I had a copy of a check I needed to deposit (original was destroyed) in my Schwab account but the local branch manager (West Portal Branch in San Francisco) refused to accept it. Telling me it was not "standard" even though the copy is as legal as making a deposit through your smart phone where you take a picture (create a copy) to deposit it. Very frustrating experience. Now I have to go back to issuing bank, request a stop payment on the old check and have them reissue all to satisfy this middle level manager who does not understand common banking practices.
My mother died leaving the bulk of her estate with Schwab in a stock portfolio. Schwab allowed someone to change her address fraudulently over the phone and sent dividend checks to this address after she died. These checks were cashed and once I found out, I filed an affidavit about the fraud. Schwab did nothing with the affidavit for months and when I called to follow up claimed it was not sent. When they 'found' the paperwork, they then claimed it was too late to complain. I went to the Client Advocacy Team that did not communicate with me and was downright evasive and rude about the issue. They complained that they did not have enough information even thought they have the address of the person that committed the fraud!
I am not satisfied with their service nor the level of security they provide. Even after they knew that fraud had been an issue with this account, they did nothing to enhance their security procedures. I'm left with the cost of the fraud and even after filing an OCC complaint, they continue to ignore a substantial sum that was stolen from the account.
I was with BofA for a number of years. As their service declined to basicly no customer service, I decided to change switch over all my accounts to Schwab, where I have my investments. So far, I've had no complaints. I've felt the customer service has been excellent. I hardly ever have to wait to be helped and each time it's with a live person in the U.S. They have always been polite and knowledgeable. I have had no trouble using my phone to make deposits. In fact, they generally get credited to my account within 2 business hours.
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.