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 began looking for an online bank two years ago while planning a summer long trip in Europe. I needed a bank that would not cost me a fortune in fees for foreign transactions and using out of network ATMs. I did some research and came across an article about Charles Schwab. Until then I had only thought of them as a brokerage firm and not a bank. You do, in fact, open a brokerage account first, though you don't need to invest anything. Then they give you a checking account automatically. And what a great checking account it is. No foreign transaction fees and no ATM fees at all. In fact, for ATMs that charge a local fee to use their machine, Schwab will reimburse you within a month. When I got back to the States I was originally planning on closing my account and just using my usual brick and mortar bank. But I had such a great experience with Schwab I actually did the opposite, and closed my brick and mortar account instead. My only trepidation was how to deposit checks, but you can easily do that online or through their app as well. I highly recommend Charles Schwab!
I opened a Schwab Banking account in conjunction with a brokerage account when I began investing about ten years ago. The interest rate for my checking account is not as competitive as my other online bank (CapitalOne 360) or my local credit union so it does not tend to have much money in it (except when holding transferred funds before moving them to the brokerage account) but I've found myself using it more, particularly when travelling. Since Schwab refunds all ATM fees (on a monthly basis) and has no international fees, I'm able to set aside a specific amount of cash that I want to have available to me while abroad without exposing the bulk of my funds to potential theft. It also makes it far easier to gain access to local currency as I can use any ATM without having to research to find an "in-network" one or to concern myself with the fees associated with such action. Their customer service has always been very helpful to me in the few instances when I've needed them and have always resolved my issues promptly and with a minimum of effort on my end. As a result, I anticipate that I will continue to use it in the indefinite future.
I started out with a good impression of the Schwab online account. That soured rather quickly. I can't even say that my account was opened for a year, and out of the blue I get a call and subsequent mailing that they are closing my account 'based on a business decision'. I have excellent credit, have never had an overdraft, or any other derogatory financial information. I looked online and read posting after posting indicating that so many other folks have experienced the exact same issue. They had their accounts closed, unexpectedly with absolutely NO reason except 'based on a business decision'. That's HORRIBLE customer service.
I also was unsatisfied with the fact that electronic deposits took FOREVER to clear with Schwab. A deposit that would have been available same day or next day with any other financial institution would take up to 4 business days with Schwab. Again, horrible business.
I would never, never, ever recommend this bank to anyone.
I let my independent broker use Sccwab as the holding company for all of my investment, corporate banking and even a personal banking account. It seemed ok in the beginning. You could link everything and then just do online transfers and mobile deposits up to $1000/daily.
There's a branch close by so checks are easy. I have an external bank account so any cash I would just deposit and cut a check. The ATM fees didn't exist through their reimbursement function.
All I know is that out of nowhere I had a returned check in the deposit side of my brokerage firm. I knew adding the corporate checking would be an issue. All of a sudden I'm 4 months from when this check cashed trying to even find out what is the deal. The company voided a check somehow, and we tried redepositing the checks. That did not go well. All of a sudden we are on a lockdown, and then the personal account was now closed. All connected or some weirdness they claimed. Not one overdraft, and a significant amount of money in our investment and corporate accounts. So, rather than close up everything I deal with basically writing checks to my external accounts to access funds, or doing transfers.
Then last week I'm at my son's baseball game, and my financial advisor calls to tell me Schwab has now decided that all my accounts will be closed, and I'll get a stupid letter. A letter that explains absolutely nothing. So, I've opened a new account and moved my investment funds to a much better avenue. None of it makes sense, but that's how I've really felt since first signing up and running with Charles Schwab. Good thing I never put the larger funds into Schwab or with my now previous advisor.
You can not expect stability or an understanding with them. Big bank own rules that will change when they feel like it.
|FDIC Certificate #||57450|
|Return on Assets - YTD||1.42%|
|Return on Equity - YTD||20.85%|
|Annual Interest Income||$1.14B|
|Assets and Liabilities|
|Assets||Q1 2018vs Q1 2017||$198.8B$180.5B|
|Loans||Q1 2018vs Q1 2017||$16.40B$15.52B|
|Deposits||Q1 2018vs Q1 2017||$184.3B$167B|
|Equity Capital||Q1 2018vs Q1 2017||$13.86B$12.38B|
|Loan Loss Allowance||Q1 2018vs Q1 2017||$27.0MM$25.0MM|
|Unbacked Noncurrent Loans||Q1 2018vs Q1 2017||$29.0MM$30.0MM|
|Real Estate Owned||Q1 2018vs Q1 2017||$2.0MM$5.0MM|
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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|
|0.40%||-||-||High Yield Investor Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.25%||-||-||High Yield Investor Checking|
Charles Schwab Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 2360 Corporate Circle - Henderson, NV 89074