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Schwab move...Let's retire this thread. Lots of interactions. Food for thought. THNX.
@hank, this T+1 (vs T+2) rule for stocks/ETFs/CEFs was adopted 2 years ago. Brokers were given 2 years to make changes to their systems and 5/28/24 is that final date. So, who wants to deal with a broker who couldn't fix this in the 2 year window?
"So, who wants to deal with a brokers who couldn't fix this in the 2 year window? "
Well, if Schwab is any example, the question might actually be "who wants to deal with brokers who delayed fixing this until the very last day in the 2 year window? "
I'm pretty sure that Schwab could have if they'd really wanted to. I doubt that Schwab is the only one, though.
@Crash, you can fight and complain about the tech revolution that started decades ago...or, join it. It's a choice. I know people in their 50s who refuse to join, but I also know people in their 80s who joined it. Example: I'm in several groups who play Bridge, 1-2 don't do well with text and why they miss about half of what is going on, no one wants to call or email them, unless we miss a player. Schwab is better than Fidelity. I left VG decades ago but I'm sure Schwab is bette. I never had TRP but from reading posts for decades, I would not expect them to be at the top.
You can't have hand-holding and very cheap/free services. Schwab still have plenty of offices you can visit.
@Crash- As FD1000 is suggesting, some self-educational effort is required on your part to get a feel for how the Schwab site (or any other financial site) is laid out. For instance, a number of times you've complained about how everything is "hidden". Nonsense. Nothing is "hidden"... you simply have to familiarize yourself with the layout. There's a reason that things are organized the way that they are.
Maybe what seems "hidden" to you seems perfectly logical to others. There is an overwhelming amount of information there, and while you evidently would prefer it to be all be right there on one page, that is a rather improbable possibility.
@FD1000 Hand-holding, I don't need much. What has gone missing is RELIABILITY, CONSCIENTIOUSNESS, ACCURACY, DEPENDABILITY, and Customer Rage And Aggravation agents who can THINK. I also think it's disgraceful that employers won't ALLOW employees to simply have a pad and pencil to take notes, to assist the process when their help is asked for. I've been told that, explicitly.
@Crash- Well, that's a different kettle of fish, and I certainly have to agree with you. In most large businesses the concept of decent customer service is now an anachronism. Again though, being required to use Schwab chat because of my hearing issues, I have no complaints at all. None. A couple of times I've found them better informed or easier to work with than the local Schwab office.
@FD1000 Hand-holding, I don't need much. What has gone missing is RELIABILITY, CONSCIENTIOUSNESS, ACCURACY, DEPENDABILITY, and Customer Rage And Aggravation agents who can THINK. I also think it's disgraceful that employers won't ALLOW employees to simply have a pad and pencil to take notes, to assist the process when their help is asked for. I've been told that, explicitly.
The above are serious accusations...based on what? If this is true Schwab would be shut down. Millions have been using Schwab for years, including several posters who stated they never had any issues for years...maybe it's you?
Notes with a pencil? again, are you serious? notes are entered into the system so the next customer rep can see them.
Several days ago you doubted Schwab would give you the $50...and they did...but you didn't report it until I asked you.
@Crash- Well, that's a different kettle of fish, and I certainly have to agree with you. In most large businesses the concept of decent customer service is now an anachronism. Again though, being required to use Schwab chat because of my hearing issues, I have no complaints at all. None. A couple of times I've found them better informed or easier to work with than the local Schwab office.
"Notes with a pencil? again, are you serious? notes are entered into the system so the next customer rep can see them."
I'm afraid that I have to agree with Crash on that one. I recently had to knock heads at our San Francisco neighborhood Schwab office to get the people there to actually talk to each other. I had provided required information to one of the more senior "officers" who then turned the matter over to a subordinate who then emailed asking for the same information all over again. From the tone of their emails I also got the impression that this sort of thing wasn't particularly unusual for them.
I also didn't get the impression that they were particularly worried about being shut down any time soon.
The above are serious accusations...based on what? If this is true Schwab would be shut down. Millions have been using Schwab for years, including several posters...maybe it's you?
Notes with a pencil? again, are you serious? notes are entered into the system so the next customer rep can see them.
So, you miss the point about taking notes. Handwritten notes along the way can assist the phone agent to enter notes into the computer for the NEXT person more ACCURATELY. Unless they just are unable to be accurate. Which is mostly the case, today.
