[Review #730]
2023-016
It's been so long (10+ years) that I don't remember when I began my Charles Schwab relationship. I've always banked with traditional financial institutions such as Cathay Bank (my 1st corporate job), Security Pacific Bank (located near my college & part-time job), etc. We happened to be eating nearby & my BFF said he created a brokerage & banking account with Charles Schwab in San Gabriel.
I was particularly interested in the interest rate at the time; I believe it was around 4%. Currently, it's 0.45%, still higher than the traditionals between 0.01 % - 0.05%), paying 800% - 2000% more. Wowza! O_o While Schwab does offer banking services, by no means are they a traditional bank, meaning you can deposit or withdraw cash, open a safety deposit box, etc. However, ATM withdrawals can be made worldwide wherever Visa is accepted from the Investor Checking account, & unlimited ATM fee rebates for cash withdrawals that's refunded at the end of the month. Deposits are FDIC insured for up to $250,000 per depositor. Other typical services such as CDs, wire transfers, mortgage loans, credit cards, etc. are available usually at higher rate for savings & lower rate for loans.
I kept/maintained only the checking account because I was hesitant to use the brokerage account (not FDIC insured), but Charles Schwab & Co., Inc. is a SIPC member. Back in the day, Schwab charges $12.95/trade, then lowering to $8.95, followed by $4.95 (I started trading in 2018), & finally slashing to $0 in 2019 to stay competitive with rival brokerages like E-Trade, Fidelity, TD Ameritrade (acquired by Schwab in 2020). I like the brokerage platform; it's fairly intuitive & if I have questions, I often call customer service: (877) 519-1403 that's available 24/7.
Since my move to the South Bay, I use the Torrance branch. I like this new location better for its convenience & parking availability. But I missed their Saturday hours, & can understand why they stop providing this service since they're not a traditional bank. I'm now working locally so I can stop by during my lunch breaks. Besides Saturday hours, I especially miss the in-person idea/strategy sessions like: Behavioral Finance: How Emotions Impact Financial Decisions, Funding Your Paycheck in Retirement; Women & Investing: Get Started With Investing. I hope they will eventually bring these educational classes back (hint, hint).
Customer service is usually excellent, friendly & knowledgeable advisors. The client relation specialists are especially nice when I bring in my LOs; they have offered them crayons & paper to doodle while I handle my transactions, given them bottled water, etc. I worked with Marc Myers to transfer my 401K. He also provided suggestions on how to best utilize their services to my advantage such as providing info on their new advisory service: Schwab Intelligent Portfolios (in 2015), an automated investment advisory service that provides sophisticated portfolio management with no advisory fees, no commissions, & no account service fees charged. How awesome is that? ヅ Since COVID-19 lockdown & to maintain their competitive edge & highest level of service, clients now have access to their complimentary benefit to help you grow & protect your wealth: a dedicated Schwab Financial Consultant (Sean Murphy); FCs are salaried employees focused on helping you achieve your financial goals on your terms, get the most from & ensure you remain satisfied with your Schwab relationship -- I am. Since I'm a happy client, I also referred several family members & friends... it's too bad only the referral receives an award when they become a client. (-_-;)
If you're seeking a primary or a back-up banking, brokerage, &/or financial advisory services, I highly recommend Charles Schwab for your financial needs. read more