About Charles Schwab & Co.
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What a superb company to do business with. My father passed on in Dec and there was money in his Charles Schwab account for me to claim. Unlike many of his other accounts this firm made the transition as easy as could be. I simply had to mail in the death certificate, answer a few questions over the phone and that was that. His account was closed, all the monies transferred to my name and that was that. 6 of his other accounts are stressing me out running here and there looking for Medallion Signature guarantees and filling out tons of paperwork. Charles Schwab made an already overwhelmed and stressed out woman rest easier and as such I am maintaining my account with them, and shutting down all the rest.
Completed the application for brokerage/checking account on 1/2/2023, and I got the brokerage account open right away but not the checking account. It didn't say anything like they need additional info to open the checking so I thought the checking account would just show up in one business day. But it didn't, and I only received from mail on 1/8 that they need additional verification to process. So I uploaded my driver license as requested on 1/9, and I thought they would have the account ready on 1/10 or 1/11 based on their statement (should be ready in 24-48 hours). Again it didn't happen. I waited till today 1/13/2023 and I'm not patient enough to wait anymore. Called them and they said the verification was just processed on 1/13 and my account should be ready on 1/14. So what kind of bank takes two weeks to open a freaking checking account? This is the worst experience I had opening a checking account with major banks.
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Folks, don't let these bad reviews sway you. There are always haters out there. If Mother Teresa had a non-profit there would be that 1 in 1000 that had a bad experience ranting about it. The satisfied customers don't put out the reviews, but I felt compelled to after reading all the complaints and one-star reviews. Charles Schwab is one of the best investment brokerages out there in my experience, and I would recommend it to friends and family.
I travel often overseas, they don't charge international ATM fees, and they even REFUND ATM fees charged by other banks. Over 4 years, I easily saved over $200 in ATM fee refunds. Furthermore, one time I was abroad my ATM card wouldn't work due to some security issue. I called Schwab customer services to complain and see what the deal was. They apologized for the issue on their end (it was falsely flagged as possible fraud b/c I was traveling) and deposited $50 into my account for the inconvenience! What other company does that? There's a reason this company is largely successful as it seems they put their customers first.
I opened online Brokerage and checking account on 12/ 21 /22 and funded the account confirmed and few days later representative said my account needs to be closed. They would not discuss other than check with ChexSystems. I got my report from ChexSystems and also talk to a representative if there was any negative report on file and they confirmed there was none. But despite that Schwab refused to discuss any further. On 1/3/23 I called per their email and requested to close the account. When I spoke to representative to close my account even he could not believe as to why Schwab want me to close the account.
We are Sr.Citizens who need conservative management. She overweighted us in aggressive, overvalued funds instead of staying with the market. She put us in bond funds with the feds aggressively raising rates. She invested in High turnover and high yield bond funds in a taxable account. She paid no attention to market conditions and we paid dearly. Schwab must have agreed because they refunded fee's but after we lost Thousands. Stay Clear.
I recently came onboard, after searching high and low for beginner investment accounts, to handle my small inheritance, and gain interest over time. But Schwab apparently wasn't the right vessel. Because after creating a new brokerage account, my email got spammed with incessant messages to repeatedly verify my account, on top of marketing offers, and whatnot galoot. Then when I did verify, the deposits their system supposedly made from my external bank account didn't show up anywhere, despite the lame message in my brokerage account, to click on the dumb link provided. Which only took me to another page, asking me to do the same thing. Speaking with a rep. did me little good. They just filed a Tech ticket, stating they'd "look into it" Omg whatever. I'll look elsewhere for investments!
Schwab will not reimburse ATM fees like they advertise. While I have been overseas, but still in a country that has USD as the national currency and is the only currency used, they have falsely claimed the normal ATM fees are currency conversion fees and refuse to reimburse me. They state, as if it were fact, that I made a mistake and chose an additional currency conversion fee and I need to be more careful, like I'm an idiot who doesn't know what I'm doing at the same bank ATM I've used regularly since 2019. Even though I have repeatedly told them there is no currency conversion because my account is in USD and the national currency of the country in which the ATM transactions were made is also USD, they refuse to do further research. Oddly they were willing to look further into it back in 2019, when I initially encountered this problem, and have correctly been reimbursing me for such transactions up until last month.
The ATM receipts say nothing about a conversion fee. It's clear as day that it is a normal ATM fee and no currency conversion took place. A quick Google search will even show that the national currency of the country has been USD since 2000. Yet, they refuse to look into it further. Customer service has really gone downhill within the last couple of years. They are not even willing to try to think logically and comprehend that there would be no currency conversion ATM fees for my Schwab withdrawals in a country with USD as the national currency. Also they ignored my messages for almost a month. I used to recommend this bank to everyone, but now I will no longer do so.
Charles Schwab bought TD Ameritrade, where I have my 401k. They decided they didn't want any 401k's that also had Roth contribution options in them, so now I have to go through the expense and hassle of transferring my 401k to a new company that isn't them. There was no option provided for staying, just a don't-let-the-door-hit-you-in-the-rump on your way out. It was like neither company had any interest in keeping me as a customer or recognizing the incredible annoyance and time-suck involved in changing the 401k plan to another company. If you want a Roth contribution option in your 401k, or you'd like to work with a company who isn't just going to change things in a signed agreement that you had because of their whim and say piss off to you, you should not bother to look at Schwab or TD Ameritrade.
Had a bad experience with a representative on the company on the phone. Needed to open an account to buy six figures in T bills. At the meeting was given laptop (have never used) without a mouse! Then told this was taking too long so I was left to complete the account opening myself and was told to leave the bank checks at the desk. Just left after spending twenty minutes with the branch manager was was genuinely upset at what had taken place. Doors had been locked when I was ready to leave which visibly pissed off the manager. A joke.
They tell you that they have processed your request when they have not. I recently changed places of employment and wanted to consolidate 401k in my new employer's plan. They kept telling me for over a month that they had sent the funds over to my new 401k but did not. I just got an email from them today saying they were processing it. When I had called and spoke to them they said it was already done and that the problem was with my new 401k provider. They lie and tell you what they think will get you off the phone the fastest. Would not recommend for anything. I feel that if they would lie about the processes then they would lie about anything.
Charles Schwab author review by Sandy Baker
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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