Charles Schwab reviews, ratings, pros and cons, complaints from brokerage customers

Charles Schwab Ratings

Charles Schwab average user rating: brokerage firms reviews

Charles Schwab BrokerageReviews.org rating: 3-star brokerage firm rating

Charles Schwab Review: Stocks, ETFs & Options Trading Commissions

Stocks and ETFs: $8.95
Options: $8.95 plus $0.75 per contract
Mutual funds: $49.95. Mutual Fund OneSource® Funds - free

Minimum To Open Charles Schwab Online Brokerage Account

$1,000. The minimum is waived if you open a Schwab One brokerage account with Schwab Bank Investor Checking™, or if you establish a monthly transfer of at least $100 to your Schwab One account through either direct deposit or Schwab MoneyLink®.

Charles Schwab Promotional Code/Offer/Bonus 2012

(no promotional offers at this time)

Charles Schwab Reviews


by Nancy, 11/22/2011 Pros: Cons: I have used Charles Schwab for 3 years and have learned a great deal from them. I find the customer service to be excellent. On many occasions I have called with questions about many aspects of the market in general and about their systems and have had extensive conversations with them. For example I wanted an explanation of level2 quotes and spent 25 minutes on the phone learning about them. I think they are worth the fees they charge for trades. I have also had several good experiences going to their free seminars held at the local office once a month.
by almost retired, 11/19/2011 Pros: web based, nice tools, easy access to help, easy phone service. Cons: none I have been with schwab for many years. I love the way I can see all accounts all the time. Also using their bank and Home equity line of credit. Can deposit checks to bank with IPHONE APP by taking photo of check. Home equity was easiest ever. They overnighted paperwork, I completed forms and got them witnesed and returned in supplied envelope and a few days later was approved. very easy and fast.
by Better things elsewhere, 6/15/2011 Pros: Website is easy to use and is cheap to do business Cons: Limited resources in comparison to the investmement firms Schwab's research is about 5-7 years behind the large investment advisory firms. If you want advice, you will be sold into a managed account. If you want one-on-one advice you will get it from a person over the phone and not in person. It does not matter if you have $20 Million or $200,000 in assets with them. You get the same advice, the same allocation and the same funds. They do not customize their advice and I was better off doing it on my own. Schwab is great if you want to keep a trading account or a small brokerage account. I needed advice and found a one-on-one relationship with an advisor at Merrill. It might just be me, but cheap does not mean good. I would rather pay more to get customized advice.
by Don Geo, 5/23/2011 Pros: none Cons: untrained customer service Ask Chuck is s joke for retirement.. Dont waste ur time.. They would rather talk then listen...
by brokerage-review.com, 5/8/2011 Pros: Traditional banking features: credit cards and checking accounts Cons: High commissions on stocks, options, mutual funds and ETFs Charles Schwab has no account maintenance or inactivity fees. There are no surcharges for large orders, penny stocks and after-hours trading. Having an option of opening a checking account or credit card with one's brokerage firm is always nice. Company is offering top-notch customer service. Read full review at Charles Schwab review.
by Investor Sam, 5/3/2011 Pros: Excellent research; excellent account tracking & analysis programs. Web site has a lot of nice tools. Cons: Web site is cluttered with a long learning curve. Execution is fine. However, in 2009, Schwab stopped dividend reinvestment on ALL ADRs. No consistent reason. This is a problem.
by Allan Stewart, 4/13/2011 Pros: Many OK things, local offices can be nice, (but are all salesmen) Cons: Not trustworthy, systemic corporate problem with customer rights Over the years, I have had IRA accounts with Fidelity, Scottrade, Diversity, Vanguard, Mairs Powers, Dodge & Cox, and First Eagle, to name a few. I have never experienced poorer customer service than that at Schwab. To qualify for use of their StreetSmart trading software, I decided to move over a couple of our IRA accounts from Fidelity so as to bring my family account balances to over the $1 million balance required. My wife's IRA account was opened from our home computer in Iowa City, funded with a transfer of an existing IRA from a major brokerage. There was no change in the name, address, email, or phone number of the account holder. The account to be transferred had been opened for over 15 years. This started the following series of events: . We received a form letter from Schwab indicating that they had trouble verifying wife's identity and stating that no trades, deposits or withdraws would be allowed until they could. . One day later, we received letter saying account was open and asking us to contact them if any of the information, as reprinted in the letter, was incorrect. . Two days later, Schwab accepted and processed multiple deposits to the account totaling about $100k. . Checking the Schwab web site, we noted it indicated that all the funds in the account were available for trade or withdraw. There was no indication of any restriction on the account. This never changed. . Next, we submitted forms to Schwab to grant POA (Power of Attorney) to me on my wife’s account and to my wife on my account. Schwab set up the requested POA for both accounts as requested. . A Schwab Representative from their closest local office contacted Nancy to introduce herself. She made no mention of any restriction on her account. - The Schwab February was statement received. There was no indication of any restriction on the account. - Nancy received and accepted an invitation from the Schwab office to attend a dinner/seminar, which we both attended. - A Schwab representative