Charles Schwab

I have been a Schwab customer for several years, both investment and banking. I have been to branches all over the country and this branch is the worst. We have come here several times for admin items and each time it is a pain in the neck. There is some sort of bizarre attitude at this location. Simple matters like having a document notarized requires an appointment and the way we were treated (not to mention we are Private Client Group Customers) was like they were doing us some type of favor. Our Schwab office on the East Coast was very helpful but these people act as if you’re lucky they are taking the time to meet with you — and only if you had an appointment and only during the narrow hours when they want to make the time.
In general, I like Schwab bank, but the investment side of the house has really changed over the last few years. Based on my most recent experience, who need this?
I would recommend you take your business elsewhere.

After reading other reviews mentioning the corporate Schwab Client Advocacy Team, I could not help but at least write a short review comfirming their arrogance and dismissive attitude, especially, but not limited to Matt Mueller.
I had an issue with Mueller back in 2008, who treated me with disrespect, finally sending me a letter stating that «We have completed our research of all availble information pertaining to your issue. After this review, we arrived at the conclusion that no compensation is merited at this time.» and that they «consider the matter closed.»
I have been furious over that treatment for almost 5 years, never adding any new funds to my Schwab accounts. Various message boards confirmed similar treatment towards many others at the time.
In today’s mail, i received 3 checks from a class action settlement on the matter that Mueller and everyone else at Schwab ignored.
Bottom line, if you have a problem at Schwab, I feel that they will ignore it unless they are brought to court. Keep that in mind.
I have not forgotten that treatment in the five years since, and likely never will. I was astonished to see other reviews from more recent interactions with Mueller; I had hoped he was fired for such conduct towards customers with legitimate concerns.
Bad people.

I was extremely disappointed in my interaction with this branch. This review, to be clear, is for the 200 California Street location, not the company as a whole, which I quite like.
First off, they do financial consulting, but they are NOT a full-​service bank, even if you have a checking or savings account with Schwab in addition to investment money.
Second, I came in today (in relatively dressy business clothing, not that it should matter) and told them I was a customer (true) and needed to cash some treasury bonds. They were extremely dismissive, and said they didn’t do that anymore, and no banks did, and I had to go to the Federal Reserve down the street. I did so – the Federal Reserve stopped doing this FOURTEEN YEARS AGO. I then tried my second bank, Bank of America, which said «sure, no problem» and turned the bonds into cash in a matter of moments.
I called and left the branch a voicemail expressing my disappointment, giving them the information about the Federal Reserve, and requesting a call back — crickets. No reply.
I still like Schwab, but this location was hurt my opinion about their brand.

I am complaining about the terrible treatment I received in my interactions with the Client Advocacy group at Charles Schwab. In particular, an individual named Matt Muller (in the Client Advocacy Group in Arizona) who treated me so rudely, disrespectfully, and poorly when I contacted the firm to have a check sent to my Mom from her account. I originally called the main number 800−435−4000 and an associate there would not assist me in having a check sent to my Mom from her account to her address on record because I have only ‘limited power of attorney’ on the account. I asked to speak to a manager and was transferred to another group which then transferred me to the Client Advocacy group. When I began speaking to Matt Muller who is in this group, he was sarcastic, intimidating, and antagonistic from the beginning of our conversation. He bullies clients and tries to put them in their place. He refused to call my Mom and conference her into our conversation so the matter could be resolved. He made the situation worse, not better, and upset me terribly. When I called to complain about him, I ended up getting transferred to someone else in this group and at the end of the conversation, this individual said that he ‘would talk to Matt about his poor customer service’ but I knew that nothing would be done since this individual was actually a peer of his. Matt Muller had my Mother’s account frozen and two days later, we are still not able to get into the account to do anything even though I had a conference call with my Mother and Mr. Muller on the line yesterday for almost an hour. He was extremely rude and condescending to my 83-​year old Mother as well. He froze her account to be vindictive and as an act of intimidation and as a power play to show that he’s in charge. When I appealed to him yesterday to unfreeze it, he said that he would not and that he didn’t know when it would be unfrozen and that if I wanted any information about the account or when it would be unfrozen, I would have to call him. He said that he was the only one who could unfreeze the account and that he would be the only person that could handle questions about the account. He would not enter any sell orders since we were shut out of the account online. As a result, my mother has no access to her money and no ability to buy or sell any of her securities. So this is ‘Client Advocacy’ and this is how they treat their customers that are paying their salaries and entrusting their accounts to the firm. It is so frightening that they can do this to my mother’s account and give her no access to her money with no provocation or with an issue that could easily have been resolved.

