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JPMorgan Chase bank worth keeping?
Old 04-13-2008, 07:41 PM   #1
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JPMorgan Chase bank worth keeping?

This question popped into my head, and I'm not sure what to do:

I have multiple bank accounts:

Chase: Had it since it was Bank One. Longest standing account. My pay gets deposited in there, and I do all my billpay stuff from it.
USAA: First bank account after I got into the military. They seem nice.
ETRADE: Highest interest rate in both checking and savings
Bank of America: My folks have it and it is faster to transfer money from my BOA to their BOA (and vice versa )
Navy Federal Credit Union: Never had one before so I figured I'd open one up. It is also my local bank while I am on Okinawa.

I'm not sure if I want to ax the JPMorgan Chase account. I'm still reading and doing research, but I'm probably going to move my investments from JPMorgan Chase to Fidelity, ETrade, or Vanguard (haven't decided yet, but leaning towards Fidelity right now). That leaves just my checking and savings at Chase. I'm not sure if I really need the bank anymore, but I really do like the familiarity I have with their account transfer, and billpay system.

Would it be worth it to keep it around? I was thinking I should just move all my cash to the ETrade accounts to continue earning more interest (0.5% vs. 3.25%), but I'm not sure if leaving a bank that I've been with is such a good idea. Is there such a thing as customer loyalty for those that have been with the same bank for several years? Or does that only exist at small banks and credit unions?
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Old 04-13-2008, 11:15 PM   #2
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A partial response to the banking parts of your questions, based on a coupla decades w*rk!ng for JPM, and 39+ years as a USAA member. Have moved all my banking to USAA Savings Bank - DDA, TDA, credit card, online banking, debit card. Why? USAA's "Bank-at-home" lets me deposit scanned checks from home - it works ~85% of the time without re-scanning the items (& has never failed), and gives same-day credit. JPM can't do that. USAA's checking account refunds other banks' stupid debit card charges for taking cash from their machines (to a monthly limit). JPM won't do that. I can make internal & external transfers online @ USAA's web site, and their bill-paying system is as good as anyone else's. BTW, I moved all of my investments from JPM when I left their employ - haven't regretted the move at all.
Navy Fed - I'm a 40-year member, but don't use their services due to location. But I can't let go.
I M H O
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Old 04-14-2008, 12:30 AM   #3
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I also am an ex JPM employee... and have a lot of stock... but I would probably not be a customer if neither of these happened... I would look for a S&L or something else to do my banking...

However, it is nice having a bunch of branches of my bank all over the place... but as OldGuy said, some will pay you back...

OldGuy... I had not heard that you could do your own scanning of checks to deposit!!! If that is true... well, I need to find a good place with checking!! and high interest...

I think the Chase bill pay is pretty good... I have seen a couple of the others and they were worse... but to each his own...
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Old 04-14-2008, 05:08 AM   #4
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I'm a JPMC customer out of inertia and convenience. Inertia from the days when a previous employer had a deal with Chemical, and convenience because they have ATMs all over the city.

But there are much better deals out there - etrade bank for one. (although their deal may have changed since the mortgage business went pear-shaped)
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Old 04-14-2008, 06:10 AM   #5
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Quote:
Originally Posted by Texas Proud View Post
I also am an ex JPM employee... and have a lot of stock... but I would probably not be a customer if neither of these happened... I would look for a S&L or something else to do my banking...

However, it is nice having a bunch of branches of my bank all over the place... but as OldGuy said, some will pay you back...

OldGuy... I had not heard that you could do your own scanning of checks to deposit!!! If that is true... well, I need to find a good place with checking!! and high interest...

I think the Chase bill pay is pretty good... I have seen a couple of the others and they were worse... but to each his own...
PFCU has a similar thing where you just go on line tell them the bank info and the money goes into your account and can immediately be used. You do have to send the paper into them via USPS and it has to get there in something like 8 days or so but there is no wait to move the money.

OP I have NFCU, PFCU accounts along with USAA and another CU (VyStar which is in FL). Also use Capital One and HSBC. HSBC is the current dumping ground for MMA money waiting for better CD Rates. They all work fine. I did try Chase but did not like that bank at all - drives you nuts with mailings for everything they sell and getting calls from the local Chase to come in for Financial Review, etc. Quit them some time ago. I am partial to Credit Unions (NFCU is the largest in the US and PFCU is #2).
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Old 04-14-2008, 07:18 AM   #6
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If you pay any fees whatsoever for any of your checking accounts, you need to stop now and close those accounts. I have a dormant USAA checking account which I do not pay any fees on, but snce there is a better place for my business I go elsewhere. Forget about loyalty ... that's a behavioral finance trap.
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Old 04-14-2008, 10:02 AM   #7
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Keyboard Ninja, I've just left JPM Chase myself -- for Schwab bank, in my case. In the good old days you could develop a mutually rewarding, two way relationship with your local bank, but with few exceptions those days are long gone.

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