Charles Schwab & Co.
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Charles Schwab & Co.

101 Montgomery Street, San Francisco, CA

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Last updated: March 14, 2018

190 Charles Schwab & Co. Consumer Reviews and Complaints

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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.

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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.

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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.

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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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3 people found this review helpful
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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.

3 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.

8 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.

9 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.

21 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!

14 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.

7 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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27 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.

25 people found this review helpful
Verified Reviewer Verified Buyer
Original review: Dec. 2, 2017

This bank is the worst and I mean the WORST bank to ever deal with. This bank should be ashamed of how they even conduct their business and should be shut down IMMEDIATELY!!! I tried to explain to the head managers that they reversed a lot of my money back to a crooked person who said that I was doing fraud like activity and once they seen that he was lying and I was telling the truth the bank wanted nothing to do with this issue anymore and told me I would have to now deal with this in court even after I proved my innocence to the bank. They also now have the nerve to tell me not to contact them anymore because of how badly they messed up. The Crook (Brett **) even so much as tried to write a check to try to make it better however he wrote it for an amount way LESS than the amount that he now owes me. I CAN'T BELIEVE HOW POORLY THIS BANK WOULD ACT. SHUT DOWN YOUR BANK!!!

14 people found this review helpful
Verified Reviewer
Original review: Nov. 30, 2017

I opened a dispute for a charge on my checking account with Schwab. They didn't tell me, however, that they would withdraw the payment from the vendor and hold it in limbo while the matter was in dispute. Over 2 weeks and more than 20 calls, I was condescended to by their customer service reps and blatantly lied to. Out of my 20 calls, only one customer service representative bothered to call me back and explain that the money was, in fact, suspended, and that was why it was not showing up in either my account or the vendor's accounts. The others danced around the question, never answering it or just giving me incorrect information, and never bothering to find an answer, just saying, "Well, it's out of our hands once it leaves the account," which is not at all what happens. As soon as the dispute is resolved, I'm closing my account and moving my money somewhere else.

19 people found this review helpful
Verified Reviewer
Original review: Nov. 29, 2017

I read a bunch of bad reviews about the way they lead you on only to cancel your account and call it a business decision. In my case, there were two hard inquiries and so many back and forths. Very bad practice. I don't know why companies like this think they can keep running over people. I hope one day the consumer is not only able to voice out these frustrations but effect change. They have a very bad practice of yanking the ladder right off under you... Bad company!

20 people found this review helpful
Verified Reviewer
Original review: Nov. 21, 2017

Too bad there wasn't a zero rating on this lawyer. I hired this Law Firm to take on my case. I was hit in the head with a hammer by a contractor. They took several months to even review my case. And in that time I got a snotty lawyer that decided he would see if he could have time to take my case. Do not use this lawyer.

5 people found this review helpful
Verified Reviewer
Original review: Nov. 15, 2017

I opened an account with Charles Schwab & Co. and received all the paperwork in the mail, spoke with a broker and deposited thousands of dollars into the account. A few weeks later I received a letter stating my account was restricted and was being closed and that I needed to remove my funds. When I called the branch office and the Customer Verification number provided in the letter I was told because of my Equifax credit report my account was being closed.

First off, don't you guys read the news? Didn't Equifax just get in a bunch of trouble for a security breach? Why are you using them or trusting their reports? Why would you close a cash account that Charles Schwab makes money on when trades are placed? I wasn't asking for a line of credit. No wonder they can't pay their dividends on time, they drive away cash customers. Whatever COO thought it was a good idea to run credit for a cash account and then close an open, good standing account should be fired. You are driving paying customers away.

I have 2 other brokerage accounts and neither have I had this issue with. Clearly this is a scam. They probably used my brokerage dollar amount in my account to show they had "x dollars" in active open accounts for their financial statements and then dump the account a month later. Meaning what Charles Schwab is posting in their financial monthly documents at any given time is not accurate, it is actually inflated to look better than it really is.

If you needed to run my credit before I opened an account then you should have run my credit when I opened the account before you took my money and told me I could place trades. You could have found out on day 1 my credit wasn't to your company guidelines. Why wait almost a month to tell me, unless you are using people's funds to lie on your financials. Great scam. I'll make sure not to buy any publicly traded securities that you are invested in. Not to mention I like how when you Google Charles Schwab they have their own web page at the top that says they have a 4.7 star rating and 1,755 reviews, but when you check other places like Consumer Affairs they have a 1 star review. Seems like Charles Schwab is deceptive all over.

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22 people found this review helpful
Verified Reviewer
Original review: Nov. 11, 2017

I've had an acct there since 4/17. Up 'til this evening I was a happy camper. Now, there is a trust issue. About 5 months ago I called and asked a question and got an answer I liked. It involved fees. Today I was informed they have no record of having said/told me this and they are denying my solid memory of what I was told. I was told I am mistaken. I am positive I am not mistaken as I made notes of the date, time and person I spoke with & what they said... Trust is not a minor thing with a firm that has my money. I am now about to transfer my holdings someplace else. If anyone has good or bad to share about being a Schwab customer, I'd be thankful to hear. Most Appreciated.

22 people found this review helpful
Verified Reviewer
Original review: Oct. 17, 2017

I approached the only local Charles Schwab office in my area (Burlington, VT) as I was interested in rolling over 2 pensions and my 401K savings into an investment vehicle. I met with Mr. ** in August and shared my information. I followed up again a couple of weeks later via email to which I received no reply. I guess this firm is only interested if you have $1M or more to invest.

