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Charles Schwab & Co.101 Montgomery Street, San Francisco, CA |
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Charles of Atlanta, GA November 13, 2009 Unauthorized draft checks, not signed, electronic in nature presented by a fraudulent payday advance company and paid. Filed fraud claim, turned into dispute by Schwab and money reversed. Received letter that Schwab had closed my checking account without notice as a result of the incident. Checking balance was included. Cited that Schwab's Risk Department may a "business decision." No new account opened, no apology, did not care Eugene of Bend, OR October 13, 2009 I was at a friends house when she said she had paid over 800 for front struts on a 1999 Dodge Neon. At first I thought it must be a mistake or other services included. Checked out the paper work and it was only for Struts and Front Wheel Alignment. So I went to Les Schwab and got a price quote and they only charged 350 which is still kind of expensive. I went through other paper work for repairs and service she had done at Les Schwab and found they had been charging her over double the price of normal repairs. A couple years back I had a price quote from Les Schwab of 1000 to replace brake pads, but when I complained it was lowered to 400. I learned to do my own brakes since then. Bob of Moraga, CA September 13, 2009 I have had both investment and banking accounts with Schwab for over 4 years. Just recently, while traveling, Schwab, under contract with Visa, has instituted "fraud protection" services that have denied me access to my funds, while traveling. My daughter, a college student in Montreal, also a Schwab investment and banking customer tried to use her Debit card to buy her 1st weeks groceries at school and Schwab denied access. Two weeks later, while I am traveling in Montreal and seek to remove funds to pay the rent on our apartment, again Schwab denies me access to my account. They say this is due to "protecting me" but in fact it is to protect them. As a card user, our liability is only 50. So to get the hold released I was required to incur a long distance call and tell them when I might be traveling and for how long! Whose funds are these? Are they mine or Schwab's? Why do I have to tell them where I am going and for how long? Who is being tracked here? Ruhi of Novato, CA September 4, 2009 The statements of my retirement account with Schwab do not indicate an account number. The customer service representative informed me that this is a practice at Schwab. I mentioned to her that without an account number one cannot identify a statement as belonging to a particular person, e.g., someone with the same name puts her statement side-by-side and there is no formal way to distinguish which statement belongs to whom. I also asked for a formal letter indicating my account number and they refused to provide me with one. I believe this is a bad business practice by Schwab. Robert of Berkeley, CA July 31, 2009 I've been a customer of Schwab BillPay since 2007. Just today I discovered, almost accidentally, a nefarious practice that I'd like to bring to everyone's attention: Some of the checks initiated by BillPay are debited against the checking account before they are received, let alone cashed, by the recipient. For example, last Saturday, July 25, I initiated 2 payments by BillPay to 2 separate recipients totaling 1,000. My account was debited effective Thursday July 30, which is the usual delay. Both recipients have not received either check as of today, Friday, the 31st. When I inquired with Paul at Schwab's Denver office he claimed this was normal procedure, that my checking account was actually debited by the BillPay Service to which Schwab outsources this function. So the BillPay services collects interest on the float, in this particular example at least 4 days, since the recipients, even if they should receive the checks in Friday afternoon's mail, will not be likely to cash them before Monday. To add insult to injury, I've had to replace the "lost" check (not lost at all, it turns out) to one of the recipients and asked her to void the original check if and when it reaches her. But to get my checking account balance to be re-credited with the face value of that "lost" check apparently requires a call to Schwab Bank who will have to manually reverse the BillPay instruction. To be precise, the majority of my BillPay checks are mailed and cashed the old-fashioned way, with my account debited only when the recipient cashes them. But some of them are, instead, treated as ONLINE PAYMENTS which transfers the money not into the recipient's account, but into that of the BillPay service, which turns around and issues a check and collects the float in the process. Am I the only one to find this practice despicable? I'd be glad to supply more detail if anyone has an interest in getting to the bottom of this. Thank you for your attention. Nelson of Staten Island, NY July 24, 2009 I have been unemployed for a year now,and i have been receiving my statements from Charles Schwab regarding my credit card bill. I had originally signed up for a deal with 0 interest ,however they never told me that if i didnt pay the minimum on time my special rate would be cancelled and i would pay the regular interest rate. Now i am getting hit with soo many finance charges it's ridiculous.I explained to Charles Schwab my predicament and they did not care.This has put a sever toll on me.i never said i would not pay my bill just restructure the minimum balance again they refused to help me. Bill of Portland, OR July 22, 2009 After establishing a relationship with Schwab in the fall of 2007 and meeting their requested 10 million minimum in custodial assets getting to 18 million, Schwab on June 5th notified us that they were terminating their relationship with Bandon. That very same day they sent a defamitory letter to all clients of Bandon's who had accounts at Schwab. Many clients were confused and ultimately upset at Schwab for this decision. (which made requesting them to move easy) David of Dunwoody, GA May 17, 2009 A Charles Schwab employee rep with whom I opened my account in June, 1992, sold my idenity info to another thief on the outside who was able to immediately electronically change my address and telephone info with Schwab. They cleaned out my entire 30k investment within a few weeks by making bad investments unknown to me and having checks mailed to another address. Detectives caught and arrested the recipient of the checks but did not have enough evidence to go after the inside thief. I've never been able to get back the money Schwab's employee help steal from me. Charles Schwab claimed no fault of theirs, nor responsibility for the theft, and virtually said "tough luck". Moral of the story, do not trust Charles Schwab to protect your money. Peter of Wheaton, IL May 5, 2009 Revised 2008 1099 and SWOXX AMT. Schwab delivered the original 1099's in early Feb. 2009, then revised them in mid March 2009 to include a supplemental AMT entry. This deceptive practice, that wholly flew in the face of their SWOXX perspectus forced me have my 2008 tax return redone and created an additional Federal Tax liability. I am surprised that given there is over 4.9B in the fund others have not complained, to my knowledge, as well Salim of Los Altos Hills, CA May 1, 2009 I downloaded our trades info from the Schwab platform, as I do each year, to Turbotax andnoticed that download did not work properly. After many hours of checking and tracing the issue, Schwab acknowledged that their software has a glitch that happens to around 5% of their customers where the software fails to download the cost basis of the trades; they said they debated whether to alert their customers and decided not to do that. I ended up spending over two days dealing with this situation and ended up entering the trades data by hand (my only avaialable alternative). Mr. Kelley was very defensive thoughout the whole process, asked S. Sevey (our representative since we moved our account to Schwab) not to talk to me about this situation; now he denies that he did that. He told me that he would compensate me for our losses then he denied it later. When I tried to address the issues with him, he was very abrasive and kept on interrupting me; very strange and abrasive person; quite unethical. I reached out to his boss in San Francisco and I am still waiting to hear from him. Not a good orgnaization; I plan to pursue the matter for many reasons including helping creating awaraness about bad companies/service, standing for what I believe is right, and not let big companies take advantage of customers and deny their mistakes. Hopefully, my minor step will be followed by others who will do the same; collectively we will make a difference. Advertisement
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