Last night I decided to open a checking/brokerage account with Charles Schwab and take the Equifax hard pull. The brokerage account was opened immidiately when I received the hard pull but the checkings account was pending verification as they asked me to fax or upload, through secured message, a picture of my drivers license and that's what I did.
I called last night to verify if there was anything else that I could do speed up the verification process and the rep said that the verification department was closed, and that I should call tomorrow so I called. Just got off the phone and the new rep from the verification department said that yes, they received my drivers license (picture) and that the identity verification was done and that I was 'good to go' but there was still a 'patronize' verification (or something like that, I didn't understand what she was saying specificaly at that point) that takes normally 2-3 business days to go through.
When I asked what 'patronize verification' was, the rep said that that's when they check your identify and so on, which doesn't make sense to me as they just verified my identity through my drivers license, haha!
The checkings account shows online under 'accounts' and I do have an account number but I haven't been able to fund it yet because apparently, they need to 'approve' your account for mobile deposit and the rep said that it can take up to 48h for the 'mobile deposit application' to go through (I don't know if the 'approval' for mobile deposit has anything to do with the whole 'patronize' verification thing or no but most likely it does). Also, I couldn't just transfer money from my non-schwab account because it takes like 3 business days for them to, first verify the account then move the money.
The whole identity verification is most likely due to my name. On Equifax's report it only shows <Mod edit: Real full names aren't allowed in posts. --UB>
1- Has anyone experienced this before? How long does it take for them to 'fully' open your account?
2- Did y'all have to wait for the 'application for mobile deposit' to go through? How long did it take?
3- After they 'fully' open the account, how long does it take to get a debit card? I am aware that I need to deposit funds into the account to receive a debit card/ checks but as I mentioned, I can't as I am waiting for the 'application for mobile deposit' to go through.
PS: I imagine that this plays a role so here it goes. My FICO8 Equifax score is 680, 100% on time payments, 15 accounts open, 4 inquiries and 31% of credit usage. (My score was higher my, for whatever reason, it keeps going up and down). No BK.
I apologize in advance for the long post.
No worries on the long post. You used paragraphs so it was easy to read...
I just opened a UsBank checking and the process sounds the same.
I think we are just used to everything being so quick these days, but banks still move at the same speed
especially when you do them online.
I think everything will work out for you, just let the process and run and by next week you should be just fine.
While I don't have any insight on your situation. I do want to thank you for the DP's about the HP for opening an account, this helps me decide to wait longer before I do since my HP's are higher than I'd like ATM.
Though I do think you will be okay once verification is finished. Otherwise they would have just flat out denied the account, If there were something they didn't like in your file.
Charles Schwab is a bit slow and you just need to wait on the process. They need to review your account, check your credit report, etc..
Strange just opened a schwab brokerage account only and wasnt instant nor did I get a HP, but didnt open a checking nor a margin account. Guessing the margin account or checking did it if indeed you opened a margin account. If you have more than a few chex's inquiry cross your fingers as they are ultra sensitive to those and wont hesitate on closing account or at least checking portion of account. Why I avoided it!