Schwab Bank Gives Man Excellent Customer Service
Josh would like everyone to know that Amber Beyer, Schwab Bank customer service rep, is awesome. Recently he called the bank to tell them about his travel plans. He was so impressed with her knowledegeable and kind service that he was compelled to send a laudatory email to her supervisor, and cc Consumerist. Thus, we enter this chronicle into the halls of legend, the pantheon of excellent customer service known as "Above and Beyond." Here lies the tale:
I wanted to give you some feedback on my experiences this evening.I made many calls to inform many banks of my travel plans. I want to convey my thoughts on two of those conversations:
1. 40 minutes on hold with Bank of America. I hung up as I lost all my patience.
2. 40 minutes speaking with Amber Beyer. It was, without question, the best customer service experience I have ever encountered. Not only can I tell that she is a very kind human being but she was so knowledgeable about all your products. To clarify, Amber did not only know about all your products, she knew the smallest details about every process as well, even things that would normally fall out of her territory as a bank rep. Such knowledge is invaluable when needing the correct information. And it is very rare skill. I work in the credit markets and I have dealt with countless reps at various banks spending more time letting them know the incorrect information they were giving out than getting the customer service I deserve.
Amber went above and beyond what I ever experienced with a support representative to ensure that I had all the facts about travel, card usage, bank usage etc. before I went overseas. Not only did she reconfirm my assumptions that Schwab is literally the best bank that exists but she also inspired me to apply for more products that your bank offers.
If that wasn't the best possible customer service possible I don't know what is. Call was answered in less than 4 rings, friendly personable service that disseminated sentence after sentence of kind advice and factual information and inspires the customer to seek out more service from your bank.
Amber should be commended and I am super happy to know that should I need any assistance overseas I have her information.
My only suggestion is that Schwab open up more branches!
The key phrase here is "inspires the customer to seek out more service your bank." Happy customers are repeat customers, and as this email and post shows, become good will ambassadors for the brand.
(Photo: Sara. Nel)
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Comments:
A bank rep gives excellent customer service?! I had to double check to make sure I wasn't reading the Onion.
I've had a Schwab bank account for two years. I've avoided banks because of the horrible service I received through Chevy Chase bank. I'd always look for credit unions because they had better rates. But when I found Schwab, I decided to give them a try.
They have some of the best features of any bank I've experienced. Free checks, free online-bill pay, free bank transfers, $0 balance minimum, free mail-in deposit (they provide self-address stamped envelopes).
Anytime I've had an issue, I've experienced the same level of concern and attention that Josh experienced.
The only "bad" thing is that anytime you pull money into schwab (where the request originates from Schwab), you have to wait 2-3 days before it becomes available whereas if you transfer to Schwab, it's available immediately. It's odd because you can mail them a check and the money is available faster than doing a transfer.
Not sure why this is but it's a small inconvienence in my mind.
Yeah, Schwab is full of win. You're never on hold for more than a couple of minutes and nothing ever screws up.
I also love that their Visa card is beige. That's it. That's the only color there is. The practicality and unpretentiousness inherent in that is in everything they do. Kudos.
I do like this trend of highlighting good customer service here on Consumerist. It sure beats all the nitpicking people out there who thinks every corporation or local business entity is out to poison, kill, or maim them.
I moved all my accounts to Schwab (old 401k, 403b, checking, savings) and couldn't be happier.
Great service, great fee structure, and for mutual fund investors, they have dropped the expense ratios on some of their largest index funds to 0.09%. With no transaction fees, they are much cheaper than the equivalent ETFs.
Great company.
@GMFish: Hahaha I was wondering if there was some snark I was missing in my morning sleepiness. Then I saw the "Above and Beyond" tag.
@mike: That’s odd. With my bank [Frost Bank], initiating a transfer to another bank takes 2-3 days, supposedly because of federal regulations.
I also have Schwab for an IRA, checking account, and investment account. Their people have been great on all accounts. Never have long wait times when I call, when I make changes to the account they send me confirmations in the mail very quickly, always go above and beyond to answer my questions and solve my problems.
The only thing that is odd to me is that I can't set up recurring bank to bank transfers online (from BofA to Schwab), but it allows me to me set up recurring investment account transfers online (BofA to Schwab), but a quick phone call will get it set up, so it's not really an issue at all.
@woot: I have heard many good things about their 2% rewards credit card. So I'm glad to see that their customer service is top too.
