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.
Charles Schwab is the best online bank that you can find. If you are a traveler then it is an absolute must have. They refund all of your ATM fees world wide so you never have to worry about finding the right ATM. I have had to use their customer service twice and both times they gave me excellent service and got things taken care of very quickly. I really can't see any reason to use any other bank than them. They also have very cheap rates on international transfers where you can send money to foreign bank accounts for only $25. That is almost half of what some other banks will charge in the US. If you are looking for the easiest bank that also has the lowest fees they are the one for you.
My overall experience with Charles Schwab has been a positive one. I had an IRA with Charles Schwab Bank for several years. Their website made it relatively easy to manage my money and know what was going on with it. When I needed to cash out my IRA, I was able to do so without a lot of fuss and hassle. While I had the IRA, I appreciated being able to reduce paper waste by getting all of my updates through my email and their website. All in all, I would recommend Charles Schwab Bank to anyone who is looking for someplace to start an IRA. I have not used them for banking or any other services, but I would imagine they would be just as professional and their website would be just as easy to use.
I've used a Charles Schwab checking account for several years now. Schwab is a little different from other major banks in that there are no branches and everything is handled online. With internet banking and mobile banking being so efficient and commonplace there really aren't many problems created by not having branches. Checks can be deposited through the mobile app. Cash can be deposited via ATM but it's not something I've done personally. Schwab offers paid interest which most checking accounts do not have, although the rate is low. Where Schwab really shines is their customer service. Any time that I've called in I talked to a very friendly and helpful customer service rep who was based in the US. Their customer service stands out among all companies, not just banks. Schwab also offers free checks and you are reimbursed for any ATM fees, so you can use any ATM. All in all, Schwab offers a great product although it is slightly different from what some people may be accustomed to.
On March 26, 2016, on Saturday at 1:03 pm, I talked to a Charles Schwab customer service representative. I called to see why my check card could not be activated by phone. After answering all the identity questions from this representative (address, social security number, and finally drivers license number) she looked into my accounts. What had happened was that a card (from an old account that I closed) had been sent and this is why I could not activate it. After my question was answered, this rep proceeded to ask me if I was employed, what colleges I have attended, and what jobs I had worked at. Then she asked if I were going on vacation! I actually thought she was going to ask me what my net worth was! She then proceeded to insult me and say ‘I don’t know why you are activating a check card with only this amount of money in your account’. My friend dealt with either this same woman or one like her 2 years ago. He contacted Charles Schwab with a question concerning his account. She asked him why he was withdrawing money from his account and THEN asked him what he was doing with it!! And 2 years ago, after the way he was treated, I decided NOT to use Schwab as my primary bank and closed ALL my accounts except for one checking and brokerage account. Today 4/13/2016 I closed the last remaining accounts.
I complained to Charles Schwab customer service by their online email. I received a response that basically stated that someone would call me. On 4/13/2016 a male, who did not give his name, called me and claimed he had listen to the tape concerning the incident in question and said this was further verification for my identity, which is a lie. HE DID NOT LISTEN TO THE TAPE because he would have known that my identity had been verified and the female rep immediately pulled up my account information. This guy was raising his voice at me and justifying what this female customer service representative was asking. I had to yell at him to be quiet because I could not get a word in edge-wise and finally hung up on him. My identity was already verified and she was just being nosy. Charles Schwab never knew where I worked or what colleges I attended so this information was not used to verify anything. A nosy customer service representative could easily be tempted to commit fraud or theft with account holders. A terrible bank indeed and after 6 years of banking with them, it is over.
|FDIC Certificate #||57450|
|Return on Assets - YTD||0.88%|
|Return on Equity - YTD||12.81%|
|Annual Interest Income||$1.97B|
|Assets and Liabilities|
|Assets||Q4 2015vs Q4 2014||$139.1B$111.3B|
|Loans||Q4 2015vs Q4 2014||$14.36B$13.46B|
|Deposits||Q4 2015vs Q4 2014||$129.6B$102.9B|
|Equity Capital||Q4 2015vs Q4 2014||$9.19B$7.88B|
|Loan Loss Allowance||Q4 2015vs Q4 2014||$30.0MM$42.0MM|
|Unbacked Noncurrent Loans||Q4 2015vs Q4 2014||$27.0MM$35.0MM|
|Real Estate Owned||Q4 2015vs Q4 2014||$8.0MM$9.0MM|
Always verify rates and promotions with the bank or credit union. We are not Charles Schwab Bank; we are a rate comparison website and cannot provide official rates or promotions.
* 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|
|0.10%||-||-||High Yield Investor Savings|
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