Please give me pros and cons.
I hear Fidelity automatically gives you a higher yield on your cash compared to Schwab. With Schwab you need to move the cash to a money market fund to get the same. You can take advantage of quick buying opportunities (like a dip) with Fidelity but with Schwab you need to exit the money market fund and wait for the cash to become available which might be too late to take advantage of the dip.
I also own crypto and land abroad. You want me to move that to schwab ?!
@mj+1jmfpda9q If I were them, I'd be worried about Compliance finding out and terminating their employment. Maybe they don't need the paycheck?
Wait. You respect them lying to Compliance?
I am current schwab employee and I still use Fidelity and Vanguard. I never moved my wife's and kids account to schwab. I never disclosed it in the first place. I have my 401K at schwab. If I leave or get the axe will move it to Fidelity or Vanguard.
Clearly you realize that is a compliance issue. Good show!
I am current schwab employee and I still use Fidelity and Vanguard. I never moved my wife's and kids account to schwab. I never disclosed it in the first place. I have my 401K at schwab. If I leave or get the axe will move it to Fidelity or Vanguard.
@dt+1jmfpda9q if they are in the business of making money, why are they so bad at it? They couldn’t even do that lol. They lost 19.4 billion on their spreadsheet overnight due to investing their clients cash in long term treasuries, and only PURE LUCK had that come down to a “measly” 4 billion. You call liberals whiny and yet your are delusional standing up for a company who has made terrible business decisions.
I use Robinhood and Fidelity now. Both are way higher than Schwab.
This is NOT about liber or conserv. It is your $$$. Iost trust to schw and poor mgmt. my entire family (mil $$$) are moving out from it now.
In lieu of a cash sweep all you need to do is buy shares of SGOV to park your cash to get interest and then sell when you need funds. I’m getting hundreds a month doing this, I keep cash on hand after locking in profits while waiting for opportunities to buy the dips.
I think this thread will be removed from layoff.com soon. any related to change/move $$$ from schw to xyz firm will be deleted later on. copy/down/screenshot the info when you can
Reminds me about if you guys heard the rumor about butter?
I don't want to spread anything
Schwab was doing a butter move, by trying to make move off of the spread between client cash and investing in long term treasuries. If they had simply waited a little longer, where the yields peaked at 5%, and now hovers around 4.625%, they woud have made a ki-ling. Instead they got wiped out from buy 2% treasuries, and when those treasuries took off and never looked back, well the rest is history.
Regardless whatever SCHW does in any aspect, I am moving my $$$ out from this firm. Being off in Oct. 2023, I kept my loyalty until now for NOTHING being improved in managing my $$$ and HSA! Only seeing SCHW being penalized of Millions $$ and strange directions in policies. In January 2025, the Securities and Exchange Commission (SEC) fined Charles Schwab $10 million for recordkeeping violations. Just search "SCHWAB Penalized" in G you will see the AI response. Honestly, they could have managed to avoid the layoff massacre, but they did not.
Now. Chuck and WB were selling their shares. I am not going to keep mine as well. Bye, once-my-love!
This is correct. Schwab bet on being able to make profit off of the spread between clients cash (which gives them almost nothing) and investing that cash in long term treasuries. That meant when treasury yield rose, Schwab was left holding lower yielding treasuries whose values had plummeted, making their balance sheet very ugly. Somehow this has been swept under the rug after initial backlash. It does not just show how little they care about clients, it also shows how stupid they are when it comes to business. Even after this debacle, they do not offer a sweep position to clients, and they are left making less than 100 basis points on any invested cash.