Charles Schwab & Co.
Overall Satisfaction Rating
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Charles Schwab & Co.

101 Montgomery Street, San Francisco, CA

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205 Charles Schwab & Co. Consumer Reviews and Complaints

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Verified Reviewer
Original review: July 10, 2018

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 its 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! :)

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Verified Reviewer
Original review: July 6, 2018

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.

3 people found this review helpful
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Verified Reviewer
Original review: June 29, 2018

DON'T get a Charles Schwab Debit Card and think you will have any fraud protection. The company is extremely crooked. I traveled to a foreign country and attempted to make a $400 purchase is a store. The store owner was crooked and after swiping my card through her reader twice told me that the machine wasn't working to print me receipt. She had me sign a scrap of paper that was barely readable.

A while later I was shocked to see a charge of nearly $1500 on my debit card. I notified Schwab who obtained records from the merchant. The merchant two credit card receipts for the amount with a forged signature that wasn't anything like mine. The merchant also sent a phony itemized list with the same phony signature. Decided that the charges were authorized merely because I was there. Apparently Schwab decided that merchants cannot commit fraud, of a customer is present. They asked me why I did not have a receipt. Of course the merchant refuses to give me one. (Why would he give me a receipt when he was planning to defraud me?) Schwab Bank and their fraud protection is not to be counted on or trusted.

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3 people found this review helpful
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Verified Reviewer
Original review: June 19, 2018

I have had many problems with banks; since I started using Schwab I am a trouble-free banking customer. I recall how livid I was in the 90s when Washington Mutual would not refund my $470 Christmas money IBM.NET stole from me... Well they told me to go to my bank so I really feel like Washington Mutual owes me... Well "never again". I know Schwab is a real bank and they will back their real customers.

2 people found this review helpful
Verified Reviewer
Original review: May 19, 2018

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.

3 people found this review helpful
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Verified Reviewer
Original review: May 13, 2018

I have no doubt that Schwab has the best people, the best service of any broker in South Florida. The Boca Branch is simply amazing. They have all the resources you need but most important they have the best people to help you with what is good for you. They leave no stone unturned.

2 people found this review helpful
Verified Reviewer
Original review: May 11, 2018

I agree... Schwab is totally unprofessional as is evident in their simple math calculations and what they reveal to the customer. Here is our correspondence with them. NO ANSWERS... AT ALL! Additionally, they have rules and such that are quite secretive as I have yet to receive them. HOWEVER, when I do something such as increase my contribution rate, they come back with CANCELING my request citing a 60 day period for which you can not raise or lower your contribution rate AND telling me that they will apply the contribution change NEXT YEAR! No authorization from us at all. No communication from them. No requested copy of the rules and regs and such.

Additionally, with NO notice to us, we were "OPTED IN" to a robo-advisor service (with a fee) losing ALL of our investments in mutual funds and taking a substantial loss and reinvested in SCHWAB ETF's losing money for months until we hired an outside financial guru to slowly work us out of the mess and properly invest our funds. We took a huge hit. SCHWAB didn't do a thing... NOTHING. Communications ceased and we were left with a mess to fix. Now strange calculations, apparent missing funds, threats of making changes to our account with no authorization from us AND we ARE 100% vested.

OUR MONEY however SCHWAB treats it as theirs. Complaints filed with ERISA and FTC and SEC seem to disappear as it doesn't involve millions... I believe if every single customer of SCHWAB Retirement Services closely scrutinizes their accounts, it would be millions. It is a shame since we are stuck with whatever company the employer decides to use for our 401K... In this instance they chose SCHWAB. I fear the day we can actually start pulling money out based on SCHWAB's past performance with us.

Finally, the latest issue... We had open transactions selling positions. The positions were sold and due to the T+2 rule, we were waiting on the funds to settle and be deposited into the SCHWAB BANK SAVINGS. Upon looking at the transaction, it showed that we purchased 12,000 dollars of SCHWAB BANK SAVINGS at... $4.00 a unit. Should be $1.00 a unit. Any explanation from SCHWAB? ZERO. Good Luck if you get stuck with this company as they are NOT YOUR fiduciary. You must take that position yourself or simply sit back and make SCHWAB richer and richer and you take the hit. The company triple dips by charging Record Keeping fees, SCHWAB ETF fees, AND SCHWAB robo-advisor fees. That's it. Good Luck.

