I decided to write a review to counter the poor scores written on this site. Most people are inclined to write a bad review than a positive one anyway. My experience with this bank has been top notch. They detected fraud and contacted me, they reimburse ATM fees that I was charged by OTHER institutions. Customer service is local also. Not sure how these other dunces of reviewers could mess up something as simple banking. You put money in, and you take it out when needed. Adding and subtracting. Not rocket science. Cannot figure that out? Maybe you should not have a bank account. Did I mentioned that this bank offers FREE checking with no requirements? Or that the checking account is subject to APY? That is something not even your oh so spectacular credit union might do!
Charles Schwab allowed the fraudulent reporting of a illegal account to leave a single mother of five with a debt from the IRS totalling to date 2.8 million dollars. Despite receiving a Court Order to transfer and reproduce paperwork to correct the illegal reporting and transfer the account to the felon known by them, and despite acknowledging that all signatures on the account documentation were forged, Schwab still refuses to comply in an ethical and moral manner. Schwab has been in receipt of the documents to prove my innocence since 2001 yet they concealed account documentation until 2013.
Being a long time Schwab customer, I have had several bad experiences with Schwab Bank.
The most recent was Schwab/Quicken's failure to honor a check written against my Home Equity Line of Credit.
Not wanting to use my Schwab RMD, I used my Line of Credit to pay my Town Taxes.
AFTER the deadline for the taxes, I received a letter stating the the check was not honored due to "ACCOUNT CLOSED FOR DRAWS", in other words the account was closed! No notification was ever received.
What a way to treat a long time customer, never missed a payment, at the very least a phone call would have been nice, instead of causing me a late payment penalty, not to mention how it is going to effect my credit.
Haven't really been able to do much banking. They have been unable to deliver my debit card, basically the first task of a bank in this age. Granted I am located in a foreign country, but come on, mail is mail. When the first card returned to them, don't you think they would have noticed it and contacted me? No. Silence. Could they give me a tracking number through their message system or by email? No. Or maybe yes? Did they? No, of course not. What would it cost to send it to me? Some said 15 dollars, others didn't know. Apparently they just don't do mail. When you send them a lengthy, detailed message with a hand-written letter of authorization do they take 10 seconds to respond? No, an automated message leaves you guessing. If you ask 10 Schwab employees just as many questions, how many different answers will you receive? Do you really want to find out?
I tried to verify my account over the phone, and I had all forms of ID available for verification. I had my Drivers License, DOB, Social Security, Amount in my account. But apparently "it wasn't good enough for verification". I was transferred from branch to branch across the country to help me. And I was lucky if they picked up the phone. Horrible customer service.