Charles Schwab & Co. Reviews

Charles Schwab customer service leaves a lot to be desired. They state that they will fix problems which they often do not. They make offers which they do not fulfill. When questioned they are truthful.

Tried to open a Trust account. Fill out application and they say it is wrong. Fix errors and then wrong again for different reason. Do this a few times. Then ask to upload documents. Done. Not enough. Won't Trust document. Big no from Trust lawyer. Privacy issue. Finally say OK but one more item. Did that. After 6 months of this they send email stating application has expired and start over.

I recently decided to work with a Financial Advisor at Schwab after managing my own portfolio for 20+ years and growing it to $1.5M. The Advisor at the Pasadena office was sweet and nice during our initial meetings, and made promises about the "Wealth Advisory Program". It sounded good, almost too good to be true, so I signed on. After reading the Wealth Advisory Agreement, I asked questions of the advisor before I signed. She assured me that there are no charges for trades, and other promises. So I enrolled. Then crazy things started happening. This woman said she'd be my advisor however she brought on a young, inexperienced guy who started calling me to arrange meetings. I questioned this, and was told he was brought on board to transition my investments into the program (i.e, "do the paperwork"). Suddenly his picture appeared on my Schwab web page??

Terrible communication and account documentation. Phone "representatives" are clueless and arrogant. I have been an account holder for over 20 years. Schwab customer service has become non-existent. All they want is their fees. Recently, they removed about $24,000 from my account with NO explanation or documentation. They refuse to address my questions. Will have to file an SEC complaint.

My brokerage account was transferred from TD Ameritrade. I have attempted to link a checking account to my brokerage account in an attempt to consolidate my assets but what appeared to be a straight forward process has proven to be an exercise in futility. I have lost count of the number of times I have called "customer service" and visited my local branch office. Each phone conversation is essentially starting from the beginning and I am immediately sent new forms to fill out or transferred to a different department. Three weeks of jumping through hoops and I still haven't been able to set up a joint checking account linked to my brokerage account. I'm definitely going to check out other brokerages that have local offices with representatives that service customers start to finish.

Stay away at all costs! They stole $400k when one of their overnight brokers screwed up an order and they are refusing to let me listen to the call. Do not trust them with your money! Lawsuit here we come!

27+ year trader and this is the worst brokerage ever. I was an AmeriTrade account holder. Schwab purchased Ameritrade. Multiple times I had sent funds of 190k to credit into my account and, although they located it, they could not credit and sent it back multiple times. They could not even push forward a simple wire. This company is inept and caused me to lose over 100k due to their lack of ability to take care of customers. Highly recommend finding another brokerage if you want to make money and work with an efficient broker.

You can't link *many* external banks with your Schwab Brokerage account. I tried 5 different banks and only one worked! The problem is with Schwab, not these other banks which have no issues with each others. Pretty lame if you can't transfer money in/out of your brokerage account.

Contacted to transfer stock account. Nikita walked me through the process. She stayed with me to fill out the forms as well. Made life simple for me. 03/31/2025 was the date she helped me and after uploading image Nikita verified she received the documents and explained the process going forward.

Charles Schwab charges above average margin rates and provides a disservice to clients by having telephone interaction with non registered and unlicensed reps who are untrained without experience and will cost you money.

I was hacked and my details stolen. Even with 2-FA, I had my balance drained and after sending countless emails to support, they did nothing about it. They did not even try to help me which is wrong. I had to hire cypher-forensics to help me track down how this happened because your support team are inadequate lazy people uninterested in their jobs. If you're like me, then head over to 'cypherforensics' website or find them on X.

Just opened account, was excited to work with Schwab. Took the time to link my two bank accounts so that I could easily transfer money into my Schwab account. Also was excited to try out their stock slices. In less than two weeks my account gets locked out, no explanation. Says there is a issue and they need to verify my identity. After two phone calls and verifying my information there was still no response. Also there is no way to directly contact their fraud department, THAT IS A RED FLAG RIGHT THERE. All of this and when I call again they tell me that they are closing the account for business reasons!! What business reasons, I AM A NEW CUSTOMER!! No explanation at all. This has to be the worst company I have ever had dealings with. The poor people that work for them and answer the phones were nice but the way the company is being run is straight TRASH!!

