ComplaintsforCharles Schwab Corporation

Investment Security

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Initial Complaint
04/12/2024
Complaint Type:
Customer Service Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I called Schwab to get my direct deposit information changed on my accounts and I was put on permanent hold 3 times. After waiting 5 minutes I hung up and was never able to get my request fulfilled.
Initial Complaint
04/11/2024
Complaint Type:
Sales and Advertising Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I was interested in buying an annuity, but once I decided the company representative said I was required to disclose all my finances before they would sell the annuity, claiming suitability is an industry wide standard. I said I'd sign a waiver because she said people go back to them complaining that the company should not have sold them the annuity, but she refused. I let her know that it isn't a industry wide standard because my friend bought an annuity and was not required to disclose the detailed information she was asking me to disclose. This is wrong and was not disclosed before they wasted 3 weeks of my time discussing options. I spoke with two different people and neither said I would be required to disclose all my personal finances so they have it in their system! During my initial call about annuities I was told Schwab keeps and maintains detailed information about possible clients and I don't want my information in their system. How do I know what they will do ***** the information. Just the fact that they refused to allow a waiver and still refuse to sell the annuity without full disclosure tells me something is wrong with this company and their sales practice. Resolution - I want the annuity price they provided without disclosure to personal financial information and accept the waiver.
Business response
04/16/2024
Please see the attached letter.
Customer response
04/16/2024
There appears to be no resolution to the complaint.
Schwab was not up front about their requirements and what I call lies of omission. They literally refused to sell me an annuity because I would not disclose personal financial information that is not required by law! I've had a few other companies say it sounded like Schwab was trying to get me to do more business with them than just buy an annunity, inluding the the insurance company I wanted to purchase the annunity from.
Thank you. At least I had an opportunity to explain to the Schwab representative my concerns about their business practice.
This is closed.
Initial Complaint
04/02/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I transferred $1750.00 from my ***** Fargo Account to a ******* US Account that was since closed during the acquisition by Schwab. The money was never sent back and I have called several times to no avail. I have the account number and routing number of said account. I need someone that actually cares to investigate and transfer back the funds.
Business response
04/03/2024
Initial Complaint
03/27/2024
Complaint Type:
Product Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I have been trying since September 2023 to get a 401k distribution paid to the spouse of a partner with my firm who passed away in August. I have submitted numerous documents repeatedly through PCS Retirement and never get an answer. PCS claims Schwab does not provide a phone number for them to reach them and everything has to be done by email.
Business response
04/05/2024
April 3, 2024

Dear Better Business Bureau,

Re:Case ID ********

I am writing in response to the April 1, 2024 correspondence to Charles Schwab & **** **** regarding the above-referenced matter.

Charles Schwab thoroughly researched the concern and responded directly to the person initiating the inquiry you forwarded in accordance with required regulatory guidelines.

Thank you for the opportunity to be of service in this matter.

Sincerely,
Customer response
04/09/2024
I have reviewed the business response and accept this resolution. The person who helped me, *****************, did an excellent job addressing my concerns and processing my request.
Initial Complaint
03/25/2024
Complaint Type:
Product Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
On 2/9/24 Schwab sent out a Composite 1099 Year end summary for two accounts I have at Charles Schwab. Upon review by both myself and accountant, a certain liquidation was incorrectly reported. Schwab was immediately notified in writing and by phone explaining what the problem was. On 2/23/24 I received a corrected 1099 Form and once again, the transaction was incorrectly reported.On 3/8/24 and 3/14, phone calls to Schwab and another letter was sent inquiring about delays. The 3/14 response from Schwab said I would have another corrected copy within 5 to 7 business days. Its now 3/25/24 and still no corrected copy. Now I have to file an extension with the IRS.Its a shame Schwab, being a large institution in the finance market and acting like a fiduciary, does not have the quality controls in place to correctly address, review for correctness, and ultimately reissue corrected information time.
Business response
04/02/2024
April 2, 2024

Dear Better Business Bureau,

RE: Case ID ********

I am writing in response to the March 26, 2024 correspondence to Charles Schwab & **** **** regarding the above-referenced matter.

Charles Schwab thoroughly researched the concern and responded directly to the person initiating the inquiry you forwarded in accordance with required regulatory guidelines.

Thank you for the opportunity to be of service in this matter.

Sincerely,

Client Advocacy Team

Tel ************ | Fax ************
Charles Schwab & **** ****
***********
Mail Stop: PHXPEAK
*************, ** 94105

Investment Products: Not FDIC-**************** Guarantee May **** Value
Customer response
04/05/2024
I am rejecting this response because: Schwab finally sent a corrected form and explanation regarding that particular event transaction and apologized for the delay incurred. They have offered a $250 credit which they have not explained what that entails. My response was thanking them for explaining the events. However, based on a number of a phone calls to no avail and continued delays in providing correct info and a proper explanation, my accountant was forced to file income tax extension. The time accounting firm put into trying to figure out the statements and filing the extension cost me close to $1,000. needless to say I am expecting a large credit from the *** which is also delayed receiving. I asked Schwab for reimbursement, since I am out of pocket for those expenses. I have not received a response yet, but could only imagine would it will be.
Business response
04/08/2024
April 8, 2024

Dear Better Business Bureau,

RE: Case ID ********

I am writing in response to the April 5th and March 26th, 2024 correspondence to Charles Schwab & Co.,Inc. regarding the above-referenced matter.

Charles Schwab thoroughly researched the concern and responded directly to the person initiating the inquiry you forwarded in accordance with required regulatory guidelines.

Thank you for the opportunity to be of service in this matter.

