Charles Schwab Bank provides checking, savings, money market and CD accounts, home mortgages, and debit cards. Headquartered in Reno, Nevada, Schwab Bank is a subsidiary of the Charles Schwab Corporation.
Based on MyBankTracker’s Bank Report Card, Charles Schwab Bank scores 4 stars out of 5 overall, ranking high in good bank financial health, bank fees, remote deposit access, and mobile bank services.
The bank gets 3 out of 5 marks on average from reviewers. Users consistently rave about minimal fees and good customer service. KathH writes:
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 money to Schwab. The entire experience has been painless. Schwab told me what they were going to do and they did it. Remarkable!
Other reviews report a lot of hassle and time wasted. DJinLA writes:
Charles Schwab was appealing because they recently started offering the option of depositing checks via an iPhone app. In three separate phone calls with a Charles Schwab representative, I reiterated that opening an account was contingent on this feature. After installing their iPhone app, I was surprised to learn not only that I was not approved for the deposit feature, but that this feature was only available to account holders that meet certain criteria. A few days later I received a letter stating that I had been denied based on my credit score. If you have mediocre credit like me and many others these days, do yourself a favor and open an account elsewhere.
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(Reviews have been edited for clarity.)