I also heart Schwab. The only reason I haven't fully switched over is because I hate to have to redo all of my automatic things like direct deposit and automatic bill payments.
Where are they? I don't think we have them here in SW MO. I would love to do business with a company like that.
I love Schwab, too. Love the way they link the checking account with the brokerage account, and that switching money from one to the other is an instant process. (Assuming you're dealing with cleared funds, that is, if you're going brokerage to bank.)
They're internet-only, but they reimburse all ATM charges. What's not to love?
@HogwartsAlum: You don't really need one near you. Just open an account on-line (the minimum balance is zero, so you can fund it whenever you like). You can withdraw cash anywhere and where there's a fee for doing so, they credit you back. Deposits are easy too - they provide postage-paid envelopes. Anything complicated you need to do they can handle over the phone. Truly, they are a shining example of competence and service.
i hate schwab. when I first started investing, they nickle and dimed me with fees after the market tanked so that my account whittled down every quarter......
I am looking for a broker that is low fee on transactions and does dividend reinvestment too.
tradeking and scottrade don't do reinvestment. damn!
For anyone worried about going online-only: I had the same concern when switching from my old brick-and-mortar bank to Schwab. It was unjustified. There's some understandable initial uneasiness with thinking that you won't have a branch to run to, but you can really do everything online/by mail that you needed your physical bank for, especially once you get your billpay and direct deposit set up.
Additionally, many of the Schwab brokerage branches are now functioning as banking branches where you can make a deposit and speak to someone in a pinch. I've used this option once, and the service was excellent as always.
That's the real draw for me - moving from one of the old guard megabanks to Schwab saw a HUGE increase in the service level I receive. I'll second all of the comments here about service experiences, and I recommend Chuck to everyone I know.
As another service testimonial, I had my debit card number compromised and some fraudulent purchases made in my name to a couple shady websites ([www.dalbeyeducation.com] and some acai berry crap, though that's a different story), and the service I got from Schwab in fixing that was outstanding. They identified the fraudulent activity, froze my account, and called me immediately. I had a new card in the mail and had the refund process started the same day.
Schwab is outstanding. Make the switch, you'll be glad you did.
@lilyHaze: I LOVE my 2% rewards card too. Although mine is a very dark blue-green. The checking account is also amazing especially with the ATM fee rebates.
Caveat emptor: anyone considering a switch to an online-only bank should know that their business model depends in part on long float times for transactions.
I.e., if you make an electronic transfer, it will take several business days for the money to appear in your account. In practice, this is rarely an issue unless you tend to live paycheck-to-paycheck.
I use ING bank for their relatively high savings interest rate (1.4%), but if I submit an electronic transfer on Friday, it will not appear in my account before the following Wednesday, and sometimes Thursday.
@morlo: That was unnecessarily rude. HA was asking a legitimate question. Some people prefer to bank with institutions that have brick-and-mortar facilities in their area, not just internet sites.
I use them for free online banking. You can even get ATM fees rebated (if you still use cash, luddite) and make deposits at Schwab branches if you have an associated brokerage account (also free).
There's pretty much no downside, and as stated, the service is excellent.
@morlo: WE DOOOOOO???
So that's whut this hyar shiny thang with thu buttons is! Ah thot it wuz a typewritter with one of them DVD thangs attached!
;)
am I the only expecting a follow-up post about how Josh went overseas and Schwab froze his account the first time he tried to use his card, despite having informed them of his travel plans?
Schwab is an awesome bank! I'm actually excited...about my BANK. I, too, was so impressed that I not only signed up for additional services myself, but got other people to, as well. And traveling overseas with my Schwab ATM card was so nice. Not only did they not freeze my account, but it was just so liberating to know that I was going to get all that money back for the fees. Yay, Schwab!
@wickedpixel:
yup. I think you might be the only one. I was in Tokyo, called while I was there, informed them of my location, and had zero problems with schwab, and using my %2 casg back card there extensively, along with SPG amex.
@TexasP:
hmm..interesting, it takes about the same amount of time for me, as it does using the wells fargo account.
I completely agree. I have been a Schwab customer for a couple years and have absolutely no complaints. Whenever I do need to contact them, there is very little wait and the CS reps are incredibly helpful and quick.
The worst thing they have done is raise the rate on their CC customers. But, we're talking 6% to 9%, still very reasonable compared to most other banks.