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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 David L, 1/26/2022

Pros: None

Cons: Terrible customer service

Used their website to open a new online account. Even stopped by their local office to deposit a check to fund the online account. Then, they blocked access to my online account.

That was 5 days ago. I have call every day to resolve the issue. Same run-around every day I call in.

My recommendation, choose another online broker. The customer service at Schwab is sub-par.

by Suzanne, 12/31/2021

Pros: low commissions, allegedly (brokerage firms notorious for hiding fees)

Cons: Too hard to get help

Schwab doesn't help you they just torture people with Passive Agressive Customer Service - 1st, you call the phone # & the obnoxious robo voice starts mapping your voice - a major (& creepy) violation of privacy we never agreed to (and an adhesion agreement with vague boiler plate language doesn't count). Then Chat tells you they won't help you, they're only for new customers (not even labeled that way, you have to waste your time getting on it to find this out) & refers you back to the customer "service" line you just complained about. And, I only needed help because I put in a sell order for their mutual fund that didn't execute (ultimately it went the following day). When I used their "Message Center", it emailed me the next day saying there was a response, but there was nothing, not even a way to re-send a message - only an Upload Document function. A real F-U to the customer.

by Ed Wisniewski, 12/29/2021

Pros:

Cons:

Mobile site lacks timely bid-ask details on OTC pinx sheet stocks.

SEC should consider LARGE FINES or mandate reimbursements when a timely market price is SUDDENLY UNAVAILABLE.

Recommend to AVOID SCHWAB until they address recent online login problems as well as inaccurate pricing on trading. Login difficult surged. New passwords not recognized. I/T dept either asleep, fired, on vacation or no longer exists.

by Jack Schmelter, 11/6/2021

Pros: Great security features, easy trade interfaces, simple and fast!

Cons: Mobile Trading works, but could definitely be better

There's not a lot to say, especially if they end up bringing TD's trading platforms to their platform. Multiple interface options, multiple options, and great security. Reading the bad ratings here is a bit of a joke, I guess enhanced security and MFA is difficult for some folks.

by JCMH WORKPLACE, 10/23/2021

Pros:

Cons:

No more report updates on your account. All of a sudden, you won't be able to access your account., unless YOU, contact them. 200, 000.00 down the tubes.

by LCR, 10/14/2021

Pros: cheap

Cons: unreliable, confusing interface, slow

Trades for the most part are cheap, outside of options, but every interface they have is unreasonably obtuse. Attempted to transfer out shares to a transfer agent via DRS and the time table for completion keeps getting pushed back further every day. The shares in question should have settled weeks ago, so I have no idea why it is taking them so long to transfer. This situation gives the appearance that the "shares" in my account are nothing more than "IOUs." Definitely not happy. Investor beware.

by Karl, 10/14/2021

Pros: Decent mobile app

Cons: Terrible service, PFOF

As a broker, their reliance on payment for order flow makes it clear that those of us who hold brokerage accounts are users, not customers, and their commitment is to those who pay them for our orders, not us. That’s further exemplified by the atrocious service I’ve received every time I’ve had to interact with anyone at Schwab. They treat me like I’m the “dumb money” they clearly believe I am. I have decided to leave the brokerage completely for greener pastures with fidelity where I’ve received nothing but excellent service.

by Excuses Not Pay PROMO, 9/2/2021

Pros: Nice graphs

Cons: Won’t pay Schwab PROMO after deposit

Invested over 100k with Schwab PROMO code, branch and 800 cust support make nonsense excuses each week not to pay my $500 reward, no one there will fix error! Stop having PROMOs if you have no intention of paying customer. Someone needs to contacts state attorney general fraud unit… Google searched: I am not only one screwed out of Schwab PROMO.

by Aubrey Halverson, 8/30/2021

Pros:

Cons: Lack of follow through - doesn't care

I spoke to Matthew Jones out of the Charlotte, NC office regarding moving my mom's accounts over to Schwab from another financial institution. He said all of the things you want to hear. I called him a few days later to let him know we would be moving her accounts over. He never called to say thank you, and never even called or made an attempt to contact us to let us know of next steps. I called his office to follow up and was told he was busy, he would contact me, etc. He never did. The customer service was terrible, even at the managerial level, which this was escalated to. Don't trust Schwab (especially this office) with your financial future.

by Mary, 7/21/2021

Pros: None!

