Schwab - Bad New Customer Experience

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JamesSFO
Posts: 3053
Joined: Thu Apr 26, 2012 10:16 pm

Schwab - Bad New Customer Experience

Post by JamesSFO » Wed May 23, 2018 10:14 pm

So I decided somewhat on a whim and somewhat to try Schwab's praised services to give their Intelligent Portfolios a try.

Opened account (personal revocable trust) online Sunday no problems. Got a call Monday AM that all was set and I was initially impressed.

However, it's gone downhill from there:

1) They still had not processed the uploaded documents despite the phone call (including my ID)

2) The site let me register my bank account, do the trial deposits and complete verification and request cash transfer

3) Transfer silently failed as "voided" with no notice to me, I happened to see on the website and called them

4) Friendly salesperson (he tried to upsell me at end of the call), says I need to upload my ID or visit a branch. I point out this was done, he disappears for 5 minutes on hold and says it is fixed request transfer again. Call ends.

5) Go back to the website, cannot transfer money or register a bank account.

6) Call Schwab back, get told that while they cleared the ID issue, it is a batch process to re-enable my account. Have to wait 24-48 hours for that to occur and then EITHER (a) set up my bank account from scratch with new verification OR (b) call back and hope that they can reactivate the DELETED bank registration.

:annoyed

I am quite disappointed so far. For all of the complaints I see about Vanguard this strikes me as subpar computer systems.

Also, the website is quite confusing since there is both the main Schwab site + the special Intelligent Portfolio site and they do not have identical functionalities.

So now with accounts at Vanguard, Fidelity and Schwab. I will say they all have pluses/minuses...

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JamesSFO
Posts: 3053
Joined: Thu Apr 26, 2012 10:16 pm

Re: Schwab - Bad New Customer Experience

Post by JamesSFO » Thu May 24, 2018 6:54 am

Took two more contacts this morning to try and get bank transfer re-enabled, we shall see now.

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