We recently switched checking accounts to Schwab after a decade with Bank of America. There’s a lot to like about Schwab – no fee ATM withdrawals globally, some interest on that checking account, and so on.
But two months in, I’ve loved one feature most – they pick up the phone.
Calling Bank of America to get things done was a chore I hated. It typically involved an hour’s wait (no callback options) and I only did it if there was no other option. The Schwab team picks up within seconds and is always helpful. So much so that I’d move more business to Schwab in a heartbeat.
Most financial institutions see customer service as a cost center and spend years relentlessly watering down service to cut costs. Schwab clearly sees it as a way to drive retention and new business.
It shows.
