Charles Schwab Bank

My son has his own CAS account and I have two more. He applied to refinance his existing variable mortgage into a fixed rate with Schwab. He was quoted a rate range that made refinancing feasible for him so he gave them all his info over the phone. He was subsequently informed that his rate would be much higher than the range quoted since he is in his first FT job and has a limited (but good) credit history. The higher rate quoted made refinancing too expensive so he cancelled. He was then charged $500 by Schwab for cancelling! This is bait and switch IMO. This is not our usual experience with Schwab and I expect they are using third parties to do their mortgage program. They and their mortgage partners should be investigated for fraud. This smells like a scheme to generate fee money not mortgages.

I have been a brokerage customer for 20 years and have been satisfied. The bank, however, is another story altogether. VERY frustrating to jump through so many hoops in order to get anything done. If I want to transfer funds from an outside checking account I have to go through no less than 3 Schwab accounts and it takes about a week! Not recommended.

I love my checking account at Charles Schwab Bank. Free checks, refunded ATM fees, no foreign service transaction fees, pre-paid envelopes to mail in your deposits. It works well for me because I get paid via direct deposit and rarely need to deposit money quickly into my account. Usually it takes a few days for deposits by mail to be posted to my account. The only potential drawback I see is that I can't go into a branch to get a cashier's check if I need one. I've kept a free local account open for that purpose. I can quickly (1 day) transfer funds from my Schwab account to my local account, if needed. Excellent customer service as well.

An amazing customer service experience every time I call. I love how quickly my deposits are processed. I love how I never pay any fees, how I never have to step foot inside an actual bank and how Schwab reimburses me for any ATM that I use. Seriously you cannot get a better banking experience. I actually enjoy calling them because I know they will exceed my expectations.

My experience is substantially the same as that of susiesalenko, who also reviewed Schwab Bank. Fortunately, I have other checking accounts. The "verification" they purported to need related to my home address that they said did not agree with an address provided by one of their "vendors" (read, "credit reporting agencies). I've had my same home address for more than 50 years. Apparently, they were looking for something more permanent. Or, perhaps they wish to do business with transients. Nonetheless, they are not doing business with me.

I opened a free checking account with Schwab, and I'm very pleased with it. They have no branches, but I have my paycheck direct deposited, and they refund ALL ATM fees and charge me none. The people on the phone are helpful, friendly, and most importantly, intelligent. Highly recommended for someone tired of the standard corporate BS.

I've been trying to call their mortgage division for over a week. The average holding time is 1 HOUR. I tried their online application, which allows you to enter basic information. However it will tell you "please call the rep if you want to continue". I tried their "CONTACT US" email. No has called me back yet, even their web says "someone will call you back in 24 hours". Now I wonder if I need to place a trade with their brokerage division and the holding time is 1 hour, just like their bank and the market is sliding, how much money can disappear from my account in an hour.... It's really sad to see how Schwab has changed from a customer focus firm to a "customer waiting" firm.

The bank decided to 'close' my account, stating they needed to verify more account details. I was left with no checking account. They did not notify me that they would do this. I have a perfect credit / checking history. Do not do business with this bank. They have the charles schwab name but a completely ghetto process.

Everything wasn't fixed in 24 hours. Wow!!! They should be shut down and everyone killed. Calm down you big baby. I have used Schwab Bank for nearly 2 years. Excellent service.

Just an FYI on this bank. On Monday, 8/13/2008 they made a mistake where they improperly scanned a check and debitted my account $480.24. I talked with them on the phone, they agreed it was a mistake, and they would fix it. By Thursday, 8/14/2008 it was still not fixed, with no status, no indication of what they would do. I sent an email, and got a "bogus" we are working on it. When I called by phone and got a manager, all he was concerned with was telling me not the be upset. As of today the problem is not resolved. This bank does not care about the customer, and are in no rush to fix THEIR problems. Watch out!

Charles Schwab Bank lives up to its promise to give high interest on balances. That's the good news. Potential customers should also be aware of some things that the Bank does not advertise. (1) Deposits must be mailed to Reno, NV and can take up to 5 business days to show up in your account. (2) The rebate of ATM fees is capped at $9.00 per month. More than that you have to pay yourself. (3) If you need services like a Cashier's Check you are limited to dealing with the Reno office via courier. (4) You will still have to deal with a local bank for a safe deposit box. (5) You can't use your Schwab Bank checks at merchants that only accept checks from a local bank.

Excellent customer service. The best i know of. Thier company has it all in checking , brokerage and Ira. My money is in one place.

We have been married for 33 years and have done business with countless banks in regards to mortgaging our homes. We were completely surprised with the incredible efficiency of this bank. The mortgage process took exactly one month from finding our new home to closing. I have never worked with a bank that did what they said they would do in less time than they promised. I would recommend Charles Schwab Bank to anyone I know. Every person we dealt with was pleasant, courteous, and went out of their way to assist us in making this process as easy and expeditious as possible.