Cons: Untrustworthy, does not give good advice, does not look at for the clients best interest

Charles Schwab is a company who makes a lot of money off of ignorant investors. I would never let my family use this company or recommend them. I used to work for them for years and they made us push products that were “suitable and good enough” for their clients. In all the years I work for them, they never got to know the clients to act in their best interest. How can a company or financial advisor recommend a product after 20 minutes of getting to know you? It takes hours of getting to know someone before a financial planner could possibly act in their best interest. Do yourself and your future heirs a favor and stay away from Charles Schwab. Find a fiduciary financial planner who is has the knowledge and background to act in your best interest and who will take the time to get to know you and your family. It will save you a major headache in the future and your kids and grandkids will be grateful one day! If you are currently working with Charles Schwab the best advice I can give you is run…. Don’t walk away, RUN!

by Michelle, 7/21/2021

Pros:

Cons:

My husband passed away and Charles Schwab useless and created so many issues. We had over $1,000,000 with them and they put me on hold for hours and said they would send me forms to sign, which they did not. When I needed them they most they would not return calls and did not come through for my son and me. Our assets ended up going to probate and became a major tax problem years later because of their lack of communication. I would not recommend them to anyone. They do not know what they are doing and their customer service is horrible. Please do yourself a favor and stay as far away from this company as possible. They only want your money and when you need them the most they do not come through. My husband handled all the finances and looking back now we should have had a financial planner helping us because my situation with Charles Schwab and other companies has not been a complete mess. Please take my advice as widow, and find a younger financial advisor you can trust and who the most schooling and background and knows what they are doing. Find someone who will give you all the time you deserve and not just 5 minutes over the phone to send you forms to sign. Find an advisor who will be there and explain things when you need them them the most. It is better to find this person ten years too early than one day too late.

by Anonymous, 7/9/2021

Pros: none

Cons: They lie and manipulate.

Go somewhere else.

by Freddy, 4/15/2021

Pros: None

Cons: Refused to return my money.

I have been trying to get my money back since January 2021. They blocked my account after I funded account it. They said I had derogatory information on my Equifax and I would have to close my cash management and my brokerage account. I requested my money and they agreed to send it back. They never sent it! I called today to ask for it. They still didn’t release my money three months later. They are becoming as disliked as Bank of America or Wells Fargo. I have given up on Charles Schwab!

by Soon2BExClient, 3/11/2021

Pros: Zip

Cons: How much time do you have?

If you want excuses, this is the right brokerage for you! There is no shortage of excuses with these amateurs.
Really getting ridiculous with their supposed non-stop customer disservice call volumes.
Forget Streetsmart Edge. One never knows when they can get on or when it will simply go tits-up and punt you off.

by Dukey, 1/28/2021

Pros: Nice trading platform

Cons: Horrible customer service

Unable to trade stocks today, 01.28.2021. "We are experiencing technical difficulties, please try you call again later" I get. This has been going on for days. I need to make trades, but I am unable to use either of their two trading platforms.
They SUCK!

by Skchuck, 1/27/2021

Pros: None

Cons: Horrible technical knowledge

I called yesterday they had a huge problem with their charles Schwab bank balances all my accounts said zero money. I thought I had been hacked . I then went online an saw many people having the same issue so I knew it was system wide . I called amd got a rep on the phone as I could not use bill pay on my iPhone worked fine on my iPad. He told me the problem had been fixed he didn’t even listen to my issue I asked for a manager and told him about the problem and to fix it and hug up. Six hours later still same problem still getting told problem was fixed I escalted to their ridiculous useless account vip team she passed me onto a help desk rep a complete moron who had me install the app check my wireless etc using some sort of checklist . I told him this was a big bottom lone 3 hours of phone calls later it was a bug and only the Bill pay people knew about it . It had not been communicated throughout the company. Then I ally I give these fold a negative 20 a negative 50 for crap customer service and a negative 100 for overall experience . This company needs or have regulators go in and clean up this mess .

by dl, 1/22/2021

Pros: better price improvement than Robinhood

Cons: too aggressive in restricting accounts

Pattern day trading rules require an account to be restricted for 90 days unless the account maintains $25,000. Schwab restricts the account indefinitely and allows a one time exception the first time someone is coded as a pattern day trader. If the account is coded again, Schwab informed me that it may (but no guarantees) remove the flag every two years as long as not a single day trade is executed in that timeframe. It also asserted that it used to only allow one exception per lifetime.

