representative bothered to call me back and explain that the money was, in fact, suspended, and that was why it was not showing up in either my account or the vendor's accounts. The others danced around the question, never answering it or just giving me incorrect information, and never bothering to find an answer, just saying, "Well, it's out of our hands once it leaves the account," which is not at all what happens. As soon as the dispute is resolved, I'm closing my account and moving my money somewhere else.
They allow you to trade stocks even if you do not have the full funds to cover, or the transaction will place you in a day trader situation. They take their commission for the trade. Then later in the day you’re notified that your account is now in a 3 month suspension due to the trade, which they allowed and got paid their commission for.
I had been a Schwab customer for over 25 years, but have been treated so poorly that I have moved my funds elsewhere. Numerous times Schwab botched transfers, payments, account changes, etc. and did not let me know that there were delays, issues, etc. Their "customer service" is just a black hole and you have to babysit them to get anything done and it will take forever. What should be simple transactions require many forms, faxes, etc and do not happen unless I manage them. GO ELSEWHERE!
We have been going around and around for 3 months trying to get funds released that belonged to our deceased father. Schwab acts like it is THEIR money we are trying to get released, and even though we have followed their guidelines TO THE letter, they continue to stall and act like we are making an unreasonable request to close this account and just get a damn check. If I had to invest money someplace, it will NEVER be at this dishonest company! As if it weren't bad enough to scrape up enough money to bury our dead relative and pay off debts, they have to pile on by stalling, lying, delaying and generally acting like we are criminals. I hate this company!
I opened a brokerage account and a checking account. A week later they closed it with no notice. I called and asked what was going on and they simply told me it was a "business decision." I am not asking for a loan - I am simply asking for them to take my money. Very creepy and arbitrary.
I roll over part of my monthly pension each month. For the last 2 months they have lost 2 checks of $3700 each and have no idea what they done with them. I am now in the process of suing Schwab to get my money back. Do not use this company at all for your investments. They will steal your money at some point.
When my mother died, her accounts were hijacked by someone. Schwab allowed the account address to be changed over the phone and sent dividend checks to that address, over 20K worth. These checks were deposited with obviously forged signatures... signed by a DEAD woman.When I pointed it out it took them nearly a YEAR to move on the complaint. When they did investigate they returned with the answer of, "It took too long, nothing we can do." I turned them in to the Ombudsman and told them I was going to after letting them string me along for nearly two years, the 'Client Advocacy Team' member was outright rude. It was me that lost 20K, spent two years calling to check on this, and ultimately they took zero responsibility for their lack of due diligence. I am moving my money out as fast as I can.
I like my broker, he's very nice but I don't understand what has happened this last year with my IRA. I have made no real return on this account which is really my major nest egg. Meanwhile, accounts I have at other brokerage firms like Fidelity and T. Rowe have done well. What’s going on at Schwab?!
I recently opened a new account with Charles Swab and thought they were great. Even had deposited several checks. Unfortunately when I tried to use my debit card I kept getting a decline notice and couldn't figure out why. Spent almost 2 hrs on the phone with them before I found out that they decided to close my account due to a so called business decision. The business decision being that I owed exactly .40 cents on an old account that I never knew I owed. So I had no immediate access to cash, and since they were closing my account whatever money that was in account was going to be sent to me by check by standard mail. Worst online bank ever.
Schwab closed my account without my consent or any formal notification. Don't invest in this company. Go to Fidelity! They steal my $200,000. This company has a bunch of crooks!
I've been with Charles Schwab since 2004 and have always been impressed with their professionalism as well as the ease in using their website. They are well worth the fees.
Charles Schwab fraudulently concealed documentation from authorities and victim when they did not report the opening of a fraudulent account as soon as they were made aware of it. Charles Schwab further concealed the underlying act of fraud when they reported the victim's social security number to the IRS resulting in a 2.9 million dollar judgment against victim knowing full well that the account was fraud. Charles Scwab facilitated the funneling of stolen funds from victim when they approved the signatures for transfer of stolen funds from a person who had no signing authority on a personal banking account where the money was stolen.Charles Schwab refuses to abide by court order ordering the transfer of the stolen account to the felon known by them. Charles Schwab now states because felon had no signing authority, it wasn't his account so they can not transfer it. Charles Scwab said it was his account and allowed distribution of funds from fraudulent Schwab account to felon, trading on account and opening of account to which Charles Schwab made money on every illegal act. Charles Schwab was in receipt of stolen funds to which they made money on and then refused to report it or abide by court order as they benefited from the opening of the fraudulent account.
Just beware of being lied to. Very, very difficult to get funds transferred from the company. They sure accept funds easily enough. Beware! Terrible, terrible, terrible. Please shop around! They are just plain old money grubbers. As long as they are getting the money, everything is fine.
I applied for a quarterly withdrawal from my retirement account (IDP, managed by Schwab) on July 1, 2011. As of today, July 27th, I have still not received my disbursement check, although the money was withdrawn from my Schwab account July 19th. We have sent three emails to Schwab and have yet to receive a specific reply.
Excellent broker if you know what you're doing. Finished 2013 up 78.4%. I've never needed their customer/technical support.
