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Charles Schwab Bank

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Application Process
Customer Service
Account Holder Ratings
3.9286 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 (70)

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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
Horrible
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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Oct 24, 2015
Good choice . . .
Anonymous

. . . especially if you link to a Schwab brokerage account.

We use the no-fee ATM cards to get euros each time we are in Europe.  Having a Schwab "bank" account makes obtaini g the funds from an IRA MRD from our Schwab brokerage account very easy.  Thise are the two ways we use this account,

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Oct 05, 2015
You'll get a hard inquiry...
robertoleons Account Holder

If I knew I would get a hard inquiry I wouldn't have open the account (High Yield Investor Checking Account) in the first place for the "ATM fee rebates" famous marketed feature, which is a nice benefit, but for me, not worth the inquiry you'll have to live with for the next two(2) years. I opened the account to test out their services before starting to use the brokerage account, but for this simple reason, I'm not planing to use any additional services from Schwab, appart from checkings.

I spent a while reading all the documents with terms and condition I downloaded at the moment of opening the account & did actually found the statement where you agree to this, BUT I would have really appreciated if it was easier to find out about it before.

APP38165-10-WB_Terms:

"(8) authorize the Bank to inquire from any source, including a consumer reporting agency, as to my identity (as required by federal law), creditworthiness and ongoing eligibility for the account and other information at account opening, at any time throughout the life of the account, and thereafter for debt collection or investigative purposes;"

Apart from this, I have to say that everything else has been excellent, customer support, account benefits, etc... Just remember, you WILL get a hard inquiry for opening a simple checking account.

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Sep 09, 2015
Not good
Anonymous

They do not want your business unless you have at least a 100,000 to invest. 

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Sep 02, 2015
Very misleading

Can not find where I authorized a hard credit pull in the application. Kept my money for a week after walking cashiers check into there office before telling me they were decking my application. No reason given. I just think they should be transparent about the process. They should tell you about credit pull, that they may decline you and notify you faster. I made several calls to find this all out. Instead they promote themselves as the Everyman broker with all of these benefits. In reality they are only interested in big money accounts with individuals with perfect credit. I also do not know what bearing credit has when you are not borrowing money.

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Aug 24, 2015
Only good for ATM fee rebate
Kris2014 Account Holder

The rule they applied is very weird. They take a hard pull on your credit report when you only apply for a checking account, that you deposit your own money into their bank instead of borrowing money from them. I won't be surprised if they check your past history with ChexSystems, the consumer banking report agency. Yet they check with the credit report agency and leave you a hard pull record there for 2 years. 

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Aug 19, 2015
Excellent banking Experience
garuya Account Holder

No foreign transaction fees and grea customer support.

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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.