| 5 star: | (4) | |
| 4 star: | (0) | |
| 3 star: | (1) | |
| 2 star: | (1) | |
| 1 star: | (4) |
Schwab bank failed to make payment to Treasury Direct on 5/30/2023, even after we begged and complained. Needless to say, Treasury bill that we wanted to buy has been defaulted. This caused a pretty big financial loss that we are doing everything we can to solve this. First things first, we filed a complaint through CFPB, FDIC, and BBB. We are waiting for Schwab’s response now. We want to take Schwab’s response to our lawyer, if our lawyer says everything looks good to go, a lawsuit will be filed, which we can’t wait.
A lot of people think that filing a complaint through CFPB, FDIC or OCC, and BBB is fruitless, since they didn’t get a direct help at all, but believe me, a lot of banks and brokerages were slammed with a hefty fines all the time. Schwab was fined $187 M in 2022 in Robo-Advisor Case, obviously, a lot of people filed complaints that it caught SEC’s attention.
Horrible!!! Opened a Schwab banking/Brokerage account to see where my TDA account will be forced over to in order to get a feel for the Schwab platform and I found Schwab to be stuck in the 1970's!
1. No realtime quotes, you have to click refresh to get a current quote on the Schwab standard platform.
2. Schwab is unusable for OTC penny stock trades because there is a 999,999 share trade limitation...they told me I can always call to place a trade but it will be at the broker's discretion if the $25 phone trade fee will apply or not!
3. Schwab is so far behind the times, There is no way to do a search for high volume tickers...they don't have a search to find high volume tickers!
4. The charting on the Schwab standard platform will not allow me to place a 100 period Moving Average on the charts
5. You can't place an OCO order for 2 different tickers, Schwab doesn't allow this type of order.
Conclusion: Charles Schwab is an outdated Grandfather's investor platform, lots and lots of negative reviews cuz they don't care about their customers at all and are forcing TDA accounts over to Schwab and they will be scraping the TDA platform like the Evil machines in the movie Avatar...they advertise they will be sure to provide the tools needed to secure your financial future but it's all BS!!! They have a useless platform for real traders and don't seem to care....now they are banning me from trading my TDA account with no warning, I found this out when I placed a trade that was rejected, they said it was "A business decision" and they want me to just go away! Guess I have to transfer all positions to my Etrade account! No wonder Schwab stock is tanking, now 54 down from 96 and heading to 32 or bankruptcy!!!
They get 1 star cuz I can't post a no star rating, BYE BYE CHUCK!!
I just bought a couple Charles Schwab Bank CDs, non-callable, 5.3% for eighteen months. I stayed well below the FDIC $250k limit. I'm not worried about them, but, it pays to be cautious.
This morning, Charles Schwab closed my two brand-new brokerage accounts with them (not even used yet!), one joint one individual, "due to a business decision", and denied my investor checking account, referring me to the "negative information" on ChexSystems for the basis of their decision. The weirdness is, my ChexSystems report is CLEAN, not a single negative mark on there! I've opened many accounts (primarily CDs, since CD rates have been on the rise) lately, so several banks and CUs have inquired into my ChexSystems file - and opened accounts for me with no problems! - resulting in multiple recent inquiries (as many as 12 in the last 2 months) on my report. Otherwise, it's a clean report! Charles Schwab is clearly making bad and baseless business decisions, and in the process hurting people and losing good customers. Don't do business with them, it's not worth your nerves!
Called about problems with the account and the Karen on the phone laughed and mocked. Avoid them at all cost. They keep blocking debit card for no reason at all it’s pathetic really.
Not worth the money they give back for ATM fees because your time with this bank will be very miserable. There’s is always a problem and they are super nosy.
I thought their customer service was good on the phone, minor issue had to be resolved and they were very professional. That being said I am not a long time customer but my initial impression is very good.