I'm somewhere between a day-trader and a casual trader. I have a substantial trading account with Schwab. I've been watching and researching one particular stock for a full year now, making small trades, preparing for a big trade day, and I was pretty sure it would be this morning. I've got all my money in one place, all free and clear, ready for a big trade. It's a penny stock, expected to open about $2.50 this morning, and the purchase will be many, many thousands of shares. The stock is showing all the signs of making a big jump. I'm waiting at opening time; I'll make that big buy and ride the wave. I'm ready. Three minutes before opening, I enter the Schwab website, and click on the button to go in and trade.Nothing. Can't get in. There's a message: This system is temporarily unavailable. Please try again later. For urgent trade-related matters, please call us at 800-435-4000. Uh, What?? I try again. And again. And again. I tried for twenty minutes, still not freaked, but I have no idea what's going on at Schwab. I pull out my phone and hit my stock button. It started at $2.50, all right. But now it's $2.77, and I still can't get in. NOW I'm freaked. They have my money in a Schwab account; I can't even go make the trade elsewhere. I'm trying for over an hour, and each check shows the numbers going up, already to the point I projected. It can't hold for long.I call Schwab, frantic, and of course, no help there, sorry but the system IS down. But they're willing to make the buy for me now, at the present price, which is now declining through the low $2.70's on its way down. No, thanks, I'm not stupid, except for opening an account with Schwab. I promised my wife I would buy her an RV. Sorry, honey. No RV now, and it could take months or even years before I can forecast another big day. I'll let you readers decide whether you think Charles Schwab can be trusted to provide you with the trading tools you need to be where you need to be when you need to be there. As for me, I'm furious. I think it's safe to say I'll be finding another trading source.
I've been given the runaround about cashing out an old employer contribution. I've been told something about the patriot act and it takes 2 to 4 days to finish so I can have access to my money. Yesterday I spoke with someone there that told me it takes 2 to 3 weeks. A supervisor said the website is correct about the 2 to 4 days. It shouldn't take this long to verify my address or identity. All I want to do is get my money so I can pay for my cancer meds. They say they need to verify I live at my current address and it takes so long to do that but in the meantime they keep sending letters to my house so they know I'm here otherwise they wouldn't use mail to communicate with me.
I opened an account with them online and it went through successfully. I tried to do a mobile deposit and the system said it had to review my info before they allow me to use the mobile deposit feature. I set up my paycheck to have part of it sent to the new account. I then receive a few letters a week or so later (after not being able to login any longer on the mobile site) and it informed me that I was not approved for mobile deposits. Then another letter about my credit wasn't sufficient to open an account with them. That is a load of bull. I don't know when banks starting doing a thorough review of your credit history in order to open a deposit account. I have no bad account or past due with other banks, so I wasn't sure why they denied me.Then the next letter I opened read that they have closed the account due to the same reason I stated above. If they are going do allow consumers to open accounts online, they should maybe do the application part first before issuing/opening a new account. I had some trouble, but I was able to get HR to remove them from my direct deposit, as my paycheck is this Friday. This wasted my time, money and efforts. All to put my money in a bank. Wasn't asking for credit.
At a time when the market was heading downward, I went to a local office in NYC and asked to speak with the manager. I had an account of over $5 million dollars and simply wanted to sell the stocks and turn the money into laddered treasury notes (at the time the notes were high return rate). The female manager greeted me with an extremely unpleasant attitude. After proving my identity and telling her what I wished to do, she "turned on me" and told me I was STUPID and didn't know what the hell I was doing. She added stocks is the only place to make money! I was completely taken aback. I am a college educated professional mature woman and she shocked me with her response. I left at that point and a few months later went to a different Schwab location and the rep did exactly what I wished to do with my account and there was no attitude problem at all. The fact is that the female Schwab manager caused me to have a loss of over $2 million. There is no question Schwab has employees, even managers who treat clients without respect and even prejudice. I removed my account with Schwab shortly after and used a different investment firm where I have always been treated pleasantly and professionally. Chuck Schwab I believe has no idea who he has under his payroll. If you want to not lose your money, my advice is definitely to stay far away from Charles Schwab Co.
Three years ago, we began a relationship with an registered financial advisor in Kansas City. At that time, because many people were concerned about advisors and stockbrokers running off with client's money, many advisors went to the system of using third-party custodians (like Schwab, Fidelity, etc.) to actually hold the investments so clients would NOT have to worry about their money being stolen. This month I wanted to take some cash from my cash account and Charles Schwab told me the account belongs to my financial advisor, not me. The account is solely in my name with my social security number. I, alone, am responsible for taxes to be paid on the account - but yet they say I cannot access my own money without the authority of my financial advisor. Which means that if I ever want to leave him, I have to get his permission. This is very wrong! The agreement I signed when I opened this account clearly states that it is my account. Yet, I cannot get control of my money. I will get the attorney general involved in this!
I have had the account for maybe 2 days. I called this morning because I had a problem with information I was given the day before being incorrect and got into an argument with the manager who was very rude and didn't want to do anything about the problem. Later in the evening I went to transfer my money into the account and I see there are no account listed as there were in the morning. I call and they tell me that my account has been closed due to a "business decision". Trying to say it has to do with my credit when I know it doesn't, it has to do with the phone call from earlier in the day. How can they just cancel people's account because they feel like it. IT COMPLETELY MESSES UP PEOPLES LIVES!
