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Charles Schwab customer reviews 2018: complaints, feedback from clients, pros and cons. Is it safe to invest?


Charles Schwab Review

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Charles Schwab Account

  • Stocks & ETFs: $4.95
  • Options: $4.95 + $0.65 per contract
  • Mutual Funds: $76 to buy, $0 to sell
Minimum to open: $1,000 for a cash account.

$1,000 is minimum deposit to open a new brokerage account. 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 six Barron's brokerage firms, which receive a 4-star rating this year. Charles Schwab comes in 8th place by the total score number, moving up from 11th place.

 

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Charles Schwab Customer Reviews

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

Pros:

Cons:

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

Pros:

Cons:

The level of incompetence is unparalleled.

by Cathy, 1/23/2018

Pros:

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

Pros:

Cons:

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

Pros:

Cons:

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.

by Rich, 5/6/2015

Pros:

Cons:

I noticed today, May 6, 2015, that the volume figures being reported are not accurate. The Schwab numbers were compared to a Bloomberg system down the hall and for some stocks the Schwab volumes were highly inflated. A call to technical support passed the blame on to a third party vendor feed. TechSuppot did not care that the system was reporting improper numbers. When I asked how I could verify the accuracy of the bid and ask prices I was told to compare the prices to an online stock quoting website. I also felt that there was no sense of urgency to fix the problem. I no longer have confidence in the reliability of the data reported on their systems.

by Handel, 4/13/2015

Pros:

Cons:

I love Schwab. I am a struggling working person with only tiny regular amounts to invest. Every time I call, I am treated as though I have six figures sitting in Schwab's accounts earning them large fee income. They always take the time to answer any questions I have. In contrast, TROW and Fidelity reps have both told me I am not worth even opening an account for, (yes, in so many words and in TROW's case, literally). Last year, I lost my job and had to relocate to help care for my parents, who are elderly. A financial emergency forced me to withdraw money from my IRA. The guy I spoke to acted like I was his brother who was in trouble. Schwab waived all the fees that could have applied to the withdraw, and I had the money the next day. $100 to open any of their funds. People to talk to who really care. I will be staying with Schwab.

by Neil YEAKEL, 5/7/2014

Pros:

Cons:

I WISH TO MAKE A RATING ABOUT SCHWAB. WE HAVE BEEN A SCHWAB CUSTOMER FORABOUT 20 YRS. THIS OUTFIT WAS FINE AT THE BEGINNING. FOR THE LAST 5+ YEARS WE HAVE NOTHING BUT TROUBLE WITH THERE INTERNET SITE. WE CANNOT RESEARCH ANYTHING. SCHWAB KEEPS FORWARDING OUR PROBLEM TO TECH WHICH KEEPS TELLING US OUR COMPUTER IS AT FAULT. WE HAVE TO USE DIALUP BUT OTHER SITES ARE FINE. WHEN WE SIGN IN TO SCHWAB WE GET THIS BIG CIRCLE GOING AND AFTER ABOUT 15MIN WE ARE TIMED OUT. I WOULD NOT ADVISE ANY PERSON WHICH HAS TO USE DIALUP TO DO SCHWAB-THERE MB ON PAGES ARE TOO LARGE.




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."

Reviews

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Charles Schwab reviewed by former and current clients. Charles Schwab customer reviews: 17. Rating: 2.