Sincerely,

Client Advocacy Team

Tel ************ | Fax ************
Charles Schwab & Co., Inc.
***********
Mail Stop: PHXPEAK
*************, ** 94105

Investment Products: Not FDIC-**************** Guarantee May **** Value
Customer response
04/08/2024
I have reviewed the business response and accept this resolution.
Initial Complaint
03/18/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Schwab does not have sufficient security in place to protect against wire fraud. I was a a victim of real estate wire fraud. The *** told me the funds have been located and frozen. But Schwab has not returned my funds to me. Financial institutions should not be able to keep funds (and earn interest on them) that do not belong to them. It has been 45+ days and they have not provided me with my funds. They also have almost no security in place even though they are aware that wire fraud and cash/bank account mules is a massive issue for American citizens.
Business response
03/20/2024
March 20, 2024

Dear Better Business Bureau,

Re:Case ID ********

I am writing in response to the March 19, 2024 correspondence to Charles Schwab & **** **** regarding the above-referenced matter.

Charles Schwab thoroughly researched the concern and responded directly to the person initiating the inquiry you forwarded in accordance with required regulatory guidelines.

Thank you for the opportunity to be of service in this matter.

Sincerely,
Initial Complaint
03/16/2024
Complaint Type:
Customer Service Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Formerly had full access to funds on TD Ameritrade. They recently integrated with Charles Schwab. At the time I was 20, and TD Ameritrade provided me full access to my account. To be clear, it was a custody account when I was 17, but I then had full control at 18. However, Schwab requires account holders to be 21. Due to this policy with no grandfather clause, I was unable to access my stocks or funds during any of the transition period and was not notified that this would be an issue. I did not agree to any terms of service with Schwab.My funds were then TRANSFERRED WITHOUT MY PERMISSION to one of my parents who had the custody account when I was under 18. I had no direct access and I'm still trying to access my supposed Schwab account that was created for me during the transfer.
Business response
03/21/2024
see attached
Initial Complaint
03/15/2024
Complaint Type:
Product Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Dear **************, CFA:I hope this letter finds you well. Our names are *************************** and *************************, and we are writing to address the service we recently received regarding an incoming international wire transfer into our Global account in ******** Yen.We contacted Charles Schwabs customer service on how to do an incoming international wire transfer in ******** Yen. Unfortunately, the Charles Schwab people we spoke with did not provide us with crucial information regarding the requirement of putting the address of the ******** bank involved in the note section of the incoming transfer. Instead, we were given outdated December 2018 instructions, which did not include this ************. Please see the scan of the attached PDF, which uses the word OR instead of the word AND.Due to this oversight, we encountered significant complications with the incoming international wire transfer. After several follow-up calls, it became apparent that the absence of the ******** bank's address was a critical omission, causing additional fees of JPN ******, on February 9, 2024, and a loss of the time value of money on our part. See the attached email in ********.As a valued customer of ********************************************* Global Accounts, we expect a correct version of the international wiring instructions from your customer service representatives. This incident has not only inconvenienced us but has also eroded our confidence in the reliability of your services.To rectify this situation and prevent similar occurrences in the future, we request the following:1.A refund of USD $100.63 into my brokerage account.We know that addressing this issue promptly will not only restore our confidence in Charles Schwab ***************** but will also contribute to the overall improvement of your customer service standards.We appreciate your immediate attention to this matter and look forward to a prompt resolution. Thank you for your cooperation.Our best regards,****** and *************************
Business response
03/25/2024
Please see the attachment for an update.
Customer response
03/25/2024
Dear Charles Schwab, Thank you for the response. I have reviewed the business response and accept this resolution. My best regards, ***************************
Initial Complaint
03/11/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I had 1 bank account 2 investment brokerage accounts with schwab for last 20 years on july 14 2022 all my accounts were blocked and had been taken away up till today for no reasons or explanations were given I have been calling and sending letters to sell my stocks and send me the money i have not gotten any response Please help *********************
Business response
03/19/2024
Please see attached for update
Initial Complaint
03/04/2024
Complaint Type:
Customer Service Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I was told by the customer service that my TD account would've transferred over automatically months ago. That never happened. So I talked to the customer service again, and I was told that they found my account between TD and schwab, but need further verification. I've submitted the paperwork for verification months ago, again, no response and my account from TD is still not showing up in my schwab account
Business response
03/13/2024
March 13th,2024

Dear Better Business Bureau,

Re:Case ID ********

I am writing in response to the March 4th, 2024 correspondence to Charles Schwab & **** **** regarding the above-referenced matter.

Charles Schwab thoroughly researched the concern and responded directly to the person initiating the inquiry you forwarded in accordance with required regulatory guidelines.

Thank you for the opportunity to be of service in this matter.

Sincerely,

***********************
Resolution Manager
Client Advocacy Team

************ / Fax **************
Charles Schwab & **** ****
***********
Mail Stop: PHXPEAK
*************, ** 94105

(1123-31MY)

Investment Products: Not FDIC-**************** Guarantee May **** Value
Customer response
03/20/2024
I am rejecting this response because:
I still haven't received anything from schwab up to this date. No email, no notification in schwab website, no phone calls, no voice mail. Nothing at all. Where they can reaching out to me in????
Business response
03/22/2024
March 22nd,2024

Dear Better Business Bureau,

Re:Case ID ********

I am writing in response to the March 20th, 2024 correspondence to Charles Schwab & **** **** regarding the above-referenced matter.

Client was sent an e-mail notification delivered to the address they had provided you to contact our service center for assistance as this matter required speaking with them directly. They have done so and the issue has been resolved.

Thank you for the opportunity to be of service in this matter.

Sincerely,

***********************
Resolution Manager
Client Advocacy Team

Phone ************ / Fax **************
Charles Schwab & **** ****
***********
Mail Stop: PHXPEAK
*************, ** 94105

(1123-31MY)

Investment Products: Not FDIC-**************** Guarantee May **** Value

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