Complaints Against Charles Schwab Bank

Does it seem like Charles Schwab Bank is charging you ridiculously high fees on your investment or retirement accounts? Have you lost money in your brokerage account because their online system was down and you couldn’t sell your stock when you wanted to? Did you try calling customer service for help only to get the run-around? Did you receive a letter advising you that your account would be closed as the result of a “business decision?” Or was your account closed because your credit score was too low? When you called customer service for help, were they rude or difficult to work with?

In addition to traditional bank accounts, Charles Schwab Bank offers a variety of investment and retirement products and accounts. Known as “the bank for investors,” they offer advisory, account management, and trading services. Charles Schwab Bank has received a fair share of complaints over the years. Some of the most common customer grievances include;

  • Poor management of investment accounts
  • Accounts closed or funds put on hold without explanation
  • Poor and unresponsive customer service

Poor management of investment accounts:

A common customer complaint arises from how their investment accounts are managed. Some who opt to use Charles Schwab’s advisory services may be shocked to see high management fees, as well as high fees for trading and investment activity. In other cases, customers report delays and system outages when they try to purchase or sell stocks online. Given the volatility of stock prices, delays can end up costing customers of Charles Schwab bank thousands of dollars. Other customers complain that they experience similar delays when they call customer service for help with making trades.

 

Accounts closed or funds put on hold without explanation:

Customers have reported that their brokerage accounts have been closed due to their credit scores. In other cases, they may receive no explanation other than it was a “business decision.”

Many times, these are new accounts that are closed within a few weeks of being opened. When customers go online, they can easily open up an account at Charles Schwab and are given instructions as to how to transfer funds into their new brokerage account. Customers take them up on this and often transfer in several thousand dollars to their accounts started.

Yet, within a few days, they find out that their funds are frozen and they cannot access them. Frustrated customers claim that they were never informed that their credit score played a role in their ability to have an account with Charles Schwab bank and that the credit checks should be completed before they were given instructions as to how to transfer funds into their brokerage account. Further, customers claim that it can take weeks, even months, to get their money back after their accounts have been closed.

Poor and unresponsive customer service:

Charles Schwab bank receives numerous complaints about their poor service. Customers claim that they call in for help only to be put on hold for several minutes. They are often transferred to multiple banking representatives and have to explain their situation to every new person that they are talking to. Other customers claim that they are put on hold for an excessive period of time as the service representatives are unable to help them and need to get the of a supervisor. Customers also complain that service representatives are uninformed, unhelpful, and in some cases, rude.

If you are a frustrated customer of Charles Schwab bank that is tired of getting charged high fees for poor management services or are frustrated that your accounts were closed and you can’t get your money back even after you’ve called for what seems like the hundredth time – there is help. FairShake works with customers who can’t get their problems with Charles Schwab bank fixed to their satisfaction. If you are tired of getting the runaround, learn how FairShake can help you.

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