MyBankTracker rated Charles Schwab Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
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!
I've been with Charles Schwab Bank for about 5 months now. With the exception of my local community bank, I've never met a large corporation who goes out of their way for their clients. No ATM Fees anywhere in the world, reimbursement of other banks ATM Fees, and free checks. With all of these great benefits, they still offer an interest rate on their checking account.
Curious about the brokerage account, I called and asked how to begin investing. The broker who answered spent over 3 hours on the phone with me explaining the different investing options I had at my disposal. I started investing about 20% of my bi-weekly paychecks into mutual funds, and was very surprised to find the linked brokerage account had a plethora of fee-free funds I could trade with. So even with the constant trading and ATM using, Schwab has yet to charge me a fee.
Personable. I walked into my local branch during the pouring rain to deposit a check. Not only was the clerk greeting me and chatting about the local news, she worked diligently to process me out as quick as possible. As I was about to leave, she offered an umbrella to me. The Representative said, "we keep these here for when it rains, so our clients are able to walk wherever they need to go, without getting wet." Surprised and grateful, I took the umbrella and left.
What really impresses me, is I'm a young college student who has just started life. With less than $2,000 in the accounts, I've been treated like the most valuable customer.
So far I have been with Charles Schwab just over a year. I have needed to make few phone calls due to opening new accounts or enabling new feature on my account. Well, I have to say I was pleasant every time that I had to talk with them. They are very responsive, unlike most banks which you have to wait in phone line for over 10 minutes. These guys are waiting for you 24 hours.
Second of all, web user interface of their website is clearly top standard in industry I think. Most bank websites are clunky and old fashioned. However, their website's user interface is very user friendly and direct without useless information.
I use have been primarily using brokerage account with them, but have recently opened a new bank account with debit card because they do not charge you ATM withdraw fee at all, no matter which ATM machine you use. Even if you take out money from one of the ATM machines in Nigeria, you will not need to worry about paying for ATM fee.
Also, you do not have to pay for extra $10~$20 to buy checks, which is usually the case in other banks. I recently moved and I want to update my address on my check. Chase required me to pay $20 for new checks, while Charles Schwab gave sent me checks for free. Sooner or later, I will probably move all my money from Chase Bank to Charles Schwab Bank.
I've been with schwab for about 1. 5 months now, and i've been extremely impressed. I was reluctant to go with such a large corporate institution, but my experience has only been positive. I don't know what a guy has to do to get charged a fee at schwab, but, i haven't been charged one yet. In addition to the niceties you'd expect from a well rated online bank (free atm use at any atm, no maintenance fees, free online billpay, etc. ) there are things here you simply can't find anywhere else:
1) free checks. I don't mean you get your first 100 checks free. I mean free checks. Always. 2) atm fee reimbursements. I don't mean, reimbursement of the first $5 per month. I don't mean only in your state, or even your country. I mean, reimbursement of all atm fees, everywhere in the world. That's right. I can take money out of an atm in thailand and they'll reimburse the fee. 3) speaking of thailand, no currency conversion fees. Other banks, in addition to not reimbursing international atm fees will also charge you a percentage of your withdrawal just for 'converting' it to the local currency. Schwab does not charge this fee.
Aside from that, i've had to call customer service a few times. Awesome. It's not farmed out to india. It's not some stoner playing angry birds while he's talking to you. I'd swear i was talking to a real bank manager everytime. I generally hate calling customer support but, everytime i've hung up the phone with a schwab representative, i'm downright ecstatic that they are my bank. You know, the concept of a bank fails without depositor accounts. I don't mean they'd do less business or make less money. I mean there simply would not be banks without depositor accounts. So, it's really nice to finally find a bank that 'gets' that and treats depositors as they should. Which is to say: grateful to have your money in their bank. -joe
Excellent, fees are reasonable and you get a live person everytime you call in and you can deposit through your iphone
I don't have a lot of money, compared to some people who join investment banks. But, schwab never cared. The day that i signed up online, i got a call from a real person to help me in my switch (from boa). I opened up an investment account and checking account, and they were with me the whole way.
I have called a few times over the past few months about various issues, and i always have gotten a real person in no time! I traveled abroad, and had no problem calling them and getting my debit card to work overseas. Overall, this bank has been great to me, and considering i pay them nothing in fees (and they refund atm fees! ), i couldn't ask for more!
I think Charles Schwab is the best bank out now. They have free checking and will send you new checks at no charge for free as well as deposit slips with postage paid envelopes. You can use your debit card at any atm in the world and get your fees paid back at the end of the month. Your checking account is an interest bearing account, so your money grows while it sits. the customer service is excellent. they have great fraud protection services. you have free online banking with a brokerage account tied to it in case you want to invest some of that hard earned money. I have nothing but love for Charles Schwab.
I opened a checking account with Charles Schwab last year as I was starting an overseas work assignment and they have a no-fees ATM card. I signed up for the credit card as well (which is now discontinued) because it had no international exchange fees and 2% cash back. I have been very happy with the whole experience. I am able to make ATM withdrawals all over the globe and never have to pay any fees. The exchange rate is better than anything else you will find, it's the official bank exchange rate. Online bill paying is so simple, I wish I had been using this for years. Transferring cash is very easy. I have not deposited a paper check with Schwab. I still have a credit union account just for this reason.