19 people found this review helpful
Verified Reviewer
Original review: Oct. 13, 2017

I've had probably 10 calls with Schwab's customer service department, and I dread those calls. I am always on call for what seems like forever, and when I finally connect with a representative, they usually don't know what they're talking about. I have to repeatedly talk them through my challenge, and I find that I already know more than they do. Then they put me on hold again to ask a "specialist". I am currently on one of those phone calls right now. I've banked locally and with an online bank, and Schwab's customer service representatives are comparatively incompetent. Maybe they aren't empowered with enough knowledge to do their jobs well. So yes, I'll hold...

24 people found this review helpful
Verified Reviewer
Original review: Oct. 5, 2017

Earlier this year I started consolidating to Schwab all my accounts, across different banks and brokerages. So far, I could not be happier with the customer service. The only weak area, IMO, is the need to perform the occasional task using old school printed-and-mailed forms. That is a minor inconvenience, however, given the strength of Schwab's Intelligent Portfolio offerings, the easy-to-navigate website, and really solid interest rate on the investor checking account. Over the years, I've gone through Fidelity, Vanguard, E*Trade, T. Rowe Price, and, way back, CSFB/DLJ Direct, plus too many banks (regional, national, and local) to count. All have strengths and weaknesses. Schwab has offered the best experience for me, thus far. It took a while, but it feels like I finally found a forever home for my savings and investments.

17 people found this review helpful
Verified Reviewer
Original review: Sept. 29, 2017

I left this company 20 years ago from problems with my account, their morals and way of doing business and went to Options Xpress. I'll be damned if I'm not being dragged back over there from a buyout. NO!! I tried transferring my accounts and it's the most annoying company ever! Even their music on hold will annoy the crap out of you! I am not doing this! They are crooked, money-grubbing and don't care about the customer. I was done 20 years ago and after trying again, I'm done now! GO AWAY! NO ONE LIKES YOU! ESPECIALLY WALL STREET!

22 people found this review helpful
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Verified Reviewer
Original review: Sept. 10, 2017

I can't get a my money back from Schwab around 2 months already! Schwab's reason. My printed name and signature on the same line. After I fixed it they always looking for new reason... Example team which consider action, give money back or not, is not ready for consideration or you have SSN good but why you don't have foreign I.D number... I need this money to pay my mortgage in US. Probably I will lose the payment. This company not suppose to work with customers in area of FI.

19 people found this review helpful
Verified Reviewer
Original review: Sept. 7, 2017

I have had a securities account with Schwab for years. They closed my branch (Southfield Michigan) and my broker disappeared. Recently I received notice that one of my holdings had been sold. I never authorized such a sale. I have tried for weeks to reach someone to find out why. It has been maddening trying to reach a person to talk with. All local branches refuse to answer their phones. Calls are transferred to a central office and you wait for half an hour to talk with anyone. This is the worst brokerage ever. Run, don't walk. I am closing my account as soon as I can get into a branch. Charles Schwab, you should be ashamed of your company.

30 people found this review helpful
Verified Reviewer
Original review: Aug. 23, 2017

I moved abroad to work for an international company. After speaking to a friend they informed me that Charles Schwab was a great bank for people working abroad because they didn't charge foreign transaction fees etc. So I looked into it and spent at least an hour on the phone with a representative, explaining my situation- that I was already abroad but wished to open an account. He said that was fine, all I needed to do was transfer money into the account and later that week I could request that the debit card be mailed to an international address.

When I tried to contact the company a few days later, they informed me that I had to come in, in person (within 30 days) in order to verify the account. I explained that I was on a 5 month contract abroad and had no way of coming in. They said there was nothing they could do and they were sorry for the "miscommunication." I told them that I never would have opened an account in the first place, had I known I needed to come in, in person. Needless to say, everything was handled terribly. I ended up requesting to close my account as soon as possible and return the money to its original account.

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30 people found this review helpful
Verified Reviewer
Original review: July 19, 2017

My family & I switched our brokerage accounts over to Schwab and our banking. We consolidated and thought we made the best choice for our family before left on vacation to Europe. Nearly a week after being in Europe, I head out one morning to find a coffee stand on a scooter we rented. I find a cup of espresso, I reach for my wallet to hand the barista my new Schwab Bank card. As I take a sip of my espresso, the barista tells me my card was declined! I only had a $20 US bill on me, no euros. I was depending on my card. I give the barista my $20 For the coffee. I drive back to our hotel and call Schwab to find out that all of our accounts have been closed due to credit!

I had explained we had one doctors bill that slipped, but got paid. They said it was a business decision. So my family is now stuck in Europe on vacation without access to our money. After sorting out other financial arrangements, we receive a check in the mail nearly two weeks later for our bank deposits and they liquidated our stocks and mutual funds. Never again! Terrible practice. They need to pre-screen before you transfer your money, before they send a debit card in the mail and before you leave on vacation. Thank goodness we had access to other resources!

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44 people found this review helpful
Verified Reviewer
Original review: July 6, 2017

Had an account in Barrington, IL. Was switched to Schaumburg, IL with my knowledge. Quarter meeting was always a battle because, my work finish time is 5pm. Advisor and Schaumburg office account person was complaining about out 5:15 pm 30 minute phone call. Numerous last minute schedule changes due to family issues... Do they want to be advisors to my schedule or not??? Sick and tired of this whining bunch of so called advisors. Oh, and by the way, having so many "accounts" with little growth even though the market had been breaking records. So long Schwab, and hello to another group.

32 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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