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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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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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.