Consumer complaint received 2025-04-21 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: CHARLES SCHWAB CORPORATION, THE
State: FL

Complaint narrative:
I opened a banking and an associated brokerage account on XX/XX/year> with Charles Schwab Bank SSB ( hereinafter, CS ) and Charles Schwab & Co , Inc. Numbers XXXX and XXXX were assigned to those accounts, respectively. 
I funded the banking account with {$300.00} that my wife transferred me through XXXX. 
A few days later I deposited a check I personally issued and signed for {$3700.00} from another account I hold at XXXX XXXX XXXX. However, by mistake, I failed to authorize the cashing of the check when prompted by text message by XXXX XXXXXXXX XXXX. The check didn't go through. 
After a few days, I lost access to my CS accounts. I couldn't log in to online services. 
I called CS immediately requesting an explanation, but I was told that my account was blocked and that they could not provide more information at the time, asking me to call back later. 
I later received a letter from CS ( Attachment XXXX ) letting me know that they had identified possible unauthorized activity and that my account had been restricted until they hear from me. 
Again, I called CS customer service multiple times to address the issue, and they ignored what was happening with my accounts. I asked to talk to a supervisor, she offered to contact the appropriate department internally and get back to me. 
CS never contacted me in order to resolve the issue or to inform me about the supposedly suspicious activity. 
Then, on XX/XX/year>, I got an e-mail from CS ( Attachment XXXX ) informing me that my account closure request was in review. I was surprised as I never asked the bank to close my accounts. They did that unilaterally and arbitrarily without a valid reason. 
I later received an account statement in the mail for the banking account for the period of XX/XX/XXXX and XX/XX/year>, ( Attachment XXXX ) where CS charged {$240.00} as a closing withdrawal ; however, I never received any payment. Also, the closing balance should have been {$300.00}, not {$240.00}, since I never made a withdrawal, and since the banking account has no maintenance or activity fees whatsoever ( per their own Schwab Bank Deposit Account Pricing Guide, Attachment XXXX ). 
Once more, I contacted CS in order to try to understand what happened and get my money back. I was transferred to the fraud department, I believe, where I received unprofessional and very rude service from an agent. I was told that I had to go to a CS branch to verify my identity ( even when everything is supposed to be made online, since it is an online banking and brokerage account with no branch services ) and that they would send to me whatever is left of my money ( after whichever arbitrary deductions they decided to make ). 
I do not want to lose more of my time by going to a CS branch. I opened an online account for a reason. Also, I do not accept less than the {$300.00} I deposited to the banking account, as I made no withdrawals whatsoever, and since the account has no maintenance or activity fees. 
I am now filing this complaint in order to get my money back, without any deduction, asking this Bureau for protection against the irresponsible, arbitrary and abusive from CS.

While the amount involved may not be relevant, the fact that a bank can do as it pleases with a clients accounts and funds, disregarding their own policies and applicable regulations, is relevant. CS should not be allowed to seize and keep my money for themselves. 
I believe the least I deserve is an apology from CS for the unprofessional and rude service I received, and for all the trouble and time I have lost. 
Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation