2.8
18 reviews
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  • Average: 2.6
  • High: 3.4
Charles Schwab

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Charles Schwab
 
2.8

(based on 18 reviews)

Ratings Distribution

  • 5 Stars

     

    (5)

  • 4 Stars

     

    (3)

  • 3 Stars

     

    (0)

  • 2 Stars

     

    (4)

  • 1 Stars

     

    (6)

47%

of respondents would recommend this to a friend.

Pros

No Pros

Cons

No Cons

Best Uses

No Best Uses
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Most Liked Positive Review

 

The CEO Must Wear White Socks With Those Fancy Italian Shoes!

The one sentence title comes from our family experience with Schwab.

I have had only positive experiences with Schwab.

They are professional and courteous and always treat people...Read complete review

The one sentence title comes from our family experience with Schwab.

I have had only positive experiences with Schwab.

They are professional and courteous and always treat people right even if they don't have a lot of money. I think Schwab has a huge potential among lower income people who would not usually think of investing. My own encounters with them are proof of this.

There is a family story about Schwab that shows just how good our experience has been:

We are a blue collar family and my mother wanted to open an IRA. She expected to be treated poorly and was nervous about the whole process. Instead she was treated with respect and all questions were answered in recent months when the markets went down. She had only good things to say.

***The CEO has to wear white socks!***

After she signed up for the account she told me that Schwab is not like the other "fancy" brokers and that she is sure the CEO must wear white socks. That is her approval for men who are "one of us" - that is, not upper class snobs and work hard for a living.

For our family this was important as both of my parents have some money to invest and are nervous about how to invest and how to ask questions without sounding foolish. Neither one of them is computer savvy. But the Schwab reps took the time to explain patiently and thoughtfuly how to trade and how to use the website.

Schwab is a company for people everywhere on the income scale. My mother called them the Regular Joe company and repeated the White Socks comment several times.

I showed her the photo of Schwab CEO Walter Bettinger, and told her it was highly unlikely, and that there was no way an expensively dressed and well educated gentleman like that would wear a pair of white sweat socks with his expensive business suits and his Italian shoes!!  My dad and my brother joined in on my side but she is set in her opinions.

She insisted he MUST be from a good working man's family and is really a typical working man himself. She was also convinced that he could not have gone to college because the people she respected the most were 'self-made'. A high school education combined with plenty of hard work are the recipe for success in her book!

Finally she gave in a little bit and said that if he was really a "suit", she would convince him to become a good blue collar man and put on a pair of overalls instead of his "fancy suit".

***She would make him over into "one of us***"!

I know that doesn't sound like a positive comment, but that's about as high a compliment as my mother could possibly give. As my dad says, my mother could sell ice to eskimos and she is very hard to please or impress. When she's right, she's right.

Blue-collarizing the identity of the high-flying CEO of a brokerage firm would be all in a day's work for her!

He might resist surrendering his pinstriped suit and his upper class trappings, and plead with her to keep his necktie and his shoes, but Mom doesn't take no for an answer.

She can sure lay it on thick, and if anyone could talk, wheedle, coax, and drag that dapper and distinguished and upper class CEO out of his polished designer wingtips and push him into a pair of dusty Carhartt work boots, and argue, demand and sweet-talk him out of his black Brooks Brothers socks and into white sweat socks it would be her! 

By the time her blue-collarizing project is finished, she will make him officially renounce his high class name Walter, grow out a scruffy beard, forget all about his university degree, create a whole new persona and start calling himself by the genuine blue collar title "Big Wally".

Then the famously dignified and aristocratric Mr. Schwab himself would be due for a Mom makeover next. As he is older, she would charm and flatter him. Before he knows it, Mom would have his feet out his thousand dollar shoes, and "Charles Schwab" would have to say goodbye to those hand-tailored navy blue pinstripes, start wearing NASCAR tee shirts and baseball caps, lose the fancy name Charles and and rename his company " Chucky's Place"!