My employer uses this company for our 401K contributions. Every time I try to log in to view my account, I am unable to and have to verify but never receive the security via email or text. They have my information because I get emails to view my account every month. When I call I get the run arounds and have to call multiple because some agents cannot find my information while others can. I have called before and was able to get into my account after several attempts but now a month later I cannot get in and when I called the agent says I have never registered. It is very frustrating to not be able to access an account I pay towards every paycheck and does not make me feel secure about being able to access my 401K when the time comes. Other co-workers have the same issue. I plan to cancel and open an IRA with my bank instead. Ridiculous!

I was told to go to the bank for verification which I did and only for them to tell me that my account has to go for fraud investigation after I asked for my money because they denied me access to my mobile up. It's been a month now and they are telling me the same.

I have been trying to close my account for four years. I talked to a representative on 9/16/2024, he said my account was closed at the end of the conversation. I am still receiving emails to view my latest statement. Would you trust your money to a company that says you transaction is completed when it is Not?

Totally deceitful…. Our community came together and raised money to benefit our child who is medically fragile and in need of special lifelong medical and caregiving. One volunteer who represents Schwab helped guide us set up a special needs trust so that this money can earn interest for our child’s benefit. As we set the account up, Schwab offered us a debit card for the easy of using funds as needed. After many months of caring for our child we noticed Schwab was “borrowing us” the money and charging us interest. A lot of interest!!!! When we realized this we called and they told us we set the account that way. Why wouldn’t they explain this to us. Why would we “borrow” money that is out there for the child’s benefit. When we brought it to their attention they said, nothing they can do. We spoke to many people who never called back. Then wrote a letter, no resolution.

Was Charles Schwab brokerage customer in Year 2024. Closed all my account with Charles Swab on Aug 28, 2024. To date (02/22) am still waiting for 1099 form. Spoke twice to their associates today. Explained the situation, request to give timeline when can expect my statements. No clear was given. Some told me end Feb and another told possible mid march.. While, my 1099 from Citibank, Goldman Sachs have been delivered by end Jan for all my closed accounts, as well my current JP Morgan chase Brokerage accounts on Feb'17th. This will delay filing my Federal & State taxes incurring additional interest payment on money owe wanting to register my displeasure through this Channel how mediocre services are for such a major brokerage managing customer money, no wonder closed doing business.

Charles Schwab in Cheyenne discriminates against women over 50. DON'T DO BUSINESS with them. You can't trust Sam ** at that office. Go to a different company or just go to a bank. They pay more than Charles Schwab CD's and their mutual funds. Ever if you have been investing at a different company for several years, they will give you this big song and dance to get your money but they won't work with you. They think you're stupid and you just want to be fast. DON'T trust Sam ** or the company. Sam ** thinks because you're a woman and you're over 50 you're stupid. He will take your money and you will never talk to him again. He will always be busy so you can't discuss your account with him.

Charles Schwab generally provides a reliable experience for customers, but their tax form processing system leaves room for improvement. While Schwab issues tax forms for accounts in batches, the delay in providing the 1099 form for my largest account until late February is frustrating. I understand the need for batch processing, but exceptions should be made to accommodate individual customer needs—especially when delays could impact personal tax filings. A corporation of Schwab's stature should consider more flexible systems to avoid inconveniencing customers without significantly increasing costs. For instance, providing an option to expedite forms for specific accounts could enhance customer satisfaction. While Schwab's tax dashboard and notifications are helpful, addressing these delays would make their service more comprehensive and client-focused.

First, they promised to respond to the contact form within 2 days and it took over a week before I heard from anyone. The person who did respond referred me to someone else (Miami office) who made a cold call to me even though I'd asked to be contacted by email. Since he was on the phone I proceeded to try to get the info I needed from him. He was completely unprepared for the call and couldn't answer even basic questions. When I asked to be put in touch with someone else, my emails were ignored. If Schwab doesn't care about getting a very large account, it obviously couldn't care less about whether its existing clients are happy. I'm glad to have learned this early on.

