Schwab Sucks Customer Reviews and Feedback
The Charles Schwab Corporation is an American multinational financial services company founded and based in San Francisco, California. Headquartered in the SOMA District, San Francisco, Charles Schwab is the 14th largest banking institution in the United States with over US$3.3 trillion in client assets (as of 2019). It is the third-largest asset manager in the world, behind BlackRock and Vanguard. The firm is known for its electronic trading platforms, investor education, and discount brokerage services, particularly reduced and free trading commission charges.
User "John" reviews his experience with Schwab on the "ConsumerAffairs" website on August 3, 2020:
"I am with Schwab 27 long years. Trade every single day. Brought in my whole family. Brought in my team members. And about 28 friends. I was a very happy customer. But recently everything has changed. I would warn any new people to try anywhere else. You will not be able to reach a person for any help in under 25 minutes. When you send a message you might get a response in 3 days. When an error is made on a trade, they require up to one full week. That is 7 days to review the trade. Obviously, at that point the complaint is mute. I lose both ways. When you call. You need your social security number and account number. And then they will ask you to recite into the phone 3 different sentences. This is to verify you are you. This will take a while. And will make you sound to people around you like you lost your mind. Do not let this happen to you. They refuse to apologize or fix the error."
Current Employee - Scrum Master says"Poor leadership, Bad hiring practices, Micromanagement, Dated development practices"
Former Employee - Estates Relationship Specialist says"Worst management I have ever dealt with in any industry, hands down."
Current Employee - Anonymous Employee says"The company culture promotes privilege and an overall elitist mindset. I've worked in three different departments in my time here and have seen the same behaviors in each one. People tattle on each other, make up lies, and try to stab you in the back to promote themselves and steer people away from their incompetence. Many people are bad at their jobs but get promoted or receive opportunities they're not qualified for because they've been there for so long. The Executives pretend to care about their employees, but they don't. We were one of the last companies to go remote when COVID hit. They were actually mandating that people keep coming in when other companies mandated you stay home. Yes, the CEO actually sent a firm wide email telling all employees that we needed to come in because technology couldn't support us all working from home at the same time. They also instituted COVID pay for the first two months of the pandemic which entitled you to paid time off (that didn't count against vacation or sick time) if you tested positive for COVID or came in contact with someone who did. But they cut this right before the cases spiked and numerous employees got sick. Did they reinstate it? No. Why not? Because it was all for show, like everything they do at this company. Fake it til you make it is the Charles Schwab way."
Current Employee - Broker says"The company makes so many mistakes and mishandles things so poorly that it's embarrassing and cringeworthy. 90% of people in Management roles have never worked the jobs or know anything about the ones they are managing or making decisions for so the decisions are very poor."
Current Employee - Financial Services Representative says"I am sad writing this, schwab cares so much for its clients but it’s employees take the hit. Poor pay, no flexibility, management messaging is all over the place"
Former Employee - Global Services Representative says"-Micromanaging managers, counting how many seconds you spend in toilet -Promotion is based on managers' favoritism instead of your performance -Do a lot of stuff even it is supposed to handle by other departments"
Current Employee - Manager says"Micro managing managers, inflexible, old school senior management"
Current Employee - Senior Financial Services Representative says"overworked, no freedom, upper mgmt. doesn't care about you, your'e a cog in a big machine, your'e only use is to chip away at never ending calls"
Current Employee - Customer Service Representative says"They hire anyone that applies because there’s so much turnover and they need to replace them so much"
Financial Consultant Academy (Current Employee) says"This program is falling apart. Just an excuse to find people to fill their call center and burn you out. Most managers in the call center are lazy. They provide little to no support. Don’t bother working hard, you won’t get recognized. Do yourself a favor and skip right past their application to another brokerage firm. You’re better off at Robin Hood or an insurance firm than working here.Experience, use them and move onNot rewarding, low pay, horrible management, don’t care about their employees"
Vice President (Former Employee) says"In the 25 years I have worked here...recently the company has moved from an excellent nurturing environment to one focused on short term profits at the expense of clients and employees. Management discourages vacations, time at home with family, and anything that would be considered a work life balance.Large Corporate centers across the USCulture his shifting away from the original values."
Trade Liason (Former Employee) says"there is no company on earth that is more "politically correct that Schwab, they completly make all decisions based on social norms. There is no advsnchment if you do not follow their "woke" mantra. Everything they do is based on their wacky concept of "white privalege". This company does not operate like any brokerage firm that is out there. Stay away from this company, you will regret ever hearing about them, I worked at 5 firms, and I have never "seen anything like this".there are no "pros"you advance through "social justice" according to them."
