Consumer complaint received 2023-10-04
Company: CHARLES SCHWAB CORPORATION, THE
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Unable to open an account

Complaint:
On XXXX XXXXXX/XX/2023 I sent via Fax my Schwab One Brokerage and Schwab Bank Investor Checking account application to XXXX. The application stared to get processed on Sunday after midnight. I noticed that I received an email requesting a voided check or a letter from my current Bank account that shows account number, routing, name, address and deposits. I suspected that the checking account portion of the application was still on hold awaiting this information. ( Application Form attached ) On XXXX  XX/XX/2023 I called Schwab customer service to figure out how to enroll on online banking since I was only able to see the last XXXX digits of the account ( XXXX ). I lady on the phone provided me with my full account number after being verified. She walked me through the enrollment process. I mention the email I received about the documentation and told her O was going to upload the letter after getting access to my online banking. I also told her I was very specific on how I wanted to fund my account. ( Direct Deposit ) and that was no need to provide that information. She told me to disregard the email and to give my Payroll HR Department the needed information. This is where everything started to NOT make sense. 

Later that day, I called customer service again since I was only able to see my Brokerage account but not my checking account. I was advised to wait XXXX hours or more for me to see it. I was still hesitant to weather I should upload the document or not, so I went ahead and did. 

After that phone call, I still had doubts about what I was supposed to see online, considering the fact I had uploaded the requested bank document. Also was wondering if there were 2 listed accounts ( Schwab One Brokerage and Schwab Bank Investor Checking ) I should be seeing or if was only ONE with all the checking features added to it. A male customer rep told me that he wasnt seeing the checking account features added to my account and that I needed to go to the right upper corner of the Schwab website and chose forms from there, then to click on add a and Schwab Bank Investor Checking to an existing Schwab One Brokerage account. 

At the end of the day, and after some research, I found out ( by myself ) that the Checking feature were been still processing and I wasnt supposed to see everything that same day, after account opening. So, I did not follow the latest customer representative instructions. XXXX more call confirmed this. 

On XXXX  XX/XX/2023 ( XXXX  ) early in the XXXX  I still wasnt able to see my checking account featured activated on my brand new account. So I went ahead and tried to add it by myself following the previous day instructions. I was still confused of what I was supposed to do or how long I was supposed to wait. When I followed all the steps, turns out I just opened a new Schwab One Brokerage and Schwab Bank Investor Checking on top of the one that was still processing. The last XXXX digits of the second set of account were ( XXXX ) I called right away frustrated and very angry at everything that, within hours of account opening, were happening. The lady on the phone was very helpful and she requested the closure of this second set of account upon my request. She was working, ( what she said ) with XXXX different departments at the same time to help me with everything that was going on. At the end of the conversation she told me she had successfully requested the closure of the extra accounts and I needed to wait to see an update. 

Couple hours later I wasnt able to login anymore, I called and the representative said she wasnt able to see any account anymore. She put me on hold and confirmed that XXXX account was closed upon request and the other one was also closed due to a business decision She then referred me to XXXX. I told her my XXXX was clean. I also told her that looking at my information on XXXX I saw an inquiry made some time ago, around 2 years, and I didnt recognized it. I told her a disputed it with XXXX and I was somehow sure that was the reason why the original/first account got closed down also. 

The fact that I disputed an inquiry from some years ago should not be reason to close a customer account and should not constitute a business decision to hold it against a customer. Accuracy of a credit report agency is my goal as it should for every Schwab customer.

Now Im left with 2 Schwab inquires for no reason and 2 closed accounts. This will affect me for 3 years and Im not OK with the outcome after trying to start a relationship with a Bank. Im demanding for the first account to stopped from getting closed or the complete removal of both inquiries. These inquiries opened both account successfully and it should remain on my file as long as at least one account stays open. The fact the accounts were closed is a direct violation of the FTC and CFPB.

I really hope, after everything I went through, the horrible experience, after just hours of account opening and with a clean records to be able to do business with Schwab Bank. I really deserve this.

Company response to consumer: Closed with explanation