I have used Charles Schwab not only for my portfolio but I also took advantage for their Investor Checking. I first used investor checking as the operating account for my company. This was great because I earned high interest. Once I got married I opened a new joint account for my wife and myself as both of us had fairly large amounts of cash sitting in our checking accounts. So anyways. I had some checks to deposit; I walked into my local CS office as I do almost every week. After about five min of waiting the "teller" told me that my account has been closed due to a "Business Decision" This was the most embarrassing experience I have ever had. Their were other customers their and I was treated as some delinquent. I was offered no other explanation. The "teller" told me he could not tell me anything because the sent me a letter or something. His explanation did not make any sense. He told me to call some 800 number. Now the irony of this is that on this very same day I received my new ATM cards for my new joint account. I had already pulled my money from my old bank and started the xfer to my CS account. You can image my terror. I now had thousands of dollars in some sort of cyberspace limbo. My old bank telling me the funds have been moved. Charles Schwab telling me that my account has been closed? Because I use Schwab for my business I am now forced to reprint all my company checks update almost 10 automatic withdrawals I have and while I get a new account I have no access to my money which I bet Charles Schwab is still making money off of. I asked if CS will compsate me for these costs. As expected they said no. I have been with Schwab for over 10 years. I have recommend Schwab to all my clients. It seems that over the last two years the firm has taken a turn for the worse. I am not sure of what's going on.in any case they have lost not only my business, but as a show of support many others which I know have moved their hard earned income elsewhere. I have since gone to T. Rowe Price for my investments needs. I have had nothing but a great experience with them. My company accounts are now with WaMu. The end result is, despite what their ads may say, Charles Schwab has become not only the worst bank I have every worked with, but the worst customer service experience I have ever had.
As note I have never ever writing a bad check and never had a low balance. I have no idea what their "business decision" means and why they do not want to be my partner. Oh well it's their loss. I just wanted to share my experience to warn people what may happen.
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