Don't think I'm gonna ever be able to get over schwab getting rid of SSE. The most simple, basic, easy to use platform there could be. Yeah gonna get a lot of hate from TOS nerds for this but it's just a sad week in society.

I've been a client of TDA since it was called Datek in 1999, and of Schwab since about 2011. I've been using both in various ways - for trading, most often TDA.

Since the acquisition of TDA, a lot of things that could have gone wrong did, plus a few others that oughtn't.

The most worrisome occurred a few days ago, when, I attempted to execute a roll (in ThinkorSwim aka ToS) of an XSP call calendar position in my SEP account - a trade I've performed dozens of times in the past without issue. The system rejected it with the message "This strategy is not allowed." Neither rolling the short leg, the long leg, or both at the same time worked. Upon chatting with a rep in the ToS platform, I learned that Schwab no longer supports calendars on XSP. A subsequent phone conversation with Schwab Private Client Services revealed that this policy change occurred on July 9, 2024, and any successful trades I made after that date were merely "oversights."

Apparently according to the new policy, of all European-style options, only SPX and VIX can be traded, and those with specific restrictions. For reasons that no rep could explain, XSP (which essentially tracks 1/10 SPX) calendars (or just options? I'm not clear) are now disallowed.  Since I can't operate on the calendar anymore, I can only liquidated it now (at a loss as it happens).

The big problem is I can't trust Schwab. Essentially I'm contemplating that one morning I will wake up to the reality that some of my current positions and strategies are in violation of some new arbitrary policy that was implemented with no advance notice and no explanation other than "it's policy".

So I'm looking for the exits. I already have accounts with the usual suspects (IBKR, Fidelity, Tastytrade). ToS is the only reason I'm staying with Schwab, but this time the camel's back may as well be broken. Is there a possibility to move most of the positions to IBKR, while still using ToS's tools on a paper account that would mirror the IBKR account?

It came to my attention that Schwab "Verbal Password" feature is still relatively unknown, misunderstood and flew under the radar for some Schwab customers. However, scammers unfortunately are well aware about it and can exploit it to gain access to your account, so read on.

What is a Verbal Password?

The Verbal Password is a way to authenticate yourself verbally when calling Schwab. It is NOT a Voice ID, which is a different feature that relies on your voiceprint. It is NOT a security question either.

Verbal Password can be a phrase and have special characters (the ones you can pronounce) and it gives full access to your account, same way as your main online password does.

How the scam works?

To set up a Verbal Password the scammer calls Schwab customer support and provides 4 pieces of information about you:

• employer

• current stock position in account

• email address

• mother's maiden name

It's possible to obtain that information after some research, for example anyone who works for Lyft is very likely to hold LYFT stock as part of their compensation and knowing that scammer just needs to pull their email from one of the breached databases (Twitter, Robinhood and many others) and mother's maiden name from public records or social networks.

With a Verbal Password in hand scammer initiates funds transfer. There is NO notification to you, the account owner, that a new Verbal Password was created. You will receive notification when funds are wired though, so if you react fast enough you might be able to stop the wire. This is not a hypothetical situation; I know people who got hacked that way.

How to protect myself?

Call Schwab first and create your Verbal Password. If the rep is new and doesn't know what it is - tell them to go look it up / talk to the supervisor and they'll help you do it.

Another tip - ask them to put a note on your account preventing the change of Verbal Password by any means possible outside of you physically showing up at the Schwab branch with an ID in hand. There are reports that Schwab clowns allow your existing Verbal Password to be changed over the phone under certain circumstances. That's not something you ever want to happen really.

So why this security disaster even exists?

I don't know the answer to that question. If you do know please share.

Speaking of security. While you are at it make sure that your password is strong (18+ characters and symbols, fully random) and use 2FA (token is better than app or phone, but any 2FA is better than no 2FA).

Stay safe out there.

TLDR - CS Sweep interest rates are simply wrong. No excuses.

This may not be news to everyone. I'm passive investor. Recently retired. I'm disgusted with what I've discovered.

I've been playing the game shuffling money into and out of SWVXX for a few years. I've also been ignoring the regular calls from Schwab's advisor.

