What's going on at Charles Schwab ?

[Go-NoGo]

Tried logging into the website and all I get is a screen that looks like this:


Logging in from the app gives me the same result.
The IT guys switched the production and test servers ?

 

[Gearhead Jim]

I logged in ok today.
But three weeks ago (Dec 2022) they sent me a paper check for my 2022 RMD, except that I had already taken out that much and more, months previously.

So I called and got a guy who admitted they had screwed up, and he would get the problem corrected and my account would be as if the second RMD had never happened.

Today is three weeks later, and no correction.
So I called again and elevated the situation, latest guy says they are waiting for the withholding tax to be returned from their (Schwab) bank. I said it's your fault, you should take some money from somewhere else in the Schwab world and put it back in my account now, then deal with your internal accounting on your time and not mine. He says it will be corrected by Monday.

Interestingly, I want my account straightened out ASAP because I've had too many problems dealing with Schwab in the last few years and want the accounting to be correct before I transfer it all to Vanguard.

 

[Go-NoGo]

This screen seems to be very recent, perhaps in the last hour or so (2023-Jan-12 9:30PM EST).

Site maintenance gone awry ?

 

[fh2000]

Charles Schwab and TD Ameritrade are planning on a merger. I received a letter on 12/8/22 from TD Ameritrade indicating that my accounts will be moved to Charles beginning sometime in 2023.

Maybe they are now working on the merger.

 

[EastWest Gal]

I logged in without any problem. Two factor authentication using a Symantic VIP token. (10:17PM EST, 2023-Jan-12). Strange.

 

[copyright1997reloaded]

Just tried logging in, system is not available.

ETA: Mobile app is also screwed up, and shows the "transition" screen similar to what the OP posted.

 

[badatmath]

Glad I happened on this thread as I was wondering if should open a schwab account. I think I am leaning towards fidelity.

 

[NW-Bound]

I have not seen any problem earlier today. Just now, logged in again, and saw nothing unusual.

The OP captured screen showed something really weird, as if coming from the Twilight Zone.

 

[NW-Bound]

Just tried logging in, system is not available.

ETA: Mobile app is also screwed up, and shows the "transition" screen similar to what the OP posted.

Just logged off, then logged in again. Nothing out of the ordinary for me.

 

[dmpi]

For the Schwab site sometimes I have screens hang seemingly waiting for updates. I clear my cookies and try again. That often fixes it.

 

[Go-NoGo]

website now says system not available.
App tells me i do not have any accounts setup for mobile access.

very weird.

I expect they will have it resolved by tomorrow by the time markets open, or else it will make the front page of the WSJ

 

[JackJester]

Schwab is rock solid for me just now. MacBook Pro and 2FA got me in as usual.

 

[Peter]

No problem here, 8:21 PST.

 

[ejman]

No problem here - Firefox on Linux.

 

[Go-NoGo]

Just tried to login this morning, and everything is back to normal - Website and App.
Perhaps it was a "glitch in the matrix"

Thanks to everyone who checked.

 

[Car-Guy]

Worked okay for me last night and again this morning... I know they are making some changes/updates so maybe the OP got just caught up in some of that. I even got a notice the other day alerting me to some of the changes.

 

[MRG]

Glad I happened on this thread as I was wondering if should open a schwab account. I think I am leaning towards fidelity.

Don't worry, Fidelity has similar issues. They all do from time to time. No bid deal as long as someone is qualified to get humpty dumpty back up. It takes 10s to hundreds of systems to be available for us to login to ANY provider, sometimes there's issues with one system causing unpredictable results.

 

[copyright1997reloaded]

Glad I happened on this thread as I was wondering if should open a schwab account. I think I am leaning towards fidelity.

eh, they all have had occasional issues. Issues like what Schwab had last night (I/T problem), spreading of risk, worry about all assets in one place fraud and just where I was forced to have assets (e.g. employer 401k/403B) caused me to have multiple investment platforms.

