Consumer complaint received 2023-10-10
Company: CHARLES SCHWAB CORPORATION, THE
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/XXXX I noticed fraudulent activity on my checking account at XXXX XXXX bank. I had sent a check, via mail, to a florist for my upcoming wedding, and on XX/XX/XXXX was told it was never received by the florist. When I logged into my online account, I noticed the money had been withdrawn, which prompted me to open up a picture of the check. At this time, I noticed the " pay to the order '' line had been altered to a person 's name, and could see that it had been mobile deposited into a XXXX account. At this time, I contacted Charles Schwab immediately to report the fraud. I provided all requested information, and was told to expect a call in a few days. Several days later, I received a call from someone in the Investigations Department at Charles Schwab, who asked further questions and instructed me to fill out a Check Affidavit form and get it notarized. She provided me with her phone number and email. I was able to get the form notarized within a week, despite getting married and moving across country in the same week, and emailed the investigator a copy, which she confirmed receiving. I informed the investigator I would be out of the country for approximately 1 month on my honeymoon, and she told me I would hear an update on the case during the 2nd week of XXXX. Since XX/XX/XXXX, I have reached out to Charles Schwab more than 10 times, first by email to this woman who I had been in contact with, and then by phone numerous times, and have yet to receive any useful updates to this case. I have informed numerous representatives that I would like to be assured an investigator is indeed investigating, and has all necessary information, including the Check Affidavit that was sent to a women who is no longer responding. I have informed the numerous representatives that I have a police report number and an active investigation in the XXXX police department, where the check fraud occurred, for Grand Larceny. I would like to provide this to the bank investigator, however, have been told there is no way to do that. Not one representative has been able to get me in contact with the Investigations Department so I can speak to someone, or to simply receive an update, or a timeframe for an update, on the case. My checking account has been frozen this entire time, and my remaining funds were successfully transferred to a new account. Despite this, I have not been given any updates to what will occur with the {$5600.00} that is now missing from my account, due to the fraudulent activity. The last time I spoke with a representative was today, and they did inform me that an investigation was started XX/XX/XXXX, which is the biggest update I've had in the last month. However, what happened with the previous investigator that I spoke to in XXXX XXXX? Why can I not speak to someone in the Investigation Department? What is the timeframe for resolution in this case? Do I need to hire a lawyer to receive my funds back? These are some of the many questions I have that no one has been able to answer. I have lost hours of my life trying to find out information, and have experienced financial hardship with the loss of money from my account. I am very disappointed with Charles Schwab 's lack of communication and handling of this issue.

Company response to consumer: Closed with explanation