Out of fear of being shut out for life, I did not take profits or cut losses short. This cost me over $15,000, and Schwab does not care. I am closing my accounts with this selfish company.

FINRA rules say 90 days. Stop being selfish and making it infinity. Every two years is not necessary. Avoid! They just want to keep poor traders poor!

by Mark Miles, 1/5/2021

Pros: None

Cons: No customer service, unable to remove money from account.

Been with Schwab for 25+ years, I have 3 different clients that I work accounts for, I needed to remove funds from one account, this is impossible to do in any way, you can not talk to anyone via phone, the customer service is none existent, Monday I was hanging on the phone for 2 hours and again for 1 hour after markets shut, there is not anyone picking up the phones to help you, today i got stuck in a trade as it would not cancel in a fast moving trade, I tried to call Schwab to cancel the trade in an emergency, they are not taking calls in any way no matter what the problem is, my advice is to anyone thinking of going with this broker is to keep walking they are not worth the risk and will not help you if you get stuck in a trade. They hold your money, and you have no way of getting that money, this is the worst I have ever seen this company, I will be removing my accounts and finding a better broker who will help and have a customer service.

by Sammy, 12/30/2020

Pros: Charles Schwab sounds like a big brokerage firm

Cons: Customer service is appalling/ horrible / sucks/ abysmal

My account was migrated from USAA when they chickened out of their brokerage services. Setting up my account was very painful every step of the way. Correcting address, phone numbers for two step verification, beneficiaries power of attorney etc. I am shock at how they can get away with their substandard service. No consistency in answers, sending inaccurate answers, wait times on phone call ( dropped call after 40 minutes wait. WTF!) . Unknowledgeable customer representatives. You wait for AT LEAST 25 MINUITES to get some entry level representative who has to call another department for every question you have, and that is at least another 25 MINUTES wait time if your call does not get dropped. I can go on and on on how they suck but you get the picture. Oh and, and i have a little over 1 M of portfolio that I am trying to manage thru their brokerage. I am trying hard to say something nice, but my overall experience is nothing but horrible! I got all of my asset transfer request initiated. hopping this would be my last interaction with Charles "SUCKS" Schwab! I find it hard to believe all the 5 star reviews. Must be their PR department attempting to do some damage control. And they cant even do a decent job at that either.

by john, 12/22/2020

Pros: none

Cons: all

USAA transfer/buy out was a complete failure.
Brokerage account transfered but after several months, the IRA track down procedure has been left up to me!
Charles Schwabb has no record of it, USAA says they transferred it to Charles Schwabb, Charles Schwabb says they don't have it.

Charles Schwab online website has the quality of a 1st year website designer

Great work all...wonderful...let the customer research what happened to their account.

by JAMES KELLER, 12/15/2020

Pros: NEED CLASS ACTION LAWSUIT AGAINST SCHWAB

Cons: NEED CLASS ACTION LAWSUIT AGAINST SCHWAB

NEED ATTORNEY TO START A CLASS ACTION LAWSUIT AGAINST CHARLES SCHWAB. BETWEEN THE DELAYS; LACK OF CUSTOMER SERVICE RESPONSE AND THE ACCOUNT ERRORS---SOMEBODY NEEDS TO PUT THEM IN THERE PLACE.

THERE HAS TO BE THOUSANDS OF TRADERS THAT ARE/HAVE LOST MONEY DUE TO THERE IGNORANCE AND ARROGANCE.

by Garrett Mathews, 12/14/2020

Pros: NONE

Cons: So So Many

They are forever having system brake-downs. I have had enough of there customer service. They don't stand behind there company. Everyone of there customer service reps are morons. IT'S TIME TO SWITCH TO SOMEONE ELSE. Anybody is better then they are.

by Jeff M, 12/14/2020

Pros: There are none

Cons: Can never get anyone on the phone; system problems always

Looking to cancel my accounts with Schwab. They suck ! They always are having technical problems which prevents you from trading. IPO's sometimes don't get added till after the first day of trading--you miss out. The typical hold time is always over 45 min. Then, you wait another 30 min when they transfer your call to whatever department. When you trade--especially in the morning--its usually takes 15 to 20 min for Street Edge trading platform to show what you paid for the stock and for it to appear under holding (they can't handle the volume). Typically, you have to wait till late Feb to you receive your K-1. That puts you behind on getting your taxes done. Most importantly, when there system goes down, and you can't trade a stock--they WILL NOT STAND BEHIND YOU. Even if you are losing money--because of there problem. Just be aware.

