The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 08/10/2022.
from WalletHub and across the web
571 reviews from WalletHub and across the web
What's Your Rating?
Most RecentMost Useful
Charles Schwab Bank
John H @johnnyherbs
1 Star Rating
I opened an account with Schwab before the pandemic, because I thought the no-fee for international atm's was a great perk. Everything was fine with the account for a few years, then I got a letter saying my account would be closed due to inactivity if I did not contact them. So I did, and the gentlemen on the phone said he would mark my account so that it would not be closed. Sure enough, my account balance (around $600) was moved into unclaimed property without any additional notice from the bank. I'm now going through the process to reclaim my funds.
I just opened a checking account about 4 weeks ago, and I was told today that someone used my debit card information to withdraw my money (about USD1,000) in USA while I was travelling in Europe. But the debit card is always with me and I have never lost it.
I think Charles Schwab Bank (CSB) has some issues below: (1) On the website, CSB claims they have alert to bring peace of mind. I have not received any alert from them until I came back USA and discovered that I could not login the account online, then I called them and checked the balance of my account and found out. Why they did not contact me when they locked my account for security issue, it looks like CSB can stop me accessing my money anytime without even informing me. Where is the alert and notice to keep a peace of mind? (2) Before leaving for Europe, I have online informed CSB the dates when I will be in Europe. The unauthorized ATM transaction happened during my trip in Europe, why CSB still approved the ATM withdrawal in USA knowing that I was in Europe.
If CSB could perform their job properly, this bank fraud would not happen. This is all due to CSB's incompetence. And I am still waiting for their investigator to contact me in about 3-4 business days, and this is for initial contact but not for resolution; yet it takes nobody know how long I will get the money back.
Originally, it was working fine but randomly. They notified to close my account both brokers and checking as well as saving account. Now, I cannot access to it. It's terrible. I trusted them but they failed me so badly. I don't recommend anyone to use this bank. We don't know what they would do to you randomly like me. Be cautious with this bank.
Two things that are very appealing right off the start. One, they offer checking accounts with no fees, and two, they offer access to a brokerage account after opening a checking account. I love these features and I’m sure I’m not alone. That’s where the positives end. I have experienced many negatives with this bank, one being that when need the assistance of a banker, you can’t go into a branch to chat with a real person face to face, which I believe is very beneficial for meeting client needs and it’s also more personal. Instead, Charles Schwab only allows clients to call in, meaning you talk to someone different each time you call. There’s no consistency as every banker has their own way of explaining things while others neglect sharing helpful or important information for unknown reasons. It’s also very difficult to get in touch with the correct person when calling in because the automated feature often connects you with someone on the investment side rather than the banking side. Furthermore, the app is not very intuitive or user friendly and often slow to reflect your true balance. This is especially true for the brokerage balance. In fact, you have to navigate through several tabs to find your true balance for your brokerage account because the summary page does not show the accurate balance if you have “several” transactions. Also, when calling in a banker will likely suggest that using the online site is perhaps more accurate than their app. Clearly this indicates that they are aware of issues regarding their app, her in the five years I’ve been a client, the app has changed very little, so I question how serious this bank takes any issues or concerns. Lastly, this is the only bank I’ve been with where a transaction from Adobe and Apple reflect as posted while simultaneously showing the same charge(s) as pending for two to thee weeks. Every time I’ve brought this issue up to the bank, they blame the merchant and suggest I call them to have the pending charge removed. In doing so, both merchants have blamed the bank and inform me to call the bank. I’ve always been the monkey in the middle and years later there is still no solution. Keep in mind that while these transactions are pending, it’s money I do not have access to, so beware.
I opened an account and made several deposits and they suspended my account. I verified myself multiple times and they eventually closed my account. I've been calling asking when will I receive a check for my money that was in the account and im still getting the run around. They stole my money from me with no explanation. This is a bank of crooks.
Shady business practices! I've opened a checking account in February and then a savings account in April which resulted in two hard inquiries on my credit scoring! Called them and asked to revoke it, but they refused. Be aware, they treat your credit scoring like a toy.
Schwab bank uses a third party company to administer their bank bill pay. This company lacks any of the normal bank security and integrity, I would warn all Schwab banking customers, until you might have a issue using Schwab's bill you will not know how sleazy this third party bill pay administers issues that a real bank services will give you. Schwab's bank bill pay is a sleazy company and they could freeze your assets at their discretion. WARNING SCHWAB'S BILL PAY IS UNRELIABLE WITH CUSTOMER SUPPORT.
Would give 0 stars if possible. I opened a high yield investor checking account in August and called countless times about hold ups in approving my application and getting the debit card. NO ONE contacted me when there was a hold because they were unable to validate my address. I had to reach out and get it done. Fine. Then three months later after multiple requests for them to send a debit card to me I still didn’t have it. They assured me it was delivered to my address. I gave up and closed the account. What else can I do? They were zero help and basically told me well we did everything we could. So I said “same!” And closed my account. Thankfully I never deposited to the account because their track record shows I may have never gotten it back!
We heard this account was good for those living or traveling internationally because the fees were low. So we went thru all the steps two setup an account, spent the time verifying external accounts, got the cards at my US address and after all that and it would not work. So we called them and they said. Oh since you were from a Mexico IP address you have to come to the USA and show us your ID at a local branch.
Obviously, I’m not driving thousands of miles so they satisfy some arbitrary policy that they never bothered to tell us about. There are many ways they could verify this. Just wanted to warn others. They completely wasted our time.
New Schwab Bank sweep of cash only pays .15%. Other brokerages pay money market rates tens times more than Schwab pays! Old trade platform. Better service at other discount brokerages. Schwab is pushing .9% annual fee for managed accounts which simply allocates amongst mutual funds.