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Charles Schwab Bank

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  • Most Helpful Positive Review

    Nov 13, 2013

    Best Bank Bar None
    Helpful to 30 out of 33 people

    I love Charles Schwab Bank.  I have had them for over 5 years and have never had a reason to be disappointed with them.  Their service is exceptional.   Their people super friendly and knowlegeable.  True you won't have a branch nearby but in the digital age where almost all transactions are elctronic this is not as big of a problem as you might think.  I have always had access to my money when I needed it from Schwab.  Morever, they have very good customer fraud alerts.  If their automated system detects spending patterns dramatically different than the norm they will put a block on the debit card.  A simple call to their customer service desk clears it up right away.  This service is actually very useful.  They once prevented a fraudulent charge on my account this way.  They detected it and blocked the card.  When I called in they read me the list of transactions and sure enough one of the very largest was a fraudulent attempt to use my card.  Their rep spent an hour with me on the phone to briefly unlock my card so I could get cash from a local ATM and then locked the account back up.  They then promptly sent me a replacement card.   Without a doubt the best bank I have ever been with.  Another great thing at Schwab is they do not hold your funds from deposits unnecessarily.  Their transactions clear much more quickly and I have access to my money right away.  The complete opposite of BofA and other brick and mortar banks in my neighborhood.  The latter put extraordinary holds on your money and you have to fight with them tooth and nail to get it released.  Another great thing about schwab is their brokerage accounts.  Top quality research and tools for any kind of investing.  Open an account with them you won't be disappointed.

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    Most Helpful Critical Review

    Jun 16, 2014

    Worst experience...huge headache!
    Helpful to 19 out of 22 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 (44)

    Best Bank Bar None Helpful to 30 out of 33 people

    I love Charles Schwab Bank.  I have had them for over 5 years and have never had a reason to be disappointed with them.  Their service is exceptional.   Their people super friendly and knowlegeable.  True you won't have a branch nearby but in the digital age where almost all transactions are elctronic this is not as big of a problem as you might think.  I have always had access to my money when I needed it from Schwab.  Morever, they have very good customer fraud alerts.  If their automated system detects spending patterns dramatically different than the norm they will put a block on the debit card.  A simple call to their customer service desk clears it up right away.  This service is actually very useful.  They once prevented a fraudulent charge on my account this way.  They detected it and blocked the card.  When I called in they read me the list of transactions and sure enough one of the very largest was a fraudulent attempt to use my card.  Their rep spent an hour with me on the phone to briefly unlock my card so I could get cash from a local ATM and then locked the account back up.  They then promptly sent me a replacement card.   Without a doubt the best bank I have ever been with.  Another great thing at Schwab is they do not hold your funds from deposits unnecessarily.  Their transactions clear much more quickly and I have access to my money right away.  The complete opposite of BofA and other brick and mortar banks in my neighborhood.  The latter put extraordinary holds on your money and you have to fight with them tooth and nail to get it released.  Another great thing about schwab is their brokerage accounts.  Top quality research and tools for any kind of investing.  Open an account with them you won't be disappointed.

    Nov 13, 2013 Reply
    Worst experience...huge headache! Helpful to 19 out of 22 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.  

    Jun 16, 2014 Reply

    Jan 19, 2015

    Best Bank I have ever used!
    Helpful to 5 out of 6 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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    Feb 05, 2015

    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:    

     

    Jan 13, 2015

    STAY AWAY!
    Helpful to 2 out of 3 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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    TTKIM's review was:    

     
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    Jan 12, 2015

    5 Years without a problem

    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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    Dec 29, 2014

    WORST BANK IN THE US
    Helpful to 10 out of 17 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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    Jan 19, 2015

    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:    

     

    Dec 29, 2014

    Gap of information?

    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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    Dec 23, 2014

    Only problems and mistakes
    Helpful to 8 out of 9 people

    Made an euros into dollars transfer using a service called TransferWise and got my account blocked several times and ultimately closed. It all started because they flagged my deposit as it being on the OFAC list (an obvious mistake). They apologized so many times... All CSRs are useless. They told me all of this was a mistake and kept on blocking my account because of it. And as a business decision, my account got closed (more like covering themselves for that they did). I had all my funds on hold for a week. 

