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Charles Schwab customer reviews, complaints, ratings, brokerage service pros and cons. Is Charles Schwab safe and good investment company to open an account?

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Charles Schwab Customer Reviews

by No longer a Charles Schwab customer, 5/26/2020

Pros: None

Cons: Customer service reps are clueless, they lack basic knowledge of retirement accounts

When you call your brokerage you want a consistent answer not guesses, and certainly not 2 or 3 differing opinions on any issue. We were migrated to Charles Schwab from USAA and their rules for SEP IRA's are draconian and outdated. I was told that I would have to paper mail contributions and that they would act as the agent for the IRS in determining what I could and could not contribute to my SEP as a self employed business owner.

If you want a brokerage that does not know what it is doing and gives inconsistent answers, this is the company for you. Their employees are poorly trained and under educated in basic retirement accounts. I transferred my account this evening and won't be back. Ever.

by Bill, 2/26/2020

Pros: Very few if any

Cons: Clueless Customer Service representative and Brokers

I still haven't been able to determine if the proceeds from the maturation of a CD was ever credited to my brokerage account. After speaking with two (2) brokers who themselves were flummoxed by their own internal accounting practices. Unless you have several millions of dollars in assets, expect rotten, crappy service from a brokerage house who thinks of itself as the "average investor's" brokerage service. Charles Schwab should just join the ranks of the major private equity firms who cater to the uber wealthy since, in reality, those are the only clients they clearly care about. Run, don't walk away from Charles Schwab.

by Jen, 12/5/2019


Cons: Welcome bonus

I am disappointed by Schwab. It said if I open up an account and deposit $1,000 I will get a $100 bonus award. Now, they are not honoring it. They keep delaying sending it. It was from their own website. It clearly states within 45 days. I don't think Schwab keeps their word.

by Bruce A, 10/31/2019

Pros: old classic stock screener was an excellent tool

Cons: old classic screener replaced by a POS that doesn't work on my tablet

On my tablet, where I do all my investment analysis, the new screener won't accept criteria from the boxes, and covers the criteria column, limiting further selections, which probably wouldn't work anyway. For existing screens, changing a criteria, which would have immediately shown the new number of stocks, now requires selecting the new matches in order to see how many there are. I used the classic screener extensively to evaluate stocks for me, my wife, my children, and my in-laws. Who was the 'genius' who eliminated an excellent tool, replaced it with a cumbersome one, and failed to adequately test it for use on tablets. THERE IS AN OLD SAYING: IF IT AIN'T BROKE DON'T FIX IT!

by Perplexed, 10/9/2019

Pros: Friendly, trying to help

Cons: Lack of knowledge of procedures, forms, policies, current knowledge of procedure changes.

In every step of the way there has been problems creating accounts and sending money. Forms to set up accounts are confusing, when you call, they do not know about the forms, eventually someone finds the right one, you send it in, only to find out it was the wrong form. Money is sent, they send it back, cannot explain why. The money is sent back from another Financial institution, they suggest that institution is affiliated with my bank...later find out they are affiliated. How can you trust sending your money to them???? I know it's a good company but it feels like its being run by drunken frat boys.

by Tom, 10/2/2019

Pros: None

Cons: Blocking account of disabled person due to living in an RV, failing to honor verbal commitments

I made the mistake of opening a joint Schwab account two weeks ago. I had been a Schwab customer years ago and never had a problem with them. Well, the new Schwab ain't the old Schwab! Right out of the box the website opened an individual account instead of the joint account. Then it blocked the account because my wife and I live in an RV. i am disabled and cannot afford the rent of a fancy apartment. Apparently, Schwab wants to see people in my situation stay that way--despite their move to commission-free brokerage on Oct. 7th. (Ever hear of new financial and bank bail-in rules? You could wind up with a bunch of your bank's stock instead of your money if it fails in a general financial emergency. I can't help but wonder if Schwab's intention is to attract the maximum amount of account funding possible...because I can't see any acceptable ways a discount brokerage can make money without commissions) I wrote to my Congressman and Senators pointing out I had Federal and State ID using this address where I reside. I then heard from a customer relations manager named Chance who told me my proof had been accepted and my account would be reopened on Friday Sept. 27th and that my wife would be added to the account by the close of business on Oct. 1st. I'm writing this on Oct. 2nd and the account is still blocked. My phone, E-mail and FAX messages to Chance have gone unanswered. Even if this is eventually resolved, I'd be terrified of giving these people any of my meager savings. Can you imagine what would happen if they botched a trade or "lost" stocks in your account???

