|
10-04-2010, 11:04 AM
|
#1
|
Recycles dryer sheets
Join Date: Mar 2008
Posts: 129
|
Irritated at Schwab
I was one of many, many people whose Schwab Signature Visa Card was discontinued and transferred to FIA with little notice, new card, or information..other than conditions,etc. would continue (supposedly even the 2% rebate according to a CSR at Schwab) until FIA contacts us to change anything. I always schedule online payment in full for due date on my acct. whenever I get the total owed...approx. 30 days before due. On this last month (due Oct.3) I had scheduled full payment for Oct. 3rd, from my bank checking acct., and had a Payment Confirmation #. This was done prior to notice from Schwab of any of change to their ownership. Anyway, checked the fia acct. page today (as change was effective 9/30) and no payment made...acct. overdue. I called fia...on hold for a long time (unlike Schwab customer service), but got things worked out . I guess I'm just expressing disappointment with Schwab for not providing detailed information to its customers. Thanks for letting me vent!!
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
10-04-2010, 11:18 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 2,083
|
Funny, I got very detailed information from Schwab regarding the switch.
Sorry it didn't work as smoothly for you.
__________________
"We do not inherit the earth from our ancestors, we borrow it from our children.
(Ancient Indian Proverb)"
|
|
|
10-04-2010, 03:32 PM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
|
I was luckier, I schedule payments the same way you do. My mid-September payment made it on time, and I've scheduled the October payment on the FIA site and gotten an acknowledgment email. I trust they'll be posting your cashback reward? I'll feel better when I see that arrive.
Coach
__________________
"Comprehensive health insurance is an idea whose time has come in America." President Richard M. Nixon, February 6, 1974
|
|
|
10-04-2010, 04:18 PM
|
#4
|
Recycles dryer sheets
Join Date: Aug 2008
Posts: 251
|
I just checked my outgoing payment (scheduled last month and executed on 10/1) from my Schwab Bank checking account...looked good on that side. Then I signed up for the FIA site's online access. There I saw the payment having been received.
I also saw that my 2% rebate is still hooked up to my Schwab brokerage account. You can arrange to have the rebate put into a checking account if you like. But their FAQs still say 2% back on all purchases. So for now at least, it still looks good.
|
|
|
10-04-2010, 04:40 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
|
I use Schwab Bank bill pay. I would assume they will redirect the payment.
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
|
|
|
10-04-2010, 07:50 PM
|
#6
|
Recycles dryer sheets
Join Date: Sep 2009
Posts: 353
|
FWIW, FIA CSR told me I can NOT deposit cash back to a different bank (or any other) account, only to Schwab account.
|
|
|
10-04-2010, 08:46 PM
|
#7
|
Recycles dryer sheets
Join Date: Dec 2006
Posts: 182
|
Had kind of an interesting phone conversation yesterday with a Schwab CSR. After taking care of some other business, I asked if they are getting alot of heat about eliminating the credit card. He basically went on to tell me that although some people are unhappy with the decision, most good, solid Schwab customers...those who have brokerage accounts and now bank accounts, etc., understand that this was a business decision by Schwab and must have been necessary. He also hinted that those who only had the credit card and no other accounts at Schwab were not their target customer anyway.
Not sure if that was just his opinion or the company line, but that was the message.
|
|
|
10-05-2010, 08:43 AM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Quote:
Originally Posted by lowflyer
He also hinted that those who only had the credit card and no other accounts at Schwab were not their target customer anyway.
Not sure if that was just his opinion or the company line, but that was the message.
|
My hunch is that Schwab didn't attract as much brokerage business as they wanted to with this offer, which was presumably a "loss leader" for them.
Still, if you think about it, people who seek out offers like this are more likely to be the kind of consumers who pay off their balances in full every month, making it even harder for generous offers to be sustainable.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
10-05-2010, 05:59 PM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
|
I am not happy with Schwab decision here, but evidently it was costing them a lot of money. Here is a recent NY Times article
The good news is it was pretty straightforward to go to fiacardservices.com and do my online banking with them. I will probably drop the cards and go to PenFed when the cut the rewards on the card (I suspect this is only a question of when not if)
|
|
|
10-05-2010, 07:32 PM
|
#10
|
Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
|
Quote:
Originally Posted by clifp
The good news is it was pretty straightforward to go to fiacardservices.com and do my online banking with them. I will probably drop the cards and go to PenFed when the cut the rewards on the card (I suspect this is only a question of when not if)
|
When I started using Fidelity's credit cards a few years ago, they were originally with some other company that changed its name to FIA Card Services. I figured the "F" stood for "Fidelity" but I guess they'll service anyone's credit card.
FWIW their billpay has been pretty convenient. My cc payments are due on the 1st of the month so that's when I schedule the transaction, but the actual deduction from my checking account doesn't happen until the 2nd or 3rd... plenty of time for the pension check and the rent check to clear first.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|