Schwab Main Office vs Schwab Independent (Franchise) Offices

[ShokWaveRider]

We have a Schwab account that we use for MM, CDs & Fixed Income. The main office we use is 30 miles away. There is an independent (Schwab Franchise) Office in our town. I was curious that if we need to do some basic transactions like open new CDs, IRAs etc. whether we could do it there and have the transactions registered on our regular Schwab account. I am not sure how the Franchises work. Can we deposit checks for example even though we did not open our accounts with the Franchise?

 

[COcheesehead]

The franchise is an independent broker that uses Schwab to provide the backend support. I would make sure you don’t get charged any extra fees.

 

[target2019]

We have a Schwab account that we use for MM, CDs & Fixed Income. The main office we use is 30 miles away. There is an independent (Schwab Franchise) Office in our town. I was curious that if we need to do some basic transactions like open new CDs, IRAs etc. whether we could do it there and have the transactions registered on our regular Schwab account. I am not sure how the Franchises work. Can we deposit checks for example even though we did not open our accounts with the Franchise?

I would call and ask, or drop by and ask.

 

[Sunset]

You can just open IRA's , buy CD's, etc online from your regular account.

 

[ShokWaveRider]

You can just open IRA's , buy CD's, etc online from your regular account.

Thank, but we already knew that. I was thinking about depositing checks from and IRA transfer.

 

[OldShooter]

Franchise?!!? Interesting. I learn something every day here. More info here: https://franchise.schwab.com/

My takeaway is that a Schwab franchise is not Schwab any more than a Papa John's storefront is Papa John's. Everything you want to do will probably go swimmingly, but the fact is that you are dealing with a third party with a rented Schwab sign over the door. I would not do it. 30 miles is an easy enough drive and there is probably a nice restaurant there that is worth a stop. I would find the restaurant and take the drive once or twice as necessary to get your business done.

A safer alternative might be to make mail deposits to a Schwab Bank account, then move the money using the Schwab on-line transfer system. In this way, the franchisee never has access to it. Depending on your total balance, you may also be able to get an individual assigned to your accounts at no cost.

 

[youbet]

A safer alternative might be to make mail deposits to a Schwab Bank account, then move the money using the Schwab on-line transfer system. In this way, the franchisee never has access to it. Depending on your total balance, you may also be able to get an individual assigned to your accounts at no cost.

Do you have an account with a local B and M bank? If so, set up transfer capability between the bank and Schwab, deposit your checks or whatever at the bank and electronically xfer the $$$ to Schwab. It's very easy to set up and works well for us.

Or, as pointed out above, just drive the 30 miles each way on the rare occasion you actually have a transaction you'd like to do in person.

I can't see any reason to do business through the franchise.

 

[frank05]

Thank, but we already knew that. I was thinking about depositing checks from and IRA transfer.

Deposit checks via the Schwab app on your phone or tablet.

 

[NgineER]

I would if you can use a mobile deposit of the check into your Schwab account.

 

[ShokWaveRider]

So we are not generally happy with Schwab Independent Franchises I take it?

 

[NgineER]

I have no experience, but I assume that a franchisee is looking to make money off you.

 

[OldShooter]

So we are not generally happy with Schwab Independent Franchises I take it?

I didn't say that. I know nothing about the franchises, didn't even know they existed until your post. My point was simply that adding a third party to your transactions also adds an element of risk. I would feel the same about any third party.

 

[ShokWaveRider]

I agree, I think I would rather drive 40 mins with my IRA rollover check in my greasy little hands to a real Schwab Office. It is not an insignificant wodge of cash.

 

[target2019]

So we are not generally happy with Schwab Independent Franchises I take it?

The local Schwab office moved even closer to us, maybe 5 miles away. I only went there for a deposit of large check once. I'd use the mobile app, but maybe there's a limit on size of deposit?

The best way to contact your local branch, independent or otherwise, is to look them up on the Schwab site and find the contact info. I'm not sure any of us can tell you with certainty what YOUR independent branch offers or doesn't.

 

[Beldar]

I (so far) have only dealt with both firms online, which has been OK. I've contemplated visiting each local physical location, but they both have absolutely horrible reviews.

_B

 

[Koolau]

We have a Schwab account that we use for MM, CDs & Fixed Income. The main office we use is 30 miles away. There is an independent (Schwab Franchise) Office in our town. I was curious that if we need to do some basic transactions like open new CDs, IRAs etc. whether we could do it there and have the transactions registered on our regular Schwab account. I am not sure how the Franchises work. Can we deposit checks for example even though we did not open our accounts with the Franchise?

Nice that you have an office only 30 miles away. No local offices for us Vanguard types. Have thought about other Big Houses like FIDO, but 30 miles from me is still in the middle of the ocean (IOW they don't have an office here)!

 

[CaliKid]

I think the app is good for up to $100k of deposits a day. If more than that I would just overnight it to real Schwab. Some financial institutions will even pay for the overnight charge. I am not sure about Schwab.

 

[target2019]

Schwab reimburses fee and expenses you incur during the move

 

[rkser]

Just my experience, it may not mean anything to any body else, for what it is worth, I am no longer at a Branch Office of Schwab, I was not aware that Franchises of Schwab exist, I took them to be Schwab.

Next time if needed, I would drive to Schwab Schwab.

 

[Dash man]

I would if you can use a mobile deposit of the check into your Schwab account.

You can deposit on the Schwab mobile app.

 

[ShokWaveRider]

You can deposit on the Schwab mobile app.

Not the question, but thanks.