Consumer complaint received 2016-10-05
Product: Bank account or service — Checking account
Issue: Deposits and withdrawals — 
Company: CHARLES SCHWAB CORPORATION, THE (MA)

I have a chequing account at Charles Schwab Bank and a linked brokerage account at Charles Schwab. I believe Schwab intentionally delayed crediting my Schwab bank account with an incoming international funds transfer for five days, an inordinate period of time. Last week I expected to receive an international money transfer from a XXXX firm, XXXX, for {$810.00}, in reimbursement for work I did for that firm. I received a telephone call in the evening of Friday, XX/XX/XXXX ( probably between XXXX and XXXX Eastern time ), from a Schwab employee mentioning a bank transfer and asking me to phone her on a particular number. I returned the call within fifteen minutes of receiving it, only to reach a recording telling me I had to call back during business hours. I telephoned back Monday, XX/XX/XXXX, in late morning. The employee with whom I spoke told me that, because of a regulatory rule change, Schwab could no longer make the transfer directly into my Charles Schwab Bank account, and that instead I would have to have the funds transferred into my Schwab brokerage account, from which I could then transfer the funds from the brokerage account into my bank account immediately. The employee stated they had to receive my permission over the phone before they did this. I was not happy but consented. The employee stated clearly that the funds would show up in my brokerage account within 2 hours, after which I could transfer them into my bank account. I went online several times in late afternoon/evening to check, but the transfer had not gone through. Tuesday morning, XX/XX/XXXX I had an appointment, so went online at around XXXX Eastern time to check on the transfer. It still did not appear in my brokerage account. I phoned Schwab and spoke to an employee named XXXX on their 'move money ' desk. He claimed the employee with whom I had spoken on Monday had failed to take the needed step to credit the funds to my brokerage account. He said he would do this immediately, and that the funds would show on my account within the hour and that I could then move the funds immediately into my bank account. I told him then I would be watching and would phone him back later in the afternoon. When the funds still did show up, I phoned Schwab back around XXXX, demanding to speak to XXXX again. I was told he was unavailable. He phoned me back some time later in the late afternoon and claimed not to know why the funds had not been deposited. He told me at that point the funds would now show on my brokerage account but that I would not be able to move them into my bank account until the following day ( Wednesday XX/XX/XXXX ). I told him to contact his superiors and get that money moved into my bank account from the brokerage account immediately. He called me back and told me they had refused. The behaviour of the Schwab staff is suspicious on a number of counts. First, I was not telephoned initially about the transfer until hours after when Schwab must have received the transfer from the XXXX bank. I was called at a time when I would not have been able to return the call and reach a live employee, allowing them to refrain from posting the funds over the weekend. ( Meanwhile routinely I receive emails from Schwab notifying me that cheques I deposit by mail are posted to my account on a Saturday or Sunday. ) Second, I was lied to by XXXX different Schwab employees on two different days, Monday and Tuesday, to the effect that the funds would be credited to my account within XXXX hours of the call, which did not happen. Third, when I demanded the funds be moved to my bank account immediately after they were finally credited to my brokerage account on Tuesday, XXXX XXXX, my demand was refused. It appears Schwab staff took considerable steps intentionally to delay as long as possible making my funds available to me.