Charles SchwabReviews of schwab.com

So I've been with Charles Schwab since 2015. I use it for my checking account, nothing to do with trading although I used the brokerage as a savings account. I never had any real huge issues with them before and their support staff was from the US, so most of the time they understood English, although sometimes they made mistakes. They hire only people who are 20 somethings. The issues with their staff's brain started to become apparent to me in October 2022 when one day 3 different people couldn't understand anything I was saying. I figured it was due to them having taken the death jab, but I was getting furious. 3 different people and I couldn't get my simple question answered. On another call one guy was so moronic that he wanted to know if he should put a stop payment on SOMEONE ELSE'S check. SMH Then all of a sudden out of the blue around October 28, 2022 they said they were shutting down my account. They wouldn't give me any reason and they made up some story about me being on the Bridger Hotlist. This literally turned into months of my time wasted trying to figure out what this list was and why I was on it. Well, it turns out I wasn't on it. I even tried to get my Equifax report (see my horrific review about them) and that turned into 3 months of wasted time & tons of stress which is still ongoing. I spoke to the Executive office at Charles Schwab after calling 2 times and leaving messages and no one called me back when normally they always call back that same day. It was obvious there are major things happening over there. The guy said it was a decision high up that he has no access to. I wondered if other people's accounts also got closed down and now I can see some have. Fast forward now to money I put into escrow with a company that was returned to my closed Charles Schwab account. Schwab says the money was returned to that company, but that company can't find it. Every time I ask Schwab for a letter with the ARN on it proving that they did a trace on the money, they send me some OTHER letter that doesn't suffice. First letter said my account was closed down. Dahh, we already know that. That doesn't prove where the money went. Second letter I just got they told me on the phone that they found 2 other transactions that were returned to that same company. I get the letter that shows the 2 transactions & NONE of them were returned to that company, they were returned to other companies. Both of those funds were returned to me. They STILL didn't send a letter with the ARN number providing proof that they did a trace on it and that's what me and the company have been waiting for for weeks now. That's 2-3 phone calls, each one about 30 minutes of my life. JUST NUTS!!! I've never seen so much incompetence from Charles Schwab EVER. And every time they send me mail I have to pay extra fees to get it scanned, so they are costing me money. Even before towards the end they closed my access to transfer my money from my brokerage account to my checking account (Why???) which meant the money had to be wired to my NEW account because you can't do a bank to bank transfer from a brokerage account. Schwab lost the wire. It took at least 4-5 calls and hours of my life just to get them to find the wired money. All completely incompetent. Do you think they gave me anything for my lost time like they would have before??? NO!!! And I asked. I used to sing Charles Schwab's praises, but now they are a TERRIBLE BANK. Their staff has no brains left in their heads, and they can't understand me or follow simple instructions even when I THINK the person on the phone understands me. The last time I left a message for the Executive Response team they ignored me. I've just left them another message and I'm going to keep calling over and over until they fix this otherwise I'm going to the FTC. SHOCKING. And people, if you think this is just a one-off situation, think again. All of this is due to the war we are in with the evils, and they are taking down not just America, but the entire world. When I was looking for a new bank, I called HSBC and they said they are only offering bank accounts with HUGE fees for high income people. WOW.

I enjoy having experience with using this company. I feel much more comfortable with everything from my experience.

I tried to set up an account through Schwab with my advisor, and wow, what a cluster. I sent in bank information twice through secure channels, only to get them kicked back. I told my advisor to find a contact person at Schwab so I can conference them in with my bank, but he was unable to get any point of contact for about two weeks. When we finally got someone, I sat on hold for 20 min, two different times. The rep (Alicia) just repeated everything I already knew and acted put out. I got Alicia and my bank conferenced in, but then Alicia dropped the call on her end. Luckily, Alicia called back and I was able to revive the call but then she said I wasn't an "authorized user" of my wife's account and I couldn't coordinate the call, even though both our names are on the account. I was going to conference my wife in, but I'm limited to three people on one call. Because of all the issues and lack of support for my advisor from Schwab, I ended up closing my accounts with my advisor, because unfortunately he is married to them. Unfortunately, he loses business because of Charles Schwab, but you can be sure my next advisor will not be using them.

Charles Schwab is by and large a great broker, except when they're not. I've appreciated everything about this broker up until when they impose what they call 'day trading' status when you make 4 or more trades in one day. I was oblivious to this the first time it happened to me. I didn't even know about it. All of a sudden my account was suspended and they were demanding I fund my account with another $25,000 so I could continue trading as a 'day trader'. Then I had to make an international call from Australia to plead them to reverse the decision. I simply didn't have the funds they were demanding to top up my account. They agreed to remove the restriction on the basis that it was the first and will be the last time it happens. Thing is, about a year later it mistakenly happened again when I didn't expect some trades to open and hit their profit targets during the same trading session. Boom ! Suspended again! This time Schwab wasn't so sympathetic. They refused to lift the restriction, stating the only way it could be was to remove futures trading and margin. I happily agreed as I didn't need these features anyway. The guy in the Options department that I was transferred to apparently made the adjustments, saying it would be applied by the following afternoon. Three days later and my account is still in limbo. I cannot place any trades! Something is off about this broker and it's staff! I'll be following up, but I'm far from being impressed by the so called assistance I've received.

I purchased thousands of shares of $MMTLP. I started buying them October 08, 2021 My last purchase was December 05, 2022 The company became a Private public reporting company Next Bridge Hydrocarbons. They've locked up my investment since they are likely synthetic shares of $MMTLP. I have 3 brokerages that I have shares of Next Bridge Hydrocarbons & Charles Schwab is the Only Company that won't transfer my shares into my name. I get nothing but a runaround of emails back & forth from them.

I trade futures and options on street smart edge and I go to my watch list and Dow futures and Oil futures are no longer quoted on the watch list and nobody knows what to do. I know what I'm going to do. Once I complete my trades I'm closing my account and moving to IBK. What a stupid thing to do to people trading futures.

This morning, Charles Schwab closed my two brand-new brokerage accounts with them (not even used yet!), one joint one individual, "due to a business decision", and denied my investor checking account, referring me to the "negative information" on ChexSystems for the basis of their decision. The weirdness is, my ChexSystems report is CLEAN, not a single negative mark on there! I've opened many accounts (primarily CDs, since CD rates have been on the rise) lately, so several banks and CUs have inquired into my ChexSystems file - and opened accounts for me with no problems! - resulting in multiple recent inquiries (as many as 12 in the last 2 months) on my report. Otherwise, it's a clean report! Charles Schwab is clearly making bad and baseless business decisions, and in the process hurting people and losing good customers. Don't do business with them, it's not worth your nerves!

Absolute Nightmare of a company to deal with, inept would be just scraping the surface with them. They literally have inefficacy and miscommunication ingrained in their very being. I am glad that I have chosen to move my assets from them to Fidelity, it was my original intention, but all Charles Schwab did was confirm that I was making the right choice, but not without using my corpse to rake the coals of hell first.