Does not have the ability to inform us prior to our account Cost/Basis being reduced due to what they say, "Yieldmax has two years to reclassify their positions, and it should show next month on your tax form". My money does not feel secure.

Terrible experience with the Campbell, California location, with Alex **. He is impossible to contact--and has ZERO sense of professionalism. We are looking to immediately pull our very large investments account out of Schwab, ASAP.

Have an account with them, deposited more money to make an options purchase - only $1,000 deposited. Unable to make the purchase, unable to withdrawal my money I deposited until 4 days while my current account holdings were much higher. This may be the same rules with other brokerages but it is was impossible to send an email about - I had to call - and placed on hold. Disappointing experience taking my money back as soon as I can and as soon as sell my other holdings taking that money and going somewhere else. Their commercials are misleading. Too many competitors to have to deal with this Schlep of a company.

On several occasions I have made market purchases at Schwab on large international companies, which should be instantaneous. My purchase tend to be filled at the highest price of the day, which may be hours. It has happened several times, so it is not a coincidence. Also I have placed trades using their mobile app which I was informed is inaccurate. If I want accurate numbers I must use their web site. Not always convenient. Transfer of funds is always slow in their favor so to charge margin interest.

Worst company ever! I ended up here thru TD Ameritrade merger. They screw up my RMD every year. I always take my RMD the first week in Jan. This time for the 2025 distribution, they back dated the effective date to 12/31/2024, and added the amount to the one I already received in Jan 2024. Now it looks like I received 2 RMD in 2024 and none in 2025. My retirement account manager has to contact them to issue a corrected 1099r so I can file my taxes and not get in trouble with the IRS for failing to take the required RMD for 2025.

I am in the process of transferring from another brokerage and it is going on two months now and the process is still not completed. What a complete joke. I don't understand what all the hype is about Charles Schwab. They are horrible

It’s really disappointing. Charles Schwab used to be an amazing corporation. Now they have a first line of customer service that they must hire people from Walmart yesterday. I’m a senior citizen, disabled and on a lot of medication. I went through the online voice authorization, put in my Social Security number, my ZIP Code, and then the rep asked me for my verbal password. Let’s assume my verbal password is my dogs' names so I said the password was sweet pea and blossom and they told me the password was wrong so I saw I tried several iterations. I spent two hours on the phone. They told me that I would have to go get a notary or to go to the nearest branch which is 31 miles away. Being disabled this was not possible. Can you imagine they even were online with me accessing my account so they could see all my information and they still refuse to give me the password.

I came to Schwab by default from TD Ameritrade. I was told this would be a clean transfer--that all data and services would be the same. This was not true. While some aspects have improved (website), some areas of customer service have not been what I expect of my brokerage. I sent out Qualified Charitable Distributions from my IRA last year under TDA. I was assured by Schwab that all standing orders I had established would persist. Each donation was accompanied by 1) identification of the donor with donor's address; 2) any specific designations and 3) a memo reminding the charity of IRA rules for acknowledgments (CWA). All was done properly by TDA, since I received the requested acknowledgments in the state format.

I have had an account here for over 30 years and never can use it. I asked that it be deleted about 20 years ago and they said it was. After Schwab acquired TD Ameritrade, where I had full trading and margin authorization, I had to reapply at Schwab and found my accounts were still active and available. I again applied for Level 3 to be able to trade uncovered calls and have been denied again. I currently have level 3 (full access) at 2 other brokers and have had a 3rd broker where I was approved (OptionsXpress, best options trading ever) before TD Ameritrade acquired them. TD Ameritrade is terrible, too, but only Schwab is worse. Who in the heck do they think they are protecting me from, myself? Policies are moronic and idiotic!

The worst bank. The only benefit is reimbursed ATM fees. My account has been hacked several times. I've had to dispute transactions multiple times because of this; despite being alerted for fraud and declining transactions, they still processed them, and I had to call and dispute. I am out $5,000 because Schwab declined my dispute without looking into it or calling me back. They totally ignored me and never returned my money. Stay away unless you Leona care about your money. The worst experience and bank.