us to discuss fixed income vehicles. . On April 3rd we tried to make our annual $6,000 deposit to the acct via ETF. But we could not because Schwab requires up to 2 weeks to allow a deposit via ETF. (Fidelity allows deposits immediately, but requires time to verify the information for withdraws.) . We sent checks to Schwab for IRA deposits to both our IRAs via our bank's Bill-Pay. . On 4/8 I saw that the deposit to my IRA was posted the previous night, but my wife's deposit was not. . On 4/8, after 15:00 CDT, I called customer service to make sure the delay was normal. I was informed that the check had been returned via postal mail because the account was restricted. In subsequent conversations with Schwab representatives that day, we were told; .. the account was restricted because we applied for it from New Jersey (What!!), and .. Schwab did not make any attempt to notify us that they had rejected our deposit because the Patriot Act does not allow it. Schwab saw nothing wrong with their handling of the situation - they did not think that rejecting a time-sensitive deposit, without any notification, was a big deal even though it would have cost their client over $2,000. They offered us no means of facilitating a timely deposit. Five days after filing a written complaint, I was called by a Schwab Representative that reiterated their non-apologetic position, although he had no explanation for the conflicting information we repeatedly received from them. Nor could he explain why they thought the IP address originated in New Jersey. Clearly, either their criterion for flagging accounts is faulty or their processing is sloppy. He also claimed that they mailed out a letter to us to tell us they rejected the deposit (the precious representative said that would be illegal). But after five days, we still have not received the rejected check back or any notification of the rejection. If it had been mailed when they claimed, I expect we would have it before now. We did receive the March statement though - again with no indication of any restriction on the account. I never heard a hint of an apology. Schwab’s only apparent concern through-out this has been their desire to justify their inexcusable handling of this account.
by by Anonymous, 4/12/2011 Pros: Cons: CS broker don't provide quarterly or yearly statements in IRA account and don't offer free new trading charts.
by bullrider718, 10/7/2010 Pros: Cons: I've been both a Schwab Brokerage and Schwab Bank customer for a few years now, and have had only positive experiences with the firm. On the brokerage side, their web site offers a good deal of research tools and commissions that are in-line with most other discount brokerages. Furthermore, if you open an individual brokerage account along with a checking account with Schwab bank, Schwab will waive the minimum balance requirement for the brokerage account (no minimum for the checking account either). Schwab charges no maintenance fees, etc. On the banking side, Schwab offers checking accounts with above-average interest rates, ATM rebates (Schwab charges no ATM fees and refunds any fees you are charged by using another bank's ATM at the end of the month), and free checks and deposit slips. Deposits are handled via mail (to either a Reno, NV address or an Orlando, FL address), and usually appear in your account 2-3 days after mailing them. Schwab provides pre-paid envelopes free of charge. Furthermore, all checks and deposit slips come with pre-printed labels in case you run out of or do not have access to your pre-paid Schwab envelopes. I have not used any of the bank's loan products (mortgages or credit cards) and therefore have no experience to base a review of those products on. Those who frequently deposit cash should not that Schwab does not accept any cash deposits. Furthermore, Schwab has very few brick-and-mortar locations, so those who like to handle their brokerage or banking needs in person will probably not be happy with Schwab. That being said, all of my customer service experiences with Schwab have been unbelievably good. I have never had to wait on hold, and the customer service representatives are always helpful, prompt, and courteous. I spent a few months abroad in France last year, and contacted Schwab because my university residence needed certain information so that they could return my deposit to me electronically. Not only did Schwab get me this information immediately, but also provided me with a phone number to pass along to the university residence office and told me that they would arrange for a translator if the residence needed to contact them at all! Overall, if you are looking for a brokerage that charges decent commission rates and do not mind the fact that brick-and-mortar locations are few and far between, or are looking for a bank and do not mind the fact that all deposits must be mailed and cash deposits are not accepted, I high recommend Schwab for both their brokerage and banking services.
by Sonicstef, 9/28/2010 Pros: Good production selection, courteous service Cons: UNBELIEVABLE LONG HOLD TIMES Charles Schwab provides fair to good service in every area but one - response time on service lines!! I have been pleased with their product selection and their employees' courtesy and knowledge. Their price per transaction is considerably higher than some of their competitors but not unreasonable, so I will make the concession in this arena. The analytics on the client statements could be greatly improved but then again, we can always do the math ourselves. My biggest grip with Schwab is their ridiculous hold times. No matter how trivial the question, you should plan to be planted by the phone a minimum of 30 minutes. That is just unacceptable. You are instructed that there are "long" wait times which I would consider anything around 10 minutes. But at 30 minutes, Schwab should run out and hire more service reps, its just that simple. If they were a low cost provider I could excuse it, but they are not! So when considering an account with Schwab, make sure you NEVER plan to ask their service reps a question or you may need to take a day off from work!!
