While I have been overseas, but still in a country that has USD as the national currency and the only currency used, they have falsely claimed the normal ATM fees are currency conversion fees and refuse to reimburse me. Schwab will not reimburse ATM fees like they advertise. They have joined the banking industries to approach to the customer who is now always wrong and always a problem best solved by ignoring them.Ĭons: Customer Service has gone down hill So beware and think twice about handing over your hard earned monies, in any form. No mention of that, just giving me another lame and ridiculous explanation of who was to blame (no one) and what they would do to prevent it happening to another person (nothing). At the end I asked if they would reimburse me for the $31 lost check fee to WF and also the $10.50 as I continued to be bombarded by marketing rubbish into my virtual mailbox since I was, by then, traveling abroad. He was less of an advocate, more of a stop loss person, genial at first, then harsh and unhelpful. I wrote to the person charged with "client advocacy" for which naming game you can probably blame marketing. Then, on the 11th day I called again and was told they had found the check and would UPS it to me. I had repeated conversations looking for help without luck. No tracking number, no security for what was essentially cash. During this fiasco I discovered that the check had been sent to El Paso TX via USPS, regular mail. I have since learned that this is Not the case, there is no written procedure granting Schwab 10 days to search their processing unit for my check. However, Schwab kept saying that they had 10 business days before they had to consider the check lost. The only other option would be for someone (yes, me) to buy a surety bond for $2,000 which would then release the funds. I was preparing to travel and could not assure my presence in the US in 90 days. I did explain that I had now filed a lost check status with WF but to cancel the check would entail a 90 day wait and I would have to appear in person at the bank branch to sign for the replacement. I became semi-hysterical over the next few days as person after person (the higher up the ladder, the less helpful they were) tried to assure me that I should have Wells Fargo, who issued the check, to cancel it and reimburse my money. This is where it got scary, at least for me. She explained that I should have been instructed to open a brokerage account with the savings account to facilitate the software! Oh my, really? From there it went downhill and after 3 days of being shunted from pillar to post I asked them to close the account and return my money. I spoke to many different CS persons, some indifferent, some clueless, until one, in Nebraska, was actually helpful. The email arrived but I couldn't use it as it required a brokerage account number to proceed past the opening dialog box, which I clearly didn't have. They took the check, wrote me a cash receipt and said I would be receiving email with links to complete the information for my beneficiary. In August I took a cashier's check in the amount of $150,000 to the branch office of Schwab in San Antonio Texas to open a high yield investment account. Cons: They didn't try very hard and wanted it to be someone else's fault.
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