New JP Morgan Chase customer: Where do I start?

Casey Moore3 MemberOP

13 messages
joined Jan 2015

#1 · Jan 4, 2015

So, I just landed a temporary gig 🙄 here in the States...
I've been without a checking account for quite a while now (I used to be with JP Morgan Chase), so it's time to pick a new bank. I'm leaning toward JP Morgan Chase.

I need to be able to shop both locally and internationally online, and I need a way to manage my JP Morgan Chase account easily from home.
Can I buy things online (like on Amazon...) using a standard checking account (like Inspire), or do I actually need a foreign currency account? Also, how does PayPal fit into all this? Which setup is better?

I’d really appreciate some advice on which specific services I should look for when I head in to open the account.
How do you all typically use JP Morgan Chase's services?

Megan Williams9 Member

11 messages
joined Mar 2013

#2 · Jan 4, 2015

Just grab the Vis Inspire card—the one in US dollars. Honestly, unless you’re moving massive amounts of cash, there’s zero point in getting the foreign currency version.

You can use it anywhere locally or abroad as long as they take Visa, and it works seamlessly online—think PayPal, eBay, Amazon, and all that. Plus, you can hit up certain banks overseas and pull out cash without paying any fees. They don't rip you off on the exchange rates either—they actually stick to a fair rate if you're paying in a different currency.

I still keep my JP Morgan Chase online banking active—just to handle bill pay and keep an eye on where my money's going.

Charles Ramos7 Regular

529 messages
joined Jul 2010

#3 · Jan 4, 2015

American cards work everywhere internationally, so I don't get why so many people think you need a foreign currency account just to shop abroad. 😕
If you ask me, when are we actually going to run into a situation—whether online or in a store—where they *only* accept credit cards? In that case, I’d just use my credit card (linked to my PayPal), my checking account, and online banking.

Casey Moore3 MemberOP

13 messages
joined Jan 2015

#4 · Jan 4, 2015

So, it turns out my Visa Inspire card is actually enough for making purchases. I didn't realize that.
I really like being able to pay directly in foreign currency using USD. My only hesitation is whether it's wise to use a card where all my funds are sitting, especially when shopping online. On the other hand, I'm currently on a fixed-term contract, and I've gotten the impression that banks are incredibly difficult when it comes to issuing credit cards—they demand all sorts of documentation and special approval from the bank.

How does the actual checkout process work? Do I just enter the Visa Inspire card details, or is there some other way I have to authorize the transaction? Also, can I use the Visa Inspire with PayPal?
My idea was to transfer money to my PayPal account and then use those PayPal funds for online shopping.
Or should I just pay for items on Amazon directly through online banking?

"A credit card (linked to PayPal) + a checking account + online banking."
I heard—well, read a long time ago—that people link their foreign currency accounts to PayPal... that's interesting.
Maybe it's easier to open a foreign currency account, or perhaps the maintenance fees are lower... I'll have to look into that.

In any case, you guys have already been quite helpful. It looks like I'll go with the Visa Inspire (which comes with the checking account) plus online banking. I might try applying for a credit card later.

http://onlinebanka.jpmorganchase.com/mtoken.html#.VKlsXB2Vung
I see here that I can get the Token for free during the promotional period, but what about this option (either the Token or a card reader) they offered me? Which one should I choose?

ruggedcyclist74 Active Member

193 messages
joined Feb 2009

#5 · Jan 4, 2015

Casey Moore3 said:So, it turns out my Visa Inspire card is actually enough for making purchases. I didn't realize that.
I really like being able to pay directly in foreign currency using USD. My only hesitation is whether it's wise to use a card where all my funds are sitting, especially when shopping online. On the other hand, I'm currently on a fixed-term contract, and I've gotten the impression that banks are incredibly difficult when it comes to issuing credit cards—they demand all sorts of documentation and special approval from the bank.

How does the actual checkout process work? Do I just enter the Visa Inspire card details, or is there some other way I have to authorize the transaction? Also, can I use the Visa Inspire with PayPal?
My idea was to transfer money to my PayPal account and then use those PayPal funds for online shopping.
Or should I just pay for items on Amazon directly through online banking?

"A credit card (linked to PayPal) + a checking account + online banking."
I heard—well, read a long time ago—that people link their foreign currency accounts to PayPal... that's interesting.
Maybe it's easier to open a foreign currency account, or perhaps the maintenance fees are lower... I'll have to look into that.

In any case, you guys have already been quite helpful. It looks like I'll go with the Visa Inspire (which comes with the checking account) plus online banking. I might try applying for a credit card later.

http://onlinebanka.jpmorganchase.com/mtoken.html#.VKlsXB2Vung
I see here that I can get the Token for free during the promotional period, but what about this option (either the Token or a card reader) they offered me? Which one should I choose?

The Token is significantly better and more secure than using a card.
I’ve never been much of a fan of mobile payments—truthfully, I probably wouldn't even use them myself—but at the end of the day, the choice really just comes down to your own specific needs and preferences...

