ComplaintsforCharles Schwab Corporation

• Initial Complaint

  05/02/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  On September 14, 2023 my account was charged $38 for a mandatory reorganization fee for a 1-to-15 reverse split of Astra Space, ticker symbol ASTR. On September 19, 2023 I emailed the business asking for a courtesy refund of this fee due to my position being minuscule compared to the fee (position under 5 USD value). The business respectfully declined to refund the fee citing the fact that I had previously been refunded in the same year. While I understand their reasoning, I do not believe their policies are fairly applied; I have had friends who have received multiple reorganization fee waivers in the past year. I believe this fee waiver policy is being unfairly applied, particularly that this business seeks to charge fees to lower value accounts to wipe them out (at the time this fee was charged my account had a low balance and the fee almost brought me negative after accounting for options positions). Since I have had no more reorganization fees on my account since this one, I am asking that the fee be refunded. I would be asking for a full refund of the fee OR a $76 in commission credits/fee waivers that carry over the Schwab transition to be used in options trading. I appreciate your understanding in this matter.

  Business response

  05/06/2024

  Dear Better Business Bureau,
  
  I am writing in response to the May 3, 2024, correspondence to TD ******************** of TD ***************** regarding the above-referenced matter.
   
  TD Ameritrade thoroughly researched the concern and responded directly to the person initiating the inquiry you forwarded in accordance with required regulatory guidelines.
  
  I personally thank you for the opportunity to be of service in this matter.
  
  Sincerely,
  
  *******************************
  Client Advocacy Team
  TD ***************** Member FINRA/SIPC

  Customer response

  05/07/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this matter has resolved. While I am slightly disappointed that I had to file a BBB complaint to resolve my issue, I am satisfied with the outcome. I wish to thank the BBB for their help and thank TD Ameritrade by being understanding and correcting the mistake. I look forward to continuing our relationship through the transition to Schwab.
  
  Sincerely,
  
  ****************

• Initial Complaint

  04/18/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My cell phone was stolen on Dec. 13, 2023, the thief was then able to access my accounts and make purchases on several accounts, all have been resolved except this one with Charles Schwab.The thief made a purchase through my Amazon account for an Electric Scooter using my linked debit card from Charles Schwab.I informed Amazon who directed me to contact Charles Schwab, I contacted Charles Schwab and they must have misunderstood my claim, because they refused it stating I had to return the scooter, but I never ordered or received a scooter. The thief ordered it and changed the delivery address to theirs. I have filed a police report with *************************** then with the San ****** ******************** I also filed with the FBI.Charles Schwab had not returned an answer since I sent them supporting documents regarding this matter on April 11, 2024. I need to have this resolved by removing the charge for $706.00 on my debit card with Charles Schwab.

  Business response

  04/29/2024

  Response located in attachment.

• Initial Complaint

  04/18/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On April 17th, 2024, I placed an order to sell 100 shares of ASML at $ 940 per share and Schwab chose to sell only 1 share at $ ****** per share. Schwab should complete the transaction and sell the remaining 99 shares of ASML at $ ****** per share and deposit an additional $ ********* (99 x $ ****** = $ *********) into my Schwab 401k account.

  Business response

  04/23/2024

  April 23, 2024
  
  Dear Better Business Bureau,
  
  Re:Case ID ********
  
  I am writing in response to the April 18, 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
  ***********************
  
  (1123-31MY)
  
  Investment Products:  Not FDIC-**************** Guarantee May **** Value

• Initial Complaint

  04/16/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On Thurs March 28th, Schwab stated that they were missing/ remaining $2297 in divs at close of business with$1688 received and over $6000 due in *****.As this account generates $58k in divs per year $4,000 is low for the month. Now, Schwab has made March the lowest div month in the 2 years of div payments with them growing every month, due to additional div equities. No major sales of any div accounts were done.After multiple phone calls to Schwab identifying the $1150 loss, I was told the divs would show up on Thurs, then, fri, then Sat. As of Sunday March is now $2850 thew lowest div month ever ion my portfolio, by as much as 50% due the non-accounting of the grey divs. These divs are from over 100 companies and thus this could not be non payment by this many companies. Thus, Schwab has ion correctly moved my $1150 (25%) into someone elses account (with intentional or by accident). It is difficult to perceive that this is anything other than a major problem accounting for in the millions of dollars, of an error.Their is minimal of dollar amount for ***** at this time , thus the funds were not just moved into the next month.

  Business response

  05/01/2024

  Please see attached for an update. 

