Comments on: Charles Schwab broker review http://financedad.com/charles-schwab-broker-review/ Wed, 26 Oct 2011 03:37:42 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: FinanceDad http://financedad.com/charles-schwab-broker-review/comment-page-1/#comment-2542 FinanceDad Fri, 15 Apr 2011 13:18:44 +0000 http://401kmaze.com/?p=737#comment-2542 Allen, Sorry to hear about that, thanks for sharing your experience with my readers, it helps others to make an informed decision when choosing a broker. Allen,

Sorry to hear about that, thanks for sharing your experience with my readers, it helps others to make an informed decision when choosing a broker.

]]> By: Alln Stewart http://financedad.com/charles-schwab-broker-review/comment-page-1/#comment-2537 Alln Stewart Wed, 13 Apr 2011 23:15:07 +0000 http://401kmaze.com/?p=737#comment-2537 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. 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: Anonymous http://financedad.com/charles-schwab-broker-review/comment-page-1/#comment-2411 Anonymous Fri, 11 Mar 2011 16:48:39 +0000 http://401kmaze.com/?p=737#comment-2411 Esoteric investments are an attractive feature of Charles Schwab which otherwise has trouble standing out from the crowd. Esoteric investments are an attractive feature of Charles Schwab which otherwise has trouble standing out from the crowd.

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