Director (Former Employee) says"The practice of favoritism was extremely open.People who did not earn or deserve rewards received them because of their friendship with management ss"
INSTRUCTIONAL DESIGNER (Current Employee) says"The majority of the employees do not have children and work 60+ hours a week and expect everyone else to as well. Recruitment sold me that my skill set was needed for the department and I left a 17 year career for the position. It’s been a year and still have not been able to use my skill set. They only use me fo work I am not passionate about nor do I have the expertise in."
Consultant/Contractor (Former Employee) says"Permormed CCAR and ERM related contract work. The risk head is a waste running the dept with people like ERM head who behaves everyday like she has just been let of a mental institution. While I was there 7 people quit and the big guy couldn’t care because his bonus doesn’t get affected. Jokers running the place. If Chuck or his daughter care they can reach out to me. It can be fixed but I think they are checked out too,"
Branch Manager (Former Employee) says"There is a small, tight-knit group who protects their own. Stack-rankings are how management keeps control of who gets retained and who gets shown the door. The in-breeding is sickening. If you're a part of this inner circle, good on you. You get stock options, great compensation and job security. If not, you'll be shown the door very quickly. Diversity candidates get all kinds of assistance. Everyone else? See ya. Don't let the door hit you on your way out. The employee turnover is horrific. The morale is even worse. The micro-management is as bad as it gets. So glad not to be at Schwab.I can't think of onePoor management, not inclusive--unless you're a diversity candidate"
Automated Mailing/Vendor Manager (Current Employee) says"Poor management. No communication. No advancement. Management shows favoritism towards the people who have been there the longest but they don't work as hard."
Sr. Program / Project Manager (Former Employee) says"Not a good Place to Work. I saw several good PM's Leave before I did. Little communication from management. Little chance for advancement. Poor Project Management Processes and lousy managers / executives. Extremely political."
Senior Application Engineer (Former Employee) says"A terrible culture and work place. I would not recommend working for this company. After Charles Schwab retired the place was no longer a place to work. The place is much more a sweat shop, they do not believe in promoting people in their current position. You are required to apply for a different position at a higher level, promotes no motivation to do a good job as you will not be rewarded for doing a great job. Many people currently working at Schwab tend to simply stay under the radar by doing as little work as possible, some choose to actually sleep on the job. Top management is never held responsible, ridiculous employee surveys only hold immediate supervisors responsible for unhappy employees, and these managers have no power to make any real change or impact."
Vice President, Branch Manager (Former Employee) says"Leadership doesn't care about you. To Schwab leadership you are a cog--nothing more. With the emphasis on "diversity candidates" don't expect any help unless you fall under one of the preferred categories. It's perfectly legal to discriminate at Schwab--all in the name of diversity and inclusion. There's a small circle of managers who have been there for 20+ years. Anyone else? You'll be gone before you can say "sabbatical." Friends don't let friends work at Schwab.LeavingEverything-- the worst five years of my life (unethical, immoral and corrupt)"
Software Developer (Former Employee) says"Terrible place to work... Stay away... High stress... Bad experience.... Not nice people... Pretentious... Unrealistic expectations... People fake their way forward... All about the external image and not the substance... Interview wasn't even for the job skills I was interviewing for...NoneBasically everything"
Trust Operations Specialist (Former Employee) says"Schwab is a negative environment where employees are micro managed. Raises are terrible if at all. I do not recommend them as any kind of long term place to work. They hire outsiders rather than promote from within.30 day sabbatical after 5 years.Too many to list"
Data Entry Analyst (Temporary Assignment) says"My experience was perhaps the worst experience I have ever had in a job at this company. I would not recommend it to no one. Low pay, low morale, no respect for employees.NoneEverything"
Bank Employee (Former Employee) says"Worst unit of the company to work for by far, never work for the bank in any location. Poor leadership, poor managers, poor culture, no opportunity to advance. The black hole of the company and doesn't value employees or customers"
assciate (Former Employee) says"Overall it was a stressful environment. It felt like working under a dictatorship. Lots of chefs and not enough indians. The micro managing was out of control."
