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Charles Schwab Bank

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Application Process
Customer Service
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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 (80)

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Aug 15, 2016
Exceptional Service, Excellent Products.
LuckyStars7 Account Holder

After I got back on my feet I went back to Schwab to re-establish my investing and also to use Schwab Bank. I am impressed with their level of customer service, their wonderful website, ease of transactions, and ATM rebates. In my experience they are a huge step above other brokerages and banks unless you are very well-off in which case any bank becomes your best friend. But for those of us still working for a living, Schwab is fantastic. The only downside to their banking is that you have to use the mobile app or website to deposit checks & they don't take straight cash deposits. But the cheap way around this is to go to the USPS or 7-11, convert any cash to a money order for a few cents, write it to youself, and then deposit to Schwab. Given their near total lack of fees for anything else this is a very small expense. Other pluses: Schwab is consistently ranked as a great place for women, minorities, and LGBTQ to work so the corporate culture is very inclusive and the people I speak with on the phone or in-branch are usually very happy to be at work. I think this makes a very positiive difference in their customer experience. Add to that their investment offerings and Schwab really is a one-stop shop for most people's financial needs. 

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Jul 02, 2016
No international ATM withdrawal fees
celis0814 Account Holder

Initally I had opened up my Schwab investor checking account because I was traveling outside of the states.  

The trips and withdrawls from ATMs were seamless and the fees were refunded to me.  Even the $5 fee from JFK's international airport terminal where I made a withdrawal in euros as I was concerened that the card may not work in Europe.  It did, I withdrew cash in France and in the Azores, the fees were refunded.  

Having had a positive experience I opened a brokerage account with them and purchased some no fee EFTs from their select list, and later their mutual funds.   I then started researching and educating myself and downloaded their Streetsmart Edge application on my computer and their app for my phone.  They have webcasts twice a week on the current market conditions, as well as classes on their trading tools, Recognia.  

I've only purchased 10 shares of one stock thus far, but that's going well.  The $8.95 trading fee is high, as you could download other apps to do free trades. 

Having received phone calls from Schawb to talk about my experience and offering assistance, has been quite helpful.  

I'm sold on Schwab.  I've rolled over an old IRA to them from a large mutual fund company that I had been with since the 1990s.  They seem to be seamless, embrace technology, provide fantastic customer service, and do their best to educate the customer.  I've recently applied for their Amex Investor Card and I look forward to the same positive experience I have had with their other products and with the company.  

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Jun 04, 2016
Blahblahblaaaah Account Holder

Super long hold time, low deposit limit. Be sure to check out their hold time and limits. They are the worst.

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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
Anonymous

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?

 
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