"....If this is true Schwab would be shut down." You've obviously not tried to talk to anyone on the Customer Rage and Aggravation phone line in the past 30 years. I was once assigned by a Temp. Agency to a Call Center. After receiving our instructions, I declined the job. They make ZERO attempt to actually be specific, accurate and helpful. And we were handed a script. If you mention to them that they sound like they're reading from a script, they will deny it. Even if there's no printed script, they are trained to be evasive, unhelpful. They have been instructed to put the bursen on the customer. It's all junk.
"Notes with a pencil? again, are you serious? notes are entered into the system so the next customer rep can see them."
I'm afraid that I have to agree with Crash on that one. I just had to knock heads at our neighborhood San Francisco office to get the people there to actually talk to each other. I had provided required information to one of the more senior "officers" who then turned the matter over to a subordinate who then emailed asking for the same information all over again. From the tone of their emails I also got the impression that this sort of thing wasn't particularly unusual for them.
Bingo! Accuracy, Conscientiousness. However, handwritten notes are difficult to do, if you've never been taught handwriting in school--- which is the case in a growing number of States. Disgraceful.
You've obviously not tried to talk to anyone on the Customer Rage and Aggravation phone line in the past 30 years.
"Customer Rage and Aggravation" phone line? Is that for real? Never knew such a thing even existed.
The only thing Schwab has ever upset me about in 27 years was when they redid all the research pages, and TOOK AWAY a lot of personal portfolio data, in the fall of 2022. I complained about it to the regular people on the phone numerous times, but never went on a rage over it.
The research pages are much clumsier to find actual data on than they used to be. They look like some 5 year-old kid arranged them -- but they have to keep the nerds busy. I often go to Mstar or Yahoo if I can't find what I"m looking for on Schwab's mess.
"Change, just for the sake of change, is always good." -- any nerd.
Just in recent months they brought back (finally) the personal portfolio data and charts.
Comments
T+2 becomes T+1 May 28 this year.
Can we assume that will be the case 100%? Or will brokerages have the ability to opt out?
Well, if Schwab is any example, the question might actually be "who wants to deal with brokers who delayed fixing this until the very last day in the 2 year window? "
I'm pretty sure that Schwab could have if they'd really wanted to. I doubt that Schwab is the only one, though.
Example: I'm in several groups who play Bridge, 1-2 don't do well with text and why they miss about half of what is going on, no one wants to call or email them, unless we miss a player.
Schwab is better than Fidelity. I left VG decades ago but I'm sure Schwab is bette. I never had TRP but from reading posts for decades, I would not expect them to be at the top.
You can't have hand-holding and very cheap/free services. Schwab still have plenty of offices you can visit.
Try a generic tutorial (https://www.youtube.com/watch?v=v85mLIx3hJg)
Try a specific tutorial (https://www.youtube.com/playlist?list=PLf5N6dqfQaNRooD-MN434gIfzDyI71IsK)
Maybe what seems "hidden" to you seems perfectly logical to others. There is an overwhelming amount of information there, and while you evidently would prefer it to be all be right there on one page, that is a rather improbable possibility.
Hand-holding, I don't need much. What has gone missing is RELIABILITY, CONSCIENTIOUSNESS, ACCURACY, DEPENDABILITY, and Customer Rage And Aggravation agents who can THINK. I also think it's disgraceful that employers won't ALLOW employees to simply have a pad and pencil to take notes, to assist the process when their help is asked for. I've been told that, explicitly.
Notes with a pencil? again, are you serious? notes are entered into the system so the next customer rep can see them.
Several days ago you doubted Schwab would give you the $50...and they did...but you didn't report it until I asked you.
I'm afraid that I have to agree with Crash on that one. I recently had to knock heads at our San Francisco neighborhood Schwab office to get the people there to actually talk to each other. I had provided required information to one of the more senior "officers" who then turned the matter over to a subordinate who then emailed asking for the same information all over again. From the tone of their emails I also got the impression that this sort of thing wasn't particularly unusual for them.
I also didn't get the impression that they were particularly worried about being shut down any time soon.
"....If this is true Schwab would be shut down." You've obviously not tried to talk to anyone on the Customer Rage and Aggravation phone line in the past 30 years. I was once assigned by a Temp. Agency to a Call Center. After receiving our instructions, I declined the job. They make ZERO attempt to actually be specific, accurate and helpful. And we were handed a script. If you mention to them that they sound like they're reading from a script, they will deny it. Even if there's no printed script, they are trained to be evasive, unhelpful. They have been instructed to put the bursen on the customer. It's all junk.