Charles Schwab losing their edge?

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Lazareth
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Charles Schwab losing their edge?

Post by Lazareth »

Decades-long Schwab fan here... for our brokerage, IRA's, checking/debit/VISA... but I'm getting leery now given the upcoming mega Ameritrade integration. These past few weeks have seen some alarming Schwab.com snafu's including incorrect daily account valuations, confusing or missing dividend distribution transactions, and now today, schwab.com is "not working". I was just now reassured by the polite Schwab phone rep that at "the app is working" if that's any consolation. These issues might not be alarming if it weren't for Schwab's almost-perfect past record for account security, online experience, and accurate reporting.

My biggest concern is account security, not convenience. I hope they get their act together.
a/66, retired, married, enjoy p/t employment.
tenkuky
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Re: Charles Schwab losing their edge?

Post by tenkuky »

They have 2FA for security and I've not experienced any recent snafus per se.
Going to do a backdoor conversion with them this week, so will report back if it doesn't go as smoothly as last year.
UpperNwGuy
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Re: Charles Schwab losing their edge?

Post by UpperNwGuy »

I'm willing to give any financial institution a pass for not having online access on one of the most important holidays of the year. I did, however, notice the incorrect account valuation about 7-10 days ago and wondered what that was all about.
SlowMovingInvestor
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Re: Charles Schwab losing their edge?

Post by SlowMovingInvestor »

I'm guessing that Schwab will migrate most non thinkorswim TDAM customers to their own backend systems (although not for a while) rather than the other way around, so I'd be more concerned if I were a TDAM customer (not too concerned, mind you).
Last edited by SlowMovingInvestor on Wed Jan 01, 2020 1:12 pm, edited 1 time in total.
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unclescrooge
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Re: Charles Schwab losing their edge?

Post by unclescrooge »

Regarding the merger, I think they are more likely to change back end operations before making any front end website changes.
tenkuky
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Re: Charles Schwab losing their edge?

Post by tenkuky »

SlowMovingInvestor wrote: Wed Jan 01, 2020 1:07 pm I'm guessing that Schwab will migrate most non thinkorswim TDAM customers to their own backend systems (although not for a while) rather than the other way around, so I'd be more concerned if I were a TDAM customer (not too concerned, mind you).
I've been wondering about this. I only have TDA through Lively HSA for investment. Curious what will happen there and if that interface will change.
stlutz
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Re: Charles Schwab losing their edge?

Post by stlutz »

The acquisition of TDAM hasn't even been approved by regulators yet (although I'm sure it will). They don't even expect the transaction to complete until the second half of this year.

Point being that any issues you are seeing today have nothing to do with the acquisition.

My experience has always been that Schwab's technology isn't perfect, but their customer service actually makes you happy you had a problem when you call.
Dottie57
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Re: Charles Schwab losing their edge?

Post by Dottie57 »

unclescrooge wrote: Wed Jan 01, 2020 1:09 pm Regarding the merger, I think they are more likely to change back end operations before making any front end website changes.
+1
Iorek
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Re: Charles Schwab losing their edge?

Post by Iorek »

Lazareth wrote: Wed Jan 01, 2020 12:53 pm Decades-long Schwab fan here... for our brokerage, IRA's, checking/debit/VISA... but I'm getting leery now given the upcoming mega Ameritrade integration. These past few weeks have seen some alarming Schwab.com snafu's including incorrect daily account valuations, confusing or missing dividend distribution transactions, and now today, schwab.com is "not working". I was just now reassured by the polite Schwab phone rep that at "the app is working" if that's any consolation. These issues might not be alarming if it weren't for Schwab's almost-perfect past record for account security, online experience, and accurate reporting.

My biggest concern is account security, not convenience. I hope they get their act together.

Not sure how reassuring you might find this, but Schwab cut access to my login because they said an unusual IP address had been trying to log in. They told me to run virus scans and call back and they would give me a new id.
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firebirdparts
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Re: Charles Schwab losing their edge?

Post by firebirdparts »

This is going to sound alarming, but I really like Fidelity's website, and it's always done all the things you mention. I am just used to it. I never worried about it.
A fool and your money are soon partners
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LilyFleur
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Re: Charles Schwab losing their edge?

