Edie
CHARLES SCHWAB IS THE ABSOLUTE WORST
I’ve been a loyal Schwab client for 15 years. I have given them TONS of business and Schwab has profited handsomely from my money (7 figures). I had just completed transferring over 3 SIZABLE accounts from ETrade to consolidate my assets at one place and chose Schwab for this. BIG MISTAKE. All of a sudden the very same day that the transfers were completed, I get 4 letters from Schwab saying they are closing ALL my (>15) accounts and refused to provide a reason stating it was a “business” decision. Needless to say I was baffled and totally shocked. They gave me less than 30 days to move all my accounts out and after just 13 days restricted all my accounts from trading except for liquidations. ROBERT RUSSINI at Schwab’s Client Advocacy Group was the perpetrator who instigated this “business” decision. I tried to contact him but he refused to take my call knowing what he had done. He was contacted by a Schwab Customer Service Rep who was assisting me with this havoc and he refused to extend the account closure date and threatened to liquidate all my positions (in all my non-retirement AND retirement accounts) and hit me with HUGE tax consequences. Robert Russini had it out for me and could care less about me or all my loyalty to the firm for well over 1-1/2 decades (likely longer than he’s even been with Schwab). In fact he was aggressively trying to sabotage my portfolio. I have learned from this that: 1. Schwab goes overboard to protect themselves while taking advantage of their loyal clients who are the sole source of their existence 2. Schwab doesn’t give a crap about YOU their client and disregards YOU and treats YOU like garbage giving YOU zero respect or consideration once they decide they are done with YOU. And if they’re not done with you yet, they will discreetly take advantage of you by earning money on YOUR money to fatten their pockets by paying you a mere 0.45% interest while they cash in 5.3% interest on YOUR hard earned cash! 3. Schwab will go into your account and take over and liquidate positions and debit your account if they have it out for you with no justification and when you call to inquire, they say they have the power and it’s their right to do whatever they feel is necessary to protect themselves at the cost of their customers. I am still in shock from all of this. Schwab has willfully done all this and absolutely refuse to provide any explanation so it’s basically discrimination (already gotten legal counsel). Not only this, but Schwab Bank is the absolute worst bank I have EVER dealt with. While I had plenty of cash sitting in my Schwab bank account (and on top of this, I had my linked brokerage account as overdraft protection), Schwab bank (their so called “Pay No Pay Department”) screwed up numerous times and returned all my payments unpaid causing me tons of late fees and finance charges from these rejected payments. When I called about this, they had no explanation and knew they had screwed up but refused to do anything. I have since learned that my horrendous experience with Schwab falls right in line and is par for the course as every single review I’ve read about Schwab hates Schwab (both brokerage and bank) and puts them at the rock bottom of all brokerage firms as confirmed from all these one star reviews I’ve read across numerous websites. If I could give them a NEGATIVE 100 stars I would. Their “business” decision opened my eyes to finally seeing how wretched this company is and I am now relieved to be transferring every single penny out of Schwab. I found an amazing brokerage firm who actually cares about their clients. - regardless if you are a high net-worth client or just a newbie. And I am being rewarded with an incredible financial incentive to boot given the size of my portfolio. I cannot believe I was fooled all these years thinking Schwab actually cared about me and my money (and naive enough to trust them for 15 years with my entire portfolio)! Quite the contrary, all they care about is themselves and use and take advantage of their clients. Final thoughts to YOU Schwab: 1. You refuse to provide reasons for your “business” decision to close my accounts and this is a form of concealed discrimination…NOT to be taken lightly. 2. When God closes a door he always opens a window somewhere. In this case he opened a huge sliding glass door! You just lost yourself a huge portfolio not only in my assets but in all my families/friends assets making their own “business” decision as well (LOL!). Attaboy!!! You are supporting your own demise. 3. I will do everything in my power to make sure this review and my horrific experience at Schwab is broadcast WORLDWIDE! 4. Wishing your firm much success in screwing your other loyal clients and hopefully lead to your well deserved (and inevitable) dissolution! WHAT GOES AROUND COMES AROUND…