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JPMorganChase telling the truth to its customers
Old 04-30-2019, 06:25 AM   #1
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JPMorganChase telling the truth to its customers

In the news Chase advising why clients bank account balances are so low and advising clients in next steps

Make coffee at home
Eat food that's already in the fridge
You don't need a cab. It's only three blocks.

Too funny...
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Old 04-30-2019, 06:30 AM   #2
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Good for Chase!
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Old 04-30-2019, 06:48 AM   #3
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Yep and the PC police have already slammed them and they've removed the motivational tweet.
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Old 04-30-2019, 06:53 AM   #4
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idk, I didn't think it was that funny...making fun of your customers is not very smart. Its assumes that most folks with a low net worth are in that position because they are frivolously overspending.

From a bank that charges quite high fees on the typical account, and got a huge bail out and pays its C-suite very well, it was tone deaf.
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Old 04-30-2019, 07:33 AM   #5
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Yep and the PC police have already slammed them and they've removed the motivational tweet.
+1
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Old 04-30-2019, 07:59 AM   #6
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Originally Posted by Nick12 View Post
In the news Chase advising why clients bank account balances are so low and advising clients in next steps

Make coffee at home
Eat food that's already in the fridge
You don't need a cab. It's only three blocks.

Too funny...
Maybe the low balances are actually because they pay such paltry interest rates that their clients move most of their funds elsewhere!!!
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Old 04-30-2019, 08:09 AM   #7
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The local Chase bank near my home 12 years ago tried selling me to move my money to their bank. Fresh coffee, tea, bottle water and fresh baked cookies in the lobby. After the 2008 phony mortgage scandal and a huge fine the bank had to pay, the food and drink perks are no longer at the local Chase bank.
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Old 04-30-2019, 08:21 AM   #8
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Another C level who doesn't know when to shut their pie hole.
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Old 04-30-2019, 08:41 AM   #9
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Originally Posted by Aerides View Post
idk, I didn't think it was that funny...making fun of your customers is not very smart. Its assumes that most folks with a low net worth are in that position because they are frivolously overspending.

From a bank that charges quite high fees on the typical account, and got a huge bail out and pays its C-suite very well, it was tone deaf.
It also makes the idiot assumption that the customers with low balances at your bank don’t have funds elsewhere.
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Old 04-30-2019, 08:56 AM   #10
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C Suite advice:

Thank your limo driver. No cash though. They enjoy their jobs
Give your nanny a few hours off during the week
When your Admin saves you from a 14 hour layover in Gary Indiana send some flowers. Cash will send a bad precedent
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Old 04-30-2019, 09:00 AM   #11
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Don’t bank at a place that thought charging a fee to see a teller was a good idea
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Old 04-30-2019, 09:02 AM   #12
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Originally Posted by Nick12 View Post
The local Chase bank near my home 12 years ago tried selling me to move my money to their bank. Fresh coffee, tea, bottle water and fresh baked cookies in the lobby. After the 2008 phony mortgage scandal and a huge fine the bank had to pay, the food and drink perks are no longer at the local Chase bank.
Might be your local bank management holding back. The Chase branch around here has a few air pots of coffee and I think hot chocolate packets too.

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Old 04-30-2019, 09:30 AM   #13
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This thread out to bring out the strong opinions (which I see has already started).

Chase was in a strong position in 2008 and able to snap up weak players. Most of these were strongly encouraged by the Federal Reserve who was desperate to find buyers of distressed banking institutions like Washington Mutual and Bear Stearns.

The fact is that the US Government asked JP Morgan Chase to buy Bear Stearns. Bear was in such bad shape that the Fed offered to finance $30 billion in Bear Stearns mortgage backed securities in order to get Chase to do the deal.

The situation with Washington Mutual was similar. Wamu was hemorrhaging deposits quickly, and became the largest failed bank in US history. When Lehman declared bankruptcy on September 15, 2008, WaMu depositors started a run on the bank, and WaMu lost 9% of their overall deposits in just 10 days ($16.7 billion). Not long afterwards (September 25, 2008), the FDIC had to step in and take over WaMu and sold it to JP Morgan Chase. It is important to note that NO OTHER BANK bid on WaMu. NONE.

