This bank has been very helpful in the past. I accidentally made an incorrect transaction and the bank was able to reverse the transaction within days. It only took one phone call to customer service, where they were very helpful. This bank has great rates and very low fees. Even though it is an online account, they make sure to provide everything needed to make deposits easy.
I had high hopes for moving all of my banking into Charles Schwab Bank because of the higher rates. I set everything up and then got to the point of depositing my funds from my old bank and they would not electronically transfer from my current bank. I would think that a bank that existed solely online would be able to get funds from any bank, but this wasn't the case so I needed to shut down my account. I was frustrated and I will probably never try this again with Charles Schwab.
Having read some of the reviews on this site and others about the banking services provided by Charles Schwab Bank and got the right amount information and decided to sign up. For starters, because of the type of account I created (Joint Tenants) I had to mail in my application. The account was setup within a week (during the hoilday I must say which was pretty impressive). Once the account was setup I needed to phone the customer services department and I was pleasantly surprised by the fact that a human actually answered the phone (can't remember the US City she referenced). But the experience with the customer service representatives was by far the best I've encountered since using online banks! While its been a short amount of time, this journey is off to an excellent start!
Schwab is an OK bank if you want to have a savings or checking account, but don't waste your money on becoming a "Private Client". They provide weak advise and demonstrate lack of accountability. Be warned - stay away from their paid services.
I recently opened my first checking account with Schwab, and am already highly impressed! The service reps have been very helpful (a rarity theses days). The perks are what really make it worthwhile:
unlimited free ATM access anywhere free VISA debit card NO maintainence fees unlimited free checks unlimted free check depositing (by prepaid mail or smartphone) easy-to-navigate website Although mailing in a check does mean it won't be credited to your account instantly, the last few I have sent in have all been cleared within 5 business days from the day of mailing, and judging that it takes about 3 days to reach their headquarted from where I live, that's not too bad. The only other con is that the interest rate is 0.1% APY, but since you don't get much more from savings accounts these days, this isn't much of a factor.
Since I have never had a checking account soley in my name before, at least a dozen different banks denied me based upon a lack of credit history before I found Schwab. If you're looking for a free convenient checking account and don't have a credit history, this is a great choice for you!
One more thing... just because they are an online bank doesn't mean they don't have physical branches. I just found one about 3 miles away from my house in Providence, RI.
Zero monthly fees, zero balance required! Unlimmited Atm reimbursments, free bill pay, and it comes with a brokerage account for trading and investing, excelent service. It has an award winning android and iphone investing app. Their webpage is full of financial information about investing and tools to help you be financially in good shape. I would definitely recommend this bank! It is a strong and powerfull 5 star Bank.
I have been banking with Schwab since 12/2009. I opened an account when I received an internationally traded stock. Many investment banks in the US do not do their own international transactions, and customers end up paying a higher premium to a middle-man. Banking with my checking account has been a great experience. The ATM refund is convenient, and the interest is appreciated; it's low, but other banks aren't offering any better. There are no random or regular fees charged to my checking. The customer service is excellent! I have suffered economic hardships recently, and any other bank would have added to my troubles. Schwab helped.
I am a client, but I haven't used it (mobile deposit) yet. Just wanted to point out that it is available.
http://content.schwab.com/mobile/mobile-deposit.html
It is a 5 star organization. Not great rates. Great people. The rates used to be great... back when their plain jane checking was paying 4%.
Recently switched from CitiBank - oh my goodness what a difference. Everyone seems informed, helpful, professional and able to assist with any reasonable issue. They answer the phone rapidly, staff their call center with knowledgeable reps (presumably in the US) and are truly a pleasure to bank with.
Oh, I did i mention none of those BS fees that CitiBank felt compelled to charge at every possible occasion.
Highly recommend!
I have a company account with Charles Schwab with about $5,000 stuck with them now. I have been trying to get it transferred to Vanguard, with strong push back from CS.
In order to transfer, I made an online request with Vanguard, and also received a Form from them which I filled and sent back to Vanguard, authorizing the transfer from CS to Vanguard - the Vanguard Form has a field for a CS Account Number - could not find any Account Number in any of the correspondence from CS, so called CS and after a spending about an hour, was told by a CS representative that my SSN was my Account Number, and that is what I need to provide in the Form from the new Firm.
I sent over the completed and signed papers to Vanguard, and hear back from them that CS has rejected the Transfer on the grounds that the Account Number provided is "Incorrect".
I called CS again, and NOW they tell me that I have to fill up a CS Form to effect the Transfer. I start getting irritated, and the rep says "hold on, let me see if I can do something," and I tell him to buzz off and send me the Form, and that I do not want to have anything to do with them again.
NEVER EVER recommending this piece of shit company to anyone again.
I wish Government did a better job of governing the 1% rather than the Internet strangling bill they are straddling!
I have been using Schwab for awhile now and they are just great! I love the way they post items - in order of purchase, timely - even on Sundays some items get processed. I just love it! Works great for me and there Bill Pay is the Best I have ever seen! You won't be disappointed if you decide to go with Schwab! They are the way to go!