I used Schwab online bill pay. Reviewing Visa credit card payment to of about $18,000 to Visa - Chase, Chase could not find them. After over 3 weeks of my numerous calls, as Schwab could not give me proof of payments, the case was escalated to customer relations. This frustration caused me to become irate, and I told them they were inept and stupid. That was the reason they closed my accounts. When Donald Trump uses the F word, the nation votes in larger and larger numbers, so why is Schwab unable to accept the fact they are inept and stupid? Mr Christopher **, made aware I was not at my mailing address, but in an island without fax, internet. I asked he fax the detailed proof of payments to the local public library where there is limited fax. Since we didn't received them, I showed righteous indignation to him too.Mr. ** finally sent a "document" without date, account number, to what account # they sent funds, without contact person who sent the document and with reference numbers which were unrecognizable by Chase. Mr ** claimed he did send all details, but it was not true. I asked him to send me proof of this, but he never complied. A few days after, in attempt to access my online account _+August 6 , I was unable. Schwab explained my accounts have been closed, and all funds were mailed to my mailing address a couple days earlier. At no time they advised me in advance. If I would not have gone to check my account, I would have not known about this at all. Mr ** knew I was not at the mailing address, and Schwab sent the checks so I could not bring them to fund another institution to open a new account. I asked they stop the checks, and wire the funds to my new bank, or re-open the account so I could send the wire and get all payees' information so the transition could be done. For a few days, back and forth, they promised they would, but ultimately refused to wire the funds. It took over one week for them to send me all the names of my payees etc, so I can populate the new account, as did not have any of the bills, as I am away from home. Most of my payments take place at the beginning of the month, and I asked them to please re-open the account, so I can wire the funds to the new institution and at least the pending payments go through, not to ruin my credit. Customer Advocacy knew I was nowhere near my mail box to collect the mailed checks with my funds. I asked why this capricious and arbitrary decision, and they replied that this was a "corporate decision". They never apologized. Knowing I would be incurring late penalty fees for delayed payments, they offered $300 to cover this. I accepted with the understanding that accepting this, in no way does this waive my rights to report them for unethical business practices. This check however, does not fix my banking bad credit history, nor pay for the incredible inconvenience the payees and I have suffered. Part of the payees are the property tax office, the Medicare, health insurance, mortgage fees, insurances, etc who are paid automatically in pre-scheduled fashion, so all bounced.Over a month has passed and today, Schwab sent me an e-mail telling me that they will "close" my account as I do not have sufficient funds!! This proves once more, how they are unable to know what their own organization is doing. This is reprehensible and reportable. Today, I requested Schwab sends me free of charge, in paper form, all transactions my accounts (three separate accounts in their firm) by US post to the location I am in, as it is not my mailing address. The documents requested are form January 2015 to the closing date in August 2016, so my accountants can prepare my taxes - that the documents must be mailed to where I am at this is not the mailing address of record, ( I am still out of town, and need this urgently for October tax payments for 2015. This last request was made to Mr Bill **, from customer relations on Sept 12, 2016, who promised he will comply.A copy of this is sent to the comptroller to currency fax 713 3364301. The office of the US Comptroller already received the document Mr ** claims had all the supporting doc (payments to Amazon). Such complaint was sent by us post. I take the opportunity to request that the banking rules require banking and companies like Schwab to give clients time to move their accounts to other institutions, so all the parties who receive funds from them are not also harmed.
Charles Schwab (CS) has been administrating a pension plan that I have with a previous employer. I was eligible to commence the first pension payout in January of 2017. I first contacted CS in early November of 2016 to start the process to receive the pension. They sent me paperwork that I completed and returned to them via registered mail within 24 hours of receiving it. I won't go into all the extremely frustrating details here, but I had to CALL THEM 7-8 more times over the following 6-8 weeks and suffice it to say, the first payout did not happen until Feb. 1, 2017. Even though they supposedly take notes of each conversation they have with customers, I pretty much had to start from square one each time I called them. I got different answers each time and NO ONE ever called me back, even though I was assured someone would.Fast forward to the end of 2017. Unfortunately, I needed to reconnect with CS to adjust my deductions for both federal & state taxes for 2018. Again, my first call was in late November, with my intent being for the new deductions to start January 1, 2018. Even though I completed the necessary paperwork before the cutoff date of 12-10, it took me ONLY 5-6 more calls to FINALLY get what I wanted accomplished, but as is their habit, these deductions will not start until the 2-1-18 payout. I encountered the same issues of getting different responses from each person I spoke to and only on my last call, did I finally get someone to call me back. Of course, that person took no responsibility for their poor customer service and instead suggested that I plan even FURTHER in advance for these types changes, which is absolute baloney! Sorry to say, since CS is the administrator for my pension plan, I have no choice but to stay with them and regrettably I'll have to look forward to dealing with them again if I ever have any questions or needs with regards to my account.