Director (Former Employee) says"The company has no development plan for its employees. It has good life work balance, but it a company that provides just a 9-5 job. There is no advancement plan or reward for hard work. Moreover the company is unethical. Specifically they required the software teams to wrongfully float Mutual Funds managed by Schwab up the recommendation chain, even though they clearly underperformed Mutual funds from competitors such as Fidelity. It is a sales culture and technically minded people are treated with disdain.Good work life balanceLack of advancement. Unethical. Uninteresting work."
Cashiering Specialist (Former Employee) says"This company went out of business years ago in Florida. It was a decent company to work for but the pay sucked and it was not a good company for someone who is looking for a career."
Vice President, Sales (Former Employee) says"Untrusting work environment. Lack of control over success. Unidentified strategy.great early career experiencelimited earning potential and moving compensation structure"
VP (Former Employee) says"This division of Schwab handled all aspects of the leased or owned real estate for the firm. They are poorly organized with little written policies and only annual interaction with upper management. We were required to used 23 different systems/products to pay bills, manage properties, order supplies and process invoices. This led to vendors not wanting to work with the firm because they didn't get paid for 3-5 months. Company credit cards were often "turned off" for non-payment which left me traveling and no way to get back home unless I paid for airfare via my personal credit card. They should start over and outsource the entire department or hire folks from the commercial real estate industry that can turn this ship around.nice co-workers on sinking shipmost every way they operate the real estate division is negative."
Mindy says"My husband has always had excellent service with Charles Schwab, so I decided to rollover two accounts to them. Over a month ago, I started the process by trying to contact our local Charles Schwab office, but it was closed down, and the main Charles Schwab switchboard told me to go to an office in our neighboring town. After repeated, unsuccessful calls to reach that office, it was finally discovered by Charles Schwab that the second office is also closed, so there are no offices in our large metropolitan area; the only recourse is their national number. Then TWO representatives told me to FAX my Vanguard rollover check to them for next-day processing. Finally, a third representative expressed surprise at the fax directions as financial institutions must have the actual check to proceed, so he instructed me to mail the check, which I did via certified mail. Now, two weeks later, another representative can confirm that the checks were received, but that they are "trying to see where they're at." The other rollover has been just as problematic. I was first told to upload my paperwork to my account portal, then later that I should send it in. Today I learned that rollover check was "coded to the wrong name and it will take 10-45 days for that error to be corrected." Almost a month ago, two of their reps told me that my checks should be in my account by the following day. This company seems to have major internal issues, so beware."
Jason says"First off, I probably should have known that Schwab would be problematic. When opening my account, they lost my check. After over a month of customer service calls, I had to cancel and send a new check.
Another time I used them, after deciding which investments to choose, I placed an order (the night before). When I went to check on them the next evening, I realized that Schwab will freeze purchases until they finish executing trades- which takes longer than expected. They placed this freeze because the stock price went up a few cents after I submitted my trade and Schwab purchased the stock. Instead of purchasing one less or notifying me before restricting my account they created a very difficult trading environment. By the way- the difference was a $1. The annoying thing is that all of this is over a dollar and/or their failure to let me know of an issue. Some places value their customers and don't push them aside without communication."
Misled investor says"I bought investments on this site based on the schwab rating system. All of this was done in consultation with my schwab designated advisor. I lost 10% on these investments in a year the indexes were up. The schwab rating system is faulty and thier advisors are not competent with regards to selecting investments."
Brian Mckinzie says"Avoid this broker, for they appear to trade against their clients, stack orders causing long fill times and giving the consumer unfavorable fill prices, server delays and outages or you can't login to your account at all. The worst brokerage for individual accounts. The platform totally sucks with slow charts with limited tools for there's not even a Fibonacci ruler, total junk.
Yes, sure they have low commissions that they more than make back by targeting and trading against their own customers, for they know everything about you, price points you place your trades and profit by trading against their customers."
Joe says"This is a ghost company. I have written and phoned on many occasions and the quality of service is the absolute worst I have ever experienced. There is no sense at all that anyone in this company takes responsibility for anything, or that there is any central, reliable information database. Do not bring your money near these guys. Totally incompetent."
PuffyTiger Gatun says"Longest wait time on customer service ever. Tried for weeks to get an operator to unlock our companies 401k. Switch to Fidelity."
