Consumer complaint received 2026-05-21 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: CHARLES SCHWAB CORPORATION, THE
State: DE

Complaint narrative:
Subject : URGENT : Complete Account Freeze and Denial of Funds by Charles Schwab Complaint and Request for Investigation To Whom It May Concern, I am writing to file an urgent complaint against Charles Schwab regarding the complete and unauthorized freezing of all my financial accounts, which has left me stranded without money for weeks and caused me to fall into overdraft. XXXX. Account and Consumer Information Financial Institution : Charles Schwab & Co. , Inc . Affected Accounts : Checking Account, Brokerage Account, and Individual Retirement Account ( IRA ) Status : 100 % blocked from all access and transactions. XXXX. Complete Identity Verification Pre-Approval Before I was even able to establish my online access, Charles Schwab required extensive identity verification. I provided all requested documentation and information accurately. The institution fully verified my identity and subsequently opened and approved my accounts for use. XXXX. Chronology of Events and XXXX Issues Initial Transaction Failures : I attempted to use XXXX to transfer funds to my own account at another financial institution. The transaction was repeatedly blocked. Subsequent attempts to use XXXX to pay others were also systematically blocked. Conflicting Support and Resolution Failure : I contacted Charles Schwab customer service multiple times. Initially, representatives claimed they had no information or insight into why the transactions were failing. The " Security Verification '' Trap : I finally reached a Schwab/Zelle representative who subjected me to an exhaustive, highly invasive verification process consisting of numerous personal questions. After successfully passing this verification, I was able to complete exactly one XXXX transaction. Complete System Lockout : Following that single successful transfer, all future XXXX transactions were permanently blocked, and my entire relationship with Schwabincluding checking, brokerage, and retirement accountswas frozen. XXXX. Failure to Provide Access or Explanation Over the past several weeks, I have spent hours waiting on hold to speak with XXXX XXXX " Security Team. '' Frontline representatives consistently tell me, " I can not tell you what is going on, but I see a security code here. '' The specialized security team fails to answer the phone or provide any path to resolution. I am met with identical, unhelpful responses every time I call, including as recently as today. I have extensive phone logs proving these hours of fruitlessly trying to resolve this matter, which I am ready to provide. XXXX. Third-Party Misrepresentation Charles Schwab representatives continuously deflected blame by claiming that XXXX, as a third-party entity, was blocking the transactions. I contacted XXXX directly to verify this claim. XXXX customer service explicitly confirmed that they were not blocking the transactions and that the restriction is entirely on Charles Schwab 's end. XXXX. Severe Financial Harm and Impact Charles Schwab has blocked 100 % of my funds across all asset classes for weeks without providing any plausible reason, notice, or mechanism to access my money. Because I can not access my own capital, I have been left completely stranded and have fallen into an overdraft status. Denying a consumer total access to their banking, investment, and retirement funds while refusing to provide a reason can not be legal practice. XXXX. Requested Resolution I request that the Consumer Financial Protection Bureau immediately investigate Charles Schwab 's handling of my accounts. I require immediate, unhindered access to my funds so that I can resolve my overdraft status and manage my daily living expenses. Thank you for your prompt attention to this urgent matter. XXXX. To this date, although promised many times, Schwab has yet to reach out me concerning this matter, not my email, nor by text.

Company response to consumer: Closed with explanation