Right now, I have been on the phone for 54 min. and still no one has connected to the call--just a recording. Do yourself a favor--look elsewhere.

by Linda, 11/23/2020

Pros: None

Cons: STOLE MY MONEY because on November 9th when the market rocketed I was unable to log on or call Schwab to sell my stocks for 3 hours

November 9th when the market rocketed I was unable to log on or call Schwab to sell my stocks for 3 hours and by that time I had lost a lot of money because the market had pulled back already.

I was assured by the following employees I would get my money back and that Schwab had a record of my attempted calls & log ins. They immediately credited me $250.00 and ask I call back in a few days.
I called back and they asked I call back in one week. I called back in one week and they asked me to call in two weeks..... I was pissed now so I called today 11/23/2020. Spoke to Mark Lynsey and he did lots of lying for sure.
Mark angrily told me I was getting nothing from Schwab because they had "nothing to prove I had called or attempted to log in", contrary to previous calls which indicated I would be credited.
He was an absolute asshole too which was surprising in that he was so nice weeks before. I closed my account, told him I thought Schwab was as crooked as it has been 35 years ago and still is, and he told me that Schwab was not corrupt but that bull crap, they suck.
I'm waiting for my money from my closed account now and will never use another company until I investigate them very carefully..........VERY.
I will be filing complaints with FCC and FINRA immediately which may or may not do shit. IF THERE IS A CLASS ACTION LAWSUIT FILED PLEASE CONTACT ME BECAUSE I WOULD GREATLY ENJOY BEING A PART OF THIS.
chewie10@suddenlink.net

Below is an accounting of who I spoke to and when.

Andrew – Indianapolis
Broker: Jake reviewing requests because they are so many….2 weeks mark.
FCC and FINRA
97,000 people were locked out of the system so Schwab is resolving these issues. Wait until Monday for a credit and if not call them back on the 23 rd day before Thanksgiving.

11/23/2020 – Ryan Indianapolis. Passed me along to supervisor. Still waiting 12 minutes.
Last week spoke to Mark spoke on the 9th. Mark will call me back shortly stated Ryan.
Mark Linsley

by George, 11/18/2020

Pros: None

Cons: Lots

And the worse brokerage award goes to Charles Schwab!

by M. Burns, 10/17/2020

Pros:

Cons: Option quote accuracy is poor

Overall customer experience continues to worsen. Every attempt at upgrading the trading experience ends up being a fiasco. On 10/17, customer accounts were inaccurate as option settlements were completely botched. Option assignments weren't processed until noontime Saturday but unfortunately, the original option contract remained outstanding resulting in inaccurate account positions. Schwab indicated that between Sunday night and Monday morning they hoped to have the account positions accurate. Schwab is becoming Citigroup...Too Big to Manage!

by Andrew, 9/24/2020

Pros: Nothing

Cons: Everything

Issues with Schwab:

- As the big fish player, having zero innovation or merit themselves, Schwab buy up smaller yet much better companies (optionsXpress and also now TD Ameritrade) and then bastardise, ruin or phase out those once good products, all the while adopting the once happy customers of those companies into the terrible nightmare scenario that is being a customer of Charles Schwab. Many people never signed up to be a Schwab customer, it was forced upon them.

This ‘ivory tower’ company is living in the stone ages when it comes to actually providing basic quality brokerage and customer service, all they do is buy up everything worthwhile and then proceed to piss on it, never improving upon what they bought.

- Order execution, risk management and stop loss functionality is severely, questionably and dangerously lacking compared to other platforms. Don’t think they have your best interests at heart when it comes to proper trade execution and risk management.

- API functionality for smarter trade execution and management completely nonexistent.

- Schwab charges wire fees to withdraw one’s OWN money from the account. Ridiculous.