If you have any money with Charles Schwab move it immediately. Your money is not safe with these crooked thieves. Charles Schwab is an unethical institution that steals from its clients. My husband's grandmother had her IRA account with Charles Schwab for many years and had a "private client" status with them. It was a sizeable account, $800,000.00, and Charles Schwab made a lot of money off of her throughout the years. Unfortunately, my husband's grandmother was being abused both psychologically and financially by her estranged son. In response to his threats of violence and extortion, she disinherited him. During this time she made several calls to Schwab (all recorded), in which she explained the ongoing abuse to her financial advisor and requested a change of beneficiary form to remove her evil son from her IRA account. She also explained that she wanted to be sure that her two grandsons (my husband and his brother) inherited the account and why. After turning in the change of beneficiary form, she called again to be sure that the new beneficiaries were on file - she was a very thorough woman. Charles Schwab acknowledged the change of beneficiaries and all was thought to be well. A year after she did this, my husband's grandmother died of cancer. Her two grandsons told Charles Schwab of her passing and began the process of distributing the IRA account into their names. A week after the distribution process was initiated, and one account already funded, Charles Schwab claimed they received a "dispute letter" and froze the distribution of funds and moved them BACK into the deceased grandmother's account. Schwab refused to distribute the IRA funds even though the dispute letter came from the same disinherited son that they had been warned about well over a year prior! Schwab claimed they needed to "research" who the rightful beneficiaries were and after leading on the two boys for weeks finally told them that they would need a court order to distribute the funds.Charles Schwab refused to honor THEIR OWN beneficiary designation contract. Not only that, they did so after being forewarned by the decedent that her evil son would attempt to steal her money. So, not only is Charles Schwab in breach of contract, they are also guilty of gross negligence and failed to report financially elderly abuse (which is mandated for financial institutions). This company is so greedy and evil that it forced my husband and his brother to take on a lengthy court battle in order to "determine the rightful owners of the account".Three years we fought in court against a greedy psychopath (the evil disinherited son), who is now jail on over 40 counts of fraud. The boys finally got their court order stating that they were indeed the rightful beneficiaries of the account (go figure!). In our petition we supplied the transcripts of the phone calls that Charles Schwab had on file! Schwab had knowledge as to who the rightful beneficiaries were the entire time and yet did NOTHING! The stupidity and lunacy of this entire situation has completely blown our minds. We did nothing to deserve this and were completely taken advantage of by this sick company. Now the lawyer's fee's total $150,000.00 and even with the court order Schwab will not release the funds. They have delayed distributing the funds now for over a week... After everything my family has been through! I am beyond disgusted and this will be escalated to the highest degree. The only saving grace is that I have been in communication with our local senator regarding this matter. This is disgusting injustice and I will be sure this company is held accountable.
My account was restricted upon first opening it because apparently while sitting in my room in northern Virginia, I was "outside of the United States." Hmm... last I checked Virginia was still part of the United States. I am not using any sort of funny program that throws off the location of my IP address. Just Chrome. So then I call Schwab to get this figured out. I am told "they should have it figured out soon." Okay. So I wait a week. Still restricted. Wtf. So I decide to chat with an agent this morning, and lo and behold, this is when I am finally told that my account was restricted for opening the account while I was outside of the United States. What? First time I've heard of this, why the hell didn't the first person I spoke to mention this? I haven't left the US since I was a small child only to go to Niagara Falls and back... So then, since I left Ally for having surprisingly even worse service than Schwab thus far, I am quite frustrated since having missed out on both TSLA and AMD earnings (both up more than 30% since). I am told to call Schwab account verification. I do so, gladly, it's 8:30 am, and Schwab has 24/7 customer support, that's part of what's so great about them, right? WRONG. Account verification is from 9:00-5:00. Seriously Schwab? Do better.
This company as in Charles Schwab will play games with you and give you the runaround when you request loans on your own money!!! You may get it when they feel they have collected enough interest on it!!! Highly recommend another company to invest your 401 k into.
A few years back my wife changed jobs and rather than roll over her 401K into her new job we cashed out to put the money into our home knowing full well the loss we would take in taxes. We had also previously taken out a loan and knew that the amount of the loan would be deducted from what she still had in there to cover the repayment. The following year we received the 1099 form from Schwab and I proceeded to do our taxes based on that form. After I calculated all the taxes I purposely overpaid on both Federal and State taxes by a substantial amount to cover for any possible mistakes or those hidden taxes or fees that always seem to pop up when you least expect it. Fast forward two years and we get a letter from the IRS stating we did not report income from on our taxes from the year we cashed out her 401K. Confused, I called the IRS and they said Charles Schwab reported the cash out but there was a difference of $20,000 from what we reported and what CS had reported and that we owed $14,000+ in taxes, interests and penalties! CS sent my wife one 1099 and sent the IRS a different one! They sent us a 1099 for the amount of the cash out and sent the IRS a 1099 with the cash out AND the previous loan amount. When I called Schwab and asked what the deal was the first thing they said to me was "this is why people shouldn't do their own taxes" to which I replied "well that's what happens when you send people the wrong 1099!" I'm no tax consultant but I'm pretty sure if a customer came in for their taxes to be done and that's the 1099 for they were given the outcome would have been exactly the same! The sad part is when I explained how I had overpaid to cover for anything unexpected he got very arrogant and chuckled and told me "well you didn't do it right obviously." If I were in the same room with him I could have choked him on the spot which yes would have led to only more problems for myself... I then asked that he send us the 1099 form for that year and he said that the forms were on his desk and he would have it to us in a few days. Fast forward over a month later and we got the form, the correct form, the one that if I had received in the first place my wife and I would not be in this situation! Charles Schwab is negligent to say the least and if it were up to me they would be paying for all the interest, penalties and fees associated with our new nearly $200 a month payment to the IRS.
