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We just wanted to let you all know that although we had been Schwab customers for over a decade and had several hundred thousand dollars in our accounts, shortly we complained about a customer service problem and responded adversely to one of their telephone surveys, Schwab unilaterally terminated our accounts giving us less than forty-five days to transfer all our money and stating that if we didn't they would liquidate the accounts and charge us fees for the liquidation. As you might expect the tax consequences of this would have been substantial particularly since one of the accounts was a retirement account. We contacted the Executive Offices but they refused to help us or provide us with the information they have about us or our accounts. The only justification they gave is that we were unhappy with Schwab's service. Apparently, Schwab reserves the right to unilaterally terminate accounts at any time in their account agreements. Please note that this all occurred over the Holiday season so you can imagine how much difficult it was to complete this in the time allotted. Thankfully, Fidelity was extremely helpful with the transfer. To literally add insult to injury, Schwab charged us termination fees for closing our accounts. We wanted to make sure you all knew about this so you can consider it in making your investment decisions and will not be as surprised as we were if you are subjected to the same treatment.
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