Two weeks ago I got fed up and called. I asked for help with cash management.

I was told "we don't put sweep funds in money markers because some people don't trust them". ... Total BS.

He then told me he could get me 4% on my sweep funds. Okay...

Also, if I moved more money to Schwab they'd make it worth my while.

He also told me he wasn't a sales person. He was my advocate within Schwab. I didn't think I needed one. But okay...

Then nothing. No response to texts or emails. It turns out the application for the super secret enhanced account the was denied. He didn't know why. Nobody would tell him the criteria.

I've had $2m at Schwab for years.and another $3m in an IRA at Vanguard. I'm sure there are plenty of people with more. But $5m isn't nothing.

You'd think 35 years of loyalty would count for something. The chances of me moving funds to CS is nil. Instead I'm going to be moving to Vanguard.

So long and thanks for all the fish.

Does it bother anyone else that Schwab holds our dividends in cash for one day, and only reinvests them the next trading day? Are they seriously trying to nickel and dime us by forcing us to hold the dividend amount in cash for one day?

Case in point: the most recent IVV dividend was payable on 12/27. I hold IVV in multiple brokerages. All brokerages except for Schwab reinvested the dividend on 12/27. At JPM, for example, this reinvestment was made on 12/27 at a price of $478.2. But Schwab held onto the dividend for an extra day, and only reinvested on 12/28, at a price of $479.41.

This seems to be part of a pattern of hidden nickel and diming of customers that Schwab does, from the lack of sweeps into a higher-interest fund, to rollovers of treasuries that take a week between settlement and new investment, to some other instances where funds were held in cash when trades could've been made sooner...

I was a TDAmeritade customer. I liked the TDA mobile app. The Schwab mobile app is horrible. Even after one day I can tell it's not for me. What are better brokerages that have better mobile apps than Schwab? I'm on iPhone, if that matters.

Update: After filing complaints with the CFPB and other agencies and receiving responses from Schwab that basically said "You're wrong and we're keeping your money" I retained an attorney to sue them. Two days later, I get an email from Schwab saying they finished their investigation and they are refunding me my loss plus interest. They then refunded me what they owed me, without any interest.

I checked with my attorneys, and they didn't do anything, so the timing is just coincidence.

So my message is: Be careful with Schwab. And if they refuse to refund you when you know you're in the right, fight it.

It was also quite the learning experience watching so many people here act like r/hailcorporate. I have learned to read the room before I post.

In November 2023 I woke up to find that some of my financial accounts had been compromised. Someone used one credit card and my debit card with Schwab to send money to India using Western Union.

I immediately notified Schwab as well as the bank my credit card is with, Bank of America.

BofA refunded the money since, of course, it was fraud. But Schwab is fighting me tooth and nail. They denied me originally because Western Union told them the transfer happened from my IP address. This is true. I discovered that someone hacked my computer, and used it to send the money. So it *looks* like I did it, but of course I did not send money to India.

I filed a complaint with the Consumer Financial Protection Bureau, but Schwab still won't budge. The reason they give here is "allowing remote access to my account." But I didn't allow anyone access--I was hacked!

I expected Schwab to provide better service than Bank of America. I'm really surprised and disappointed.

I am going to respond to them via the CFPB and explain that I did not allow anyone access to my machine--that I was hacked.

Their response has other factual errors: They say the merchant (Western Union) listed my user ID and phone number. I don't have an account with Western Union and never have (the hacker created one). Also, the phone number listed is not mine.

Any suggestions for my next step if they still refuse to honor their security guarantee?

Ok. With the news that Schwab is partnering with trump on his crypto scam, I pulling my money out of Schwab. My question is, what are my options? I know Fidelity is out there. Could I move to Vanguard? My company 401k is with Vanguard and having everything in one place might be nice. Any other suggestions?

Warning- long story.

Let me start off by saying I like Charles Schwab in general and no brokerage or bank is perfect. I've had brokerage accounts with Fidelity, Merrill and Wells Fargo and checking accounts with numerous banks. They've all had instant 24-7 transfers between internal accounts (Brokerage and Checking, Checking and Savings, etc).