VS

Most Liked Negative Review

 

Protective of all I love

For my husband's 401k, I don't like this company handling it at all.  We filed for a 401k disbursement due to financial hardship May 25th, in order to avoid eviction procedures being...Read complete review

For my husband's 401k, I don't like this company handling it at all.  We filed for a 401k disbursement due to financial hardship May 25th, in order to avoid eviction procedures being started at our apartment complex.  On June 5th, we received a letter (dated June 3rd) that the application had been processed and we would be receiving a payment.  We waited until June 22nd, where we called to see if the payment was being sent, and were informed that the paperwork (which the letter had stated as processed) was incomplete.  They were told to look again, and admitted the paperwork WAS complete, it was just an oversight.  When asked why we weren't contacted at the time of the oversight, a vague answer was given.  At any rate, they promised we would then receive the payment via UPS on June 25th.  UPS came around, and had nothing, so we called again to see if it had been delayed.  Instead, we find out that the representative we spoke to on the phone on Tuesday not only lied to us, but did not add any notes to the account that we even called.  Thankfully, we always keep dates, times, and names when we call any company or business that handles payments, so we were able to back up that we did indeed call.  When informed that it was going to take another two weeks (because it had never been processed, we were informed), we immediately demanded that our call be escalated.  At this rate, had we depended on them to avoid eviction, they would've failed us.  We're barely hanging onto our apartment as it is, still waiting for this disbursement being sent to us.  If they fail us one more time, we will be turning to the media and a lawyer to not only receive the disbursement due to us (that my husband earned!), but going to aim for the ability to pay our bills without stress for at least half a year, because as things stand we have been dependant on the charity of friends, family, and our church to help feed and clothe our son because we can't afford to, and he's only a 17 months old so he wouldn't understand at all why we couldn't feed him until he's full.  We've had to borrow money to put gas in the truck so my husband can continue to work.  We're facing having utilities shut off because we've been unable to pay the bills, and they are now twice as much as they would've been if we had gotten the disbursement on time.  My husband and I will NEVER do business with Charles Schwab ever again if we don't have to, and will recommend to our friends and put the word out about how their negligence nearly cost us not just our home and utilities, but our ability to properly care for our son.

Reviewed by 18 customers

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(1 of 1 customers found this review helpful)

 
1.0

Hate hate hate

By 

from Los Angeles

Comments about Charles Schwab:

I cannot tell you how much I hate Schwab the pain they cause me , the money they've lost me , the general incompetence. It all adds up to make Schwab for me one of the most hated companies in the world and I will do everything within my power to make it know and bring this institution down. Hate hate hate

  • Affiliation:
  • I received a sample

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(1 of 1 customers found this review helpful)

 
1.0

Schwab Private Client is a big joke

By 

from Kenmore, WA

Comments about Charles Schwab:

I joined Private Client in August of 2013 and just ended the relationship two weeks ago. Although I have no complaints with customer service, if I had followed Schwab's free portfolio recommendations, I would be $75K (5.8%) better off than allowing my portfolio manager to handle my account. Of course I had to approve all the purchases and sales and even when I brought up objections I was assured that the fundamentals of the purchases were sound. That includes the Asian purchases which occurred 4 days before the market fell out of the Chinese markets. Other reviews that I've read have it exactly right - they make the decisions, but you're responsible for their incompetence.

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(0 of 1 customers found this review helpful)

 
2.0

Charles Schwab is a rapidly growing financial company

By 

from 00972 israel

Comments about Charles Schwab:

Charles Schwab is a rapidly growing financial services company and is backed by the global growth investor General Atlantic. it is a dynamic, growth oriented firm with an award-winning platform, first class service, and educational resources.

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(1 of 1 customers found this review helpful)

 
4.0

Schwab works for us.

By 

from Alexandria, OH

Comments about Charles Schwab:

There are so many online helps with Charles Schwab, it's hard to know where to start. Indeed, it can be a bit overwhelming. However, so much information makes it easy to really get a great idea of how well a fund or stock would work for us. Also, their retirement planning guide helps me decide what to invest in. The account balances are always accurate, and the reports feature (while sometimes cumbersome to get to) do give me comprehensive information.

Customer Service
Everyone who I ever talk to are super friendly - and indeed go OUT OF THEIR WAY to help me out! I feel special to them, even though I may not be investing much that day.

Product Variety
There are so many different options to pick from, it can make my head spin. However, that's a good thing. I hate being limited.

Ease of Use
The web site can be a pain to navigate sometimes, but I do get all the information I need. The only time this really bothers me is the end-of-year reports for the IRS. However, I can get history and quotes anytime.

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4.0

Charles Schwab is Ready to Help You Invest

By 

from Houston, TX

Comments about Charles Schwab:

Trading stock and purchasing other investments is easy now that we have the internet. What used to take a phone call, consultation, and high fee is now executed in seconds for a very low cost. One of the many different brokerage services with an online presence is Charles Schwab.

