Charles Schwab is one of the most well-known investment companies in the world. With over 325 branches and over 1200 consultant, it's also one of the largest. Founded by Charles Schwab in 1971, the company offers banking as well as brokerage services to investors.
Depositing Options
Schwab prides itself on presenting a range of depositing options for every investor. Direct deposit comes out of selected salary payments. Mobile deposits may be arranged via smartphones. Users only need to take a picture of their check and it is on its way to the Schwab account. The fund may also be directly taken from a fund in the Mutual Fund OneSource Select List.
Full-Time Advisors
Investment consultants are always on hand to answers investor questions or help stop issues before they lead to a financial loss. These consultants are up to date on the latest research as they spot new opportunities and other factors that could change investment prospects in the stock market. Schwab’s research tools are excellent and could be one of the best in the industry. Investors who choose to move some or all of their account from Schwab can rely on these consultants to offer full brokerage transfer assistance.
Mobile App
Investors using Schwab can make all of their transactions on the company's mobile app. This easy to use feature may be installed on iPads, iPhones, Apple Watches and Android devices. In addition to transactions, the app includes real time information as well up to date research on everything an investor needs to know.
Fees
There is no fee to open or maintain an account with Charles Schwab. As of 2017, equity trades also carry a fee of $4.95 with no limit on trades. However, Schwab does offer a family of no-fee ETFs.
New investors will find established minimum account balances that vary based on several factors. For most accounts, the minimum amount to open an account is $1,000, with the notable exception being just $25 for a 529 account.
See how Charles Schwab compares using our Online Stock Broker Comparison Tool.
No Commission ETFs
ETFs have become a major selling point in the investment industry. The company has over 200 no commission ETFs for investors. As of 2016, online as well as phone trades for all other ETFs carry a small fee per transaction. An additional service charge is also added. Use of the Schwab ETF OneSource includes no online fees but users wishing to speak with a broker will an additional $25.
Customer Service
There are several ways to reach a consultant or customer service representative at Charles Schwab. By phone, the company can be contacted by a 24 hour 800 number. An online chat option or direct email is available through their website. Investors near a local brick and mortar location can meet with a representative. An appointment may be necessary.
Final Verdict
Charles Schwab is a classic company that has reinvented itself for the needs of new investors. Their dedication to researching each detail of the stock market can help anyone unsure of how to make the most of their portfolio. An eye on details also means consultants may catch a mistake that even the most experienced investor might have missed. Their straight forward customer service also reassures clients and keeps communication open between all parties.
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Charles Schwab
Pros
- Low Commissions
- Good Research Tools
Cons
- Higher Minimum Account Balances Than Other Brokers
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