Charles SchwabReviews of schwab.com

When the Fed raises interest rates, MM funds generally adjust in a few days. The previous Fed rate hikes (since the December meeting) Schwab is very slow to adjust rates to the new level. I have a similiar MM fund with Vanguard and this is not happening. It is a small amount of $$, however, it is the principle.

Why Charles Schwab cannot be considered a top tier financial Institution. In their positions page that list X-Dividend Dates that are over one year old and incorrect. I notified Schwab, they were not aware. I made bad business decisions based on the provided information. I asked for escalation, i was sent a group who told me they were the final answer for Schwab and that I would not receive any additional information. Futher discovery on my part is that the legacy page of the position details was correct, the 'new' version of the positions page is incorrect. I called Schwab, they already knew this and provided no feedback to this customer on the work around. Additionally Schwab did not flag the incorrect information in anyway allow other customers to make the same type of decisions (incorrect) that I made on their incorrect displays.

I travel internationally and I am very satisfied with Schwab bank. The customer support is friendly and helpful and they don't give canned answers. The ATM refunds save me money when I need to make withdrawals in a foreign country. I haven't used the trading tools so can't comment on that side of things. Don't use their services for wire transfers. I have only used the service once and they lost my money. The person I sent it to never received it and I never got a refund. I use a different bank for wire transfers as I cannot afford to lose twice.

There are some pluses and minuses with Schwab. The negative is that Schwab has a very primitive, and difficult to use IT platform. Earlier today I was not able to login due to Schwab's busted server that would no longer accept my credentials, and Schwab just doesn't have the computing horsepower to have someone write code so that the website can be reset. The most common cause of this type of problem is an overworked server that is insufficiently provisioned. Also, if I want to transfer money from another institution Schwab requires form that has to be downloaded, and filled out with a pdf editor before I upload it back to their website. Communication with the company is very tenuous, and the company won't forward a complaint to their IT department, and the staff wants instead to teach me how to use my computer before forwarding a trouble ticket. I should be able to submit a trouble ticket through their website without calling anyone, but they are real primitive. On the positive side, Schwab is still offering certificates which suggest the company is probably honest. This is in contrast to eTrade which doesn't offer certificate after JP Morgan Chase acquired them. Since Schwab offers certificates I have elected to give them 3 stars even though account maintenance, access, and servicing is very poor.

I used to be really, really happy with Schwab, but they send you to Rocket Mortgage for all their mortgage business and the experience is horrible. So points off from Schwab for that. This is my second poor experience with Quicken/Rocket, so my bad for repeating that mistake.