Re:Schwab Removes U.S. Stock, ETF and Options Commissions
by traviscj on Thursday October 03, 2019 @09:33AM
(#21146727)
Why wouldn’t this require just the info on the check (routing + account #), which everyone involved probably already had/needed to answer the query?
Re:Schwab Removes U.S. Stock, ETF and Options Commissions
by drevil-v2 on Thursday October 03, 2019 @10:04AM
(#21147052)
It’s a balance of funds inquiry. Before you can discuss that kind of information about an account you need to identify the person as the account holder. I can’t call your bank and ask if you have enough funds to cover a cheque you wrote.
Re:Schwab Removes U.S. Stock, ETF and Options Commissions
by traviscj on Thursday October 03, 2019 @10:17AM
(#21147208)
This doesn’t seem to be the case from the article [1] linked in a grandchild of your original post.
[1]: https://www.consumerismcommentary.com/verify-funds-on-that-c...
Re:Schwab Removes U.S. Stock, ETF and Options Commissions
by whitepoplar on Thursday October 03, 2019 @09:12AM
(#21146524)
I totally understand where you're coming from, and it gives me pause when I think about it now, but I will say that in the moment it came across as a good faith effort and really did save the situation.
To me this would be a huge red flag.. the fact that Schwab apparently allows their customer service agents to play loose and fast with sensitive financial PII.
Source: I worked at a Global Top 20 bank for many years and this would absolutely be a fireable offence and the employee would be lucky not to be dragged into court by the bank and the government.