Update 3/13/23: Down again
Update 8/1/22: Was down for a few days, but now working again. Both Schwab and Morgan Stanley.
Update 10/21/20: Working again.
Update 10/20/20: Readers report the issue is back again for the past few days.
Update 5/19: Working again, according to reader AS
Update 5/18 (b): Stopped working again, according to reader AS
Update 5/18: Working again, according to reader Tao
Update 5/15: Broken again
Update 5/6/20: Working again.
Update 5/5/20: Broken again.
Update 4/28/20: This feature is working again.
Original Post:
A number of redditors with the American Express Charles Schwab Platinum card have tried to cash out American Express Membeship Rewards points to Charles Schwab at the 1.25¢ rate in the last few days without success. Basically the points transfer and are deducted, before being refunded. Both the deduction and refund show up in the transaction summary. There is some concern that this cash out method has been removed, possibly due to American Express refreshes due in May.
For whatever reason this is something that seems to happen somewhat frequently and the issue is usually resolved in a few days or weeks. I’m not sure if it’s a case of American Express/Charles Schwab making changes on the backend or some other issue but it’s not something I’d be worried about.
Source: doctorofcredit.com