Charles Schwab Reviews

There are five major issues I've uncovered about this company, and possibly or probably others in the industry. 1. Nondisclosure in main investment discussion of lag time between when your investment matures and the time before it is rolled over into another investment. 2. Nondisclosure in main investment discussion of the "bank rate" percentage during this interim time, which is the Schwab sweeps fund rate of currently 0.12%, that is barely one-tenth of one percent. 3. Schwab is allowed to and does take your money in the sweeps "bank" rate and invest it to make money for themselves on your money, then gives you the ultra low "bank rate" while keeping the rest. 4. The Client Advocacy team is employed by Schwab, so they are going to do what is best for the company, not you, unless that also benefits the company. 5. Many important facts such as numbers 1 and 2 above are only disclosed in the final read back of your order, so if you are not paying attention thinking it is merely a summary of what you agreed to, think again. Several important facts that can affect your investment decision are buried in the read back, and are included only there for compliance purposes with financial rules and regulations. However, these important disclosures should be included in the main discussion with the investor, not made into a small-type asterisk at the end of the discussion, especially including number 3 where they can make money on your money and not give any to you. Why is the customer not made aware of this and not benefiting from it? Schwab needs to be much more transparent in its business operations with customers. I am wary of them now. Investors should go outside Schwab to the regulators to complain; the Advocacy team is not necessarily on your side. I think the federal regulation agencies should require disclosure of the above in the main discussion with investors and not relegate these important investment facts to the read back of the investment. Seems very shady and untrustworthy. Beware of Charles Schwab and others in the industry who do this. I think it is immoral and potentially unethical if not illegal. Know what you're getting into so you can also get out of it if you don't like how they do business.