• Initial Complaint

  04/15/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Me and my good friend/neighbor who has been the father figure in my life in October wanted to change his beneficiaries on his account. He told them what they wanted to do now and the banker sent us beneficiary forms to fill out througg email. We printed and filled them out together then scanned them and sent them back. She said she got them everything is good just need one more signature (I forgot to sign under 100 percent beneficiaries. I signed and we took it back the same day. Everything was good to go we were told. January 18th my dear friend passed away. I am his Executor so I sent death certificate to schwab. They tell me I am NOT 100 PERCENT BENEFICIARIES. I am shocked we filled out the forms together and banker said everything was good. The corporate tells me banker never processed forms and now it's too late since td America switched to schwab. This is HORRIBLE this was his last will and testament and they failed to process his forms! Now we were expecting it and had even plans for a new home and the rug is pulled out from under us. We have to move because this house is part of the estate that's why he gave me and my family the 100percent so we would be okay and not homeless. Now we don't know where we are going to live. ******* AT ***** did not process form I have 4 small children and I am very worried now. How could they make a mistake this big and not honor it!? It shows his intentions on the forms. The forms we emailed back on October 10th 2023. Now we are going to be homeless and lose out on hundred of thousands of dollars. Please help us. All the corporation tells me through emails is sorry for the inconvenience. How could they be so cold. Instead of mourning my friend that his been like my dad since a child I have to worry about where we are going to live and what we are going to do. We went from being more then okay setting things in motions to broke and homeless soon. Please PLEASE HELP US. Who holds these banks accountable? I called finra no luck.

  Business response

  04/29/2024

  Please see attached for resolution. 

  Customer response

  04/29/2024

  I am rejecting this response because:   ****************************** account was still with TD when the TD FORMS were filled out. His account was one of the last groups to move over to Charles Schwab. TD account numbers are 9. We wrote the right account numbers and now they are saying the account is wrong? Or is it just different because now it's switched to charles schwab 8 number account. They had those beneficiary forms in their position in October when ***** account was still with TD. The forms show 9 DIGITS Because his account had not moved over yet. This is disgusting. I should have had this money months ago. This is what he gets for paying into your company? ***** trusted your company. He was with you guys for years. You did not respect his wishes and now he is deceased! I have never seen more disgusting business practices. 

  Business response

  05/08/2024

  Please see attached for resolution.

  Customer response

  05/08/2024

  I have reviewed the business response and accept this resolution. 

• Initial Complaint

  04/12/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  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

  More info

  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

  04/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  In March my account was compromised by scammers who attempted to wire transfer funds not successful, and my account was locked. It has been over two weeks, and I cannot get access to my account. When I call customer service and fraud **** all I get is fraudulent lip service and the scammers changed my cell phone to area 804 in ** I live in ** also a phony address in **. I am considering losing my account as they cannot provide adequate security.

  Business response

  04/16/2024

  
  
  
  Charles Schwab & **** ****
  ************************************************************************************************
  
  
  April 16, 2024
  
  Dear Better Business Bureau,
  
  Re:Case ID ********
  
  I am writing in response to the April 7, 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
  ***********************
  
  (1123-31MY)
  
  Investment Products:  Not FDIC-**************** Guarantee May **** Value

• Initial Complaint

  04/05/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On 4/4/24 My wife attempted to send a $500 WIRE from her Fidelity to my Schwab. The information was COPY & PASTED directly from my Schwab account into her Fidelity account. The wire was rejected and returned minus a $40 fee. Fidelity does not charge fees. Schwab places blame on CITI who they contract out to. I do not have a CITI account and do not deal with CITI. This is a SCHWAB issue. I have not received any information regarding why the transfer was rejected. There is no reason for it to have been rejected unless they have the wrong information within my account which would be very troubling. I request mediation if they fail to do whats right. Wire tracking 0404MMQFMP2M008000

  Business response

  04/11/2024

  April 11, 2024
  
  Dear Better Business Bureau,
  
  Re:Case ID *************
  
  I am writing in response to the April 8, 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

• Initial Complaint

  04/05/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Confirmation No. #**bdf8c69121 FINRA I want the values of my mother's accounts, at TD, which Schwab bought, on the day of her death on 1/10/23. Schwab has refused for the past 3 months. They keep putting me on hold for hours, like today, or telling me I have to call Schwab and Schwab says I have to call TD. SOMEONE HAS TO HAVE THIS INFORMATION

  Business response

  04/10/2024

  Please see attached letter. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