Important: If you have a Schwab account & write checks:

Discussion in 'Retail Brokers' started by Rearden Metal, Aug 19, 2005.

  1. I have a Schwab One account, and write checks drawn from this account. This account includes free unlimited check writing.

    I just looked at the 'Account History' section on the Schwab website, and their numbers are off. Most checks show the correct amount, while at least five or six are 24-50 cents higher than the amount I actually wrote. This bothers me, not because of the money of course, but as a trust issue. The 24-50 cents is not deducted as a fee, but as if the check was written for a slightly higher amount than it actually was.

    Here's what pissed me off enough to start this thread:
    I just called Schwab to ask what is going on here, and if perhaps there is some hidden fee that I missed. They assured me that there is no fee for check writing. The explanation they provided, was that probably the data-entry person accidently read my clearly written XX/XX as a different amount. coincidentally, this little accident happened at least 5-6 times, and they might get back to me by Tuesday with a more detailed answer. I replied that noone could be that stupid. XX/XX is XX/XX unless they employ blind data-entry clerks. I've had this Schwab account for five years without any problems. Apparently Schwab's checks clear through PNC bank, so the 'error' might be caused on their end. I trade through Echo, the Schwab account is only for longer term stuff and check writing.

    <b>If you have a Schwab account, and use it to write checks, I'd ask that you go to the 'history' section of their website and check for yourself if your numbers match. Did you write a check for $1,700 and the website says $1,700 44/100? Please let me know your results in this thread.</b>

    Again, this isn't about a few cents. This is completely about whether one can trust this financial institution or not, and the fact that their customer service guy insulted my intelligence by suggesting the number I wrote was accidently misread... on at least five different checks.
  2. rcj


    I hope you can get on some C Swhb forum and inquire of
    other clients there. You might ask them to ck back more
    than one yr to see if something was added-even one penny.

    Yrs ago some guy- a programmer i believe- at American express was adding one to five cents or so to the bottom line of some
    customers monthly statements. He chose accts where he thought for various reasons that they werent cking statements closely.

    Anywy, he was able to have the extra amts directed to
    an acct where he could get hold of the proceeds.

    I dont remember how long this went on before he was caught.

    ....... rj
  3. Was his name Michael Bolton? :D
  4. Exactly. Superman 3/Office Space micro-theft is one of the first possibilities to come to mind.
  5. rcj


    Here's another one, more sophisticated, than the scam i posted
    earlier here.

    Just a couple of yrs after the American Express guy got nailed
    another programmer got caught accumulating the calculation
    round-offs occuring in accounting processes at some large
    financial corp. It may have also been Amer. Express??

    Well...yuk yuk ... this guy wuz having chks printed out with
    the proceeds and sent to his address every few wks!!

    ............ rj