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 switched to a Charles Schwab high-yield checking account before an international trip as I've read that they do not charge any fees for international transactions. I had a few issues setting up the account, but the customer service employees I interacted with were more personable and helpful than any customer service employees I've ever encountered before, and much more helpful than the ones I encountered at a previous bank. I was able to set a travel notice and during my three month trip, I never received a single fee for international ATM usage or currency exchanges. My balance fluctuates constantly with income from many different sources and I never have had a problem with it. In addition, their online bill pay feature is very useful.
Charles Schwab is one of the best online banks out there. One of my favorite things about this bank is that they refund all ATM fees and foreign transaction fees. They're customer service is also one of the best I've ever dealt with. During a trip to Mexico, I ran out of money and the deposit transferred to my account was going to take days to arrive. Charles Schwab was kind enough to add funds from the bank to my account so I could use my Schwab card to access funds. Ever since then, I've been a fan. They have a mobile app where you deposit checks, and they will also send you deposit slips to mail deposits free of charge.
Charles Schwab Bank offers a totally free checking account. There are no fees of any kind and you don't have to worry about meeting minimum balance requirements or any sort of direct deposit or bill pay guidelines to avoid fees. The account is simply free. The one thing to keep in mind with Schwab is that they don't have any bank branches, everything is done online. For most people, this won't be a problem as I do all of my banking online anyway. You can deposit checks through their mobile app. Schwab does pay interest on account balances but, like everywhere else, the interest rate is really low right now so you're not going to earn more than a few cents a month. Where Schwab really stands out is their excellent customer service. Any time I've called in I was quickly connected to a friendly rep who is based in the US. They will take care of any issue you have or answer any questions, and I've always been confident that the customer service reps actually know what they're talking about.
Overall, I think CS is providing a decent product. Not to mention, if you open a checking, you get an investment account as well. However, I opened an account when the checking account was made available online to customers nationally. I was younger at the time and was trying to move money from my old bank in CS and I happened to use my CS debit card too early before the funds were cleared which caused me to "overdraft." I believe it was by $-0.30 (or something silly). Something that I have never done before. So I immediately deposited another check via mobile deposit, not knowing that due to my overdraft these funds were put on hold for over 10 business days. This really irked me, as the overdraft was an accident as I explained that to the rep and they could see I made a larger deposit via the mobile app to cover the negative balance. However to no effect, so as soon as my check cleared I moved the funds electronically bank to my old bank. I called CS and the rep was nice, however he didn't try to save the account and keep me as a customer. He closed the account in less then one minute and that was it...
|FDIC Certificate #||57450|
|Return on Assets - YTD||0.94%|
|Return on Equity - YTD||13.95%|
|Annual Interest Income||$1.97B|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$165.2B$128.7B|
|Loans||Q3 2016vs Q3 2015||$14.85B$14.27B|
|Deposits||Q3 2016vs Q3 2015||$149.7B$119.1B|
|Equity Capital||Q3 2016vs Q3 2015||$11.18B$8.86B|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$25.0MM$30.0MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$28.0MM$28.0MM|
|Real Estate Owned||Q3 2016vs Q3 2015||$7.0MM$8.0MM|
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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|
|0.10%||-||-||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