How to Contest Unfair Charles Schwabs Fees
Charles Schwab is an American-based multinational financial services corporation. The institution offers both institutional and retail clients things like an electronic trading platform, banking services, commercial banking, and wealth management, just to mention a few. Naturally, you can expect that customers pay Charles Schwab fees for these services.
Some of the broad-range services Charles Schwab provides have associated fees. Trying to get Charles Schwab Corporation to waive these fees can be an uphill task for you. However, DoNotPay makes this process very easy. DoNotPay can also help you waive Robinhood fees, Coinbase fees, Shopify fees, and PayPal fees, just to mention a few. Read along to find out how.
What Are Charles Schwab Fees?
As mentioned, these are costs associated with various Charles Schwab services. These fees include commission rates, service fees, account charges, and transaction charges. Common fees include:
|An automated $5 phone charge||for U.S Exchange-Listed Stocks and Exchange-Traded funds per every executed trade|
|A broker-assisted $25 charge||for U.S Exchange-Listed Stocks and Exchange-Traded funds per every executed trade|
|$6.50 fee||For online Canadian stock transactions|
|$50 fee||For foreign stock transactions|
How to Avoid Charles Schwab Fees
Whereas there is no way to completely avoid all Charles Schwab fees, you can take advantage of the various discounts available. For example, you can trade stocks and ETFs free of charge. The platform also provides price execution on a vast majority of their trades.
With this package also comes calculators, tools, streaming quotes, and educational resources. Charles Schwab also offers a free aggregation service for those who want to view their financial picture in one place.
Traders can also take advantage of the following price waivers and discounts:
- There are no commissions charged for OTCBB trades or trades in equity
- Options are charged $0.65 per round trip, on every contract. No per-leg fees are charged on options.
- For fixed incomes, there are no commissions for TIPS, Notes, Bonds, and T-Bills.
- There are also no charges for inactivity, minimum account, software access fees, or maintenance.
- You will also not be charged for account closing (with the exception of ACAT cost), withdrawal, direct deposit, or check fees.
How to Fight and Waive Charles Schwab Fees on Your Own
As explained, it is not possible to waive all Charles Schwab fees. However, if you feel you have been charged unfairly, you can fight to have these fees waived. This involves making an official request to Charles Schwab. You can raise your complaint by contacting customer care. Charles Schwab offers good customer care service with live support through chat or phone. Customer support is offered to customers 24/7.
It is, however, worth noting that this process can be very lengthy and frustrating, as it involves a lot of paperwork and follow-up. The management may also ask you to provide records of your previous transactions. This means that you may be required to send several letters before management can review your case. The worst part is that the trading platform can decide not to waive your fees.
Next Steps for Fighting Charles Schwab Fees If You Can't Do It on Your Own
There is a very high probability that management may decline your request to have Charles Schwab’s fees waived. When this happens, and it most likely will, your next best option is to hire an attorney. This legal representative can deal with the company on your behalf and handle all the paperwork for you. However, hiring a good attorney does not come cheap. At most times, attorney fees will cost more money than you are trying to save.
The good news, nevertheless, is that you have a trusted solution in DoNotPay. We will handle everything for you in three easy steps:
- Search "appeal fees" on DoNotPay, choose the Fight and Waive Fees product, and select the type of fee you want to appeal.
- Select the merchant you want to appeal fees for and enter the details of your transaction, including an associated account if you have one.
- Submit your case! DoNotPay will generate the best argument for your case and make sure your fee waiver request gets sent to the merchant for processing.
We Can Help You Waive and Appeal Unfair Fees In Minutes
Why Use Our Product to Fight and Waive Charles Schwab Fees?
As explained, getting Charles Schwab to waive your fees can be a very frustrating experience. However, using DoNotPay is faster than handling everything yourself or involving an attorney. Our platform is really easy to use when you need help contesting a range of charges like Etsy fees, Spirit Airlines baggage fees, and more. Plus, we take care of all the paperwork for you and are successful.
What Else Can We Do for You?
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DoNotPay works with a team of dedicated lawyers and uses advanced, AI-powered legal algorithms to handle your case for you. Get in touch today and learn more about how we can assist you.