Charles Schwab Bank's purpose is to champion every client’s goals with passion and integrity. This purpose drives them to help their clients take ownership of their financial futures, helping people at all levels of income and every stage of life, because investing for the future is one of the most important things people can do for themselves and their families. They believe it is critical to the health of our communities and to their society. Since day one, they have set out to challenge the status quo, looking for ways to offer their clients more value and a better experience. They're confident their approach can help people take ownership of their financial futures. Their values are a way of doing business – not just a plaque on the wall, they place the highest value on earning their clients’ trust by treating clients in an ethical, empathetic and proactive way, constantly improving the client experience through innovation that benefits clients, respecting fellow employees and reinforcing the power of teamwork and being good stewards of their brand and stockholder value.
The Charles Schwab Corporation is a leading provider of financial services, with more than 345 offices and 14.3 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.5 million banking accounts, and $4.5 trillion in client assets as of June 30, 2020.
Charles Schwab Bank Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 12/10/2020.
3.6
557 reviews
from WalletHub and across the web
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Charles Schwab Bank
formykids415 @formykids415
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.
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Product: Charles Schwab Bank Checking
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Charles Schwab Bank
Chris Su @Chris_su
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.
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Product: Charles Schwab Bank Savings
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Charles Schwab Bank
jerredand @jerredand
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.
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Product: Charles Schwab Bank Checking
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Charles Schwab Bank
hannahegardner @hannahegardner
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!
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Product: Charles Schwab Bank Checking
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Charles Schwab Bank
kc7zpy @kc7zpy
Wasted our time.
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.
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Product: Charles Schwab Bank Checking
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Charles Schwab Bank
wise1122 @wise1122
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.
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Product: Charles Schwab Bank Investments
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Charles Schwab Bank
Matt S @mskas
No ATM fees and easy to transfer money. I lost my debit card called on the 1st of month and still have not received a new on one the 12th. When I called today (12th) they said they can expedite it for $15.00 and I will have by the 14th. This is just too long to wait to get a card, and why should I have to pay to ship it when it has taken them 11 days snail mail. May have to go elsewhere
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Product: Charles Schwab Bank Checking
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Charles Schwab Bank
bilguun_u @bilguun_u
Horrible bank. Originally opened a checking account with them to avoid ATM fees and foreign transaction fees because I am a frequent traveller. However, every time I've tried to use the card, there have been issues that have prevented it. Everything takes days or even weeks to process. Usually takes 10 days to deposit a check. Expect to have to send in physical mail forms and handwritten letters for most things you want to do. Worst of all, they randomly suspended my account. When I called in to regain access, they said my birth date as well as all my other personal information was wrong. I was told to go into a branch to fix this. When I went to the branch, I was told to send a notarized letter to fix it. That sealed the deal for me and I will no longer be banking with Schwab.
I switched over to Charles Schwab before traveling abroad because their debit card for the checking account has no ATM fees anywhere (they refund ANY ATM fees you pay EVERY) and no transaction fees. They were incredibly helpful in helping me set up the account as well as resolving any issue that came up (setting up travel alerts, making deposits, transferring funds electronically, etc). Customer service was definitely exceptional and I would recommend to anyone.
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Product: Charles Schwab Bank Checking
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Charles Schwab Bank
Christopher @callison15
I've had Charles Schwab Bank checking for almost a year now, and it has been by far my favorite checking account. I used to have a regional bank and was constantly looking for an ATM, but the Charles Schwab checking allows you to use any ATM and they refund all ATM fees, even international. I got the account so I could go abroad and use the ATMs there. I recently went to France and didn't have any problem withdrawing Euros from the ATMs there. Shortly after, all of my ATM fees were credited back to my account. This is the most important feature for me, and it works great. I haven't had any problems with the account, so haven't needed much problem resolution. But the customer service has been great and the account has all the bells and whistles you could ever ask for. All in all, been a great decision and I hope to be with them for years.
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Product: Charles Schwab Bank Checking
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+780 users submitted a rating without writing a full review
You should be able to open a checking account since you have good credit rating, but for more information, please refer to the bank's customer service at: 800-540-6718.
If you use Schwab Bank Bill Pay, you can pay your bills with no fees. For all your other online transactions, please refer to customer service at 800-540-6718.
When using your debit card to withdraw foreign currency from an ATM or to pay for a purchase with foreign currency, the bank will charge your account only for the U.S. dollar equivalent of the transaction. There is no additional percentage added for the foreign currency transaction.