by George Rich, 9/14/2019

Pros: Friendly Customer Service

Cons: Incompetent Customer Service

Have been a customer for 25 years. Would have given Schwab a solid 4-5 stars for discount brokerage services for the first 24 years. But the past year puts them at a three, and falling. As automated transactions should be getting simpler with better technology, they are becoming harder and harder at CS. Calling customer service will give you five minutes with the friendliest (and most clueless) millennial who will profusely thank you for your business and promise that they have fixed all your problems and everything is great. Until you log on tomorrow and see they didn't do anything they promised. Not sure if it's a competence problem or a complete lack of integrity, but something is amiss at this company.

by Tim V, 9/11/2019

Pros: none

Cons: service

Awful service and the trading platform and model is flawed at best. Very inconsistent when placing limit orders etc. Ran into number of issues where trades never triggered etc.

by STB, 4/4/2019

Pros: Everything goes smoothly, if you know what you are doing

Cons: None

Schwab has low fees, a very good cash flow service platform (to move capital around when needed, or have checks written etc), and a decent (Streetsmart Edge) trading platform. I have found the research to be decent, if only a little lagging, which for long term investors is not a bad thing. For the life of me, I can't even remotely see what all the complaining is about. There is only one real complaint. I would like more flexibility in the way ratios can be manipulated on the charting system. (For example, historic PE/NAV for OEF's etc) and not be stuck with the canned ones they use.

As for execution, these other people must be using Dinosaur networks or something, I've always got best price at time of execution, sometimes even better, if the trade goes directly thru a market maker.

by Gavin, 2/25/2019

Pros: Love the App, Phone/Chat Support super friendly, Bank side people nice too

Cons: Can't get help rolling over IRA's

Listed the pros and cons above already. Subtracted 1 star as I've tried to get help doing a roll-over repeatedly. Their management has obviously spread that particular group too thin. They're working long hours but can't seem to get the process started for me. Don't think I'll move forward on that one as there would be little hope of support should anything go awry. Again, not due to the employee's lack of trying. I get the very distinct impression when talking to them that they are massively over-subscribed in that particular area.

Individual Brokerage and Banking - Thumbs up.
Roll-over - Pass.

by sandman, 2/1/2019

Pros: None

Cons: too many to list. my account is a brick.

transferred $25K to my brokerage account with understanding I'd be able to trade listed stocks, no margin next day. Tried placing online trades each of the next 3 days to have the orders rejected for insufficient funds. I try chatting with them and the horsecrap I get back from them is I can't trade until the funds clear because i opened a futures account at the same time. absolute dirt bags. my account is a brick with $25K in the ether and a trade running away from me I really wanted to make.

by M Bruewer, 12/20/2018

Pros: NONE



by Brandon, 10/16/2018

Pros: banking

Cons: everything else

I've been in the industry as an employee of a brokerage firm for nearly 5 years. This is not the place to open a brokerage account, plain and simple. There are far better options out there like Ally Invest or Fidelity. My experience at Schwab has been by far the worst experience I've ever had with a financial firm, banking, investing, etc. It takes days to even get an account approved, when I uploaded my documents (license, etc.) it took 48 business hours for someone from service to even review it.. a few days later, and I HAD TO CALL THEM back to ask what was going on. Turns out, because I'm affiliated with another broker, my account required more paperwork... why didn't they call and just tell me that? Transferring funds from an external account also takes 4 business days... 4 days just to have money approved and deposited for trading. Know what? Ally can essentially do this real-time. Furthermore, there was a promotional offer (cash or trades pending deposit amount) - welp, I didn't qualify for those either because they do it by account, not an aggregate of overall assets. THE ONLY REASON I will stay there is because it is a requirement from my employer, something related to compliance and monitoring of employee accounts. Just take my advice, save your time and open an account somewhere else. Chuck is the last person you want to give your money to.

