Quicken and Schwab Security Guarantee

Reza Taheri

Schwab Security Guarantee says that "Schwab will cover losses in any of your Schwab accounts due to unauthorized activity." But is has the exclusion in the quoted text block below. The exemption to the exclusion is for firms that "Schwab has partnered with". Does anyone know if Quicken and Schwab have partnered?

Thanks,
Reza


Does the guarantee apply to my account if I use an application like computer software or a program ("app") that can act on or retrieves my account data from Schwab for things including financial planning or to help me manage my finances?

No. If you share your Schwab account access information with anyone or authorize account access through a third party app (except one that Schwab has partnered with on our platforms) and that sharing or access leads to any loss in your account, the guarantee does not apply. Firms or apps that can act on or retrieve, aggregate, and present account information for financial activities are sometimes referred to as "aggregators." When you authorize an aggregator or instruct Schwab to allow an aggregator access to your account information, the aggregator as well as its employees, agents and other financial apps and companies the aggregator does business with who access or receive your Schwab account information ("aggregator third parties") are considered your authorized persons. The guarantee only applies to unauthorized activity in your account. What an aggregator or an aggregator third party does in connection with your account and your information, even if they fail to safeguard your account or information, is considered authorized by you, so the guarantee does not apply to their actions.

NotACPA

You need to ask Schwab these questions.

We're other users, and can't answer authotitatively

Reza Taheri

Hi @NotACPA,
I did call the number given on the Schwab Security Guarantee page, and didn't get a good answer. The agent just read the text back to me. He didn't know if some financial institutions are considered to have partnered with Schwab. I called my Schwab agent and have asked him to find out. But I figured others on the forum might have run into the same situation, and might have found the answer

Thanks,
Reza