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I've been using Charles Schwab for over 2 years and I am happy with the company. The operators are so helpful anytime you call them. Never charge for fees. They are so professional and easy to deal with. I like the platform is easy, fast and I use from phone and PC. Everything goes thru very fast. Especially right now is the best to trade every day if possible. You have lots of room to play and gain more than before. I split my portfolio, is very diversity like banks, hotel and tech. Soon as I now in official web to diversity the portfolio I change the way I trade. Now I am happy and I can't wait to crack more. I highly recommend this trading company.. Besides trading I have the debit card, I can pay Bills, transfer fund. The best way to make money is to trade every day. I made mistake last year by keeping for 6 months but didn't want nowhere. Now every day is better than I thought. You can make living with this income.
I've been using Schwab for about 4 years now. I started with one account and now I have a checking, brokerage, and Roth 401(k) account with them. I have done numerous types of regular financial actions and never have a paid a fee with Schwab, honestly. Their checking account is very easy to use, and I've never had any problems with things like direct deposit or transferring to other accounts. I also LOVE the checking account debit card that reimburses ALL ATM fees around the world and does not charge ANY foreign exchange fees. It is the BEST way to get cash when you arrive in a foreign country. Their bill pay feature is also easy to use and I haven't had any problems.
I also love the brokerage/retirement accounts available. I have frequently bought and traded some of the Schwab funds available, including money market funds. These Schwab funds have very very low operating costs (net expense ratio) and they do not charge commission/purchase fees, love that! Anytime I have any questions or concerns with Schwab, I typically use the online chat feature, where I am quickly connecting with a smart rep that is very effective in answering my questions. They have even helped me learn some basic investing questions. I moved recently but before that I would go see an in-person rep to go over my goals and other things, and he was extremely helpful and respectful. I can't recommend Schwab enough. I often tell my friends all about it and recommend it.
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I opened a checking account with Schwab when I joined the Peace Corps. Thanks to some solid advice from a returned volunteer working at NerdWallet. There are no fees for international transactions and ATM charges get refunded on a regular basis, regardless of the ATM. The APY isn't wonderful, but the customer service is. Amazon Prime recently charged me without my consent for an automatic renewal of a tv subscription on my sister's Prime account, after her own debit card didn't go through. Prime refused me a full refund over the phone, but Schwab ensured I received it. I was barely on hold before Schwab customer service was kindly and professionally connecting me to the assistance I needed. 5/5 stars for easy mobile banking, check deposits, no fees, and phenomenal service.
Do not use Schwab if you want to use margin. They arbitrarily declare stocks as unimaginable. I received margin call because a stock (Antero Midstream, AM) fell below $3 at one point during the March 2020 market crash. I accepted this $3 stock as being ineligible margin, but then when the same stock rose over $4.5 two weeks later, they still declared ineligible for margin. There is nothing wrong with this company, it's not going bankrupt. Spoke to Schwab and asked the rep to find out what was going on, and there is no explanation given. I have been a Schwab customer for 15 years. When the time is right, I'm closing this account and never looking back.
STAY AWAY!!!! Charles Schwab is like a dictator, tyrant organization. I was a good standing client and they closed my account and days on end of research into stocks data for no good reason. No, I wasn't a day trader and I hold on to stocks for long term. GO TO WEBULL or ROBINHOOD!!!
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In the midst of this pandemic, I advised my aunt to open a checking account at Charles Schwab to receive her stimulus check. Biggest mistake ever. A few days after submitting the online application, we saw that the checking account had been opened. Great! So we contacted customer service to ask if the account could be used. Customer service told us (only after we asked) that the account was not verified (and basically useless) and asked us to provide address verification by sending in an utility bill online and calling their support center. So we did all of that.
The support center asked some odd questions: Was this address a nonresidential address? How was there a utility bill for this address? Well the reason why my aunt had an utility bill (that had been paid for the past few years) was because it was a RESIDENTIAL address that had utilities that needed to be paid. The customer service rep said that he needed to speak to a manager and told us that he would us call back in an hour with more instructions on what to do. After two hours of nothing, we called again. We were now told that the account was locked and my aunt needed to go in person to a bank branch to open the account. The only problem was that all bank branches were closed.