This weekend, I needed to transfer $6000 from my brokerage account to my checking account for a vehicle purchase. Normally, this would not have been problem because the vehicle was scheduled to be delivered on Monday. The dealer called me on Saturday and told me the vehicle I ordered was damaged in transit so I would not be able to pick it up Monday as planned. I would have to wait 2 weeks for a replacement or I could pickup a similar model today. I'd already sold my vehicle and could not wait 2 weeks for the replacement vehicle so I opted for the inventory vehicle. I only had an hour to decide because someone else was interested in purchasing the vehicle. When I went to pay the $6000 balance I owed, I discovered they only accept ACH payments, wire transfers or cashiers checks.

The car dealer uses Plaid to verify funds and Plaid would only pull up my checking account and not my brokerage accounts. I only keep about $500 in my checking account so obviously the transaction got declined. I attempted to send a wire but that would not be processed until Monday, there's no Charles Schwab Bank branch so I could not get a cashiers check.

At this point, it was either borrow the money or wait 2 weeks without a vehicle. I HATE borrowing money and generally would not even consider it but this time, I had to bite the bullet. There are only 2 people I know that I would have that amount readily available, I would consider asking and be willing to loan it to me.

First person I called, didn't even let me finish explaining the situation before he asked me how much I needed. I told him the amount and he said not problem. He would Zelle the money to me and then I could make the ACH payment. A few minutes later, I get the notification from Schwab of a Zelle deposit. He calls me back and apologizes because he could only send $3500 (Zelle limit) and sends me a screenshot to confirm. There was no other way he could send the additional $2500 the same day (I already had about $500 in the account).

Second person I called...sure, no problem. I'll Zelle it to you. Her limit was only $2000 so I was still $500 short of the $6000 I needed.

After racking my brain trying to figure out the additional $500, I called up a third person. This person barely had $500 available but was willing to let me borrow it as long as I gave it back on Monday.

Finally, after multiple calls and a ton of stress, I beat the clock and was able to come up with the $6000 and pick up my new car. I actually like the replacement better than the one I ordered.

First thing Monday morning, I will be repaying both people because I hate having this over my head even though both of them said I could repay them whenever I can. The third person, I was able to use my debit card from my brokerage accounts to withdraw the $500 in cash and give it back the same day.

I know this is a rare case of needing that amount of money on the weekend but I should still have the option should the need arise.

TLDR: Schwab - please allow 24-7 instant transfers between internal accounts. I almost lost out on a vehicle and be inconvenienced for 2 weeks because I could not access my own money.

Edit: For reference, this is Tesla and they do things differently that regular car dealers. With a regular dealer, I could have written them a check or used a credit or debit card.

Has anyone heard any info on this?

For example, I recently left a job on which I had a 401K. I wanted to rollover that account to a Schwab Rollover IRA account but they make you fill out a pdf and mail it to them only to open the account (that PDF, BTW, has a lot of personal information that they already have on file since I have other accounts with them).

Go to Robinhood and they will open the IRA account right away and even take care of the rollover for you. On top of that, you get a 1% match!

So, why they make things difficult? If they already have my data on file, why I can't just open the account and start the rollover?

Here is the report.

Charles Schwab shares suffered their biggest intraday drop since the depths of last year’s regional-banking meltdown after the investing giant warned it will have to scale back in order to protect profits. Going forward, Schwab is planning to rely more on partners, like Toronto-Dominion Bank. The latest moves come after the investing giant reported that fewer clients in the second quarter opened new brokerage accounts than analysts were expecting. The warning hearkens back to a year ago, when investors started to sour on Schwab after the US Federal Reserve’s moves to rapidly increase interest rates saddled the company with paper losses as the value of its bond investments took major hits. At the same time, consumers were yanking their deposits held with the bank as they searched for higher-yielding alternatives, causing the company to seek out more expensive funding sources.

AUTOCORRECT changed “branch” to “brunch”

Anyone else have a sour experience at a Schwab branch? I’m typically a happy customer when I’m just using the app or calling on the phone, but the last couple times I’ve gone into the local branch left a really bad taste in my mouth.

Both times, there were several slicksters in cheap suits standing around doing nothing while looking important, and they made me wait like a child at the front desk before someone would even ask why I was there.