Edward Harris17 Member

16 messages
joined Sep 2016

#6 · Jan 9, 2015

mTOKEN is actually just a mobile app. As far as I’m aware, JP Morgan Chase doesn't offer a standalone hardware token for their online banking services.

A card reader is a physical device where you insert your debit or credit card and verify your identity using your PIN. Once that's done, you can proceed to access your online banking account.

Casey Moore3 MemberOP

13 messages
joined Jan 2015

#7 · Jan 11, 2015

Thanks, everyone! I ended up going with the Visa Inspire, the PBZ365 @ service, and the mTOKEN.
They didn't really pitch me much else, but everything went smoothly and without any hassle since I had already done my homework.
They almost tried to charge me for the mTOKEN, even though it’s supposed to be free until the end of the month... I ran into a teller who I think doesn't work at the branch every day. She seemed a bit tripped up by the technical terminology and all that.
If only she had actually informed me... ha ha ha.

ruggedfox28 Regular

255 messages
joined Aug 2018

#8 · Jan 11, 2015

mTOKEN is always free... you just gotta pay a one-time fee for the card reader $15

Andrew Jackson Newcomer

6 messages
joined Jan 2015

#9 · Jan 12, 2015

So, here’s my take on the whole situation—full disclosure, I’m not even a regular customer at JP Morgan Chase, but I’ve got this free checking account there that I’ve used for online shopping without any drama... until they rolled out this whole 3-D Secure thing. Now, suddenly, they’re asking me to cough up $33 for a physical card reader or $17 for an mTOKEN. I actually reached out to them to see if I could just sign up for Online Banking to snag the mTOKEN for free through some promotion and then immediately cancel the banking service, but they told me no luck—apparently, if you cancel the banking, the mTOKEN goes right along with it. I also asked if I could just use someone else's card reader with my own card, and they said nope—you have to get your own reader or register the card first, and only *then* can you use someone else's device. It really bugs me that they're charging for an app that's supposed to be free for Online Banking users. Plus, they claim they're charging for a "card reader," but it feels more like they're just charging a user registration fee—once you're registered, you can use any reader. Honestly, I don't even get why I need the actual plastic card just to pay for stuff online. If they stopped issuing physical cards for digital transactions, they’d probably save themselves a ton of money too.

ruggedfox28 Regular

255 messages
joined Aug 2018

#10 · Jan 12, 2015

Your take is completely off base and honestly, everything you wrote just flies in the face of reality..

You don't even need a special device for online banking; you can just use someone else's card reader if you have to...

..plus, the card reader doesn't cost $33, it's a one-time fee of $15, whereas mTOKEN costs absolutely nothing; yeah, it's totally free..

..and look, there isn't a single promotion at JP Morgan Chase that offers free online banking, nor has it been part of any recent promos in recent history.. at least not in the last 3 or 4 years..

also, the actual plastic for a JP Morgan Chase customer is free.. there’s no card issuance fee, so it’s zero dollars for the account holder and anyone else they might add to the account...

..so basically, if you open a checking account, you get the corresponding card, and for the end user, the whole thing costs exactly 0 (that's zero)...

Online banking costs $2.75, and if you grab the mTOKEN (which is free), you can get the entire setup for just the price of the online banking itself, which is $2.75...

Everything you just said is pure nonsense, unless someone's paying you off big time or you've completely lost your mind😬_

neondriver5 Active Member

116 messages
joined May 2017

#11 · Jan 12, 2015

Hold on, hold on,
account maintenance fees are still waived, right?

ruggedfox28 Regular

255 messages
joined Aug 2018

#12 · Jan 12, 2015

Exactly like that

Andrew Jackson Newcomer

6 messages
joined Jan 2015

#13 · Jan 13, 2015

@ruggedfox28, honestly, you’re just talking out of your neck here with all this unverified nonsense. I’ll be more than happy to post my entire email thread with JP Morgan Chase customer service tomorrow just to set the record straight. In the meantime, maybe take a look at the Bank Fee schedule? Specifically, check out section 4.1.1. It says right there under the bold text that there’s a promotion running through January 31st where they waive the enrollment fee for online banking if you use mTOKEN as your authorization tool. Also, points 6.6.6. and 6.6.7. clearly outline the fees for the authorization devices used for 3-D Secure online shopping—that’s what they pointed me to in my emails, anyway. So, I guess it looks like you're actually the only one here who's totally out of the loop and clueless.

Robin Rodriguez5 Active Member

149 messages
joined Sep 2011

#14 · Jan 13, 2015

Keep it civil. There’s absolutely no need for insults or playing dirty here.

Andrew Jackson Newcomer

6 messages
joined Jan 2015

#15 · Jan 14, 2015

So, like I mentioned before, I'm dropping the transcript here from the chat I had with JP Morgan Chase customer service back at the end of the year.

