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Charles Schwab Bank

Product Holder (49 Reviews)
Application Process
Customer Service
4 5

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  • Most Helpful Positive Review

    Helpful to 10 out of 10 people

    Awesome service, low fees. There is also no foreign transaction fees with their debt card and the exchange rate for foreign transactions is very very low. Love this bank!

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    tw1nsfan's review was:    

     

    Most Helpful Critical Review

    Worst experience...huge headache!
    Helpful to 28 out of 31 people

    The application process was standard. We also left a voided check so that they could setup the money transfer and we would have the debit cards in a few weeks' time. 2mos. passed and we heard nothing from them, other than tons of mail about their other services. When we called they said they lost the check and so they could not setup any transferring options. So we went through the process of setting this up in 2 ways and finally did see money transfer into the account. However, now we needed the debit cards quickly due to an international trip so they charged us $30 to rush the cards. Not happy about that since the error was on their side (Schwab lost a voided check afterall) but we did get the debit cards before we left. Setup a 3rd transfer to enter into our account the day before we left and the ENTIRE 17 day trip the money never showed. Now we had two $30 debit cards to an account with no money in it. We ultimately had to use another account and pay the foreign fees. So once again, all of Schwab's benefits proved worthless. 

    When we get home and start searching for the missing money (it had left our old account and never made it to the Schwab account) they go about finding it and re-imbursing it. However, they now charge us a "re-stocking fee" as a result of their eror yet again. This has been the WORST banking experience I have ever had. I ultimately spent money trying to fix Schwab's errors. Even after planning ahead 2 months the entire process fell flat and left me with fees to Schwab and foreign fees at my original bank. Had I known this, I would have never wasted time with Schwab and will happily pay foreign fees to my original bank (Chase) where at least I know I have access to my money.

    Thank you Schwab for nothing.  

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    Reviews (49)

    Only good for ATM fee rebate
    Helpful to 1 out of 1 people

    The rule they applied is very weird. They take a hard pull on your credit report when you only apply for a checking account, that you deposit your own money into their bank instead of borrowing money from them. I won't be surprised if they check your past history with ChexSystems, the consumer banking report agency. Yet they check with the credit report agency and leave you a hard pull record there for 2 years. 

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    Excellent banking Experience
    Helpful to 0 out of 1 people

    No foreign transaction fees and grea customer support.

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    Superb service and products!
    Helpful to 1 out of 2 people

    I just returned from another international trip, this time to Germany, Austria, Slovenia and Croatia, and my Schwab Bank VISA performed flawlessly. I charged hotel rooms, train tickets and meals, and used multiple ATMs in all the above countries with never so much as a hickup. Travel just couldn't get any more convenient!

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    worse bank ever
    Helpful to 5 out of 10 people

    I banked with B of A, chase, Citi, this is the worse bank ever. stay away

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    Amazing Bank. Switch to it now.
    Helpful to 13 out of 15 people

    I see some negative reviews here... and I don't get it at all. I've been using them since 2007, so for eight years now, and it has been the most amazing experience. When friends tell me they use Chase or BoA, first I laugh at them, then I yell at them to switch to Schwab. I've gotten maybe 7 converts thus far. 

    (As of 2015): Free checking account WITH INTEREST, free checks, free ATM card, No international ATM fee, All ATM fees nation-wide reimbursed (this is life-changing), 24-hour phone support with almost immediate pick-up, Decent mobile app. Integration with investment accounts. Deposit check by phone.

    A couple things stand out. I have to call them about twice a year because I have a question, and they are ON IT, and it makes me so pleased. Once, I mis-calculated one of my stock trades and was like $6 over, and I couldn't add money because it was an IRA. They lowered their trade fee by that amount to make it work. 

    The negative reviews here seem a bit circumstantial, and related to checks and some odd-ball circumstances, which no one should be doing anyway because of the mobile deposit phone app. 

