Ann of Atlanta GA (04/22/09) Placed an online trade to sell 5000 shares cancelled the order and put in again to sell 5000 shares. They did not cancel the first order due to problem with website and ended up selling 10,000 shares
A profit loss of approximately 8,000
Rupert of San Francisco, CA April 6, 2009
Rupert of San Francisco CA (04/06/09) After receiving attached checks on statements to consolidate bills, I wrote myself a check and deposited on my ATM with the purpose of paying my property taxes until I received my tax refund five days later to cover this expense. My mistake: there is not enough credit to cover the check, so I called Charles Schwab to explain - Nicole @ Credit put me on hold and finally came back and with a very dry tone told me not only can Schwab help m eincrease the credit temporarilly (which I can accept) but she actually lowered my credit and HANGED UP on me without any option to talk to a supervisor.
Charles Schwab & Co is increasing the APR on the card unless I pay off the balance immediately, regardless from the fact that I've been making timely payments. There should really be a fair credit conduct where customers have a say.
Ryan of Aventura, FL April 1, 2009
Ryan of Aventura FL (04/01/09) Not trying to get to technical but I had placed two seperate bracket orders on trades and the software Streetsmart.com executed at the incorrect price. The software was selling my securities by using my purchase price instead of the market price as it was displayed. In the world of securities this is a major error, its essentially like selling a car, signing the contracts and someone saying oops our computer printed the wrong number, so we will pay you 300 less - and you can't do anything about it since the documents are alreadysigned. Not the best analogy, but you get the idea.
Ironically, I could tell noone I spoke with at Schwab used the software, and continued to tell me what their internal systems were telling them had happened, instead of what the 3rd party software was doing and showing their customers. On their end it was just listed as market orders? and not displaying what my actual order was. Classic case of a company purchasing/merging software and have no idea what it looks like ot the customer.
Pocket change, about 300, but what is really disappointing is how poor the customer service is at Schwab - had I been a big time trader, would they have treated me this way? Not sure.
Joy of Cleveland, OH March 24, 2009
Joy of Cleveland OH (03/24/09) February 17, 2009 my mother passed away leaving a schwab account to be split between her five children. The first information I received was a Charles Schwab new acct application with the Beneficiary Auth forms. Mind you this was received 3rd party from my sister-in-law. I contacted Mr. Vidovich with questions. His responses were vague and condesending. I have attempted to email schwab/vidovich to make an appointment to meet with him. No response was ever received.
I have phoned and left messages, still no return call or response. They have all of our phone, address, emails on file. No one from Schwab has ever contacted me directly, only get 3rd party messages through other relatives. Now there is another form we all must sign and return. As professionals why wasn't the auth to sell form sent with the entire package to release the account? It appears lack of organization, lack of customer communication skills run high at this firm.
This is something that should have been handled directly, and quickly. I have been put in a stressful situation and still the account has not been disbursed.
Shirley of Sun City, AZ October 14, 2008
Shirley of Sun City AZ (10/14/08) I have been with Charles Schwab for about 8 years and I have traded stocks and Covered Options. I filled out an application to purchase Options and they denied the application. When I tried to pin them down to the specific area of why I was denied they were not very clear in the denial. I supect I was discriminated against because I am a woman. When they mentioned lack of experience I asked them how does one get experience behind a closed door and they did not have an answer.
I went down to the local office and the District Manager said I would not be able to reapply for Option purchasing for 6 months. I have more than enough equities in stocks to meet the obligation required and I consider trading Covered Options more of a risk than purchasing Options.
I was denied trading Options during the biggest swings in the markets history as I know it. I missed two great opportunties in both a down trend and an up trend.
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