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7 people found this review helpful
Verified Reviewer
Original review: May 10, 2018

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.

11 people found this review helpful
Verified Reviewer
Original review: May 1, 2018

I am a customer with Schwab for almost 30 years. Since about last three and half weeks, I am trying getting 2007-2008 statement for Citi Group trading statement for the litigation for the stock traded between FEB 26-2007 TO APRIL-18-2008. I had called Schwab customer service for at least 20 times! Every time hearing different answer and still I have not received any response from them. Extremely disappointed and maybe close the account with them! If thing not resolve! You can contact me @ **.

9 people found this review helpful
Verified Reviewer
Original review: May 1, 2018

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.

10 people found this review helpful
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Verified Reviewer
Original review: April 30, 2018

I started opening my account in Charles Schwab from abroad (Germany) in November 2017, went through all the hell with voice calls to the US and a fax to the US (have you ever tried to send a fax to the US from outside of US?). When I opened an account, I warned them that I'm moving across the world and may move to another country in the next year - they said: "not a problem". Then in January of 2018, I left Germany and initiated change in my address and tax residency (by Germany law I immediately lose my German tax residency after I leave it).

I had several round-trips in emails about how to do this, got several physical mails to my old address in Germany (where my former landlord was so kind to resend mail abroad to my new address) and to my new address. Then eventually in the beginning of April 2018, they changed my address and tax residence. And then in 3 days, I got a mail that said that they decided to close my account. Really? I spent many days due to lack of service (only voice calls or fax) and several hundreds of dollars. And now they just changed their mind... Without any reasoning. Has never had a worse experience with brokers or banks.

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10 people found this review helpful
Verified Reviewer
Original review: April 26, 2018

In the last 72 hours I opened a trading account without an issue with Charles Schwab. I was ready to make a deposit from my own personal checking account into this brokerage account to start trading, then I got a notification that I had a hard inquiry on my credit from Charles Schwab. First, after my account is opened they conveniently pull my credit, without authorization and second, I in no way applied for any credit based anything with Charles Schwab. I have since asked for immediate account closure and was met by a rude customer service agent who only made excuses as to why my credit was checked. This should never happen to anyone and is fraud on so many levels. I didn't need credit from Charles Schwab nor did I apply for it in any way shape or form. This company should be prosecuted for this, as I am sure this happens to many customers.

17 people found this review helpful
Verified Reviewer
Original review: April 21, 2018

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.

12 people found this review helpful
Verified Reviewer
Original review: April 11, 2018

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.

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15 people found this review helpful
Verified Reviewer
Original review: April 1, 2018

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.

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19 people found this review helpful
Verified Reviewer
Original review: March 14, 2018

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.

7 people found this review helpful
Verified Reviewer
Original review: March 13, 2018

When I phone in I get fast answers and the responders are polite as well as helpful. It is a pleasure to do business with this company. Their website is easy to navigate, everything is clearly explained.

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Verified Reviewer
Original review: March 12, 2018

Applications are user-friendly. Online representatives are readily accessible. Fees are fair and reasonable. We have no reason to search for other options.

2 people found this review helpful
Verified Reviewer
Original review: March 10, 2018

On my first occasion of purchasing any stock I called and spoke with an advisor. He explained to me how the different ways of purchasing stock works. He then asked me what I was considering buying, and laid out exactly how it would play out. He gave me the option of me going online to do it myself, or he could do it for a small fee. I chose him to do it and he waived the fee! Even after spending time to educate me, he did it complimentary. I felt comfortable and empowered.

7 people found this review helpful
Verified Reviewer
Original review: March 7, 2018

I opened a brokerage account with Charles Schwab. I opened Feb 12, 2018. My Scottrade account was closing due to merger so I setup transfer of shares to new brokerage account Feb 15th. The most recent communication I received from Charles Schwab was that it would be completed by March 5th. I attempted to open a checking account to deposit more funds via direct deposit. Next notice was that it was completed but I was unable to login to verify. I tried resetting password but no password reset link was emailed. I called today and was told my brokerage account was closed due to Equifax report pulled when I attempted to open a “savings” account?

