Charles Schwab: Difference between revisions
erratum in name |
I did some investigation on this and added a source about Texas's laws around Usury. It's not really eloquently added so if someone who is more knowledgeable about citations and formatting wants to fix this up please do so, i just wanted to add my piece here. |
||
| (4 intermediate revisions by 4 users not shown) | |||
| Line 1: | Line 1: | ||
{{StubNotice}} | |||
{{InfoboxCompany | {{InfoboxCompany | ||
| Name = Charles Schwab | | Name = Charles Schwab | ||
| Line 13: | Line 13: | ||
==Select business and consumer practices== | ==Select business and consumer practices== | ||
===Interest rates charged=== | ===Interest rates charged=== | ||
Charles Schwab may be charging customers | Charles Schwab may be charging customers an interest rate higher than the maximum rate permitted by statutory laws in certain jurisdictions within the United States. For example, the 2024 Maryland Code, Commercial Law § 12-102<ref>[https://law.justia.com/codes/maryland/commercial-law/title-12/subtitle-1/section-12-102/ 2024 Maryland Code, Commercial Law § 12-102]</ref>, sets a maximum interest rate of 6% per annum. Texas, where Charles Schwab Headquarters are based, has a maximum interest rate of 10%<ref>{{Cite web |title=Texas Constitution Section 16 |url=https://statutes.capitol.texas.gov/Docs/CN/htm/CN.16.htm#16.11}}</ref>. However, Charles Schwab does not explicitly state that it restricts its interest rates from exceeding 6% for customers residing in Maryland. It is worth noting, however, that other companies offering brokerage services also publicly advertise similarly high (and less favorable) interest rates to customers. As of February 2025, the publicly accessible website for Charles Schwab lists a margin loan interest rate ranging from 10.825% to 12.575%.<ref>[https://www.schwab.com/margin/margin-rates-and-requirements Charles Schwab website]</ref> | ||
==References== | ==References== | ||
<references /> | |||
[[Category:Charles Schwab]] | |||
[[Category: | |||
Latest revision as of 12:26, 22 September 2025
❗Article Status Notice: This Article is a stub
This article is underdeveloped, and needs additional work to meet the wiki's Content Guidelines and be in line with our Mission Statement for comprehensive coverage of consumer protection issues. Learn more ▼
| Basic information | |
|---|---|
| Founded | 1971 |
| Legal structure | Public |
| Industry | Financial |
| Official website | https://schwab.com |
The Charles Schwab Corporation is a US-based company providing brokerage and financial services.
Select business and consumer practices
[edit | edit source]Interest rates charged
[edit | edit source]Charles Schwab may be charging customers an interest rate higher than the maximum rate permitted by statutory laws in certain jurisdictions within the United States. For example, the 2024 Maryland Code, Commercial Law § 12-102[1], sets a maximum interest rate of 6% per annum. Texas, where Charles Schwab Headquarters are based, has a maximum interest rate of 10%[2]. However, Charles Schwab does not explicitly state that it restricts its interest rates from exceeding 6% for customers residing in Maryland. It is worth noting, however, that other companies offering brokerage services also publicly advertise similarly high (and less favorable) interest rates to customers. As of February 2025, the publicly accessible website for Charles Schwab lists a margin loan interest rate ranging from 10.825% to 12.575%.[3]