Banking Reviews

Charles Schwab Bank

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Best Bank Bar None Helpful to 24 out of 26 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
Helpful to 2 out of 2 people

I second the above review....been using Schwab nearly since inception....have never found a better deal...

TheBigMan120352's reply was:    

  Jan 11, 2014

TheBigMan120352(1, 2)

Review by TheBigMan120352

1 Contributions 2 People Helped

Helpful to 8 out of 8 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!

tw1nsfan's review was:    

  Nov 13, 2012 Reply

tw1nsfan(1, 8)

Review by tw1nsfan

1 Contributions 8 People Helped

Helpful to 6 out of 6 people

I have really enjoyed banking with them as they always friendly and helpful customer service. Their refunding of all ATM fees is great, and their overdraft line of credit means I am never charged overdraft fees unlike some other bigger banks.

At first it was a little bit of a hassle to deposit checks as you would have to mail them in, but they came out with a mobile app that lets me take a picture of a check to deposit. Great bank, highly recommended.

jcabc22's review was:    

  Aug 04, 2011 Reply

jcabc22(4, 13)

Review by jcabc22

4 Contributions 13 People Helped

I love Schwab Helpful to 5 out of 5 people

I've had Charles Schwab Bank for a few years and have had nothing but pleasant experiences.  Their customer service is prompt and friendly.  Although I rarely call because I have had no problems whatsoever with this account.  I love the refundable ATM fees and have paid zero fees since I opened the account.  Although there are no branches near me, I use direct deposit and mobile deposit and these work perfect for me.  Their app and website are user friendly.  Awesome bank!

writegrier's review was:    

  Oct 21, 2012 Reply

writegrier(1, 5)

Review by writegrier

1 Contributions 5 People Helped

Helpful to 5 out of 5 people

Switched from BoA to Schwab 6 months ago and looking back, I can't believe I put up with BoA as long as I did.   Schwab is better in every possible way.  The only thing they are lacking is a brick-and-mortar location in my area, but I have a credit union account I keep a small balance in for that. 

There are a lot of reasons to get an account here: you can easily link accounts together for simple transfers between them, no ATM fees (refunded once per month), no fees of any kind, free checks, earn interest on your balance (even if it isn't much), free brokerage account (no minimum balance, no fees other than $8.95 per trade fee), can deposit checks via your smartphone with the Schwab App, and the best customer service I have ever had at a bank. 

My experience there was so good that I am rolling a 401k over to a  Schwab IRA this week.  I was going to put that money somewhere else, but their customer service won me over.  I have a feeling I will be banking with Schwab for a very long time.

iceman0526's review was:    

  Feb 24, 2012 Reply

iceman0526(4, 11)

Review by iceman0526

4 Contributions 11 People Helped

Best Bank Ever Helpful to 17 out of 21 people

I have had CS for about 6 years now.  I was with BofA and am forced to use Wells Fargo for some of my retirement stuff because my employer uses them.  I can not believe that anyone willingly uses either BofA or Wells Fargo when an option such as Schwab exsits.  Schwab has no fees.  Ever.  Let me repeat that, in the 6 years I have been with CS, I have NEVER been charged a fee of any kind.  In fact, I get a fee refund every month from them, from when I am forced to use an ATM that charges me a fee.  Yeah, you can use any ATM in the world, and you will be refunded the ATM fee if one is charged to you.  I try to avoid using that benefit because it puts money into the pockets of those other greedy banks, but it is a nice feature to have.  When I call the customer service line, I am greeted by an automated system if I just need to check a balance or something simple, or, I wait on the line for 5 extra seconds and immediately talk to a human.  Not just a human, a human that speaks the same language as me and is exceptionally capable to help me.  I have NEVER gotten off of the phone dissatisfied.  In fact most of the time I get off the phone thinking, WOW, that would have taken 7-10 business days if it would have been Wells Fargo.  I can accomplish nearly everything I need to online.  Their desktop and mobile sites are top notch and well thought out.  Everything is almost instant.  When I deposit a check using my smartphone, it is usually available within minutes.  Can't say enought good things about Charles Schwab. 