So my shares are to be mailed in a check to me or transferred back to my old (closed) brokerage account with Scottrade (who is no longer active). The lady Jeanne I spoke to was rude and snob saying it goes by delinquencies on my credit report (my credit is decent) and it’s all the documentation I signed. They told me I can not open any account with their firm. I think this is a thin veil to discriminate against certain customers. That or they are operating a scam because my balance is less than what was to be transferred. I don’t like how this firm operates. I never received any notice. They closed my account and sold my shares.

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26 people found this review helpful
Verified Reviewer
Original review: March 3, 2018

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.

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Verified Reviewer
Original review: March 1, 2018

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.

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Verified Reviewer
Original review: Feb. 17, 2018

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.

4 people found this review helpful
Verified Reviewer
Original review: Feb. 13, 2018

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.

33 people found this review helpful
Verified Reviewer
Original review: Feb. 13, 2018

I opened an account with these FOOLS in Nov. 2017. I just got notified today that they will close my account. When I called to ask why, I was told it was a "business decision" and that they do not have to disclose anything beyond that to me. First, how RUDE that hardworking people such as myself would trust you with one dime for you cowards to turn around and treat me this way. Is this what I get for investing with a morally trashy company like Charles Schwab? My situation, you might ask? I opened an investment account, I bought large stocks in 4 companies and then used a few more thousand to invest in altcoins. THAT'S IT. Thank goodness I didn't push all 3 of my 401k accounts over to your institution because your company is completely unprofessional and unworthy of having ANYONE with a brain do business with you. Go down in flames, Chuck.

30 people found this review helpful
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Verified Reviewer
Original review: Jan. 26, 2018

I have been with Charles Schwab going on 10 years. I have invested well over $20,000 of my hard earned money with only a few mistakes on Schwab's part which was made right by granting me free trades on a consistent basis there for a while. Fast forward a few years I inquire about shares from a spin-off that I've never received from Schwab. After their lack of intelligence on the matter, they investigated it. The very next thing I know they're telling me they're closing my account and when I asked why they simply said, "We don't have to tell you why. It's just a business decision." This isn't some department store account. This is my finances, this is my money. They sure weren't singing this song when I was dropping tens of thousands of dollars into my account and paying all their commission fees. RUN FROM SCHWAB - CRIMINAL.

40 people found this review helpful
Verified Reviewer
Original review: Jan. 25, 2018

I opened an account there last week, and it turns out it is the WORST experience ever! Shame on this brand! How dare you people bluff on TV that this is the “Most Satisfied” brand! Until now, nobody takes care of my account! Nobody takes care of my verification docs at all! I went to the branch, and the staff asked me to go home and open the account myself! I uploaded my file, yet nobody even looked at it! I called, while it asks me to wait more than 20 minutes online EACH TIME! If you people think every client who opens an account is trying to launder money, then do this ** business!!! Shame on this brand, which does not take care of its customer at all!

28 people found this review helpful
Verified Reviewer
Original review: Jan. 20, 2018

I have a managed account with Schwab and could not be happier. The website is easy to use and withdrawals are quick and easy with only a short security delay. Security is strong, with immediate notification of any account actions taken. I have dealt with several other firm, I found Fidelity to be good but I would rate Schwab equal or better. Vanguard is a nightmare.

8 people found this review helpful
Verified Reviewer
Original review: Dec. 28, 2017

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.

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38 people found this review helpful
Verified Reviewer
Original review: Dec. 19, 2017

As a single mom attempting to save for retirement, I transferred a couple Roth IRAs to Charles Schwab and opened an account to deposit cash to pay for fees, and save money until there was enough to open another IRA. The charges for this account were so high, that they emptied the account of every dime and closed it, several hundred dollars in a little over a year. The fees on my IRAs likewise were so high that over several years, the IRAs only increased in value by a couple percentage points. If you are a hardworking, low wage earner hoping to save for the future, Charles Schwab is not the place to do it.

35 people found this review helpful

Charles Schwab expert review by ConsumerAffairs

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.

  • Best for: Charles Schwab is best for self-directed investors with some prior knowledge of the stock market. It also has service for semi-involved or hands-off investors.

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Charles Schwab & Co. Company Information

Company Name:
Charles Schwab
Year Founded:
211 Main Street
San Francisco
Postal Code:
(866) 855-9102

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