About Charles Schwab & Co.
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This company offers Stock Slices which is fractional shares in stocks. Many of these stocks are far too expensive for me to purchase on my own. However with Stock Slices I can enjoy being a stock owner while investing very little money.
Minimal fees; brokers walk me through the process how to buy and sell shares. They make recommendations. If I want additional assistance, they will do so for a charge. There is a system whereby I can have a computer generated system work for me. Many choices and easy to use online.
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Charles Schwab is such an excellent company. They are innovative, their website is cutting edge, their customer support is superb. I never wait more than a minute for someone to actually pick up the phone and talk to even during the pandemic. They're very receptive to feedback in case there is a glitch and have never failed to solve any problem that I had or gotten back to me when they said they would.
I love this company. They have taken such good care of what little money I have. They are wonderful and I am Thankful to them and for them. Always helpful when I call and "bug" them. They do not mind at all. I certainly would recommend them to everyone.
I think most know that you can invest through Schwab - but I don't know that many realize you can have a checking account with Schwab - and it EARNS INTEREST rather than charging you fees! All ATM fees are reimbursed as well - no matter what ATM you use. The only drawback for some is that they don't have a lot of brick and mortar locations - so it's difficult to deposit cash - but I do all my banking online these days anyways.
It would take forever to explain all the problems we've had since depositing my husband's 401K with them in an R.O.B.S. rollover earlier this year. It was supposed to be for only a year or so until we firmed up our business plans. With the pandemic and insanity going on, things got put off. Anyway, this review may seem like it goes on forever, but I can't even begin to complain enough about all the many things I detest about Schwab. I wish we'd been able to see all these other reviews before then, but Schwab was the place recommended to us by our R.O.B.S. provider. We were immediately told that we could use their "Intelligent Portfolio" to have our funds managed, which was a huge relief since we knew zip about investing, and I personally liked it that way. I say we knew zip, but I knew LESS than zip, and had no desire to try to "manage" our own portfolio!
So, just to keep this as short as possible (ha ha), suffice it to say it turned out - after WEEKS turning into MONTHS - and after many attempts to get enrolled, that - "oh, what do you know, you aren't even eligible for our 'Intelligent Portfolios' program after all." WHAT?! Meanwhile, we all know what the market was doing during the end of 2020 and the beginning of 2021. It was RECOVERING, that's what. While our little 401K was sitting there doing NOTHING. Thanks a lot, Schwab. And thanks for not returning our calls or getting us the help we were asking for. No telling how many thousands of dollars your indifference cost us! But WHY? Why tell us we could have our money managed when we could not?! Then we were told we could have it managed for a fee, but again, we weren't sent the papers (until too late) and nobody helped us further with it. Again, until too late.
So, I, stupid as I admittedly am, thought, "hey, the market's just going up, up, up, everyone says it's an incredible bull market (whatever that meant) and I might as well choose some places to park the money so at least it'll be able to take advantage of it." First order of business was to figure out what a ticker symbol was. Then I thought, "hmmm... so I guess I should buy stuff that'll be opening up again soon. Like, maybe Disney and movie theaters and hotels and restaurants. Stuff like that." Duh. Little (oh no, less than little) did I know about things like timing and dips, etc. I only knew of one kind of candlestick, & they didn't open or close or march up and down charts. They sat in their holders where they belonged, period.
Needless to say, I began this great idea right at the time volatility set in, and within a few weeks (or less, I can't even remember now!) our funds had dwindled by over 4%! I wasn't trying to "play" the stock market and I hate gambling. I was just frustrated that Schwab refused to help us and upset that our money wasn't able to take advantage of the bull market that EVERYONE seemed to be experiencing then. I just got flustered and did the right thing at the wrong time.
So, all those symbols and charts that had swum meaninglessly before my eyes my entire life all of a sudden became imperative for me to learn. I became a maniac stock market chart student non-stop for the next few weeks, just leaving our losses to stew. I had no idea what a meme stock was, but boy howdy, I knew what IMAX & AMC were, & had initially invested in both, figuring the theaters should be opening soon. And you can guess the rest, at least regarding AMC. I bought Disney at its all-time high. Who knew? (Certainly not me!)
But panic is a great incentive, and I became a more-than-willing student. And if I'd known nothing before, it didn't take long to figure out there were too many gurus out there happy to relieve us of more of our money. I may be stupid, but I am old and experienced at getting taken. So at least I had that much going for me. I simply studied any free material I could get my hands on, but studiously avoided Schwab's online advice out of sheer spite. Hadn't noticed it before and no longer wanted it. In a month, with some more mistakes and some plain luck, I managed to build a diversified portfolio of stocks and ETFs, while trying out Schwab's mutual funds. (Mistake. Mutual funds in general, I mean. IMO) And slowly built the fund up quite nicely, although it was still in the red.
