Charles Schwab Bank is an independent bank that was established by its parent holding company, the Charles Schwab Corporation, a publicly traded financial services company listed on the New York Stock Exchange (Symbol:SCHW). The bank was established in order to offer personal banking and lending products in addition to the brokerage services for which the company is commonly known.
Charles Schwab Bank has received great reviews on DepositAccounts.com for its checking and savings accounts, two of its personal depository products. Its checking accounts are versatile and convenient, have no monthly fees, come with free checks and Visa debit cards, and refund ATM transaction fees up to a certain amount. The bank’s savings account has no monthly service fees, as well as no minimum account balance to be maintained. The savings account also offers ATM refunds up to a certain amount and links up with the bank’s checking account for fund transfers. Both the savings and checking accounts feature mobile deposit and mobile banking for convenient banking functionality. Charles Schwab Bank also offers Certificates of Deposit (CDs) that range in term lengths from 3 to 60 months. Money Market accounts are available as well and offer higher interest rates for higher account balances. Mortgages are available on the bank’s consumer lending side.
Charles Schwab Bank online banking is a sophisticated, web-based platform that provides customers with access to their accounts at any time. Activities like bill pay, fund transfers, and direct deposit are easily accomplished and can be done so via mobile banking as well. The bank’s mobile apps offer access to both trading accounts and deposit accounts, and are available on select smartphone and tablet devices.
Charles Schwab Bank was established in 2003 and its organization type with the FDIC is a stock savings bank. It is a subsidiary of Charles Schwab Corporation and headquartered in Reno, Nevada.
I must say that so far, I've had an excellent experience using Schwab Bank's online checking account. The account does everything I need it do. I am able to withdraw cash from ATM machines and have any and all fees that occur from them refunded at the end of month. Additionally, Schwab does not charge a monthly fee for maintaining your account, which is something that I cannot say for the brick and mortar banks I have used in the past.
The only flaw I have noticed is that you are unable to physical deposit cash into your account but outside of this, I cannot find any complaints with maintain an online checking account through Schwab. I would highly recommend Schwab to anyone that's looking to open a checking account.
Charles Schwab is the best bank I've ever had a checking account with. This past tax season, my mother-in-law-to-be worked on my tax forms and accidentally didn't write out my account number completely. I panicked and called Charles Schwab's customer service. The man who answered was very polite and knowledgeable, and most importantly, from the US! I'm sure we've all heard horror stories about Indian call center mishaps, which is why I especially appreciated speaking to someone who's in the US.
The gentleman assured me that they would take care of it, and a couple of days later my tax return was on my Charles Schwab account! Even though it had been my mistake, they had taken care of it. I recommend Charles Schwab to everyone looking for a good bank. The ability to make mobile deposits also saves me a lot of time!
I have a lot of bank accounts, and I wish I didn't. But my Charles Schwab account makes things easy. I can move funds into and out of my account quickly and without fees. Often, I have access to the funds immediately, which is very uncommon, as it usually takes days, or even a week for funds to clear. I am also impressed by their zero ATM fees. I can go anywhere and not have to worry about the fife to fifteen dollar ATM charges. It's great for trips abroad, and even the conversion fees are covered. My statements are also very clear to read, and track all the information I need. Because they are an online bank, they are also up to date with technology, and keep things very secure. I have never had a problem with them, and their customer service leaves me confident that I never will.
Charles Schwab bank has been a good bank to us. To begin with, their customer service is top notch. I have accounts with multiple bank but Schwab's phone support has ALWAYS fixed my issues in a quick and professional manner. We have had two or three minor issues with checks not coming in on time or other account issues and they have always understood and came up with a solution to get us through the situation. There was one time where an app was causing our login to be locked out and even though they did not have any answers as to why the customer service rep stayed on the phone with us until he was able to reach their technical department to find out what was going on. He then was able to explain everything to us and give us a period on when the issue would be resolved. Their fees are reasonable and many times where there would have been a fee with another bank such as using other ATMs or doing money transfers was free with Schwab. Overall, I am very satisfied with them as my bank.
|FDIC Certificate #||57450|
|Return on Assets - YTD||1.08%|
|Return on Equity - YTD||15.63%|
|Annual Interest Income||$2.71B|
|Assets and Liabilities|
|Assets||Q3 2017vs Q3 2016||$187.6B$165.2B|
|Loans||Q3 2017vs Q3 2016||$16.30B$14.85B|
|Deposits||Q3 2017vs Q3 2016||$165.3B$149.7B|
|Equity Capital||Q3 2017vs Q3 2016||$12.77B$11.18B|
|Loan Loss Allowance||Q3 2017vs Q3 2016||$26.0MM$25.0MM|
|Unbacked Noncurrent Loans||Q3 2017vs Q3 2016||$26.0MM$28.0MM|
|Real Estate Owned||Q3 2017vs Q3 2016||$3.0MM$7.0MM|
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.35%||-||-||High Yield Investor Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.15%||-||-||High Yield Investor Checking|
Charles Schwab Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 5190 Neil Road - Reno, NV 89502