https://www.barrons.com/advisor/articles/investors-sue-charles-schwab-cash-sweep-f39e4151?siteid=yhoof2
7 replies (most recent on top)
Through client's butt.
Hopefully they win - just like with the Intelligent Portfolio debacle - they love that Net Interest Revenue from all the uninvested client cash!!! Which is why they have the banks in the first place
Old news. Schwab was already sued over the intelligent portfolio
Schwab uses customers to prop up their banks. Claim they like the FDIC coverage instead of 5 times the interest. Such BS.
Not sure what’s new this time, if I am not wrong someone sued for cash in SIP which schwab was used to earn interest and for that schwab end up paying fines.
This time is for Cash sweep which schwab highlights and disclose. I don’t see this will go that far.
Pretty sus
Through client’s eyes… my butt