Charles Schwab (The Charles Schwab Corporation, NYSE: SCHW) is a large U.S. brokerage and bank offering wealth management, securities brokerage, banking, asset management, custody, and financial advisory services through subsidiaries including Charles Schwab & Co., Inc. and Charles Schwab Bank, SSB, plus the Schwab Mobile app. Its U.S.-residents privacy notice discloses standard GLBA-style collection and states it shares personal information with affiliated entities and unaffiliated service providers for business, marketing, and operational purposes, and that third-party online advertising companies serve Schwab ads based on activity across Schwab and non-Schwab sites (opt-out routed through the DAA). The Schwab Mobile App Store privacy label independently confirms Financial Info, Contact Info, User Content, and Identifiers linked to identity, including a 'Developer's Advertising or Marketing' purpose using Contact Info and Identifiers. Ownership is traceable via SEC filings: CSC is a savings and loan holding company regulated by the Federal Reserve. No privacy or data-security incident was found on primary sources; the one enforcement matter found on sec.gov is a 2022 SEC settlement over Schwab's robo-adviser cash-allocation disclosures (an investor-protection matter, not a privacy/data incident).
TRACK RECORD
1 ENFORCEMENT ACTION
[2022-06-13]
An SEC press release dated June 13, 2022 states that three Charles Schwab investment-adviser subsidiaries agreed to pay $187 million to harmed clients to settle charges that they did not disclose cash-allocation practices in the Schwab Intelligent Portfolios robo-adviser that reduced client returns while the product was marketed as having no advisory or hidden fees; this is an investor-protection enforcement matter, not a privacy or data-security incident.
The Schwab Mobile App Store privacy label (self-reported by The Charles Schwab Corporation) states that Financial Info, Contact Info, User Content, and Identifiers are collected and linked to the user's identity.
Charles Schwab's Privacy Notice for U.S. Residents states that Schwab collects personal information to service client accounts and 'to deliver an exceptional experience,' and separately lists categories of personal information collected including contact information (name, postal address, email address, telephone number).
The Charles Schwab Corporation's Annual Report on Form 10-K for fiscal year 2025 (filed with the SEC on February 25, 2026) discloses that CSC is a savings and loan holding company regulated, supervised, and examined by the Federal Reserve, and has elected Financial Holding Company status.
Schwab's privacy notice states that, within the last 12 months, personal information was disclosed for a business purpose to 'our affiliated entities and unaffiliated service providers to help conduct our business, such as by providing our products and services and supporting our everyday operations, including marketing, business development, and management.'
An SEC press release dated June 13, 2022 states that three Charles Schwab investment-adviser subsidiaries agreed to pay $187 million to harmed clients to settle charges that they did not disclose cash-allocation practices in the Schwab Intelligent Portfolios robo-adviser that reduced client returns while the product was marketed as having no advisory or hidden fees; this is an investor-protection enforcement matter, not a privacy or data-security incident.
Schwab's privacy notice states that Schwab uses third-party online advertising companies to serve Schwab advertisements 'relevant to your interests, as determined by your activity on Schwab and non-Schwab websites,' with opt-out directed through the Digital Advertising Alliance's AdChoices framework rather than an account-level control.
The Schwab Mobile App Store privacy label discloses a 'Developer's Advertising or Marketing' purpose that uses Contact Info (physical address, email address, name, phone number) and Identifiers (User ID), collected and linked to the user's identity.