Post by LilyFleur »

No problem just now. Everything as usual.
SlowMovingInvestor
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Re: Charles Schwab losing their edge?

Post by SlowMovingInvestor »

stlutz wrote: Wed Jan 01, 2020 3:48 pm The acquisition of TDAM hasn't even been approved by regulators yet (although I'm sure it will). They don't even expect the transaction to complete until the second half of this year.

Point being that any issues you are seeing today have nothing to do with the acquisition.
I agree that issues seen today likely have nothing to do with the acquisition. That being said, I would expect Schwab to start preparatory work on their back end systems (possibly including delayed upgrades) well before the acquisition is completed. Of course, I would expect it would take a while after that before integration.

Would be nice if Schwab implemented some of the features that TDAM has and they don't. For instance, the ability to issue market on close orders from the web site. And while I haven't really used it, I suspect TDAM's active trading platform (thinkorswim) is much better than Schwab's.
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unclescrooge
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Re: Charles Schwab losing their edge?

Post by unclescrooge »

Iorek wrote: Wed Jan 01, 2020 4:00 pm
Lazareth wrote: Wed Jan 01, 2020 12:53 pm Decades-long Schwab fan here... for our brokerage, IRA's, checking/debit/VISA... but I'm getting leery now given the upcoming mega Ameritrade integration. These past few weeks have seen some alarming Schwab.com snafu's including incorrect daily account valuations, confusing or missing dividend distribution transactions, and now today, schwab.com is "not working". I was just now reassured by the polite Schwab phone rep that at "the app is working" if that's any consolation. These issues might not be alarming if it weren't for Schwab's almost-perfect past record for account security, online experience, and accurate reporting.

My biggest concern is account security, not convenience. I hope they get their act together.

Not sure how reassuring you might find this, but Schwab cut access to my login because they said an unusual IP address had been trying to log in. They told me to run virus scans and call back and they would give me a new id.
Love this. They are proactively protecting your account from malicious attacks.
typical.investor
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Re: Charles Schwab losing their edge?

Post by typical.investor »

unclescrooge wrote: Wed Jan 01, 2020 6:34 pm
Iorek wrote: Wed Jan 01, 2020 4:00 pm
Lazareth wrote: Wed Jan 01, 2020 12:53 pm Decades-long Schwab fan here... for our brokerage, IRA's, checking/debit/VISA... but I'm getting leery now given the upcoming mega Ameritrade integration. These past few weeks have seen some alarming Schwab.com snafu's including incorrect daily account valuations, confusing or missing dividend distribution transactions, and now today, schwab.com is "not working". I was just now reassured by the polite Schwab phone rep that at "the app is working" if that's any consolation. These issues might not be alarming if it weren't for Schwab's almost-perfect past record for account security, online experience, and accurate reporting.

My biggest concern is account security, not convenience. I hope they get their act together.

Not sure how reassuring you might find this, but Schwab cut access to my login because they said an unusual IP address had been trying to log in. They told me to run virus scans and call back and they would give me a new id.
Love this. They are proactively protecting your account from malicious attacks.
Happened to me too. I chalked it up to making a cash withdrawal from a debit card that I rarely use in a city I hadn’t filed a travel plan for.

Anyway, I rebalanced the 27th (sold mutual funds) and the 30th (bought and sold ETFs). Had no issues with either the app or website. Haven’t seen wrong account valuations or erroneous distributions, and am curious what that was about.
Billionaire
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Re: Charles Schwab losing their edge?

Post by Billionaire »

UpperNwGuy wrote: Wed Jan 01, 2020 1:05 pm I'm willing to give any financial institution a pass for not having online access on one of the most important holidays of the year. I did, however, notice the incorrect account valuation about 7-10 days ago and wondered what that was all about.
So it wasn't me. I was very curious to see the dividend distribution in my SIP account and I must have logged on in what appeared to be in the midst of the calculation, early in the AM (new puppy waking me up ). The date was December 17, when a good portion of the SIP holdings paid out.
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