Consumer complaint received 2019-01-26
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: CHARLES SCHWAB CORPORATION, THE

Complaint:
My wife and I move frequently for work opportunities. In the past we have banked with local credit unions, but that meant that everytime we moved we had to deal with closing an old bank account and opening a new local one. So we decided to create a bank account with a larger institution with good online services to make it simpler to move and keep our bank account running smoothly. After doing research on different checking accounts we decided to open a Charles Schwab checking account. 

We moved again in XX/XX/XXXX for a job opportunity. As a part of that moving process my wife and I logged into XXXX XXXX checking account to update our address. As far as we could tell everything was working properly and our new address appeared everytime we looked at the account online in our profiles. 

The first problem begin when we ran out of checks and needed to order a new box of checks. We ordered them and paid for expedited shipping so that we could pay our rent on time. Those checks never arrived. On XX/XX/XXXX I called Charles Schwab customer support at XXXX. It was then that I learned that they had mailed a full box of blank checks to our old address. This was concerning to me because it made us vulnerable to potential check fraud as strangers now had a full box of blank checks in our name with our bank account number. Customer support told us that Schwab uses a third party service to print checks and that apparently when we updated our address that update was not reflected with the third party. She told us that she would correct the error, cancel the checks, and get a new box of checks to the correct address. As far as I could tell that seemed to have fixed the issue, but I was still concerned about the issue of possible check fraud. We were assured that Schwab had a Schwab Safe police that would refund 100 % in the event of check fraud. The exact language from their website reads : At the end of the day, its all about trust. To give our clients peace of mind, we provide the Schwab Security Guarantee, which states : Schwab will cover 100 % of any losses in any of your Schwab accounts due to unauthorized activity. Read more about the terms of The Schwab Security Guarantee. '' I am including this here to create a written record in case we need to enforce this policy in the future. 

On XX/XX/XXXXI logged into my XXXX XXXX checking account to download our XXXX tax forms. The form once again had our old address on it. I am very concerned that Charles Schwab continues to send our personal sensitive information to strangers and for some reason is unable to update our address on our account. 

On XX/XX/XXXXI called Charles Schwab customer support at XXXX. I spoke to a supervisor with 15 years of experience. He took a look at the account and explained the situation like this. He said that for each account there are actually two addresses. One is a legal address and this is the address that we can update when we log into our accounts online and update it. The other is a mailing address and that can not be updated. There is no way for customers to access or see that address, or even know that it exists. This was the address that was being used to send our sensitive tax information. Customer service told us that even he was not able to update the address, but that he was able to deactivate it so that it wouldnt be an issue moving forward. Customer service told us that this is a known issue and that Charles Schwab is working to fix the issue. But if this is a known issue it has been such since at least XX/XX/XXXX. It seems reasonable to expect to be able to update an address when you move and to not have sensitive personal information mailed repeatedly to the wrong address.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation