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*beware of* if Schwab as your primary bank

Regular Contributor

*beware of* if Schwab as your primary bank

I do love my schwab to all features like free check books, fast mobile deposit, all ATM fee reimbrused worldwide and etc. I've been recommand this bank to all my friends, family and even community.

However I almost lost $60 if I didn't double check the amount that I deposited this past weekend. The check for $x92.xx and the amount appears on my account was $x32.xx. I called them up last night to question why there was a mismatch $$$, then I started receiving alot blad blad excuses from them for their mistake

 

yeah, I still do love them for great features they have, but I think I will start looking for another bank to whom they know what they are doing.

Human errors I do understand, but from a financial institution point of view for me is an unacceptable. I know people might say $60 is not alot, but money is money

 

PS: just got the different back today otherwise it blows in the air nobody know

and yes, they still owe me an apology!!!

Message 1 of 12
11 REPLIES
New Contributor

Re: *beware of* if Schwab as your primary bank

Definitely fishy.

 

I've had an account with Schwab for ten years and never had a problem. I don't use the checking account much at all, but even a slight mishap like that seems unusual. I have nothing but good things to say about them.

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Message 2 of 12
Moderator

Re: *beware of* if Schwab as your primary bank

It wasn't a human error most likely, was a computer one I suspect.

 

FWIW it happens more than one expects, taking a temporary tour as a treasurer for a local soccer league and $190 was in the box, but "one hundred + 00/100" was written in the text.  $90 difference, bank in this case correctly only credited the $100 but made me realize checks get busted and the larger organization even has policies handling it... I write so few checks historically that I'd just never encountered it before but it's likely much more common than I think.

 

I wouldn't worry about it, if you got the money, you win.  OTOH I had to go ask for another check from the parent in question haha.

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Message 3 of 12
Regular Contributor

Re: *beware of* if Schwab as your primary bank

even worst if it's from computer issue. How can I feel more comfortable to let out of date technology handle my money. Worth mention, I suggested "two steps authentication login feature" but never see it happened

 

PS: I don't know how can they missed it because mobile deposit app from all banks/CUs you have to keys in the amount before complete the process. For me, at least they can read one of those two so careless

Message 4 of 12
Senior Contributor

Re: *beware of* if Schwab as your primary bank

Isn't Schwab just another name for Chase bank? I could have sworn I saw this somewhere. I have a checking account with them. I don't really use it though. USAA blows them out the water IMO.

FICO 8 Scores EQ=754 TU=774 EX=766 (INQ) EQ=16 TU=14 EX=15 TCL=$500K+
Message 5 of 12
Highlighted
Regular Contributor

Re: *beware of* if Schwab as your primary bank


Gmood1 wrote:

Isn't Schwab just another name for Chase bank? I could have sworn I saw this somewhere. I have a checking account with them. I don't really use it though. USAA blows them out the water IMO.


It all sort of depends. They have mailing addresses (specifically for direct deposit) that indicate the following c/o:

JP Morgan Chase/Account of Charles Schwab

 

Could just be an agreement that they have, as even if they are linked behind the scenes, they operate as completely independent institutions, unlike BoA and Merrill, etc. Not to mention the fact that Chase maintains their own investment services (Chase Private Client).

FICO as of Feb 2017:
EQ 712 | 728 TU | 713 EX
Message 6 of 12
Regular Contributor

Re: *beware of* if Schwab as your primary bank

Schwab and Chase are two completely independent institutions.
Message 7 of 12
Established Contributor

Re: *beware of* if Schwab as your primary bank


creditfan wrote:

even worst if it's from computer issue. How can I feel more comfortable to let out of date technology handle my money. Worth mention, I suggested "two steps authentication login feature" but never see it happened

 

PS: I don't know how can they missed it because mobile deposit app from all banks/CUs you have to keys in the amount before complete the process. For me, at least they can read one of those two so careless


It can and does happen at every bank.  Every day.  To hundreds of thousands (if not millions) of people.  It has nothing to do with Schwab, it just so happened that this time it happened to you.  And they fixed it.  To say "beware of Schwab" is a pretty lousy statement due to this.

Message 8 of 12
Frequent Contributor

Re: *beware of* if Schwab as your primary bank


Hokies2379 wrote:

creditfan wrote:

even worst if it's from computer issue. How can I feel more comfortable to let out of date technology handle my money. Worth mention, I suggested "two steps authentication login feature" but never see it happened

 

PS: I don't know how can they missed it because mobile deposit app from all banks/CUs you have to keys in the amount before complete the process. For me, at least they can read one of those two so careless


It can and does happen at every bank.  Every day.  To hundreds of thousands (if not millions) of people.  It has nothing to do with Schwab, it just so happened that this time it happened to you.  And they fixed it.  To say "beware of Schwab" is a pretty lousy statement due to this.


+1

 

With due respect to the OP, how long have you been involved with bank accounts ? This happens to all banks very infrequently.

I've had 3 pretty big bank errors in my 35 years of banking life, I suspect that is about an average occurance rate. All my errors

were quickly resolved. None of them happened at Schwab, where I've had an account for 25+ years. If it happened at Schwab,

I wouldn't expect anything more than a quick resolution. "Beware of Schwab" is a bit more drama for what actually happened

in your post than is called for IMO.

Message 9 of 12
Established Contributor

Re: *beware of* if Schwab as your primary bank

 I think the OP needs to expand a little on how they handled the dispute before we pass judgement on either OP or Schwab.

 

 He states he "started receiving blab blab excuses."  Does that mean the CSR was arguing that it wasn't a mistake, or that the CSR was attempting to explain what might have happened, but doing a poor job explaining?  Or perhaps the OP didn't understand the explaination because it was technical?

 

 I mean, if it was me, and I got a "I'm sorry sir.  Most deposits are run through OCR systems that enter the data electronically to reduce the chance of Teller error... it must have misread a number.  I see the check image here, and you are absolutely correct.  I'll credit the difference to your account right now," I would be perfectly fine with that.

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Message 10 of 12