by Rick, 8/25/2018

Pros: Robo invester

Cons: None yet

I love it so far! One thing I noticed is when the market drops my account drops a lot BUT when the market is up it don’t go up as fast! Lol I’m reading these reviews and it’s hard to believe because I’m a pain in there ass I watch my money and the ETF I’m in and I’m always calling asking questions or doing online chat and never had any issues! Good luck everyone that’s my 2 cents

by jackson, 8/20/2018

Pros: Useless, at best

Cons: all of it

ON line platform is not even up to old soviet era standards. clearly outsourced not just to India, but to India's poorest village. nothing works, if your lucky enough to log in to your account , which requires you to get a PIN *EVERY TIME*, but their PIN system is generally ( System not available) , be prepared for shitty execution and constant time outs.

by Thomas, 7/27/2018

Pros: don't know

Cons: awful website, no email, huge cookies warning popup, send-button not showing on Firefox etc etc

The worst website of a broker I have been to.
1) Their "international" website is full of flaws and errors.
2) If you wish to contact them, the SEND form button is not showing up on Firefox - so you need to start again in a different brower.
3) In all versions, a huge cookies EU popup, very intrusive, way too big, takes up a lot of screen space. The stupid popup needs to be closed each time manually when the page reloads. Sucks awfully.
4) There is a no email listed anywhere!
5) Once you finally manage to submit you request (i.e. form sent) you get this absurd response the next page "thank you for your message. There is an error on the submission. Call 1-.... US number on their european site". What now - form submitted - or form not submittted?
6) On their EU site, you have to call a 0-800 US number which cannot be dialled from abroad.
7) On each page you open, this rubbish popups up "Charles Schwab uses cookies to ensure that you have the best possible experience. By continuing without changing your settings, you are accepting the use of cookies. " Every time.

These guys can't even do a funcional website. Sure you still want to place your funds with them??

by S.K., 6/18/2018

Pros: don't know

Cons: Ridiculous online requirements; annoying on-hold advertisement

I opened new account online and was told I need to go to the branch to verify my identity b/c I opened account from abroad. It was not, I was in US not using any VPN. Also, when you are on-hold on the phone advertisement is really loud and annoying.

by william, 5/16/2018



Charles Schwab offers free ATM fees when traveling abroad. I did travel abroad for a long time and then Schwab notified me that because I was out of the country more than one year, they would cancel my checking account. They do not advertise this on their website when they solicit your business. They use this free service to determine how long you have been out of the country, and then they cancel your account.

by Brian, 4/8/2018

Pros: NONE

Cons: Don't follow any type of security best practices.

Charles Schwab Bank is the WORST financial institution I have ever had to deal with. In early February a number of fraudulent accounts were opened in my name. When I inquired they said they shut them down. About 3 weeks later, I get debit cards for the closed accounts. When I inquire, I specifically ask if there are any account AT ALL open in my name with Charles Schwab, to which they replied NO. Today I get overdraft letters from Charles Schwab bank, for 2 NEW fraudulent accounts that had been opened, in between my first contact, and my contact regarding the debit cards.

This is a HORRID financial institution!

by Tom, 4/5/2018


Cons: The technical support did not help, but blocked our account.

Swab advertise: with them, you can trade from any where, any app. but their new verification code blocked our accounts.

by Robert, 3/26/2018

Pros: None

Cons: Too much to mention

Long story short..I had 50 grand invested into a "Schwab Itelligent Portfolio" on 2 days when the market tanked 1,000 points...on the third day the Market was up 400 points, and I had a gain of 20 cents on 50 grand!...Total rip off!!

by robert, 3/22/2018

Pros: I can't believe anyone would do business with this company

Cons: a big joke

You wouldn't believe what I have to do to get into my account each day just to look at it,Schwab keeps making harder to look at my account, they say it s to protect my account, its that they are having problems to protect people's accounts, and no help from Schwab.

