Complaints About Schwab Message Board

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Non-Tech : Complaints About Schwab

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To: swisstrader who wrote (154)	3/7/2000 4:08:00 PM
From: Brian Sullivan	Read Replies (1) of 196

For those wanting to transfer out of Schwab here is my story so far... I decided to pull the trigger on Schwab after talking with the Signature Service representative on Wednesday Feb 23. I explain to him that the Schwab commission fees were too high and that at Fidelity all of mt trades would be 14.95. I expressed my strong dislike about the new changes which temporary lower you commissions to 14.95 after you make 60 trades. I also tell him that I can perceive no real difference in the "levels" in the Schwab Signature Services. Gold, Silver, Platinum they are the same as far a I'm concerned. I tell him that at the highest level Schwab offers IPO's but that Schwab does not have any IPO's this year. So on Friday Feb 25 I drop by the Bellevue, WA Schwab brick and mortar location and explain to them that I want to do a DTC from Schwab to Fidelity. The first dim wit that I talk with tells me that I have to go to Fidelity and have them do it. No I tell him that I believe that I need to have Schwab start the DTC. So he asks someone else there and then finds out that I need to fill out a one page form and list each an every stock and how many shares to transfer. So I have the gal at the from desk pull up my account and she helps me fill out the DTC form listing the number of shares and Symbol etc.. for every security in my account. I explain that I'm leaving the small cash balance at Schwab until the DTC is completed. I explain to her that it is my expectation that a broker initiated DTC should take at most 3 business days. Anyway on Wednesday March 2, I call my Signature Service rep and explain that I put in an order to DTC my shares to Fidelity and that I'm not seeing anything different my account status, and can he look up to see what is going on. About ten minutes later he tells me that the San Francisco office has just receive the DTC order and they it will take a few more days. Apparently the bone-head people at the Bellevue office just simply snail mailed the DTC form to the head office, thus I lose out 3-4 days in the process. So then I wait three more business days until Monday March 6. I'm still seeing all of my shares in the Schwab account, so I call the Schwab Signature rep and ask him to tell me what is happing with my DTC order. I wait on hold for 15 minutes and he comes back and say that the people doing the DTC are a bit backed up right now and that it will take 2-3 more business days. I query him a bit and it appears that the don't have enough people to key in all of the DTC requests, so there is a back log and that I am some where in the middle of the queue. So I am now supposed to wait until this Thursday to see if Schwab can get to my DTC form.

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