I have accounts at Ameritrade, Schwab, Fidelity. Always someplace to trade. Eventually my Ameritrade accounts will be merged into Schwab, after that I might open something else (e.g. Interactive Brokers) or just try help my beneficiaries a bit by consolidating.

 

[dmpi]

I've made a few recent trades and I do think it takes longer to get a trade confirmation. Sometimes it takes a few days. I use to remember it being almost instant or at least in a few hours. Maybe I don't remember it right. Anyway... this puts me in the situation of: Did I make that trade, or did I just imagine doing it? I guess I'm getting old.

 

[Morgan22]

Interestingly, I want my account straightened out ASAP because I've had too many problems dealing with Schwab in the last few years and want the accounting to be correct before I transfer it all to Vanguard.

I would think again before switching to Vanguard. They are going through some IT/tech/website pains lately themselves. At least maybe wait until they straighten out their IT issues before switching over. There's been a few published articles lately about this and many threads started on Bogleheads (that seem to be getting rolled up into one big complaint thread). I hope things improve soon.

 

[dixonge]

Wow. Just logged in to Schwab. My checking account balance hasn't changed in five days, yet the Overview shows that the balance is down 57% for the day. Huh

Unless there is some fraudulent charge pending, that's just nuts.

 

[target2019]

Logged into Schwab a few days this past week and just now (Saturday). There is nothing out of the ordinary for me today or on any previous day.

My big fat guess is that servers processing a billion transactions (maybe more?), and doing the work of combining a multitude of TD accounts, there are blips and bloops in the cache.

 

[Gearhead Jim]

I would think again before switching to Vanguard. They are going through some IT/tech/website pains lately themselves. At least maybe wait until they straighten out their IT issues before switching over. There's been a few published articles lately about this and many threads started on Bogleheads (that seem to be getting rolled up into one big complaint thread). I hope things improve soon.

Vanguard's website seems awkward and un-intuitive to me, but their actual operations have been good.

Regarding the problem I mentioned in my Post #2, Schwab is either unable or unwilling to fix it. After nearly a month, they claim they still can't retrieve the tax withholding on the RMD they should never have sent at all. They say the RMD money that was sent to me in a check has been returned to my account (check was cancelled), but they still can't get the withholding money back from their bank.

Friday I got a call from one of their supervisors who offered a compromise- the withholding money will be kept in my 2022 IRS withholding account. In other words, they still can't/won't fix the problem.

I agreed to this plan, partly because the extra 2022 withholding will be useful, and partly because I want my account to be straightened out so I can get my money the H out of Schwab.

 

[copyright1997reloaded]

Vanguard's website seems awkward and un-intuitive to me, but their actual operations have been good.

Regarding the problem I mentioned in my Post #2, Schwab is either unable or unwilling to fix it. After nearly a month, they claim they still can't retrieve the tax withholding on the RMD they should never have sent at all. They say the RMD money that was sent to me in a check has been returned to my account (check was cancelled), but they still can't get the withholding money back from their bank.

Friday I got a call from one of their supervisors who offered a compromise- the withholding money will be kept in my 2022 IRS withholding account. In other words, they still can't/won't fix the problem.

I agreed to this plan, partly because the extra 2022 withholding will be useful, and partly because I want my account to be straightened out so I can get my money the H out of Schwab.

So does that mean your 1099-R for 2022 will also include the tax $ from the excess withdraw? That is, like you did an additional withdraw but with 100% withholding?

If so, I would be super pissed with them and be looking for compensation to make up for the true taxes on the excess withdraw. If necessary, force arbitration on this.

 

[Gearhead Jim]

So does that mean your 1099-R for 2022 will also include the tax $ from the excess withdraw? That is, like you did an additional withdraw but with 100% withholding?

If so, I would be super pissed with them and be looking for compensation to make up for the true taxes on the excess withdraw. If necessary, force arbitration on this.

Yes, I'm pissed too. But the extra withholding will go to buy some ibonds with the refund so it works out ok for me. The other part of the "phantom" RMD, that was sent to me in a check, has been returned to my account.

Now my next move is to transfer my entire account out of Schwab ASAP.