Andrew Jackson -> JP Morgan Chase said:I’m using your Visa Electron Business card (the one with the free checking account), and I’ve always been able to shop online without any issues. But starting today, I’m totally blocked because it’s asking for "3-D Secure," which I don't have and honestly never asked for or needed. I don't use your online banking, and I'm really not interested in signing up for it. Is there any way I can just keep using my card for online shopping without getting hit by extra fees (one-time or monthly)? Do you guys have anything specifically designed just for online orders, maybe something like a prepaid card?

JP Morgan Chase -> Andrew Jackson said:We wanted to let you know that online shopping requires the 3-D Secure security standard, which means you'll need a JP Morgan Chase authentication device—either a card reader or a Token to generate the required codes. If you aren't an online banking user, you can head down to a local branch to request an authorization device (like a card reader or mTOKEN) for a one-time Bank Fee:
6.6.6. Issuing a card reader for use with the 3-D Secure online shopping program $33
6.6.7. Issuing a Token device for use with the 3-D Secure online shopping program $17

Also, just so you know, we can't enable online purchases without a 3-D Secure code.

Andrew Jackson -> JP Morgan Chase said:Hi there, looking at your fee schedule, I see this:
4.1.1. Enrollment fee for JPZ365 @NET and/or phone banking JPZ365-TEL** $15
** Until January 31, 2015, the enrollment fee is waived if you use a Token as your identification device.

Does that mean I could basically:
- walk into a branch and sign up for online banking,
- pick up/activate a Token,
- and then immediately cancel the online banking?
And all of that would be free, aside from maybe some $2.75 for the first month of use?
Is that actually how it works, and are there any other hidden costs?

JP Morgan Chase -> Andrew Jackson said:Just to clarify, if you close your online banking service, the authorization device will be deactivated. Based on what you described, that specific workaround isn't allowed.

Andrew Jackson -> JP Morgan Chase said:I was hoping someone could help me clear something up—your website says:

Benefits of the card reader:
- The reader isn't a personalized device, meaning it isn't tied strictly to just one user,
- Multiple people can use the same reader (like family members or coworkers),
- These readers work with any ZAG Bank card since all our cards feature built-in chip technology for high-level security.

So, does that mean if I'm shopping online using 3-D Secure, I could just borrow someone else's reader and avoid paying that $33 fee?
What kind of fees actually apply in that situation?

Andrew Jackson said:To use 3-D Secure, you really need to have an authorization device registered specifically in your own name.
Also, the authorization device you get with the PBZ365 @ service is only deactivated when you close the account itself. Your only real option is to purchase an authorization device, just like we mentioned before.

I guess I don't quite get why I'd pay them $17 just to use an app that’s basically free everywhere else (like at Chase, for instance)? Why would I shell out $33 for a portable reader I could just borrow from someone? It feels like it might be smarter to just pay $8.25 for a Capital One prepaid card once every few years instead.

wiredlynx28 Active Member

151 messages
joined Mar 2014

#16 · Jan 14, 2015

Since there’s no official word on whether this reader is portable, you have to assume it comes bundled with the IB.
It’s essentially like having a checking account but without the actual debit card.

Andrew Jackson Newcomer

6 messages
joined Jan 2015

#17 · Jan 14, 2015

How is it not considered official when it’s clearly stated in this document and also in this document at the end??? I mean, why should we just assume the reader is the account holder? This isn't some personalized device you own; I could easily be borrowing it from someone else. You can't exactly borrow a friend's debit card and try paying for things with your own checking account.

wiredlynx28 Active Member

151 messages
joined Mar 2014

#18 · Jan 14, 2015

To get set up with Chase Mobile online banking, you'll need to complete these steps:
• sign the Service Agreement at any Zions Bancorporation branch,
• pick up your security token device,
• and make sure your tech meets the minimum requirements, specifically having reliable internet access.

If the definition of the security token or the pickup process still feels fuzzy—and since I noticed you were frustrated with the staff in your last post—feel free to ask for a manager if you feel they aren't handling things correctly.

Andrew Jackson Newcomer

6 messages
joined Jan 2015

#19 · Jan 14, 2015

Wait, did I ever actually complain about the staff?
And where on earth did I say I WANTED to use Online banking?
I guess I'm wondering what part of my posts isn't making sense to you?

Casey Moore3 MemberOP

13 messages
joined Jan 2015

#20 · Jan 16, 2015

Here is a link to the Bank of America website where they do a great job explaining how to shop safely online. It’s a shame JPMorgan Chase doesn't have anything quite this clear...

Hopefully, this helps someone out... or at least gives a better understanding of how 3-D Secure technology and mobile authentication work.

It's essentially the latest industry standard for transactions that card networks are rolling out. Visa had about 1,000 developers working on it, while Mastercard had 300!
Because 3-D Secure provides such high levels of security, transaction fees actually end up being lower when this technology is used. It is all strictly laid out in those global standards. (Just so you know, this isn't information you'll find on the Bank of America site 🙂)

New JP Morgan Chase customer: Where do I start?

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