Online Brokerage Facts and Commentary:

Charles Schwab is a well- known brokerage service with a history that predates the internet by many years. However, the internet presence is the one for which most investors are aware. Charles Schwab’s online service has helped many investors search for the right investment and better manage their portfolios for the best long term financial strategy.

Charles Schwab offers some very useful tools that help investors find the common stock that is right for them. Entering a few pieces of criteria is all it takes to narrow down the long list of equities to those that fit investment objectives. These online tools are very handy and they make it fast and simple to find what you want.

Charles Schwab offers very inexpensive fees for buying or selling securities and it has offices across the country for personalized service. A banking and lending center and investment education center help investors stay informed and offer some good guidance for personal financial health. Other services are available as well, but they do carry higher fees that could diminish potential overall returns.

Bottom Line Viewpoint:

Online brokerage accounts are a good way to invest and Charles Schwab is one of several good options available to the internet investor. The service is a very good one for the self- directed investor who is familiar with investments and how they work. It has the tools you need to make your next stock purchase you greatest winner to date.

Customer Service
Customer service is ready to help, but be prepared for possible fees, depending on the issue.

Product Variety
The investment options are very good and varied.

Ease of Use
This web service is intuitive enough that most anyone can pick up on the way it works and learn to navigate without any outside assistance.

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1.0

lost money and hide on money market funds. No help

By 

from USA

Comments about Charles Schwab:

lost money on promised safe money mar ket fund. Tried to hide that fact . MaKes it very hard to go t o arbritration with them. You can not talk to management . The t alk to Chuck is a fake. The local offices and their people are terrible. The off site brokers are better and the electronic syst ems are goood.

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(4 of 4 customers found this review helpful)

 
2.0

No loyalty

Comments about Charles Schwab:

Schwab is an OK bank if you want to have a savings or checking account, but don't waste your money on becoming a "Private Client". They provide weak advise and demonstrate lack of accountability. Be warned - stay away from their paid services.

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(4 of 4 customers found this review helpful)

 
4.0

Easy to use, excellent Customer Service

By 

from Ashburn, VA

Comments about Charles Schwab:

I have been using Charles Schwab online and in person for about 10 years.  I have had excellent customer service on the phone when needed.  Their bond people are extremely helpful.  Their trade fees, while not that high, can add up.  Overall, I am very satisfied with this online broker.

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(14 of 14 customers found this review helpful)

 
2.0

401K rollover completely mismanaged

By 

from Washington, DC

Comments about Charles Schwab:

Charles Schwab completely mismanaged my 401K rollover resulting in a loss of thousands of dollars. Once the account was fully setup, verified and funds transfered - they let me know that not all of my elections would rollover into the same funds. The portion that wouldn't rollover, due to them not carrying those funds, would result in their having to work directly with me to ensure proper assignments and allocations. Great... we were all onboard!

Instead, once my funds were transferred, Charles Schwab locked me out of my account and refused to give me access for "security reasons". They said that my address didn't match-up in their system or something. However, they had no problem taking my money and sending my entire financial statement to the address in question... funny for a "security issue".

I then had to jump through hoops taking an over-the-phone exam to prove I was who I said. Fine, I get it, they're trying to protect themselves (not so much their clients and I'll illustrate shortly), but this is costing me thousands. Apparently the "exam" was timed, and half way through it **THEIR **customer service representitive got disconnected from me. I was on a land line... this is not a cell phone dropped-call situation. Instead of simply calling me back (or ever calling me to verify the address change), I had to jump through hoops again explaining what happened. They now said I failed their "exam" due to a "timeout" and that I'd need to go to an actual location with IDs and confirm I am who I say I am. This has cost me thousands in lost revenue, and tens of thousands in opportunity costs.

I would never recommend this company. They are not customer friendly even if you have a LOT of money.

The sections/people to look out for are: CRVC, Elizabeth Tanner (terrible), and Christina Sundell

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(5 of 5 customers found this review helpful)

 
2.0

Schwab cares about Schwab - not you.

By 

from Kaneohe, HI

Comments about Charles Schwab:

I have had a Schwab account since 1987. Somehwre along the way their corporate policy has become "protect tyhe ass of Charles Schwab above all else." From freezing my account while I was overseas without so much as a courtesy call to being absolutely incompentant to wire transfer funds if you want a full service brokerage / bank go elswhere.

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