And then what happens? We FINALLY get the promised call from a Schwab advisor. Nice young man who finally sent us the paperwork to sign up for Windhaven and whatever the other one is called (for a fee, of course.) But by that time we'd brought the balance back up to within 1.7% (still volatile, but trending up) and started wondering why we'd want to pay them to install our funds in passively-managed ETFs tracking the exact same indexes we already had them in?! We were considering handing over most of it, but keeping out at least 100G to invest by ourselves.
However, soon my husband received an email from some advisor we'd never heard of, telling him he was "squeamish" about the investment choices we'd made. That was about the time our fund had surpassed what we'd originally deposited with them, and I was still plenty bitter. Never once was there an apology for misinforming us from the beginning, nor even a slight admission of their negligence. Soon after that we received a call from the same nice young man who had finally sent us the paperwork.
We listened for almost an hour as he excoriated us. Apparently he'd finally bothered to look at our portfolio, and decided we were plain nuts. Yes, I'd made some huge mistakes in the beginning and admitted to them. But he continued telling us not only that he disagreed with every stock and ETF we'd bought, but that he just knew we were compulsively gambling and getting "endorphin" fixes every time we chose a stock to buy. And I could go on and on with all the things he lectured us on, but won't (for a change). I will say there was a VERY helpful young man I met on the chat named Spencer. He continued to email me and called to assist us with setting up Schwab's ridiculously laborious specialized trading platform and tools ("streetsmart edge"). He is the best person we've met there yet. So at least there's that.
As soon as we figure out where to go (which may be a while since I'm still learning technical chart analysis at the moment), we will be moving our money out of Schwab and will never look back. The thing is, we know we need to make up for all that lost time, not to mention money, and this market won't last forever. I've finally learned how to manage through the volatility, and got brave during the 2 May mini-crashes and stocked up on cheap ETFs (like QQQ, SPY and HNDL), so we're doing well there. I'm taking advantage of every oddball thing that comes along, and although I still don't understand or agree with all the meme crazes, we did quite nicely thanks to the recent AMC short squeeze. (No, we aren't holding anymore, thank God!)
I wish someone had warned us, but hopefully somebody else will heed this and the other recent (I mean, THIS YEAR already!) reviews, and just stay away from Schwab. From reading others' accounts, it appears that Schwab was OK until the last year or 2. Too bad they couldn't keep up with the times very well or at least learn to adjust. No way their CUSTOMERS should have to pay for that, though!
This is the worst bank. The checks that I wrote from my other personal account to open a new account with Charles Schwab have cleared. My other schwab told me that they cannot have the funds available for more than a week. This is ridiculous. It's a mistake of opening account here and their customer service sucks because they put you on hold for long time and then after that they talk about the personal stuff keeping you on mute. Such a bad experience in a mistake of my life opening a account with Charles Schwab. It's too late for me now. So make sure you don't get screwed. Even their customer service verified the funds with my other bank that got cleared and still hold my money. I will eventually close this account once my money gets posted and won't ever do business with them. Beware.
They were hired to be co-trustee of our family member's living trust. Our family member died on January 4, 2021 and still have not finished the estimated taxes and closed the trust down. They never once reached out by phone or email to myself and family to keep us informed and updated except when we called and inquired/complained. I was told by the representative I spoke with for our trust that it usually takes at least 6-8 weeks to close it down. Then they said 10-12 weeks, then 3-4 months. Finally they are just saying, "in the coming weeks". They are dragging their feet. In the end, going through Probate would have possibly been quicker. I would never willingly have any trust set up or managed by Schwab ever again! Such a disappointment! Frustrating!
Already have a brokerage account and wanted to open a savings account. Long application process and uploading of documents. Waited 2 weeks and finally called after long wait on phone was told that it takes time and I would hear soon. One week later I go on chat and ask for update. I was told I had missing information and to submit whole new application! I cancelled application but am concerned about all my information on file. Waste of my time.
Terrible customer and unreliable website for trading. It took them 7 weeks to conduct a trade inquiry because of their website issues. Customer service rep called me today after repeated attempts to get a status. He was extremely rude and basically blamed me for selling the shares. So the risk was all mine and they waited 7 weeks for the stock to turn around so they can tell me you didn't lose money. Horrible experience. Moving to Merrill. Stay away from them.
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:
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