- Account $ information may as well be written in some foreign language as they make it so obscure that you essentially have to go through several manual steps and use a calculator to figure our whether you lost or made money on a trade, or how much money in dollars and cents was transacted. What should be basic simple to understand and read information (P&L on trades) requires much effort to figure out, not to mention some information takes days to populate into some pdf only accessible through the website which is also not written or presented in a straightforward simple way, very obscure. They don’t email basic $ information on trade execution, they just send a notification some days later that you can login and view a PDF on the website. Basic $ P&L trade information is never easy to find with Schwab and this also includes finding their brokerage fees and how much you paid THEM. The message with Schwab is loud and clear, don’t make it simple for customers to determine how much they are losing, making and PAYING on trades, make this process unnecessarily cumbersome, manual and multilayered.

- Website and app crashes regularly especially during market volatility, the times you need reliability most. VERY costly when you have REAL money on the line.

- There is no simple chat functionality in the app or website. Access to customer service is not at all straightforward or intuitive. You must go into an obscure and non-intuitive ‘message centre’ part of the website where in order to write a message you need to click ‘upload file’ .... what? Also don’t expect a reply back for at least three days.

- I could go on writing about all the problems with Schwab for days but don’t have the time. Honestly the regulator seriously needs to step in and tell this huge market player to get their act together because a lot of good people are LOSING money simply due to poor quality brokerage.

by ReddBull1, 8/26/2020

Pros: cheap to use

Cons: It's online platform userbility sucks.

Its online platform is designed to make you more stress than money. A aplication designed to gaslamp all your cash and all investments over time. They harbor conditions in thier favor, not yours. It a old trade model with a spiff new wax job.

by jerry, 8/6/2020

Pros:

Cons: streetsmart

Being an experienced trader and using their smartstreet application has been a terrible experience. Slow, slow, slow. Yesterday, was wanting to get out of a position and their online platform kept crashing and unable to get quotes or place trades. Please be careful when choosing an investment firm. The manager told me I should call to place a trade. So, I guess the market will wait for you as your holding online for 10+ minutes to execute a transaction.

by szshen, 6/9/2020

Pros:

Cons: Increasingly slow and weighed down by pointless features

The app has grown increasingly slow over the last few updates, to the point that each action within executing a trade (looking up a ticker, choosing buy/sell, choosing a limit price, reviewing the order, submitting) takes several seconds. This defeats the whole purpose of a mobile app from the brokerage side if it often takes over a minute to execute just one trade! If I am a long-term investor, I can wait to check my portfolio on a computer. If I am a trader, the mobile app is too slow. Who is this app for, then?

Similarly, can a developer please explain the use of the “device watchlist”? It cannot be deleted or turned off, is only stored on the device, and is always shown by default when opening Watchlists. Are there serious investors or traders who have a watchlist they only look at on their phones? Schwab obviously has data I don’t, but why can’t we choose our own default watchlists? It would contain all of the current functionality but not create this UI friction.

by KKKrules6969, 6/8/2020

Pros: Lots of tools, very convenient, great cust. service

Cons:

My first investment account was with Fidelity and they banned me for life for a simple mishap of transferring $ I didn’t have from a savings account instead of the checking account it was meant to come from. I then chose Schwab and they’ve been excellent. Useful tools, they always hit my limit orders that I set for me, and great customer service. I purchased an international stock once and was charged a $50 fee and was unaware of it and they waved it for me.

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 SchnitzelMesiter, 5/20/2020

Pros: Not a Review Person but Schwab is A+

Cons:

Schwab is really amazing. I discovered them doing some research as to what card to take for international travels. They don’t charge any ATM withdrawal fees (they actually refund any third party fees too) and no currency conversion fees. On top of that they don’t have any of the hidden snags I’ve run into like charges for dropping below a certain amount of money in a checking account.

When my card got stolen and used for fraudulent purchases they provided excellent service and I was refunded in a short time. I really considered sending them a thank you letter. Maybe this is better. Keep up the great work

by Rob Longhini Jr, 5/14/2020

Pros:

Cons: Fails on the basics

As much as I might be completely happy with Schwab and my account, the app gets an F in my book. In fact so bad, I wish I had experimented with it before opening an account and trading. Let’s try something VERY basic for a portfolio account... how about we sort holdings based on gained/lost for today by % or $. Ummm nope. How about we sort my portfolio to look at gain/loss totals by % or $ (overall performance since purchased). I launch my fidelity and E*TRADE apps constantly throughout the day to check on performance today, as well as overall performance since bought, and while I also take advantage of alerts, I want to see real-time how positions are performing and sorting by performance is probably the most basic feature I would assume is offered in the mobile app.... but it’s not unfortunately.

by bdy1964, 4/30/2020

Pros: The best!