First I've been interested in the stock market since I was a kid and that was 50 yrs ago. All the books I've read written about the industry talk about the fuzzy math conducted in the back office. As I woman I went to Scottrade to register as a customer. I was refused because I didn't have all the ID. Went back the next day with all the right ID and nobody would talk to me. Went across the street to Schwab's and registered without all the additional ID.Every year the capital gains Schwab gives me is less than what is reported on the 1099. The SEC stonewalls me and the IRS threaten me. Looked up Schwab's campaign contributions and it 1/2-a-billion to the republican party every 2 years! Then I heard complaints about the settlement date should be within 24 hrs. Hmmm? Then I was reading the Web of Debt by Ellen Hodgson Brown, J.D. Bingo!!!! Read about short selling (chapter 19). It is all about how your property is mismanaged. It is really worth the price of the book. The key thing is during the settlement it seems the broker "rents" at interest stock to a short seller. So say they rent your 100 shares of stock that you just sold for $10 a share xyz stock. The short seller returns to you 100 shares of xyz stock except they are now worth $8 a share. The broker pays you $8/share but reports to the IRS on your 1099 that you received $10/ Share. The thing is when you breakout the shares, the quantity and price differ from what is on you transaction page.Then just last week I put up for sale 950 shares of stock. The next day only 2 traded!? I looked at the high and low prices traded that day and the share price didn't go high enough to initiate a trade. I emailed the brokerage and they responded it was an odd lot trade. (Shares normally trade in round of 100 called even lots anything less than 100 shares is called an odd lot.) The broker made it sound like there was a NYSE "odd" market. I told him to undo the trade or there would be big troubles. He DID do that. But obviously this trade was a dark market, back room.Another book worth reading is More Money Than Good by Sebastian Malaby. He writes about how with these hedge, retirement and mutual funds trading million of shares at one time that the NYSE market makers can't accommodate those trades to a dark market was developed. Two of the three big players are Goldman and Morgan Stanley. Not only are market prices rigged but small traders are being clipped at every turn.Maybe we should all get together and file a class action suit against the brokers, regulators, banks and depository trust co. When you sell only part of your position the short sell is driving down the price of your property. But then there are naked short sales where the depository trust co. makes duplicate or false shares. The short seller never actually owns the shares but the B of D all the same will allow him to vote as if he does which negates votes real owners make.
I have a 401k & Roth account. I terminated and requested full disbursement of my funds. They have dragged this on for over 30 days with lame excuses. Now they say they are waiting to validate my "vestment" which is already displayed on my account. My Roth IS NOT an account with employer vesting, but they refuse to disburse that because they say they do the 401k first then the Roth...really? They also lectured me and kept trying to scare me about taxes and fees when I had to keep calling about disbursing my accounts. I can only think that they try to hold onto my money as long as possible so they can keep collecting interest on it. What a hassle. I tell you, Fidelity is great and I get my withdrawals in 3-5 days..in my bank account. Charles Schwab is horrible..the only reason I used them this time is because that is all my employer offered....NEVER AGAIN!!
Over the past 5 years I have been very active selling negative puts. Each year we have made money and Charles Schwab has collected fees. Recently, I have been notified by Schwab that with as little as a couple of weeks notice that they will raise the percentage required from 35% to 50% on the Netflix puts in my account and that being said I will have to come up with $100K in the next two weeks. No reason is given for their action. This is either discrimination against Netflix or they are trying to deter me from investing and making money as I have been doing. It is unfair notice as I believe raising the margin requirement on an individual company should be given at least 30 days in advance. Sounds like unfair practice to me especially when they say it is temporary and they never let you know when the temporary increase will be reversed. Is there an action I can take regarding this matter?
If I had given my SS number to someone who could NOT help me after they got it, I would sure as heck monitor my credit report. I never give my SS Number to anyone on the phone unless it is the last four digits ONLY. BEWARE. There are OTHER means to identify a customer.
Schwab offers a daily sweep of your brokerage cash into many different mutual funds. These funds have paid you over 100 bips on your money. Schwab decided to change this and most will not realize that going forward you will only earn 30 bips on the money. This is shameful as they are hurting the clients that helped them. In one cash their treasury sweep fund has $9 billion. And they will save over 100 bips. Shame on this, shame on them. Protect yourself and make sure you move your cash to the mutual fund for a higher payout.
I am writing this review because I am concerned about Charles Schwab's reputation. It has come to my attention that a current employee, Tywan ** in the Buckhead office, did not in fact graduate from college. He had his transcript forge. Feel free to call his alma mater or have him send you an official transcript. I would hate to report this to a higher authority.
I use a financial advisor who picks the stocks or funds I invest in and he charges me a small % of my portfolio value quarterly. The costs from Charles Schwab are minimal and the online reports are excellent.
I read a bunch of bad reviews about the way they lead you on only to cancel your account and call it a business decision. In my case, there were two hard inquiries and so many back and forths. Very bad practice. I don't know why companies like this think they can keep running over people. I hope one day the consumer is not only able to voice out these frustrations but effect change. They have a very bad practice of yanking the ladder right off under you... Bad company!
