Charles Schwab
Customer Fired After Demanding Payment for Matured CD Mistake

Charles Schwab & Co., the large discount brokerage firm, fires customer for demanding that Schwab pay for the consequences of their mistake.

1. Customer purchases CD (certificate of deposit) through Schwab

2. CD comes due

3. Customer calls Schwab to setup issuance of checks to withdraw funds from matured CD

4. Customer goes to Schwab office to retrieve checks for principal and interest associated with matured CD

5. Schwab only has check for interest due and is unable to explain why the principal check is unavailable or commit to when the check will be available

6. Customer spends the entire morning and early afternoon (4-5 hours) directly following trip to Schwab researching with Schwab customer service personnel what happened to his money (the same money Schwab's commercial is talking about when it says "It's nice taking advice from somebody who doesn't forget whose money it is.")

7. Schwab finally figures out what happened and explains to customer

8. Customer demands that Schwab pay for the consequences of Schwab mistakes (loss of use of customer's funds (which is why funds were withdrawn), additional time for 2nd trip to Schwab (2 hours), customer's time is researching where his money is (4-5 hours)

9. Schwab sends letter to customer demanding customer close all his accounts at Schwa

Company: Charles Schwab
Country: USA

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