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    officialmarc's review was:    

     
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    Best Bank I have ever used!
    Helpful to 6 out of 8 people

    This is by far the best bank I have ever used. I have used them for 2 years now without any complaints. They reimburse ALL ATM fees you get charged by other ATM owners. Their customer service is top notch! No bank I have ever dealt with has a live person answer the phone right away. I have never had a phone call with them that was not positive. I needed to get a ton of cash out one time (like $4000). They were able to adjust the ATM withdrawl limit to allow for this. They notify you via email if you have items that are about to clear causing your account to become overdrawn. That gives you an extra day. Now they do charge you a fee for returned items if your account doesn't have enough funds, however they do work with you. It's great that the checking account ties in with their Brokerage products, so you can easily invest in Mutual funds, etc. Free printed checks! I moved and wanted checks printed with my new address. They did that for free! Best bank ever! I read there were a couple of negative reviews on this forum. I don't know their circumstances, but I'm sure there is another site to their stories.

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    Been with Charles Schwab for the begining os street smart software came out 1980s ? it's been thirty years Charles what a ride. A Honorable Company in the USA & around the world.

    Thank you for being there
    yours truly

    hellonewman

    hellonewman's reply was:    

     
    STAY AWAY!
    Helpful to 5 out of 10 people

    They blocked my account and refused to release my money.  They're holdin $28,000 of my money.  I am still in the process of litigation!  CROOKS!

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    5 Years without a problem
    Helpful to 0 out of 1 people

    I've been using Charles Schwab  Bank for 5 years now. Automatic deposit, no ATM fee, great customer service reps, and even when I have made a mistake, they have completed their end of the process correctly. I have no complaints about Schwab and highly recommend them to anyone wanting to do electronic banking with a minimum of hassle and time spent.

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    WORST BANK IN THE US
    Helpful to 13 out of 22 people

    their telephone banking reps are the worst...they do not help and never expedite any request. Schwab tries to keep your money and always delay withdrawls so they can use your money for trading.

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    I disagree. Their phone banking reps are the best! They actually answer the phone with pleasure to work with you no matter what their situation.

    kpraeger's reply was:    

     
    Gap of information?
    Helpful to 4 out of 4 people

    I have used Schwab Bank for years.  I loved that they refunded all ATM fees but I can't think of anything else that I love about this company.  The way they handle bill pay creates a situation where they've sent a bill out for payment and then don't show it as a pending transaction once Fiserv sends it.  The bill pay system shows the payment having been made, however, unless you look closely through your account, you won't notice that it hasn't in fact cleared your checking account.  This creates a problem if you move, what you think is a remaining balance to another account because you failed to catch the discrepancy.  Then Schwab will return the checks over and over wracking up a $25 charge each time until there is nothing left.  Most other banks I have worked with including some of the largest in the country will deduct the funds from your account once the bill pay system shows the bill has been paid (moved from pending to history).  Schwab doesn't care what your avg balance is and will refuse to pay the check so that you can have multiple NSF's charged.  This also creates returned check fees with the payee.  Schwab also puts unexplained holds on SMALL cashier check deposits, again creating a pending vs actual balance issue.  I have sinced closed all my accounts with Schwab and will not work with them nor Fiserv (their bill pay vendor) ever again.  My local bank processes bill pay in a much clearer and open way.  I am perfectly happy with my new account.

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    Company Overview

    Charles Schwab Bank provides online banking customers with debit cards, credit cards, checking accounts linked to brokerage accounts, demand deposit accounts, savings, money market, CD accounts, mortgages, home equity, and pledged-asset loans. An internet bank headquartered in Reno, Nevada, Charles Schwab Bank’s latest advertising campaign encourages consumers to “Talk to Chuck”, intended to improve customer relations and service.

    Charles Schwab Bank is a subsidiary of The Charles Schwab Corporation since 2003. Charles Schwab Corporation is a brokerage and banking company based in San Francisco, and one of most well-known traditional brokerages offering lower commissions and fees. In addition to being a discount brokerage, Charles Schwab Corporation also offers services such as investment research, annuities, bond trading, and online banking.