    Only problems after problems. Even when applying for the account, I entered the code REFER to get the $100 and they forgot to add that to the application. 

    The only plus about this bank is the waiver of the atm fees. But ultimately, don't waste your time getting an account with them, they're not worth it. They even pull your CREDIT report as a hard pull, even though you're not applying for credit. Idiots.

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    Nov 18, 2014

    Good until they lose your check! Idiots
    Helpful to 16 out of 28 people

    I had about 4 good years with their Checking account.  I send in several rent checks every month for deposit with their postage paid envelopes.  This month the $8 an hour worker didn't cash one of my checks.  The deposit slip shows that there were 7 checks.  They cashed 6.  Did they bother to contact me to let me know there was a problem.  No, the idiots say that sometimes people write the wrong thing on the deposit slip so they just do what they think is right and move on... IF THERE IS A DISCREPENCY, you must communicate.  After hearing customer service say to wait a few days and it will be deposited, they are now claiming it is my fault.  A bunch of morons.  

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    Nov 03, 2014

    Best Customer Service Over Anyone, 0 Fee
    Helpful to 2 out of 4 people

    I love Schwab. They have the absolutely BEST customer service and the nicest people that make you feel so valued. I am really picky with customer service so they definitely get five stars for me. I love the fact that I can take my debit card overseas and they reimburse me for ALL the fees! No one else can compete. Their interest rates are so high but when you compare the higher interest-rate banks you'll see that they get you through slower deposits and such. I started with Schwab for investment but decided to switch all my banking to them because I got so sick of Bank of America and their fees, lacking online customer service, and mistakes they kept on making with my account. 

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    Oct 28, 2014

    Excellent Online Bank
    Helpful to 1 out of 2 people

    I've been a customer of CS for a few years and I have had mostly positive experiences. The account was easy to setup with automatic deposit. No fee/interest bearing checking is a better deal than brick and mortar banks. ATM fee refunds are great. Their phone agent customer service is great. Easy access to an enourmous number of investment options is great. The only complaints I have is their website isn't very good, and setting up a savings account cannot be done online or over the phone. It requires a branch visit or mailing in paper applications.

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    Sep 16, 2014

    My Primary Checking Bank
    Helpful to 12 out of 18 people

    I was looking for a bank that provides the necessary features that suites my lifestyle. I'm a non-resident alien who gets a monthly paycheck, possess an excellent credit score, a plethora of credit cards, and a zest for vacations.

    I have tried several other BIG banks but their checking account had so many limitations that I had to look for other options. True there are banks and credit unions that provide the 'no-atm fee' feature. But due to legal authorization, no utility bills in my name, or high 'minimum monthly balances' my options were limited.

    Enter Charles Schwab: A Bank with: 1) No minimum monthly balance {Funding is required to activate accounts}, 2) Free Bill Pay {even to those who need paper checks}, 3) Free Transfer of Funds {between CS and other U.S. based banks}, 4) Free Personal Checks and 5) No-atm fee {nationally or internationally} & no foreign transaction fee.

    But there are limitations: 1) It took me a month to apply and get the accounts up and running {May be due to my legal authorization}. This process included submission of paper application, address verification {they accepted my rentel lease because I have no utility bill in my name}, setting up an external bank account for funding, funding the accounts {first brokerage then checking}, and finally receiving EMV debit card & personal checks. [In fact setting up anything like, a new external bank account or direct deposit takes a long approval process], 2) Incoming International wire transfer not possible.

    Conclusion: It is not recommended to close your other brick and mortar bank accounts because they have their own advantages. I still have Wells Fargo & BOFA (really helpful to transfer funds to/from friends after a vacation). Salary deposit in my U.S. Bank account which gives me added advantage of free money orders & cashier's checks. I keep the minimum monthly funds in these accounts and everything else in CB. Thereby I also have an added advantage of Mobile Check Deposit with 4 options to choose from.

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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.