Charles Schwab Bank

3.7 out of 5 stars
16 Reviews

From Account Holders in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3.5 out of 5 stars

Customer Service

3.5 out of 5 stars

3.5 5
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Most Helpful Positive Review

Jul 02, 2016
No international ATM withdrawal fees
celis0814 Account Holder

Initally I had opened up my Schwab investor checking account because I was traveling outside of the states.  

The trips and withdrawls from ATMs were seamless and the fees were refunded to me.  Even the $5 fee from JFK's international airport terminal where I made a withdrawal in euros as I was concerened that the card may not work in Europe.  It did, I withdrew cash in France and in the Azores, the fees were refunded.  

Having had a positive experience I opened a brokerage account with them and purchased some no fee EFTs from their select list, and later their mutual funds.   I then started researching and educating myself and downloaded their Streetsmart Edge application on my computer and their app for my phone.  They have webcasts twice a week on the current market conditions, as well as classes on their trading tools, Recognia.  

I've only purchased 10 shares of one stock thus far, but that's going well.  The $8.95 trading fee is high, as you could download other apps to do free trades. 

Having received phone calls from Schawb to talk about my experience and offering assistance, has been quite helpful.  

I'm sold on Schwab.  I've rolled over an old IRA to them from a large mutual fund company that I had been with since the 1990s.  They seem to be seamless, embrace technology, provide fantastic customer service, and do their best to educate the customer.  I've recently applied for their Amex Investor Card and I look forward to the same positive experience I have had with their other products and with the company.  

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Most Helpful Negative Review

Sep 30, 2016
Make me cry
Quenah Account Holder

This bank closed my Accouts both checking and saving with out  any warning .their reson was  low credit score so they deciede to closed the accounts. and return most of my payment which cost me to be more late. payment and interest.

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These reviews were written by current and former account holders in the last year.

Mar 23, 2017
Good online bank, no ATM/foreign fees!
Thomas777999 Account Holder

Overall, Schwab offers a good online banking product, if you can live without brick and mortar branches.  They are the only bank I have used that offers full rebates on ATM and foreign transactrion fees.  Its a great choice for frequent travellers.  Its also a benefit to have the brokerage account, so you can easily move money back and forth.  The two downsides are getting the account up and running, which can be a little slow and its not really a "high yield" account at 0.10% APY...  Be aware that they do put a 4 day hold on ACH tranfers from an external bank account.  The way around this is to initiate the transfer from Schwab not your external account.    

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Mar 13, 2017
Incompetent Trustee Services
Anonymous Account Holder

Had them as a trustee of my Dealware trust and it took them months to get trust opened, endless requests for the same information that they lost.  Now they want to charge me as if they are managing my money.  Customer service has no clue.  Avoid.

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Feb 04, 2017
Professional and helpful
arthurbrownleeiv Account Holder

I've been with CS since 2007 when they first started their heckling services. In that time, I've never had a complaint. Their phone staff are helpful, always there, and professional. Deposits generally go through next day from my phone. When I had my card number stolen, they had the money back in my account the same day. 

Over all, I'll likely never leave them. I've had other local banks over the years and always wind up disappointed. 

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Jan 12, 2017
Easy to do Business With
BeefaloSpringer Account Holder

Great customer service, easy to use, ATM fee rebate, to foreign transaction fee, chip protected debit card, on-line bill pay service.  We like it very much.

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Dec 17, 2016
Great
Anonymous Account Holder

I have an online checking account with them that I've had for a few months. Support has been excellent so far, they always refer me to American customer support that knows what it's doing even if I have questions at 5 AM. The only problems so far have been low interest rate on their savings accounts and you are required to open (but not fund) a brokerage account in order to get a checking or savings account. The lack of fees and ATM reimbursement are also great, but be aware that online banks generally have no way to deposit cash at ATMs.

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Nov 30, 2016
Very poor communication skills at their
Gringolandia Account Holder

They are eager to accept you as a client and then the problems began....had to use my daughters address as we travel. They wanted to see my name on a utility bill....closed the account after that

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Nov 14, 2016
Horrible bank
mngharry Account Holder

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. 

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Nov 11, 2016
I can't say enough good things
Anonymous Account Holder

I will say I'm a pretty low maintenance customer. I have had this checking account for over eight years and never had a complaint. Everything is free and all atm fees are reimbursed; what is there to complain about? I gave up on brick-and-mortar banks a long time ago. The one issue is depositing cash but I deal with less and less cash so it really has become a mute point. I remember when you had to mail in all checks, with mobile banking this account is solid gold.

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Nov 02, 2016
Hands Down Best Customer Service
Anonymous Account Holder

The reimbursed my overdraft fee when I first opened my checking account as a welcome gift. They provide very solid investment guidance in a branch and online setting. The Inteligent Portfolio consistently outperforms all discount trading teams. All ATM fees are reimbursed, no limit or exception. They will advance deposit times upon request after you establish some history with them. Their phone support is the best I've experienced, including Ritz concierge and AMEX Platinum Concierge. There are no fees or minimums to hold a checking or savings account. They will waive trading fees when you call and place an order over the phone. They have some of the most comprehensive and vast investment research tools in the industry, and provide free training and learning platforms to understand them all. Free bill pay. I'm proud to bank and invest with Schwab and I won't leave them for anyone else. 

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Sep 30, 2016
Make me cry
Quenah Account Holder

This bank closed my Accouts both checking and saving with out  any warning .their reson was  low credit score so they deciede to closed the accounts. and return most of my payment which cost me to be more late. payment and interest.

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1 Reply
Mar 23, 2017

If this actually occurred, they must have closed your account due to inactivity with a zero balance, or you owed money in terms of past overdrafts and it was sent to collections. A bank will not review your credit score to open or close an account, if they do don't bank with them. As far as I can tell, Charles Schwab does not review credit scores for checking/saving products.

 
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