by rc, 3/22/2018

Pros: if you can get to your account it is relatively easy to trade

Cons: since they had bots and cookies it is difficult to get access to ones account

The "verification" is an utter snafu.

by Jim Skinner, 2/14/2018

Pros: None

Cons: Lazy Take your money and disappear

Worthless,no contact after account is set up. They are BAD at investing. I am a retired tradesman and am better at investing than they are .SAD. If you want to piss your money away let them handle it.

by Jim Menown, 2/13/2018



Resubmitted to reflect two stars as my original rating was incorrect by default..

by Jim Menown, 2/13/2018

Pros: If you have a good FC, keep him

Cons: If you have a bad FC, you are stuck

I have been a Schwab customer for almost 40years. I have three accounts with $2M invested. Last fall I ran into a problem (my first) with my financial consultant (FC). I was surprised to learn that I was not able to find or change my FC to one I liked. What completely surprised me was the Kansas City Schwab branch manager, Dan Berman, refused to meet with me to discuss the matter.

If you have an issue in KC, don’t expect any help.

by Kendall, 2/10/2018

Pros: Easy to use site.

Cons: Abhorrent customer service

I changed employers and opted to receive a distribution in lieu of a rollover. It has been well over two weeks, three separate employees of theirs at their "call center" (who could barely speak English; I'm stunned if their center is US based) have given bad information. Absolutely NOTHING was done to rectify my issue. They can't even expedite the process (which is supposed to be 3-5 business days). This means that when THEY screw up, YOU have to wait the full amount of time to find out that they screwed up again. It's a pretty good hustle when you can take people's money and not distribute it back when required under the terms of use/contract. I wouldn't use this firm to invest in a lemonade stand.

by Colin Beattie, 2/9/2018



The level of incompetence is unparalleled.

by Cathy, 1/23/2018


Cons: System Performance

The trading system is very, very slow in providing feedback especially at the market open. It normally takes 20+ minutes to receive notifications on their mobile app after a trade and it also takes 5-10 minutes to show up in the transaction log online although it shows as a completed transaction.

by Rich, 1/23/2018

Pros: None

Cons: Margin requirements

They have very conservative margin requirements and I have found that it is almost impossible to trade options, especially naked puts, with them. I am currently transferring all of my accounts because of this. For example, I currently have $31K worth of naked puts with all contracts 10-30% out of the money (most are 20-25%) and they require $451K of margin to cover these puts. If you are an options trader, I would definitely look at other brokerage firms.

Also, they have a high number of stocks that are not marginable like IPCT.

by Betty Schwartz, 1/20/2018

Pros: Price

Cons: Customer Service, or lack thereof

I get put on hold time after time. They seem like they don't know what they are doing. And they like to lecture a customer when she has her account locked because of not receiving the access code by text from them. I don't have the time for them to put me on hold and then disappear.

by Alan Ford, 1/11/2018

Pros: none

Cons: Charles Schwab discriminates against poor and disabled

STAY AWAY FROM SCHWAB ask me WHY. They suck you in taking your money then screw you when you find a good buy by telling you hey you have bad credit you cant trade with us anymore... I have been sick for 2 years after becoming disabled. No income since Jan 2016 and my credit took a beating because of this so SCHWAB accepts $6000.00 deposit which I invested than when one of the stocks started tanking I went to buy kodak yesterday when announced they were blockchaining and schwab blocked my chain by telling me i cant make trades anymore. I would have made a quick killing yesterday. Instead, I am out $1400.00.. because of my disability and loss of income schwab decided after letting me trade that now that I am disabled and credit took a hit I'm not good enough for their company. Wow didn't have much to invest but talk about THE BIG FINANCIAL COMPANY SCHWAB AFRAID OF ME and my $6000.00 in investments because of my disability bringing my credit down. They don't CARE THE COMPUTER TELLS THEM TO SCREW THIS LITTLE WORTHLESS INVESTOR and instead of using common sense these nitwits obey the computer's commands. God forbid someone uses COMMON SENSE anymore.

by Youshalldie, 10/28/2017

Pros: Easy trade

Cons: Charts

For negative reviewers, you shall stop trading and shoot yourself for good. Basically all 1 star reviews under every company ,TD , IB , eoptions etc. Go hold your bag in hell.

by WJ, 10/26/2017

Pros: Wide selection of investment options

Cons: Lack of integrity in serving clients. The client advocacy team is established to keep complaints from becoming formalized.