DO NOT TRUST CHARLES SCHWAB. They are the WORST company in the world. They control your money and deliberately create so many problems in a vengeful attempt to sabotage you. Not only will they illegally and secretly go into your account and do whatever they want with your money, they hold your money hostage and steal your money and block you from accessing your account.

Screen functions (Research, Chart, Show more) have stopped working. Selecting show more and dividends has stopped working. I reported this to my adviser who informed me they are aware. This is not a new function and hasn't been working for several days. I'm thinking of opening a test account at another broker as this is just bad service. Seems they've put their efforts into the Sink or Swim platform and ignore the Schwab platform.

In summary. Worst experience. They are the least who will care about you as a client. They blocked my account when it was transferred from TD Ameritrade to Schwab. They made it a terrible experience for me.

I have been trying to resolve an issue with Schwab. I initiated a fund transfer from an external IRA account to a Schwab account. The external account company contacted me and said they couldn't complete the transfer because Schwab had identified my external account as a rollover IRA although in the Schwab form I filled out I had clearly identified the account as a Traditional IRA. I contacted Schwab about this but they swear up and down the delay is with the external company. I just uploaded to Schwab a screenshot the external company sent showing them incorrectly identifying the account. 10 days after I initiated this transfer, still waiting. Horrible experience!!!

Charles Schwab has been an extremely disappointing experience for me as a financial institution. Despite having two-factor authentication enabled on my account—which requires a verification code via text message for login—someone accessed my account without authorization on November 11 and sold my stock. Alarmingly, I did not receive the required verification code during this incident. When I reached out to customer support, their response was deeply unsatisfactory. The representatives insisted that I had initiated the stock sale myself. However, when I questioned them about the missing verification code, they failed to provide a clear or adequate explanation. This is a significant issue, as it involves a substantial amount of money. I request that Charles Schwab restore the position of my stock within my account immediately.

Been with Schwab for 40 years. Made IRA transfer which they mischaracterized as rollover (had one this year) and then called transfer a distribution. They did not inform me to call receiving institution for IRA info. Have tax implications from their mistakes. They told me to go talk to my accountant, it’s my problem. They suck! Buyer beware.

I have been Schwab client for ten years, deposited IRA and Roth IRA and Individual accounts. November 19th I went online along with person on Schwab support, requested to transfer funds from my Titan Investment money market to Schwab Individual account. Having submitted online request, confirmation #**, was received. I gave five stars for support person.

I have 4 accounts that Charles Schwab purchased from Ameritrade, I did not sign up for it. But I tried to use it. Trading was difficult, but I managed. Then I decided to invest more funds. It took 9 phones calls and hours of searching to find an address to mail my funds. Then more time to find my account numbers. I purchased Western Union money orders to ensure my funds would not be lost.

I've emailed **, the VP financial consultant, 3 times because he was not responding to me at all, and instead of emailing me back with a simple answer of yes or no, he just blocked me from ever reaching him. Before all that I would send him an email to which he would email my other financial attorney when it was just supposed to be discreet between Ravi and I. His lack of professionalism in response has really affected my relationship between my financial attorney and I, as well as held me back from moving forward for better opportunities. I have no idea if he still holds any animosity towards me in regards to how my financial attorney had spoke with Ravi due to Ravi's mistake, but its' just never been the same friendly demeanor with him. But I will say, customer service is amazing and I really can't thank them enough for how they take care of me.

I had an ex-employer funded IRA with Charles Schwab. I requested a direct rollover to a self funded annuity in September. Nearly 2 months later I found out that THEY SENT THE CHECK TO THE WRONG ADDRESS. About a month after the initial call, once I found out my new annuity company hadn’t gotten the check I requested it be cancelled. Three weeks later, I found out that not only did they NOT cancel the check, it had been cashed the same day it was requested to be canceled. They sent the check by regular snail mail instead of a courier or certified mail. Now they are filing an investigation for check fraud against the person who cashed it and the bank who didn’t do their due diligence. To anyone who asks, DON’T, I repeat, DON’T EVER use Charles Schwab for retirement.