As part of the bail out funding of various institutions, the Treasury/Federal Reserve TOLD the few strong banking institutions that they needed to take the government investment for the good of the country. If they had not, the run on the weak institutions would have continued. As part of that meeting, JP Morgan chase agreed to take $25 billion in loans, which they re-payed with interest in 2009.

In a 2012 testimony, Jamie Dimon stated:
Quote:
“JP Morgan took TARP because we were asked to by the Secretary of the Treasury of the United States of America. Put the FDIC in the room; the head of the New York Fed, Tim Geithner; chairman of the Federal Reserve, Ben Bernanke.

He added: “We did not, at that point, need TARP. We were asked to, because we were told, I think correctly so, that if the nine banks there, and some may have needed it, take this TARP, we can get it into all these other banks and stop the system from going down.”
Later, the federal government fines JP Morgan for mortgage issues, which the vast majority of which were from .... Bear Stearns and WaMu prior to Chase's takeover of those failing institutions....to the tune of $19 billion.


So:
1) Institutions were failing
2) Chase is asked (almost begged) to help the country by buying Bear and WaMu
3) Chase is asked to take bail out money
4) Chase repays the bail out money as soon as it was legal to do so with interest
5) Chase gets screwed by the government for issues associated with the very same institutions the government asked Chase to take.



Chase now recognizes this. In a 2015 letter to shareholders, Dimon wrote:
Quote:
“In case you were wondering, No we would not do something like Bear Stearns again — in fact I don’t think our Board would let me take the call.”
He also wrote in 2015 that 70% of the legal costs that they have paid as a result of the mortgage crisis were directly attributable to the Bear Stearns and WaMu asset purchases.

One of my favorite sayings: No good deed goes unpunished.
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Old 04-30-2019, 09:30 AM   #14
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Maybe the low balances are actually because they pay such paltry interest rates that their clients move most of their funds elsewhere!!!
Perhaps the clients with low balances may be living on the edge, living above their means and blame others for their personal choices that became their problems but won't own up to it and try to fix themselves. I know some neighbors that have low account balances ( they told me) but are living it up. At least they support the local economy.
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Old 04-30-2019, 09:51 AM   #15
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Here is an article about the tweet: https://www.vanityfair.com/news/2019...ase-bank-tweet

We have a Chase checking account that we’ve had forever and checking and savings and lockbox at a small hometown bank checking account that we love. None of the hometown accounts tweet at us.
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Old 04-30-2019, 09:55 AM   #16
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IMO, Chase interest rates are abysmal, so money for interest goes to other institutions. However, we use our Chase Credit Card to pay for almost everything, and Chase to pay all our bills. They keep a close watch on the CC, thankfully. Just two weeks ago they notified us of an IN PERSON Credit Card charge attempt in North Dakota. Since we live in TX...

I really like how they watch that stuff.
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Old 04-30-2019, 11:20 AM   #17
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I must be an outlier here.

I thought that a forum that espouses thrift, discipline, good money management and LBYM would embrace Chase's suggestions. Most comments seem to be slamming them.
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Old 04-30-2019, 11:26 AM   #18
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I must be an outlier here.

I thought that a forum that espouses thrift, discipline, good money management and LBYM would embrace Chase's suggestions. Most comments seem to be slamming them.
+100/ hard for some to receive feedback and embrace it for the good of change.
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Old 04-30-2019, 11:36 AM   #19
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I must be an outlier here.

I thought that a forum that espouses thrift, discipline, good money management and LBYM would embrace Chase's suggestions. Most comments seem to be slamming them.
Hear, hear! Er, I mean, +1
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Old 04-30-2019, 11:47 AM   #20
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Astonishing, and anti-business. We have a so called consumer economy. Should be pushing line of credit........
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