They are heavy on marketing their services to attract clients financial assets. I began consolidating my various accounts to Schwab as they promote you do and discovered that they have discretionary authority to cancel trades, remove securities from accounts without authorization, etc. When you file a complaint the client advocacy team attempts to explain everything away over the phone and refuse to provide written documentation of any wrong doing. I recommend moving any accounts you have at Schwab ASAP.

by Pat Graham, 10/23/2017



October 2017 Long wait time for chat; break-down in Internet access to my account--repeatedly; really bad for a company that I've done business with for more than 20 years. I'm exploring other options.

by vance muncy, 7/5/2017

Pros: 4.95 and nice people

Cons: bad and I do mean bad technical support, Terribly long waits for the bogus technical support

15 min waits for technical support only to have guy come on and say 'we are still on hold with the help center mr muncy'. it appears this company has blatant disregard for their customers time energy and ruining what has been a great day. When you have over $700,000 which is all we have with a company you expect them to be responsive and they aren't.

by Elaine, 1/27/2016



I discovered that there are 200 shares of Apple stock missing from my statement. I am positive that I should have 800 shares however my statement only shows 600 shares. This is a ridiculous situation and it may be happening to other folks who don't happen to catch it. I tried calling the customer service rep and they asked for my secret password. I have never set this up and do not know what it is. So they could not help me. It may be that they asked me some question like "what is your first dog's name?" a while ago but since they did not ask me the question, how am I supposed to answer it? Also, do not use their private wealth service. It is expensive and not worth it. I ended up cancelling it. The advice that they gave me was lame.


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Leading U.S. Brokerage Review Websites About Charles Schwab

"Charles Schwab is one of the five largest brokerage houses in the United States and it has been in business for over 45 years. The firm offers a rich selection of investing products, though futures and forex trading is not provided.

Schwab does not have account maintenance and inactivity fees. There are no surcharges for large orders, penny stocks, or after-hours trading. Having an option of opening a checking account with brokerage firm is always nice, and the company does offer top-notch customer service. "

"Charles Schwab provides a variety of investments suitable for traders and investors. Trade commissions are competitive, albeit higher than some services, including the broker-assisted fee. The online platform contains good trading tools, and you can access your account and place trades from the most popular mobile devices. Charles Schwab has a well-established and trusted name, and the service it provides is solid, but some of its fees make it a less desirable service than the best online brokers."

TopTen Reviews

"By boasting the highest customer satisfaction ratings in the industry alongside 24-hour customer support, it's evident that Charles Schwab has a clear and steady focus on their clients. With a flexible platform made up of powerful trading tools, Schwab excels in most areas, although new traders won't have the luxury of trying any of these tools unless an initial deposit is made."


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Charles Schwab Account

  • Stocks & ETFs: $0
  • Options: $0.65 per contract
  • Mutual Funds: $49.95 to buy, $0 to sell
Minimum to open: $0 for a cash account.
$1,000 is minimum deposit is required to open a new brokerage account at the broker. The minimum is waived if you open a Schwab One brokerage account with Schwab Bank Investor Checking™, or if you establish a monthly transfer of at least $100 to your Schwab One account through either direct deposit or Schwab MoneyLink®.

Charles Schwab is among the five brokerage firms that received a 4-star rating in Barron's broker survey in 2020. The broker got the fourth highest total score number, moving up from 8th place.

Disclaimer: Your review, broker rating, pros and complaints information must be honest. Please use respectful and professional language. Consumer reviews could be edited by the website staff to keep free of inappropriate or offensive language, false information, speculations, or to remove spam. We reserve the right to delete any brokerage customer reviews that don't meet above requirements.