So I went on my FB and asked my few hundred FB friends about this situation. A former classmate who worked for Schwab many years ago told me (I didn't know this, until now) that when customers were told to visit a Schwab branch, that means that they would be sized up at the branch. Customers who looked rich would be allowed to open an account no matter what. Customers who looked like normal people (ie.: my aunt) would be refused with a random reason. My friend told me that Schwab had a checking account to attract wealthy investors. The account (no matter what they said) wasn't really for everyday Americans. So if you happen to be a normal person, I would strongly advise that you do NOT open an account at Charles Schwab. They are only for the rich and wealthy.
I opened two accounts at Charles Schwab online and was approved for both - an investment account and an IRA. A few weeks later I received a letter saying my investment account was closed due to my poor credit score. It was the same score as the one I had when I opened. I was never told beforehand about needing a good credit score so I was shocked. They transferred the money to the IRA account. I recently closed the IRA account too - if my credit score is too low for one, they don't get to have the other one either. They have a large number of bad reviews and very few good ones. Buyer beware! I'm going to open an account at Fidelity instead. How does such a shady company like Schwab even stay open?
In general, they have been good until recently. They had their trading platform crash where I could not trade, the things I already owned, then called them. They admitted it was their fault but said they could not do anything. Meanwhile, I lose lots of money because their system did not work. I cannot recommend after losing lots of money due to them.
I have recently opened an account with Charles Schwab as I am trading large amounts. I bought an ETF called OILD on 16 March at 54.7599 per share with 1000 shares. On 18 March the share went to 103$ but I did not sell it as my view was that the oil price will go even lower in April. On 31 March, I can't see any price update. I call Charles Schwab who first are telling it might be because there is a corporate action with no further detail and I should wait. I insist and they make investigation and found the fund is going to be liquidated. This was announced by Pro Share on 15 March to all the brokers to be communicated to their clients. I was not aware of it.
I called ProShare, the fund administrator who is telling they don't have individual information so this should be communicated through the broker which makes sense. Charles Schwab is still telling me this should have been communicating through the fund manager. It would be liquidated at ~45$ per share. Not only I am loosing ~10k but I could have make ~$50k if I had this information.
Although I have over $50,000 in my account and only $5,000 in equities with about 95% of the remainder settled, Charles Schwab shows that I have less than $10,000 that is settled and is available to withdraw. I've had several live chats and have even called and was told in my first chat that it would be fixed in a nightly batch that night. Needless to say, it hasn't been fixed. Unfortunately it's looking like I'm going to hire an attorney to get my money back from Charles Schwab. Multiple times I've noticed incorrect trade values on stocks on their site and had to contact them to fix their issues. At least those times, they actually did fix the problem.
I had already figured out that you can't count on any numbers in their application, but this time it seems criminal. I can't think of any other reason that they won't fix a number that's off $25,000+. I first contacted them more than a week ago and so far nothing. I'll definitely be transferring my money to another brokerage once I force them to release it.
Charles Schwab author review by Clark Kendall
Charles Schwab offers a wide range of financial services and products, including online trading for all levels of investors. The publicly-traded company was founded in 1973 and is headquartered in San Francisco. The full-service firm has offices across the country to provide investors with support for whatever type of brokerage service they have.
Personal consultations: Customers with trading accounts can set up a free consultation with a professional broker to learn about the online trading platform or review their investing strategy. Clients can schedule a phone or online chat consultation or visit a local Charles Schwab office.
Platform: Charles Schwab’s proprietary StreetSmart Edge® platform was designed to help online traders find investment information and make trades. Interested consumers can visit the website to view a brief demo or have a more extensive walk-through. The Charles Schwab website lists the speed at which the platform executes trades for customers who want to make trades very quickly.
Research tools: Charles Schwab clients have access to resources to help them gain information about stocks, options and other investment assets, like a letter-grade rating based on Charles Schwab’s predictions.
Local workshops: Some Charles Schwab offices host live workshops for those with online trade accounts with the company. Interested consumers and existing clients find information for the nearest workshop location online.
Charles Schwab & Co. Company Information
- Company Name:
- Charles Schwab
- Year Founded:
- 211 Main Street
- San Francisco
- Postal Code:
- (866) 855-9102