Schwab Drama
03-27-2023, 04:56 PM
#3
Line Holder
Joined APC: Sep 2022
Posts: 48
We literally got an email that our 401ks are separate from Schwab’s assets. If Schwab fails, out assets go somewhere else. It’s a trust.
“The PRAP is a Trust. Its assets are not part of the assets of Schwab. Therefore, if anything were to happen to Schwab's business it would not affect the PRAP, except potentially with respect to uninvested assets as noted below. Your PRAP invested assets would be completely safe if there were any issues with Schwab.”
Just don’t leave assets not invested, which would be dumb anyway.
“The PRAP is a Trust. Its assets are not part of the assets of Schwab. Therefore, if anything were to happen to Schwab's business it would not affect the PRAP, except potentially with respect to uninvested assets as noted below. Your PRAP invested assets would be completely safe if there were any issues with Schwab.”
Just don’t leave assets not invested, which would be dumb anyway.
03-28-2023, 10:33 AM
#4
Line Holder
Joined APC: Mar 2016
Posts: 57
....but Schwab could do better, a lot better, on their usability and website. Maybe I'm just inept but its somewhat difficult to manage the UAL PRAP.
I have had 3 prior 401k plans administered by Fidelity and rolled them into the last one (a different airline's) but won't bring that money to Schwab as-is.
Perhaps time for an improvement or change?
I have had 3 prior 401k plans administered by Fidelity and rolled them into the last one (a different airline's) but won't bring that money to Schwab as-is.
Perhaps time for an improvement or change?
03-28-2023, 11:10 AM
#5
Gets Weekends Off
Joined APC: Oct 2015
Position: Gear slinger
Posts: 2,895
Originally Posted by greaser
....but Schwab could do better, a lot better, on their usability and website. Maybe I'm just inept but its somewhat difficult to manage the UAL PRAP.
I have had 3 prior 401k plans administered by Fidelity and rolled them into the last one (a different airline's) but won't bring that money to Schwab as-is.
Perhaps time for an improvement or change?
I have had 3 prior 401k plans administered by Fidelity and rolled them into the last one (a different airline's) but won't bring that money to Schwab as-is.
Perhaps time for an improvement or change?
03-29-2023, 08:16 AM
#6
Gets Weekends Off
Joined APC: Jan 2023
Posts: 117
Originally Posted by Setopbug
Just the second largest bank failure in us history and one of the biggest banks in the western world having to be bailed out (oops I mean, "merge") so far.
03-29-2023, 12:27 PM
#7
Gets Weekends Off
Joined APC: Apr 2017
Posts: 3,590
Originally Posted by TFAYD
401(k) are extremely well protected. Schwab is just the administrator. The holdings are not at risk.
https://www.investopedia.com/terms/c/custodian.asp
03-30-2023, 07:03 PM
#8
Gets Weekends Off
Joined APC: Sep 2020
Posts: 123
Originally Posted by DownWithNarita
Don't worry everyone it's not a crisis.
Just the second largest bank failure in us history and one of the biggest banks in the western world having to be bailed out (oops I mean, "merge") so far.
Just the second largest bank failure in us history and one of the biggest banks in the western world having to be bailed out (oops I mean, "merge") so far.
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