Earlier this year I started consolidating to Schwab all my accounts, across different banks and brokerages. So far, I could not be happier with the customer service. The only weak area, IMO, is the need to perform the occasional task using old school printed-and-mailed forms. That is a minor inconvenience, however, given the strength of Schwab's Intelligent Portfolio offerings, the easy-to-navigate website, and really solid interest rate on the investor checking account. Over the years, I've gone through Fidelity, Vanguard, E*Trade, T. Rowe Price, and, way back, CSFB/DLJ Direct, plus too many banks (regional, national, and local) to count. All have strengths and weaknesses. Schwab has offered the best experience for me, thus far. It took a while, but it feels like I finally found a forever home for my savings and investments.
I will be leaving Charles Schwab after 3 incidents that have done nothing but cost me time and money. And I will spending my spare time making sure everyone knows how ridiculous this company is and how unprofessional their employees are. I will also be spreading the news to everyone I come across that wants to put their money to work for them, make sure you go anywhere else other than Chuck. They treated my money like they owned it, which they do not, and use their legal dept. as an excuse to play games with your money. They even insulted my attorney's intelligence numerous times when trying to get my money released which they have frozen illegally twice, horrible customer service unwilling to help you in any way shape or form. There are way too many companies out there that will be more than happy to accommodate you when it comes to taking care of "your" money, not theirs. Do yourself a favor and put your money anywhere but with these idiots.
For 2 years I have made a simple request: I want to have fingerprint recognition on my smartphone and fob for my desk computer. SIMPLE REQUEST YET NO REASON GIVEN FOR NOT DOING IT! Who want to travel with a FOB??? I want to be able to check my accts with my fingerprint authorization when I am traveling. With Schwab’s IT it is either/or not both! A 1 star for their IT Dept, and UNRESPONSIVE management. THANKS.
I've had probably 10 calls with Schwab's customer service department, and I dread those calls. I am always on call for what seems like forever, and when I finally connect with a representative, they usually don't know what they're talking about. I have to repeatedly talk them through my challenge, and I find that I already know more than they do. Then they put me on hold again to ask a "specialist". I am currently on one of those phone calls right now. I've banked locally and with an online bank, and Schwab's customer service representatives are comparatively incompetent. Maybe they aren't empowered with enough knowledge to do their jobs well. So yes, I'll hold...
I left this company 20 years ago from problems with my account, their morals and way of doing business and went to Options Xpress. I'll be damned if I'm not being dragged back over there from a buyout. NO!! I tried transferring my accounts and it's the most annoying company ever! Even their music on hold will annoy the crap out of you! I am not doing this! They are crooked, money-grubbing and don't care about the customer. I was done 20 years ago and after trying again, I'm done now! GO AWAY! NO ONE LIKES YOU! ESPECIALLY WALL STREET!
I had a SIMPLE IRA with Schwab. Had it for approximately 20 years. Not much money in it and it's been dormant for a while. In August 2014, my husband and I opened a second brokerage account with Schwab and put considerably more money into it. On Feb. 11, 2015, we received a letter for Schwab demanding we close both accounts and take our money elsewhere. Repeated phone calls requesting their reasoning behind this were totally stonewalled. They utterly refuse to explain this seemingly arbitrary decision. We will now have to incur the expense and aggravation of moving a substantial investment from Schwab to another brokerage firm. While this may well be perfectly legal, I feel it is despicably unethical, especially in light of the increase in identity theft. If during a routine review of our account, Schwab came across information that they felt indicated illegal or fraudulent behavior associated with our names and accounts, they are morally obligated to share that information as it would certainly be a red flag that our personal identifying information has been compromised.
My family & I switched our brokerage accounts over to Schwab and our banking. We consolidated and thought we made the best choice for our family before left on vacation to Europe. Nearly a week after being in Europe, I head out one morning to find a coffee stand on a scooter we rented. I find a cup of espresso, I reach for my wallet to hand the barista my new Schwab Bank card. As I take a sip of my espresso, the barista tells me my card was declined! I only had a $20 US bill on me, no euros. I was depending on my card. I give the barista my $20 For the coffee. I drive back to our hotel and call Schwab to find out that all of our accounts have been closed due to credit!I had explained we had one doctors bill that slipped, but got paid. They said it was a business decision. So my family is now stuck in Europe on vacation without access to our money. After sorting out other financial arrangements, we receive a check in the mail nearly two weeks later for our bank deposits and they liquidated our stocks and mutual funds. Never again! Terrible practice. They need to pre-screen before you transfer your money, before they send a debit card in the mail and before you leave on vacation. Thank goodness we had access to other resources!
I have had a securities account with Schwab for years. They closed my branch (Southfield Michigan) and my broker disappeared. Recently I received notice that one of my holdings had been sold. I never authorized such a sale. I have tried for weeks to reach someone to find out why. It has been maddening trying to reach a person to talk with. All local branches refuse to answer their phones. Calls are transferred to a central office and you wait for half an hour to talk with anyone. This is the worst brokerage ever. Run, don't walk. I am closing my account as soon as I can get into a branch. Charles Schwab, you should be ashamed of your company.
