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Charles Schwab Bank

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Application Process
Customer Service
Account Holder Ratings
4 5

Most Helpful Positive Review

Nov 13, 2012
tw1nsfan Account Holder

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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Most Helpful Negative Review

Jun 16, 2014
Worst experience...huge headache!
Anonymous Account Holder

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 (76)

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May 14, 2016
Excellent Bank
walkman1081 Account Holder

I have had Charles Schwab for 7 years. Barely used it the first couple years, only for investing. Now I use it as my main bank and couldn't be happier. Great customer service, free ATMs, and the app/online banking regularly gets updates and upgrades. Very satified! 

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May 08, 2016
Excellent customer services
paphau Account Holder

Reimburse ATM fees, you can always talk to a knowledge rep. Bases in the US

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Apr 08, 2016
Great checking account
bwc101 Account Holder

I haven't had my account for too long, but I'm very happy with it. Unlike some banks I have experienced, they do not find ways to hit you with fee after fee. They really do reimburse all of your ATM fees at the end of each month, as long as the fee it is itemized on your receipt.

To get a High Yield Investor checking account, you do need a brokerage account with them. You don't need to do anything with your brokerage account, however (you can have a zero balance in it and be fine). Your checking account is not instantaneously opened once you hit the submit button - it is subject to an approval process, which can take merely a few hours up to a few days. There will be a hard pull on your Equifax report (even though you are not applying for credit), but I thought it was worth it. Once approved, they will send out your debit card after you fund your account. The debit card comes with high daily limits ($1000 ATM withdrawals, $15000 purchases), but you can call to have them lowered for security reasons.

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Apr 08, 2016
NOT for longer term travelers

After readining all the travel blogs praising the High Yield Investor Account at Charles Schwab, I tried to open an account last week.  I was told that if I was out of the USA for more than 6 months, the "fraud team" would freeze my account.  The representative stated that the accounts at Charles Schwab require being physically present in the United States at least 6 months out of the year and that that fact was clearly stated in the fine print that I didn't read.  So, long-term travelers be aware and have a back up plan if you are planning to use Charles Schwab. 

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Mar 23, 2016
Beware they kidnap your checks
raniamir Account Holder

Physical checks are held for over two weeks. No clear explanation. My employer and their bank confirmed monies were cleared right away. Customer service useless. Money is lost somewhere. 

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Apr 20, 2016

Can you please clarify what this even means? Is this sending or receiving the checks? Can we get context?

Mar 10, 2016
Waiting to be impressed.
Anonymous Account Holder

Moved from Citi as I wanted a better customer experience. Unfortunately, not off to a good start. CSR's are amenable, but online help is weak at best, there are significant limitations with regards to the breadth of service, and there are product knowledge inconsistencies with staff. Not sure I made the right decision.

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Apr 20, 2016

Can you please articulate what these limitations in service are and the issues you have experienced?

Feb 03, 2016
Only good things to say
Anonymous Account Holder

I've had Charles Schwab Bank for about 8 years now, and I have had nothing but good experiences with them. Well, adding my wife to my account was more difficult than it should have been, but not terrible. Other than that, they'v have been great. I think they're the only company I know I can call and get a customer service rep almost immediately. It's super easy to put travel notices on your account, and the ATM fee rebate is really convenient. They recently called me because of some suspicious activity on my account, which it turns out was fraudulent, and their team immediately went to work correcting the charges. They sent me a new card overnight so I didn't have to sit without one for long. I don't need to interact with them much, but when I do I know I will be able to reach them and they will be able to quickly address my issue. I can't ask for much more.

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Jan 25, 2016
Anonymous Account Holder

Opening a High Yield Investor Checking Account was easy enough to do online... I thought. They force you to open a Brokerage account as well, which seems ok because you don't have to use it. However, they don't set up your mobile deposits right away & so the only option for making your initial deposit is to mail them a check or go to a branch (which are few & far between).  Luckily (or unluckily as it turns out), there is a branch near me, so I drove there and deposited a check for $8000 which they happily accepted. However, the bank account has not shown up on the app or online a week later, they denied my request for mobile deposit & now they are holding my money hostage.  Never again.  BoA is so far superior to this experience.  Really irritated that I now have to fight them to get MY money back.

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Jan 13, 2016
The best bank I've had by far.
Anonymous Account Holder

I've been with Schwab for about 6 years now and I love the service and features. After graduating from college, I switched banks a bit because I was annoyed with various checking account gimicks that touted 'free' checking as long as you jumped through different hoops each month. With Schwab, it's totally free -- like really free. It doesn't matter what ATM I use, Schwab refunds all ATM fees at the end of the month. You'll appreciate it when your buddies are Googling their nearest brick-and-motar branded ATM and going out of their way to save $3 or $4. I also like the no-fee foreign transactions! Sometimes I travel to Mexico or Canada, and I like just being able to have access to my funds without the fees. You get free checks, replacement debit cards, and you can get a permanent stop payment on any check you write. You know how rare that is? BoA charges $35 for each stop payment on a check, and that only lasts 6 months. After that the check can be cashed unless you do another stop payment for an additional $35.

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Dec 07, 2015
ebezati1 Account Holder

Best bank anyone can have! Excellent customer service, ATM fees reimburse and excellent exchange rates if you withdraw money in foreign currencies when traveling. I wouldn't change a thing. 

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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.