Charles Schwab

With all of the issues surrounding the closure of SVB, Charles Schwab (CS) has come into focus. Whether the focus is fair or unfair is very critical for all of us who have accounts in CS. After taking a hit from Wall Street the day after SVB closure, the next day the CEO of CS says that he recently purchased 50,000 shares of the company and that the company had daily inflows of capital of around 2 million. My first reaction was, if the company is not in trouble, why would the CEO feel it necessary to announce his purchase of additional shares. I was raised with the idea that the less said the better. Then this morning the headline is that Credit Suisse is raising it projections on CS. Well that's just great, a huge European bank that just announced that the Saudi National Bank is no longer injecting cash into it, is recommending CS! Credit Suisse will most likely be the next bank to fold up. Is CS really being honest with us, as customers or, is the really fire where there is smoke. It may be time to run for the hills away from CS.

https://www.schwab.com/ bought TD Ameritrade which had zero dollar commision on stock & ETF's trades and $4.65 fee on options trade (charged by CBOE). Schwab is charging commisions on stocks and ETF's (but they say on TV that it is zero) and $6.45 on options trade. Schwab is also using your cash and stocks to make money and gives zero or close to zero to its customers. They will try to convince you to use an adviser to manage your account and will milk you of more money. If you try to transfer your account from schwab to ibkr.com (which is the best and really pro-customers and you really get money for doing nothing) then you'll see the ugly face of schwab which will drag the time so they can exploit your accounts up until the very last legal day which they can't extend. A full acount transfer of only stocks & cash shouldn't take more than 3 day (max) but they will tell you that they have to review the account and can take up to 5-7 days or 7 -10 days. It is your account with just straight stocks and cash, so what it there to review since it is nothing illegal or pending. Stay away from schwab.com and remember that many years ago the government has fined schwab more than 200 millions dollars for missleading its customers.

Horrible! Opened a Schwab account to see where my TDA account will be forced over to in order to get a feel for the Schwab platform and I found Schwab to be stuck in the 1970's!
1. No realtime quotes, you have to click refresh to get a current quote on the Schwab standard platform.
2. Schwab is unusable for OTC penny stock trades because there is a 999,999 share trade limitation...they told me I can always call to place a trade but it will be at the broker's discretion if the $25 phone trade fee will apply or not!
3. Schwab is so far behind the times, There is no way to do a search for high volume tickers...they don't have a search to find high volume tickers!
4. The charting on the Schwab standard platform will not allow me to place a 100 period Moving Average on the charts
5. You can't place an OCO order for 2 different tickers, Schwab doesn't allow this type of order.

Conclusion: Charles Schwab is an outdated Grandfather's investor platform, lots and lots of negative reviews cuz they don't care about their customers at all and are forcing TDA accounts over to Schwab and they will be scraping the TDA platform like the Evil machines in the movie Avatar...they advertise they will be sure to provide the tools needed to secure your financial future but it's all BS! They have a useless platform for real traders and don't seem to care...now they are banning me from trading my TDA account with no warning, I found this out when I placed a trade that was rejected, they said it was "A business decision" and they want me to just go away! Guess I have to transfer all positions to my Etrade account! No wonder Schwab stock is tanking, now 54 down from 96 and heading to 32 or bankruptcy!
They get 1 star cuz I can't post a no star rating, BYE BYE CHUCK!