Cons:

I have learned last night that I could deposit directly to Schwab Bank or my Schwab Brokerage account using the Schwab Mobile app. Now, instead of depositing a check to a third party financial institution and using “moneylink" to transfer the funds — a 5 day delay before funds are available, I can deposit checks DIRECTLY to my Schwab Bank OR brokerage account. The more I learn about Schwab Bank, the more I realize that Schwab Bank is the best online banking app there is.

by Chrisjohnjarvisridiculous, 3/30/2020

Pros:

Cons: Figures Are Not Accurate

The day change and possibly several other figures on the app are not accurate! I called Schwab on it and they confirmed it!! It was showing I had a day change of ~$800 whereas the actual change was only roughly $400! This prompted me to make more changes than I normally would have but in another scenario could possibly put you into a position where you think you are gaining but you are actually losing money! It definitely affects how you feel about buying or selling stock and therefore, with inaccurate figures could cause a loss of money you weren’t expecting because Schwab was not up front with the user on the problem. I even called a broker from Schwab who confirmed this anomaly and was also frustrated with it admitting that Schwab has known about it for a long time!! Because of this issue, he said many brokers at Schwab use the website instead of the app. Therefore, this app is unacceptable and a 1 star rating until they get it fixed. I will say that all of the brokers I have talked to over the phone have been super kind and helpful so I think Schwab is a decent company, but don’t get yourself into trouble using this app!

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 Bleedz, 2/17/2020

Pros: Best for Banking and Best for Brokerage

Cons:

I can not stress enough how impressive Charles Schwab has been in every way, and I have been with many different banks. When I inherited my brokerage account, everyone at Schwab treated me like family right away. Anytime I had a question or wanted to do something over the phone, the customer service was always outstanding. I do believe they lead the trading industry, because when Chuck started it, he did it for the people, not for himself. I believe they have the perfect balance of traditional face to face or over the phone service along with the leading technology for online trading. When they informed me they did checking accounts also, I immediately switched them to my main banking institution. Best financial decision I’ve ever made. With their fewer branches than most banks, they compensate greatly with their online services. Check deposits are posted to your account sometimes within minutes! I’m not one to write reviews for companies at all, but after all the trouble I’ve been through with my other banks, Charles Schwab really deserves a 5 out of 5. I can’t say I have ever had a bad experience with them! A++++

by E Steven McC, 2/7/2020

Pros:

Cons: New to Charles, not impressed so far!

I deposited my initial funds a few days ago and today it finally shows the money I added to the acct. I’ve tried to invest in a few different products and keep getting different warning messages depending on what I’m trying to purchase.

It either shows the quantity is wrong or I have insufficient funds or a mixture of both. I’m not a novice investor and have accounts through other brokerages and have been able to invest right away.

Never in my life have I had to wait so long or have had issues like this. I’ll give it another day to see if the system catches up with my deposit showing available or go elsewhere.

by StreamFella, 1/21/2020

Pros:

Cons: Terrible for trading stocks

The big banks should learn from Robinhood.. traders want a simple clear well designed mobile app for trading. With this app i have to toggle between three or for pages just to see what my average cost per share, the current price, how many shares i currently have, then another two pages to see the stock’s past performance. Then you have to hope the price is accurate and current after going through all of that. With Robinhood everything is right in front of you. I don’t understand why a brokerage would put its clients in such a disadvantage with such a terrible app. Improve or get left behind by Robinhood and other fin tech companies.

by Jen, 12/5/2019

Pros:

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

Cons: BONDS ARE NOT ACCURATLY PRICE IN YOUR ACCOUNT

BONDS IN MY ACCOUNT ARE ALWAYS PRICED FOR MORE THEN I CAN SELL THEM FOR. EVEN AFTER THEY ARE QUOTED THEY REFUSE TO DISPLAY THE CORRECT PRICES. THIS FORCES ME TO WITHDRAW MORE THAN REQUIRED EACH YEAR FROM MY IRA AND PAY EXTRA TAXES. HOW HAS THIS COMPANY NOT BE SUED.

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

Pros:

Cons:

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

Pros:

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.



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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. "

Brokerage-Review.com

"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 2022. The broker got the fourth highest total score number, moving up from 8th place.

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