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 come from a history of working in banking from several large banks(through mergers, though never working for Schwab) that I won't name. Charles Schwab really offers extremely valuable services to it's clients, and practices a very honest business in a industry plagued with corruption.
Working in the industry, I've seen first hand how these mega-corporations suck money out of their customer's pockets. From overdraft feesand schemes to cause more overdraft fees through selective processing of the order of transactions that post. Typically, banks would process the larger transactions first, and if you have an abundance of smaller transactions they would process those last, causing you to incur a fee for each of the small transactions, sometimes totaling your overdraft fees to well into hundreds of dollars...when if the reverse was true you would only have one or two fees. Schwab does none of that. I've also never had an overdraft fee with Schwab, ever.
Any ATM in the US (And maybe world-wide, I'm not sure) is free. They reimburse you at the end of every month(Yes, even those $8.00 casino ATM fees)
They also do free overdraft transfers from savings to checking, where some banks charge $5-15.00 just to transfer your own money to cover your transactions.
The only negative is the lack of physical branches. But, in a world where everything is done through the internet or smartphones, who really needs physical branches. I've only ever had to walk into a Schwab office once, and that was because I needed to deposit a check that wouldn't deposit through the mobile app, one of those money gram money orders that are printed really lightly.
Overall, though, my absolute favorite benefit of banking with them is when I make a check deposit. If I deposit a check through the mobile app during normal business hours(and sometimes even 7pm), my money is available most times within 20-30 minutes. No holds, no wait times. It's there.
The product I have is the Brokerage Account/Checking Account linked together, you get those benefits by linking the accounts. It's well worth it, people.
Pull your money from those money-sucking mega-corporation banks and move it here, it will be well taken care of and you'll be happy time and time again that you did it. (Coming from someone that used to work for those big banks.)
I'm done now, didn't really mean to write a novel. Ha.
I am not a fan of banks in general. They are, however, sometimes very handy. I opened an account with Charles Schwab when I was planning to travel through Central America for six months, and it worked out beautifully. What I love most about this bank is that they reimburse for all ATM fees! I could withdraw from anywhere in the world I could locate an ATM with no hassle, and every fee was returned to me at the end of the month. Another great thing that must be noted is their superior customer service. I have never spent more than a few moments on hold, and the person on the other end is always quite pleasant and helpful. It's also a pretty nice bonus that there is no minimum for my checking account, and there are never overdraft fees, since the card will simply be declined if there are not enough funds. That aspect in particular saved my behind once. I can't stand when a debit card will allow you to overdraw, and then charges you a ridiculously high fee on top of that, making it harder to get your head above water again.
The only downside to this bank is that deposits can only be made through the mail, unless you have another account somewhere from which you can transfer. That is what I do. It may be an extra step, but it isn't a big deal to me.
I have been using Charles Schwab Bank for over 4 years and have no complaints. The customer service is by far the best of any bank I've dealt with. They refund any ATM fees that other banks charge for using their ATM machine. You never have to worry about getting charged if you can't find a branch in your area. Anytime I have had a problem with questionable charges, they have refunded the charges immediately while they investigated. I love this bank and the great service they provide. I think the fact that they are not a huge bank, they take more care of their customers and make them feel valued. I Highly recommend if you are looking for a new bank.
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