How secure is #Schwab? They couldn't tell forgery of same hand!! See photos of obvious forgeries.
I opened a Charles Schwab investment account in 1983. When I opened account, I had a friend with me. I used her social security number on the account. But the account was in my name. I was sent certificates by my friend back in 1997. I misplaced certificates. I called and reported them stolen to Charles Schwab customer service. There is no trace of my account within the system according to my first and last name. When I had certificates, I had no problems finding account with the account number listed on certificates. I do not have the account number. And I am having problems finding my friend to use her social security to find account. In 1997, the stocks were worth 17 million dollars. I own shares of Cisco, Microsoft and Yahoo. I tried the transfer companies, but they do not have anything listed in my first and last name. They are requesting a social security number. I think if you contact the software people responsible for managing your relational databases, you should be able to find account through first and last name, and address. The address on the certificates is **. I know now that I was not suppose to use someone else's social security number on the account, but your customer service rep allowed me to use her social security number (SSN). I asked her if I could use her SSN and she gave her SSNl to the customer service rep. He allowed me to use her SSNl. The stocks have split a couple of times since 1997. I think the account is worth 20 some million dollars. I do not think that the stock certificates were cashed in, they would need a social security number to cash in certificates. I would really appreciate it if you all could take me seriously and get one of your relational database developer guru to find my account.The stock certificates were given to my brother for safe keeping. After giving him the stock certificates, I called him the next day. He said what stock certificates like I never gave them to him. I immediately called Schwab and told them the certificates were stolen. I kept two or three certificates. I got the account number off of a certificate, and called in and reported certificates stolen. I do not have a lot and I really need my stocks. Please help me.
I did a loan payoff in December, I sent on 7th overnight, they received on 8th, and processed and credited on 11th. Just did another payoff on 18th, and called over the last few days, today on 3rd day I was told it was processed and completed to where it would be credited end of business day. I still had not seen, and called only to be told it was still processing. It’s a bunch of bs, different stories everywhere. Mishandling of my money. They changed processing centers, just irritating. Would not recommend using them for your retirement account.
I discovered that there are 200 shares of Apple stock missing from my statement. I am positive that I should have 800 shares however my statement only shows 600 shares. This is a ridiculous situation and it may be happening to other folks who don't happen to catch it. I tried calling the customer service rep and they asked for my secret password. I have never set this up and do not know what it is. So they could not help me. It may be that they asked me some question like "what is your first dog's name?" a while ago but since they did not ask me the question, how am I supposed to answer it? Also, do not use their private wealth service. It is expensive and not worth it. I ended up cancelling it. The advice that they gave me was lame.
For personal and business, I have several brokerage accounts with Charles Schwab. They have now closed two of my accounts and gave me notice today they are closing another one. When I ask them what is the reason they are closing the account, they simply refuse to give a reason but only tell me they have the right per the operating agreement.On one account, I talked to a Schwab representative they threatened to close and I told them I had written a check on this account that hadn't clear yet and they agreed to honor that check. However, in the end, they didn't pay the check and it was returned. This is probably the first check I had bounce on any of my accounts in 40 years. On a family estate planning LLC that Schwab gave me notice of closing, they would not give me a reason. I asked them if they looked at the deposits going into this account and they wouldn't answer. There is a monthly interest check deposited each month from a pawnshop and I asked if this was the reason, but they would not reply.There is no illegal activities connected to any of these accounts - none whatsoever. They are causing me harm and refuse to give me a reason for closing the account. I'd like to know my rights and if there are others in this same situation. Thanks.
I was laid off from my employer in February. They were supposed to distribute my 401K proceeds to me. Instead I get a notice that they have been deposited into a Charles Schwab Market Account. Drove 30 minutes down to the local office where they were no help. They said I had to drive back home, get online and set up an account with them in order to get my funds. Once back home, I got online set up the account and was told by a representative it would take 2-4 days to set up the account, then they would email me a form to withdraw the funds, but the form must be MAILED to them and then they will process. All said and done it will take a couple of weeks to get my funds out of an account I NEVER AUTHORIZED in the first place. In the meantime, I'm a single mother with rent due and no way to access my funds. THIS IS CRAP!
Website has helpful tools to manage your investments and it is very easy to navigate. If you have problems or questions the personnel at Charles Schwab are great at helping you out.
I was with SCOTTRADE for a long period of time and they were good. Good trading and good customer service. TD Ameritrade bought them out so I moved to Charles Schwab. Their trading platform has some kinks but if one is careful, there's no problem. Charts could be better as they are not as good as Scottrade. Been with them for about nine months and I would recommend them to anyone. Haven't traded on margin so I can't tell you how that will work out. Their site has more locations for information than one can shake a stick at. They do have some sites that I used that are better than Scottrade. It did take some time to get used to though.
My cousin and I both have had Schwab brokerage accounts for 15 years. Recently I needed to access a 1099 online. At that time, I saw an account for my cousin listed with mine by her name. I called to question financial advisor. Was told they would contact Schwab and have removed. Later found the account listed because 14 years ago, she asked me to be POA over her accounts while out of Country, which we both had forgotten about. A few days later when I checked my account online, I was down significant amount of $. Schwab had been including her asset for 1 account with my total assets. When contacted told because I was POA. Did not include assets though, from other account was POA for. They will not give me explanation for this error. Put total responsibility on me not checking my accounts more carefully. I checked online at least 2x week or more. The assets appeared in my total assets from day 1. Since the accounts only identified by number and not name, and everything done paperless, it was impossible to know account was not mine until needed to go online to print out a 1099. They are a sham. They are arrogant and basically said "too bad" in not such a nice way. Looking for people this happened too to file class action.
