Charles Schwab Corporation (TD Ameritrade)
Risk Level:
Summary:
Personal reports describe Schwab Charitable as (under Charles Schwab Corporation) preventing donations through donor-advised funds to specific nonprofits. These nonprofits are on the Southern Poverty Law Center's (SPLC) "Hate Group" list, despite being legitimate charities, such as the Family Research Council. Additionally, a Christian money manager was kicked off the platform for his beliefs. The company also will not work with vendors that lack LGBTQ nondiscrimination protections. It has largely stayed away from using its corporate reputation and funds to advance leftist ideological agendas or groups hostile to freedom of expression, though, and the company shut down all political giving to avoid being manipulated by bad actors. However, it does not provide viewpoint protections for employees. For these reasons, Charles Schwab receives a "Medium Risk" rating overall.
Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.
A financial manager alleges that Schwab terminated a contract due to his Christian beliefs and practices, leaving him with only 60 days to find a new platform. Charles Schwab received a score of 100 on the Corporate Equality Index from the Human Rights Campaign. Among other requirements, this means the company has pledged to vet vendors based on LGBTQ policies (1).
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Firsthand accounts describe Schwab Charitable (under Charles Schwab Corporation) as preventing donations through donor-advised funds to specific nonprofits (1)(2). Schwab Charitable reserves the right to approve these grants. Despite being venerable charities, these nonprofits are on the SPLC’s “Hate Group” list, which is based on ideological and anti-religious animus. This occurs despite its policy not to discriminate against faith-based charities (3)(4). One user reported that Schwab blocked private gifts to the Family Research Council and American Center for Law and Justice.
Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.
Charles Schwab does not protect its employees from viewpoint discrimination (1).
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
Charles Schwab has not used its corporate image to advance an ideological agenda.
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
All links were last accessed and all information was updated on:
March 23, 2023
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