App record
Charles Schwab: who holds your money
- Institution type
- App
- Insurance route
- Banks and direct bank accounts
- Recorded partner banks
- 1
- Disclosure read
- September 5, 2026
Insurance route
Banks and direct bank accountsThe disclosure for Charles Schwab, read on September 5, 2026, describes a direct bank arrangement for FDIC coverage, federal insurance for bank deposits. This concerns deposits at the relevant bank. The exact disclosure follows.
Summary
Charles Schwab is not a bank. Charles Schwab says customer money is held at Charles Schwab Bank, SSB, with insurance reaching customers as direct FDIC insurance at a chartered bank. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Current commentary
Charles Schwab is not itself a chartered bank. Customer money sits at Charles Schwab Bank, SSB, which carries letter A compared with similar-size banks on this site. Deposit insurance reaches customers directly through that bank, with coverage of $250,000 per depositor, per insured bank, for each account ownership category. This information reflects Charles Schwab’s disclosure read September 5, 2026.
Partner banks
1 bankCharles Schwab Bank, SSB
- FDIC certificate
- 57450
- Role
- program bank
- Uninsured deposit share
- 19.0%
- Lefomi grade
- Grade AScore 90.3 out of 100
- Quarter ending
- June 30, 2026
- Other peers
- 31
- Peer group
- Banks, $100B or more
- Deposit insurance
- FDIC insured
Grade alerts for Charles Schwab Bank, SSB
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