I called to inquire about trade pricing. I was routed to an individual whose tone was quite arrogant and condescending. Such a surprise as I have not had this problem in the past. When I began to say thanks for the information he quickly said Bye and hung up. Left me feeling angry. Not something I hope I ever do to one of my customers in my business!
I applied for a Charles Schwab website ID and a brokerage account on Sunday the 21st of May 2017. That was nine days ago as I now type. Within a few minutes I received this email: "Your Schwab One Brokerage account is now open. Your account number is **. Your options application will be reviewed within the next two business days. Your Schwab Bank High Yield Investor Checking account is pending and will be generated within 24 hours."On Tuesday, May 23rd I received this email: "Welcome, Jeffrey. Thank you for choosing Schwab. You're off to a great start! From the beginning, you will see it's different here and that our relationship with you is defined by helping you fulfill your financial goals. As you get started, we will be reaching out early and often to make certain we are providing the help you need on your terms. Now for your first step funding your account. Here are three easy ways:"At this point, I'm happy and excited and looking forward to making some great deals, right! Heck yes! I added my Wells Fargo account and set up an ACH debit for $20,000.00. The funds flew out promptly on Wednesday the 24th of May 2017. Gone! On Thursday the 25th of May 2017 I called and inquired about the checking account that I requested and was told that there was an issue and to contact "chex system". I did and I'm waiting to get their report. No biggie. I'm sure I'll sort it out, right.On Friday the 26th of May 2017 I was to be able to trade my new account but it was frozen! So I call Schwab again. Now my brokerage account is being cancelled and they have sent me via US postal service a letter detailing this bit of news. I ask them to return my funds the same way via ACH and they requested it for me and it showed up in my mystery account that the funds were to be sent via ACH to my Wells Fargo account on Tuesday the 30th of May 2017, as Monday was Memorial Day. So I notice the ACH for the 30th was cancelled and that there was a pending transfer back to me now set for tomorrow the 31st of May 2017. Then I checked the account again and notice it too has now been cancelled. So I call Schwab, again.Long story short, I requested my funds early morning around 0800 today via wire transfer, "sure" they say. "Just fax us this release with your info." I did, I had that fax sent in no time. Here is what they sent me back today: "Dear Client, Your request to wire funds from your Schwab account has been initiated. In some instances we may need to verify your wire instructions verbally before completing the request. Wire amount: $20000, From account ending in: **, Wire recipient: JEFFREY, Receiving Bank: WELLS FARGO BANK, NA, To account ending in: **, Case ID: **."And the account is noted as "pending" transfer via wire to my Well Fargo account. Around 4:30 pm I still have no funds returned so I call Schwab again. Oh, it will now be on June the first! Then they call back to tell me it will now be on the 8th of June 2017 as they will hold new brokerage account funds for TEN days as per their desires and procedures etc!!! But I don't have a brokerage account at least not one that works as agreed. I hope those pigs enjoy using my funds. How pathetic. I remember those commercials from 40 years ago and how this company seemed so sincere. To add to this I get a bit of mail in today welcoming me and you should see this fine brochure. In the second paragraph down it states. "We also believe every investor deserves to work with a firm that stands by their word." Which word will you stand by, Schwab and company and when will you really send back to me my $20,000.00? What a zoo and I feel bad for those really nice folks that work there too. Except for the last one that called, she sounded like she was one hard individual. OK now I feel bad for her too. Bummed out, disappointed, let down, not sleeping over this money issue and lack of commitment from a company that I thought was of good integrity. I see that I'm not alone here at all. Are WE the customers? This smells! What is next? I'll let you all know.
I recently received a check that I needed the funds from the same day. Because of this, I opted not to use their mobile deposit feature (which says it takes one business day to clear), and instead drove to a branch to deposit it. When I tried to use the money later that day, my account showed a zero balance. I called and was told that there is a five business day hold on all checks. I asked for an exception and they said they couldn't provide one. Nobody told me upfront that it would take five business days for the check to clear, and I was left stranded without the money I needed to pay bills. I will be closing my account with Schwab and banking elsewhere from now on.
After 9 months and 48 trades I had 6 funds out of 21 making money. I lost 8 percent of the amount I invested. It was the worst mistake of my life. I won’t advise anyone to invest with them. They charged me .026 percent to manage the account with a financial advisor. It had a satisfaction guarantee. I called them and they told me they would only refund me one quarter worth of fees instead of 3 quarters. I’d highly advise to stay clear of Charles Schwab.
Yesterday I needed to contact Schwab because I could not log into my account. It didn't recognize my password... strange, since it was stored and automatically applied. I couldn't reset the password online and needed to call them. As a result I reset the password which worked properly. Today, once again, the Schwab site does not recognize the new password. I am not resetting once again (6th time in 1 year). Little reason to continue using this company. If this is the way they handle their IT, they are in entirely the wrong business.
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