SH says"I have been a client with Schwab for 4 years now. If you are doing everything online, they seem to be fine, a platform just like any other. However, if you need to speak to a representative on the phone for whatever reason, it is impossible. You get a recording of the news repeating over and over again while you wait for what could be up to an hour. They do not have a call back system. They do not even have a chat service for existing clients. The chat service is only if you are a new customer trying to open an account. They should take care of their existing clients before trying to sign up more. I have had problems with my account on time sensitive issues and been kept on hold for so long that I finally give up and hang up. They do not even give an estimate of how long your wait time could be. If you are an active trader, they will cost you a lot of money because you may have problems with your account, and you will not be able to reach anyone to resolve the issue in a timely manner for a trade. On several occasions I have not been able to trade on the online platform when I wanted to because something would be wrong with the account, and then you are on hold for ages trying to speak to someone. It does not matter what phone number you call on. I have tried every phone number there is, in the UK and in the US. Toll-free and non-toll free. There is no use."
DR1 says"VERY, VERY unhappy with Schwab!!! On the morning of November 9 I tried to sell some shares and was unable to do so on either the phone app or online webpage or by calling the toll-free number as all were unavailable and so could not place order. Called Schwab customer service a few days later, who acknowledged these problems on that morning and said that I would be reimbursed for my loss due to this lack of ability to trade on this order. However, when I call two weeks later, Schwab tells me I will not be reimbursed for this loss!!"
Rizal Hambali says"the trading platform is way complicated compare to other trading company. Just be careful when you have margin account because when you buy the stock position in slices they are using margin call to cover the position which i don't know and i got maintenance call because of that position which i don't get on other trading platform."
Muhammad says"Well they first they blocked my Checking account for giving me no reason. Then their fraud deparment is the worst. They referred me to Natalie Edwards, that lady did not have a clue of what is going on. That money took over my funds and not releasing them even though i provided all the documents. If you are minority please stay away from Charles Schwab."
Abella1 says"Don't plan on dying with funds at Schwab. Their estate department is HORRIBLE. Each rep tells you different requirements, you send info, they don't respond, you email/fax, no response. Several times. Call after call, hours on the phone, no one knows what they're doing. They don't care even though they make you late on tax filings, costing you money. This is financial abuse in my opinion. Hence why I do not have my funds with Schwab. Learned my lesson 20 years ago. Customer service is poor poor poor, they blame it on "new hires." Which means they don't care to train new employees to service clients, or know what they're doing. It's been four months now. On the phone again... still on hold, 45 min. They like to leave you on hold for unlimited times, no explanation why. "SS" = Schwab Sucks."
Ricky says"Ok until you want to close your account and get you money back!
I did an online wire transfer for the ballance of my account which the blocked requiring verification. The called me on a Sunday (I don't answer my work phone so I missed the call) so I call them Monday (labor day) so I could not speak to anybody useful. Tried calling several times during the week the most recent being just now where I hung onto an automated message system for over 8 mins before giving up.
Markus Horner says"These people are like dealing with a bunch of ten year olds. They do not listen to anything you say. When they make a mistake they try to find a way to blame it on you. Half the time their Street Smart Edge app does not work. Never under any circumstance should you ever trust or depend upon the advice their so-called brokers give you. When you do ask them a pointed question they just tell you that is not a question they are allowed to answer. Their brokers are a bunch of overly sensitive snowflakes.
Their biggest problem seems to be doing what they say they will. I closed all three of my accounts with them on Thursday. Aug 27, 2020. I requested that the proceeds be returned to my checking account via electronic transfer. I was told by the person that I was speaking with that the funds would be in my acct and be available to me on Tuesday morning Sept. 1st. THEY WERE NOT! I had to go back to them and do the transfer manually myself. DO NOT TRUST THESE PEOPLE TO DO ANYTHING FOR YOU. If you do not do it yourself. It will not get done."
Joe says"I contacted Charles Schwab about my deceased partner's account as I was administering his estate and was told it had been closed for a number of years and had zero balance. I subsequently contacted his previous employer Google who contacted Schwab and I found out there were tens of thousands of dollars in his account.
Added to that, I have found that communicating with the staff is like talking to dry toast - uninterested and unhelpful."
Robert Mccolgan says"Worst trading software for options I have ever encountered.
Street smart software freezes up all the time.
Trading vertical on their all-in-one trading software often says unable to complete trade and to go to manual entry.
