Frustrated customers claim that they were never informed that their credit score played a role in their ability to have an account with Charles Schwab bank and that the credit checks should be completed before they were given instructions as to how to transfer funds into their brokerage account. Yet, within a few days, they find out that their funds are frozen and they cannot access them.
Customers take them up on this and often transfer in several thousand dollars to their accounts started. When customers go online, they can easily open up an account at Charles Schwab and are given instructions as to how to transfer funds into their new brokerage account. Many times, these are new accounts that are closed within a few weeks of being opened. In other cases, they may receive no explanation other than it was a “business decision.” Accounts closed or funds put on hold without explanationĬustomers have reported that their brokerage accounts have been closed due to their credit scores.Some of the most common customer grievances include Charles Schwab Bank has received a fair share of complaints over the years. Known as “the bank for investors,” they offer advisory, account management, and trading services. In addition to traditional bank accounts, Charles Schwab Bank offers a variety of investment and retirement products and accounts.
Does it seem like Charles Schwab Bank is charging you ridiculously high fees on your investment or retirement accounts? Have you lost money in your brokerage account because their online system was down and you couldn’t sell your stock when you wanted to? Did you try calling customer service for help only to get the run-around? Did you receive a letter advising you that your account would be closed as the result of a “business decision?” Or was your account closed because your credit score was too low? When you called customer service for help, were they rude or difficult to work with?
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