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Charles Schwab & Co. / Charles Schwab

1 United States Review updated:

Charles Schwab & Co., the large discount brokerage firm, fires customer for demanding that Schwab pay for the consequences of their mistake.
1. Customer purchases CD (certificate of deposit )through Schwab
2. CD comes due
3. Customer calls Schwab to setup issuance of checks to withdraw funds from matured CD
4. Customer goes to Schwab office to retrieve checks for principal and interest associated with matured CD
5. Schwab only has check for interest due and is unable to explain why the principal check is unavailable or commit to when the check will be available
6. Customer spends the entire morning and early afternoon (4-5 hours) directly following trip to Schwab researching with Schwab customer service personnel what happened to his money (the same money Schwab’s commercial is talking about when it says “It’s nice taking advice from somebody who doesn’t forget whose money it is.”)
7. Schwab finally figures out what happened and explains to customer
8. Customer demands that Schwab pay for the consequences of Schwab mistakes (loss of use of customer’s funds (which is why funds were withdrawn), additional time for 2nd trip to Schwab (2 hours), customer’s time is researching where his money is (4-5 hours))
9. Schwab sends letter to customer demanding customer close all his accounts at Schwab

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  • Dh
      17th of May, 2009
    0 Votes

    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.

    Charles Schwab allowed its employee to steal $30, 000 from my account in June 1992 by immediately changing my identity address and telephone number on the new account, and then sending my money to the fellow thief on the outside at the new address. I've never been able to get any cooperation from Schwab to help me retrieve the stolen money, even though Atlanta detectives caught the outside thief.

  • Lo
      18th of Aug, 2009
    -1 Votes

    My recent experience with Schwab has been awful. I dealt with a fixed income person in Denver who sold me a highly inappropriate corporate bond for my risk tolerance. If you know what you want to buy, they are probably ok. But remember that they are salesmen and profit is their primary concern. In my case, there was no regard for the my needs.

  • Re
      21st of Aug, 2009
    0 Votes

    Schwab's Fixed Income traders are not paid by commission!!!

  • Re
      6th of Mar, 2011
    0 Votes

    These are very serious allegations. You can contact the FBI for theft over $10k and I suggest you do that. Accounts are supposed to be protected from theft but not from bad investments. The one question I have is why would a thief invest the money badly? Why wouldn't they just steal it if they had access.

  • Td
      29th of Nov, 2012
    0 Votes

    Just closed my account out with them. this was part of my divorce settlement and i did not appreciate the incompetent customer service that i received from them. i warned them that it better not be longer than 5 days getting my check out to me. otherwise, i will be writing the judge who made this a court order and bringing them in to court.

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