by Anonymous, 9/16/2010 Pros: Cons: My experience with customer service has been very good. Schwab research area is good and easy to use. I like their website.
by IndianXC, 7/29/2010 Pros: Cons: If you're looking for a decent middle of the road broker, with moderate fees, and a little advice you've found it.
by harris911, 6/11/2010 Pros: Cons: I left Interactive Brokers to get the better per-share pricing at CyberTrader. The account approval/funding process took several days longer than they said it would. The software user interface made it impossible to see if my limit orders were still the best bid. Futures contracts cannot be held overnight making it hard to hedge positions. Then I discovered another limitation that made it impossible for me to trade my best strategy. Closing my accounts was very frustrating. It took several days and 20 phone calls. They committed two acts of incompetence, delayed every step, and ended up charging me TWICE the fees the website indicates!
by nesher, 5/29/2010 Pros: Cons: Core Services and Fees Online Schwab One accounts are differentiated by two trading levels as well as varying pricing tiers, based on account balances:  Less than 30 trades per quarter or less than 120 trades per year and <$1 million account balances.  More than 30 trades per quarter or more than 120 trades per year or > $1 million account balances. Commissions: Market: $9.95-$12.95 Limit: $9.95-$12.95 Options: $9.95+ $0.75/contract Account minimums: $1,000 Margin Rates: BR - 0.5% to +2.0% Additional benefits: Commissions are significantly lower than trading via telephone (an extra $5) or live person (an extra $25). Strengths Investors can trade just about any investment they desire. Offers a much wider range of services than the basic- or deep-discount firms, including tremendous availability of mutual funds and research. Commissions are very competitive for investors. Weaknesses Supplementary fees can quickly add up, although they were recently reduced to be more competitive. Trading service can be relatively expensive unless volume is very high. Emphasis on Schwab-related products and lack of diversity in order routing may not always be to the benefit of the investor.
by InCollege, 5/19/2010 Pros: Cons: My aunt helped me set up my new IRA at Schwab several years ago. Being a new college student and part time employee I was unsure of everything and anything to do with retirement savings. I have never actually gone in to see anyone at Schwab, but every email I have written has come back within two or three days, usually within 24 hours. The responses I get are accurate and friendly and give me the information I was looking for. The phone operators are also as polite and friendly as the...
by Scott, 5/1/2010 Pros: Cons: they're not horrible, just not good. i didn't see any upside with them; they seem big - eg. bureaucratic, slow and not too worried about me as a customer. you can do better many other places - for cheap commissions, fast executions and shares available to short you're better off with interactive brokers and for hong kong and other international stocks you are better off at etrade. i called to ask where a transfer was one time when it was out of my schwab account and not in my bank and the customer service woman said "oh, it's only 10,000." i worked for it and wasn't thrilled it was missing in transit, whch meant i was then not the customer but the employee as i was the one who had to do the work and i had to call and after holding for a long time, i had to go through 5 minutes of the guessing game to prove my identity and they weren't worried about it, since it was only 10k. i realize this stuff happens but i get far better executions with interactive brokers and far far better customer service with etrade.
by AJ, 3/21/2010 Pros: Cons: Over paying...Having any good execution doen wrong..Lied to about time stamps and not getting through when you REALLY NEED TO TALK TO SOMEONE....schwab is for you...NEVER WILL GO BACK>>>>>RIPPED OFF and LIED to..and will have to get a lawyer...be careful..not good fast 24/7 techincal people with their crummy web sight and charts are a joke ..honnestly...cant wait to run ....
by Artie, 2/18/2010 Pros: Cons: Experts note that Schwab has excellent investment tools, research, and customer support, and it keeps simplifying its commission structure. Investors used to pay $19.95 per trade; now it's $12.95 for the first 1,000 shares per year, $0.015 per share thereafter. Schwab has a $1,000 minimum deposit to open an account, which may be waived if you open a linked checking account or establish a minimum monthly deposit of at least $100.
by Ace Of Trades, 12/14/2009 Pros: Cons: I have had an account with Schwab for years, but just recently transferred all funds into another broker. Had to apply for margin, too many obstacles. I didn't think their StreetSmart Pro platform was that nice, at least not nice enough to make me want to stick around. Available only for Windows PC as well. Schwab to me is kind of old school, almost to the point of being outdated. Other firms seem to be much more up to speed and have a lot nicer trading platforms. I'm sure with Schwab you can do pretty much all the same things, but they certainly don't look as nice. Don't see myself ever having a Schwab account again. I'm with thinkorswim now and will probably also open an account with IB. I will say that Schwab customer service is pretty solid, and transaction speed is very fast. I wanted something compatible with Apple and something fresh. Just grew old of being with Schwab.

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Charles Schwab reviewed by BrokerageReview.org users. 19 customer reviews. Rating: 3.

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