Dec 20, 2013 Reply
Outstanding Account Helpful to 13 out of 16 people

What? No minimum balance, interest, AND ATM reimbursement in the same account. This must be a dream. Add in FREE Quicken WebConnect (happens to work without too much difficulty in GnuCash) and this is a rare gem in the banking world.

One thing I must caution applicants about is the hard credit inquiry that comes with applying for this account. I don't know where in the sequence this inquiry is made whether it is a result of opening a new brokerage account as part of the requirements of having the account or whether it is part of ensuring applicants are not known for bouncing checks. That cost Schwab a star in the application process. Not quite as severe as the hard credit inquiry is the somewhat complicated process of adding external accounts for initial account funding.

Mar 29, 2014 Reply
Keeping many different Schwab accounts Helpful to 3 out of 3 people

I've found Schwab is an excellent choice for all kinds of stock accounts, including private, joint, 401K rollover, reg IRA, etc.  Very easy to transfer money and stocks, good online web site.  I also got my Quicken mortgage through Schwab, which lets me manage that account in the same environment, supported by Schwab's excellent customer service.

Got the Schwab bank account largely because it makes it easy to move money between stock and bank accounts. Schwab credits both stock and bank accounts much faster than other services (in my experience) giving you very good cash liquidity in both directions.  Schwab advisors have proven very helpful for advice on setting up inheritance trusts, managing charitable donations and lots of general financial services, although I don't use them for investing decisions.

All prior statements about bank services (including free Bill Pay, no ATM charges, free overdraft protection, quick/responsive service, great fraud detection/correction, free checks) seem on target - as good or better than any comparable services I've used in a dozen of so different banks.  And their web technology stays relatively up to date and (more importantly) seems to be rock solid and secure.  

In over twenty years service I can't recall a major incident, nor any minor problem that wasn't speedily resolved. The Schwab family is a very good fit if you want to manage your own finances, but have access to knowledgeable professionals who aren't constantly hitting you with a sales pitch.  Note that I am a "sliver" level customer, so if you have fewer assets invested with Schwab, some of the above services might involve a fee.

(In Massachusetts)

Jan 05, 2014 Reply
The Best Kept Secret in Banking Helpful to 3 out of 3 people

I have used this bank for about six months now, and it beats my previous bank (Chase) hands down. Schwab has absolute transparency regarding any fees, if they have any! No more monthly fees or out of network ATM fees. Plus, their checking account accrues interest; its not much, but at least its something. The customer service is always helpful. Whether you use it in conjunction with the brokerage account or not, Charles Schwab Bank is amazing. 

Aug 31, 2013 Reply
Charles Schwab is the best!! Helpful to 8 out of 10 people

I have a retirement account with Charles Schwab and one day I received a letter telling meabout all  the benefits  I can get if I open a checking account with them. I gave it a try and after that Charles Schwab its been my primary bank. Everything is free, I make mobile deposit and posted inmediatley. Their Customer Service reps are super friendly. Wow, Its been amazing. Im a banker for about 15 years and all my accounts are with Charles Schwab not with financial institution I work.

CaboRojo's review was:    

  Mar 21, 2014 Reply

CaboRojo(1, 8)

Review by CaboRojo

1 Contributions 8 People Helped

Geez, sounds great! Sure hope there is one in San diego.

ghflecher's reply was:    

  Mar 28, 2014

ghflecher(1, 0)

Review by ghflecher

1 Contributions 0 People Helped

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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.

Company Details

The Charles Schwab Corporation

  • Established: 1971
  • Headquarters: San Francisco, California
  • Website: www.schwab.com
  • Products: Banking, Credit Cards, Home Equity, Mortgages
  • Assets: $1.47 trillion
  • Available: Online, by phone, and in branches; nationwide

Rating Distribution (34)

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