The short of it: Take your business elsewhere if you care about your money.
The long of it: See below…
Talking to Chuck is like talking to the wall. For 3 weeks I have been trying to resolve the same 3 things. Despite 7 – 8 hours on the phone re-​explaining the below matters, including to «Client Advocacy»:
1. I needed to get a new Financial Consultant, and I requested one from Customer Service and from John Paloglou who manages that team. He didn’t respond, neither by email or phone – despite me sending him 3 emails requesting a consultant. Management doesn’t seem to care much.
2. Schwab prides itself on customer education and satisfaction using their technology. Well there is a system glitch on one of their cost basis tabs, which makes it impossible to know what the fund I purchased is actually worth. The agents haven’t been able to fix it, nor have they apologized or given me a timeframe. Instead, I am getting the run around, and somehow it is my fault/​user error instead of a system bug (they parrot a solution but don’t test it first, so it still doesn’t work).
3. This all got escalated to the Schwab «Client Advocacy Team» headed by the customer un-​service Cole Schofield and Director Karen Jordan (not by me). This team is slow, unresponsive, doesn’t research or problem-​solve, is open 8 – 6 only, and is rude – particularly Matthew Mueller, Robert Oberlander, and Aaron Asche. The calls are not taped so there is no accountability. I have requested multiple times to speak with the manager or director of the «Client Advocacy Team». But it hasn’t happened yet. I get the feeling that Schwab is required to have a function like this for compliance, but the team doesn’t actually have to determine solutions.
I feel I don’t need a client advocacy team, I just need basic service:
1. A Financial Consultant
2. Technology that works
It seems that is too much to ask for.
I have been with Schwab since 1999. It used to be a great SF business. I cannot wait to take my business elsewhere. Obviously, despite the ad campaign, talking to Chuck is like talking to the wall.

After being gouged for years by Citibank international transaction fees (e.g., $ 15 for a $ 350 withdraw, plus they take a cut on the currency exchange), I researched and found Schwab’s Checking Account option.
Every interaction from my initial inquiries to their first security checks (out of country ATM withdraws) has been extremely professional and efficient, and I am able to manage everything online from wherever I am. I checked the currency exchange rates after the first cash withdrawls and the spread is much more competitive (and fair) than anything that I have seen elsewhere, plus, of course, you don’t get charged an ATM fee of top of it.
If you travel extensively internationally, this is s solid option that will save you money.

This review is for investor checking & investment services.
So solid.
Investor checking is convenient. No ATM fees.
Stock trading services are great — not the lowest fees in the world but the service is the best I’ve ever experienced. The service on both the checking and investing accounts is consistently way above average. It’s easy to quickly talk to a real person and they happily address my question/​issue.
The minimal number of brick and mortar branches is a problem for some people but I just mail in any deposits and it’s never been a problem.
Highly recommended.

I just happily opened an account with Chuck. The other firms (Goldman, Morgan Stanley, Merrill-​BofA) are conflicted on account of prop trading/​i-​banking/​and other activities and focused on selling what is best for them. Chuck doesn’t have that kind of axe to grind and I do not feel that I have to watch out for the market and also for my conflcited brokerage firm. Chuck gives very good service at a reasonable price and without the conflicts up the sleeve that cause the others to think about me third or fourth behind their own prop book, institutional customers and somebody else.

This place would be a great place to bank with if they actually had brick and mortar banking locations. Mailing checks for deposits is a bit of a hassle…

So several years back, during the dot com days I opened up an account with Schwab. Well they were going though some hard times and my account fee kept on going though the roof. And then one day, I noticed that my Roth IRA had become a regular IRA. Meaning that I would have to pay taxes on my retirement AFTER I had paid them before. I worked next door to this branch and so at lunch I came in and discussed the problem. They told me that I had probably made a mistake and they would look into it. Well 3 months later, after several visits and dozens of phone calls they discovered their mistake and NEVER apologized. I pulled my account and have not been back since. Thanks Chuck!

Professional and extremely knowledgable. Even if you’re new to investing, I highly recommend them. You will get your questions answered and you will be able to make educated, informed decisions. I’ll also admit, some of the little retreats and things that they offer some of their clients are a nice perk as well!
Simply put, they are good to their customers.

Go see Michelle Raczek at Schwab, she’s knowledgeable and will give you options for your money. Michelle will be honest with you when you have concerns and give you straight answers to your questions. Check her out, she’s very professional and a wiz in the financial world!

Mike Davis — at the 200 California office — is great. He totally turned me around from being a financial rookie. He’s unassuming and walks you through things, making great recommendations along the way. This is one of those old-​fashioned instances where it makes sense to go into the office and do things face-​to-​face rather than stumble through it online.

Charles Schwab has been an absolutely TERRIBLE place to do business. 15 – 20 years ago, when I opened my first IRA account there and «chuck» was still involved it was a good organization but not anymore.
I recently decided to consolidate my and my wifes holdings at Vanguard and proceeded to begin the ardous process of transferring assets. The whole process took more that two MONTHS to complete and to add insult to injury, Charles Schwab charges you a $ 95 account termination fee!
My wife and I had a total of 7 accounts there so you do the math. Almost $ 700 IN FEES alone just to LEAVE the company.
This kind of treatment is simply outrageous and NO ONE should stand for it. If you do NOT have an account there already, LOOK ELSEWHERE. If you do, my sincerest condolences.