You get a real person in under 10 minutes, usually under 5 minutes. They are quick and thorough with my issues. I don't get passed around between different departments.
This is a great bank! They checks are very nice looking and free.
I have been banking with Charles Schwab for over a year now. The service is great. Ease of use and ATM Fee rebates are awesome. Online Bill Pay is a breeze. I have used other online banking institutions with this one being the absolute best.
I have been searching around for many banks in the past. Many have hidden fees or atm withdrawal fees. Schwab eliminates all this penny pinching and it is extremely easy to talk to them on the phone if I have any questions about my account.
A loan from TD Bank was sent to the credit rating agency because TD Bank claimed I had not made a payment in time. I had used Charles Schwab Bill pay to make the payment. When the dispute came up, Charles Schwab was able to prove that the check was in the hands of TD Bank 3 days before they cashed it (also 3 days before it was late). Charles Schwab handled the whole thing and made sure I was updated on the status of the claim. They were able to get my credit rating restored and and apology letter from TD Bank. I now use Charles Schwab Bill Pay to make all my payments since I know they will go the extra mile to help. Plus they always call me to wish me a Happy Birthday!
I'm a college student that was interested in establishing a Charles Schwab combination brokerage/checking account called "Schwab One with Investor Checking." The process required me to fill out a simple online form with no setup fees and no minimum balance. Account setup was fast and painless. The service is unparalleled. They offer knowledgeable 24 hour support for both the checking and brokerage accounts with little or no wait time. Every time I have called their representatives are friendly and professional.
The only complexity that I encountered was making deposits. They only have one bank branch and it is in Nevada, not very convenient since I live in the southeast. I recommend having another bank account with a larger deposit base so you can easily transfer funds directly online from one bank to the other. Other than depositing issues, the bank is top notch.
4.0% interest on checking, no annual fee, and they refund you for ATM fees charged by third parties. Totally bad-ass. Finally, a bank that treats you like they are holding your money and investing it for a profit.
I have an investor checking account with them, along with a savings account which i split with ally for the better rate. So far, i've had nothing to complain about, which says a lot given some other reviews on this site. Their mobile app works great on my tablet for depositing checks; the money appears the next day in most cases.
The few times i've spoken with customer service, the reps have been professional and taken care of my issues quickly, so no complaints there, either. I've been happy so far and would recommend charles schwab. It's a bit strange having to open the brokerage account in order to have the checking account; it just sits there empty for me as i have no interest in using them for that.
After an abysmal experience at Citibank, I moved to Schwab. The free checks and ATM fee waivers are great. The website is also slick. During the move, I managed to incur an overdraft while my direct deposit was still with Citi. Schwab called me immediately and gave me the opportunity to deposit cash before a fee was assessed. Citibank would never have done that. I'm sold on the great service and low fee structure.
Schwab Bank is linked to Schwab brokerage accounts, which is really an ideal way to operate if you have any investments. Excellent banking features like excellent online billpay, free checks, flawless transaction downloading (brokerage and checking), easy transfers between checking, saving and brokerage accounts, and wire transfers. You can create moneylinks between your Schwab accounts and other finance institution accounts. And, ?terrific customer service by phone.?
I've been with Schwab Bank since about the end of 2008. They have been incredibly helpful every time I've interacted with them.
The basic details of course: No monthly fees, no charging you to use other ATMs, plus they refund you the ATM owner's fees too. So basically it's like every ATM, everywhere, is "your" ATM. You can use your iPhone to deposit your checks by taking a photo--a much anticipated feature, and they are only the third national bank to do so (after USAA and Chase). You can also mail in your checks for deposit, they give you postpaid envelopes. When I mailed them, they were quickly deposited.
Example of the great customer service. One time a close friend was on vacation in Hawaii when she found out that if she couldn't have a cashier's check overnighted in, she would face foreclosure on her timeshare. Her bank, Wells Fargo, was of course zero help. She called me and I called Schwab. A person answered the phone and for a nominal fee she sent the necessary checks overnight to the place via Federal Express, also taking care to write the necessary account numbers on the checks for us to make sure they would be properly credited. That's just one example that makes me feel great about doing business with Schwab.
Finally, the "cons":
Their bill payment service isn't accessible from their mobile app, although they're working on it now according to the news in the app.
Also, setting up a few things initially requires some printing, signing, and mailing of paper forms. For example, setting up ACH transfers so you can go online and transfer money from/to your account at another bank. Some banks offer the setup for this feature entirely online. But I had to print out and mail in forms to set it up. It's only one time though, so I'm not that bothered by it.
I opened this checking account because using the debit card doesn't incur international currency exchange fees like at most other banks. They also automatically refund ATM fees charged by the owners of ATMs (Schwab doesn't charge a fee for ATM withdrawals). Additionally, they provide free paper checks.