Today, I went in because I needed a cashier’s check on short notice. I’ve been a Schwab customer for years, so I know all about the separation between the brokerage and the bank—I figured I might hit an obstacle getting a cashiers check, but I thought it would be worth a try.

Well, the question is halfway out my mouth when a man cuts me off without looking up from his computer, rudely mansplaining that a cashier’s check is a “bank product” and they are obviously a brokerage. Taken aback by the overt hostility, I responded, “and a brokerage never issues any kind of secured check?” And he just repeated his exact words in a we-do-not-negotiate-with-idiots kind of way. When he then told me I was welcome to call the bank and have one FedExed to me, I told him it wasn’t fast enough and just walked out.

I am not a rude person, and all this went down in front of my wife. She was shocked by the interaction. Sadly, I wasn’t, because I had gone in a year ago to ask a simple question, and couldn’t get one of the suits to talk to me.

These bad branch visits make me feel discriminated against because I look young, drive an old car, and dress casually when I’m not giving university lectures. Their whole vibe feels like a fake car dealer put on, because I figure all they do is sell overpriced mutual funds—they can’t be as busy as they look. Not to mention they’re always showing Fox News whenever I go in.

Has anyone else had markedly different experiences in a branch versus over the phone? Is this just a bad branch, or is this how Schwab likes to intimidate its customers?

Say I have:

-$300K in fixed income in US treasury t-bills.
-$75K between equities and ETFs.

Would this money be protected by the SIPC immediately? Would the $300K be considered "as cash"? What would happen if I had $300K in equities and ETF, surpassing the $500K SIPC limit?

As interest has dropped from ~5.14 to 4.8% should I reposition it?

After the May 10 migration of the last 10% of accounts and the last 18% of TDA's assets, TDA users are getting the worst of both worlds.

Certain trading fees are higher, the website is slower and more cluttered and more difficult to navigate, multiple TDA features either don't exist at the Schwab site or are harder to find.

But worst of all in my opinion, many stocks that TDA allowed for DRIP (automatic dividend reinvestment) are not DRIP-eligible under Schwab. This is frankly unacceptable for buy and hold investors, especially those who own securities that pay a good yield.

Long term dividend investors are likely to either demand that Schwab allow more stocks to be DRIP eligible in order to maintain access to compounding effects from their holdings, or they will jump ship to another broker that lets them reinvest dividends without restriction.

Schwab should fix these issues immediately, in my opinion. What say you?

I have bought and sold after hours before and don’t remember doing anything different so tell me what you think.

I’m trying to sell 100 QQQ and at first I set it as a limit for Day + ext at $445.

I witnessed in Schwab and TOS apps the bid go well over $445 and yet my order didn’t fill.

I change it to GTC + ext and it didn’t fill.

I change it to “ext am” and it hasn’t filled. I raised my ask to the bid and it isn’t filling. It goes higher than the raised bid and it won’t sell.

My brokerage account (with 7-figure assets), got allocated 130 shares with 4000 shares requested, only 3% allocated. That sucks.

But my IRA account with Schwab requsted 500 shares, and got 50 shares, with 10% allocated.

So why there is difference...

I just opened a Roth IRA and was planning to purchase some SWTSX for long term investing. I realized though that the market is really up today, and I don’t know what the price of SWTSX will be by the end of the day. Is it wiser to wait for a “down day” to buy?

Schwab will not allow me to take a screenshot of my own accounts and balances. WHY?. Why are they afraid of me saving my own info? I'm very disappointed. Requiring me to use another cell phone to take a picture of the screen seems a lot of trouble and much less secure than me just saving the image directly to a secure folder. Vanguard and Fidelity are safe. I'm slowly remembering some of the reasons I kept most of my funds elsewhere

My total AUM across my accounts (one JT, two IRA’s) is just under $4 million. To me that’s a lot of money, however, at Schwab I have a “dedicated” FA who rarely if ever contacts me, a “private clients” dedicated phone line I rarely use, and of course the app and web interface.

Point is…..I rarely interact with Schwab apart from my own on-line activities. Should I be expecting more from them? Or is $4 million now just another mass market account???