A lot of strike prices not being loaded in their system"
y says"I'd been with Schwab for 34 years. Defended them often and referred many customers to them legitimately. Now I am embarrassed for having done so. Their approach has changed significantly within the past six months. Seems they are squeezing clients to pay for their overpriced purchase of TD, yet - for that I can not be sure. Either way, Schwab has gone from customer centric to screw the customer. Don't be fooled by their inviting friendliness talking points and spin on the phone. Even if you call their supposedly exclusive trading desk specialists you'll get a different answer every time to even the most basic same question. No matter how much money you commit to Schwab = Enter at your own risk. Also, if you trust what they tell you don't be surprised when you find out later that is was blather. More likely than not you will eventually be disappointed and most readily frustrated with the vacuous outcome. At the least, will say, if they are no different than anyone else select a less over burgeoning and genuine client centrist alternative that costs less and will even pay you to enroll. Moreover, Schwab supervisors are now totally patronizing. I've never entered postings before, so this is big step. Regardless, beware of Schwab."
M says"Charles Schwab Bank (Charles Schwab) and they just acquired (TD Ameritade) located 211 Main St. San Francisco, CA 94105, P.O. Box 982605 El Paso, TX 79998-2605 are full of crap and extremely RUDE. They will lie to you when you are the one investing your hard earned money in their company(ies). Please do NOT waste your time nor money with this company(ies). I was opening a checking\brokerage account which required a ChexSystems to be access and then (here came the bs) we need to access Equifax credit (patriot act) to complete the opening of the account. When In fact they ran my credit to extend me credit (which I did NOT ask for) and then they didn't like my response so they then said 'declined' for ALL services. I have contacted many government agencies, because I know they are LIARS and have violated laws.
Together (We the Public) can STOP these GREEDY sob(s) in their tracks---PLEASE do NOT do business with them!"
Brieuc Jeunhomme says"Each time I try to do something with Schwab, there's a paperwork problem. They lose papers or ignore them without notifying me when they see something they don't like in them, I have to call them to discover what's going on, wait on hold, explain the problem several times to different people, and then get to resubmit the paper of the day, and wait until the next issue can be discovered and addressed. Their customer service agents are nice and professional but powerless to solve the issues created by the internal bureaucracy.
In addition, the site is frequently undergoing maintenance during the weekend, preventing users from accessing their accounts. It makes it very challenging to use for busy people who spend their week working and want to manage their accounts during the weekend."
Denise Fazio says"I have had a number of problems with Schwab in short time I have had my stock portfolio and a very small IRA Rollover with them. They are inexpensive compared to other brokerage firms, but herein may lie the problem: You get what you pay for. Most recently I went online and asked that my dividend check proceeds be sent to me. I requested Overnight Delivery and saw there was a $20 fee. I also expected, given what the website stated, that the check would be issued on Monday (it was Sunday night) and sent that same day, Monday. I received what appeared to be an automatically generated confirmatory email message almost immediately.
So I waited all day on Monday for my check to arrive. No check. Finally I called at 5pm and was told my request was cancelled because I should have requested a check for an amount less $20. I had never had to do that with any other vendor (it was understood the delivery fee would be taken from the proceeds). But more importantly, they sent me an email essentially telling me everything was a "go" and never bothered to send a second letting me know my request was cancelled. The woman I spoke with said she would re-submit my request and would waive the $20 fee; she also said it would go out that night. This wasn't my expectation; after all, it was after 5:00pm MST. But she offered this and so I waited all day today for my check. I left my front door open so I wouldn't miss UPS and have an envelope sitting on my front porch. Finally at about 4:20pm, I called Schwab again. No, the check was actually issued today, no tracking number.
My Problem? Poor customer service: either failing to communicate and/or not communicating honestly. Wasted precious time.
My making a small rollover deposit was a "test." I'd heard mixed reviews about Schwab. Very glad I did not rollover larger sums."
George says"I used to be really, really happy with Schwab, but they send you to Rocket Mortgage for all their mortgage business and the experience is horrible. So points off from Schwab for that. This is my second poor experience with Quicken/Rocket, so my bad for repeating that mistake."
David Asem says"yelp sucks - Google Search @Tesla rocks $87,000 call options coming at you via Schwab https://t.co/LuqCYG2hYd"
LP says"@wtam1100 I still like what Mark Schwab used to say on the air when he had to announce the time: "It's 6:31pm and Michigan still sucks.""
Shiraz Khan says"@JeLaw178 I see. Im with Charles Schwab and apparently it is a SEC thing. THey only allow you to trade if you hav… https://t.co/2hpsuXyK2J"
TeslaXYZ says"@TDAmeritrade Please switch to the Schwab platform already. Sorry to say TD UI sucks."
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