After banking with Bank of America for a couple years, Charles Schwab was heaven sent. I am 100% completely satisfied with my experience with Charles Schwab. I have a high-yield investor checking account and savings account and the rates are very decent, even though they have gone down quite a bit since I joined. There have been absolutely no fees, my checks were free, and they even offer free postage paid addressed envelopes to use when you need to deposit a check. I also love that I can use any ATM anywhere and they quickly reimburse the fees, which sometimes adds up to $10 to $15 a month. Since starting with Charles Schwab, I have called several times to ask questions and within a few seconds I always get to talk to a REAL person! You don't have to spend 5 minutes talking to an animated system and pressing buttons before reaching someone. To me, the customer service is the best part about Charles Schwab!
There are fantastic features of schwab that make it the best banking experience i've ever had. I have my checking/savings/brokerage/ira/401k all through schwab, and i never pay fees for atms, transfers, deposits, checks, etf trades, or annuals. There are no minimum balances, and you can start with only a brokerage/checking account.
In addition to the great features, i get immensely great service through the charles schwab mobile app for ipad and iphone where i can not only check on my accounts, but take pictures of checks for deposit (into any account i have) and do research for stocks, funds, and etfs. Plus, if i call with a question, or visit my branch with an appointment, i get helpful advice from certified financial planners that are intelligent, well mannered, and want to build a relationship with you to foster your growth.
Heck, i even get a quarterly magazine with great investment advice that i can also view on my ipad. This review may sound like i'm financially savvy, but i started using a simple schwab checking account while i was still in college, and as my career and wealth begins to grow, schwab has helped me along the way for over 6 years.
I'm in the process of moving most of my banking activity from Bank of America to Schwab. The fees are reasonable and avoidable. They don't care that I don't have a lot of money; they don't charge for sending money to the BOA Account. BOA charges for transferring $ to Schwab.
The entire experience has been painless. Schwab told me what they were going to do and they did it. Remarkable!
Best customer service all of all financial institutions I use. Online banking/billpay tools are the easiest to use. Like many institutions their "high yield" interest rate has dropped substantially since I joined but I haven't shopped around simply because their service is the best and I find their website very easy to use.
I was with Bank of America for a number of years. As their service declined to basically 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 love using charles schwab bank, the customer service is great, i have never had an issue of being surprised by a fee, and actually they cover other banks' atm fees, so i'm never concerned about trying to find a cheaper atm because they cover all of them. The site is simple to use, has all the functionality you would expect and transferring money between institutions is easy and free, and it only takes a few days for the money to move.
If you have a savings and checking and overdraw, they automatically pull the money from your savings without any fees or penalties(up to 6 times a month as this is considered a transfer and banks aren't allowed to transfer money out of savings more than 6 times/month, i think this has something to do with frank-dodd). The downside is that there aren't many branches, and the ones that exist can't take cash (as far as i know), but all other transactions are completed without a problem, they give you prepaid envelopes for check deposits, and now have released a smartphone app to deposit checks as well, and most other things customer service, which is great btw, can usually take care of.
Like i said the only downside is not many branches and limited functionality but i've been using my old citi account to do the occasional cash deposit or rare bank function, though i'll have to see if i keep my account open now that all the banks are charging various fees, but not too worried. The other benefit of schwab as a bank is that if you have a brokerage account with them its all on one page and you can see a snaphot of a large part of your finances easily. Forgot to mention that there's interest on checking with no minimums, its not big but better than nothing, not sure what savings account rate is but i know its on the low side, but i currently use american express online savings for my larger cash savings and use schwab savings as a funnel to amex.
I just signed up for an account at Charles Schwab Bank and I have to say, what I've experienced thus far as flat-out impressed me! The fees are great, the customer service (well you'll just have to experience it yourself...but a sneak peak is has been flawless!). Looking forward to what the future might hold with my experience at Charles Schwab Bank!
I opened a brokerage account with Schawb perhaps two years ago and was offered a checkings account as well but declined because their branches are not as spread out as the other moguls. their service, has been immaculate! they're available 24/7 and treat every client as if one was the only customer they have, its amazing. i haven't been so thrilled at the fact that the brokerage service in the branches aren't open to everyone unless one is making a hefty investment so, the customer is left to try to deal with someone over the phone even if they'd rather do it in person.. they cater to wealth as do the rest.
recently, they've lowered their fees from 12 to i believe 8 whenever one transfers funds or makes a deposit into an etf for example. i have not yet even transferred funds into my account with them but have been allowed access to their website and i must say, i am amazed. even without funds, i'm still eligible for pretty darn top quality customer service. their people are very nice, casual, yet professional. there's a familiar atmosphere amongst the entire company that is even obvious over the phone and how they treat you. i have an account open with one of the big banks and am seriously considering closing.. --in fact, i am closing it.. it's how i found this site.. searching for other banks-- so tomorrow, more than likely i'll give bofa the finger and lay with the schwab. not doubt in my mind that it'll be more than satisfactory.
I pass up local banks for Schwab checking and savings. It is an excellent online bank. support is awesome. Instant Pos deduction for debit transactions 7 days a week. Free checks , no minumin balance, free mailers to mail deposits,free deposit slips.Manage all this online. The best for last: Am atm transaction at any place in US paid by Schwab. It is paid last day of month in your account.