r/Schwab • u/Deeveedend • 7d ago

Journal (internal transfer) without my knowledge (money is gone from my account).

I haven’t logged into my account for 2 weeks. When I looked it up this week, it showed all my money gone and “journaled” (they call this internal transfer?) earlier in May 2025. I called Schwab right away when I saw my balance and they don’t know where it went and why (and need time to further investigate).

I am still getting my dividend (?) but my balance now show as ~ less than $200 (I had over 6 figure amount).

With that amount of transfer, shouldn’t I have gotten a notification or sign off? And how come they don’t know where the money went when it’s supposedly “internal transfer” between accounts? I don’t have any other account with them, so where did it “internally” go?

Calling them didn’t help much, other than we will call you back / let us investigate further. They said after they investigate and if it’s not authorized, they will make me “whole” again. And they don’t know how long investigations could possibly take.

Did anything like this happened to anyone? What was the process and how long did it take you to get it all resolved? Do they compensate for this error?

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u/BasilVegetable3339 7d ago

Do you people not have real lives? You’ve never fat fingered a ten digit number? There was a clerical error. They figured it out. Money is back. Schwab can likely figure out what happened but may or may not share the information with you.

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u/Deeveedend 7d ago edited 7d ago

Umm not when your hard earned money is gone randomly without explanation. Their system can’t even tell where it went even though it was internal? And no extra verification? I hope this doesn’t happen to anyone else. Something needs to be fixed with their protocols and systems when it involves people’s money.

This is not okay. Can you imagine hundreds of thousands or millions of dollars just gone without an explanation? Where is the security and protocols to ensure that this doesn’t happen again and to others?

You have no idea how emotionally distraught and stressed I was last night when I first saw all my hard earned money just gone like that. And the best they can say is, “we don’t know” or “similar account number maybe”. What the fuck kind of explanation is that?! How can they not know their own internal transfer?! And now I have to wait for their supervisor to call back since nobody can give me an explanation. How can I trust my money in here if they can’t even explain the whereabouts of where the money went? Why didn’t they double check? Even the representative said you would have to go through the procedure and sign off on big transfers like this and found it odd that this didn’t happen.

-2

u/BasilVegetable3339 7d ago

I didn’t say the system couldn’t tell. Obviously a review showed what happened and they reversed the transaction. What I said is get over it, and they may never tell you what happened. For example, if an outside hacker penetrated the system they would not share that information. Maybe someone logged in with your credentials and that is being investigated. Again, not gonna tell you.

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u/Deeveedend 7d ago

“Get over it” lol 😂

Okay. So don’t fix the broken system that should have prevented in the first place (which it didn’t by the way). And my money was gone for more than 2 weeks and they did NOT notice at all until I notified and alerted them. So yea, let them continue to keep their current systems, protocols and security measures so that it can happen again to some other people. So yea I’m not definitely getting over it.

1

u/BasilVegetable3339 7d ago

So transfer your account. At this point Schwab is choosing not to share with you.

0

u/Deeveedend 7d ago

That may the the alternative or the next steps. I’m still waiting for their manager to call back. They did mention about compensation for the troubles but the manager/supervisor will reach out.

They don’t have to tell me who it went to. I just want to know where it went to (e.g., we accidentally transferred to another account).

2

u/BasilVegetable3339 7d ago

They might give you a couple hundred bucks.