JPMorgan Chase: What are your experiences?

Exactly. Banks don't actually sit on piles of cash; that money is already out there in the economy.
They aren't operating under the assumption that every single customer is going to show up at the teller window at the exact same time to withdraw everything.

https://m.wsj.com/articles/fed-interest-rates-updates-IGANPIQbRUYvYU

The money and run ...

So, looks like their online banking just went belly up?
Is anyone actually planning on depositing their next paycheck with these guys, or are you all jumping ship?

bluesurfer6 said:So, looks like their online banking just went belly up?
Is anyone actually planning on depositing their next paycheck with these guys, or are you all jumping ship?

Honestly, I'm sitting here wondering what the move is too.

If you ask me, it’s a safe bet that the bank is going under this Wednesday.

Well, by all means, run for it. 😁
I'm more concerned about how I'll ever get my savings back... it isn't a massive amount, but it was mine and I was counting on it.

Is anyone else dealing with those fee-free accounts there?
It's just ridiculous that they won't pay out at a branch and instead force you to use an app that's completely glitched out. 😵

I’ve got mine too, and honestly, it’s a pretty hefty sum. I put the transfer request through yesterday, but I’m betting it won't actually clear until sometime today...

Is it even possible to rush and open a new checking account somewhere else while I still have this mess going on at Wall Street? I can't close out my account there yet because of the loan and being in the red.

ironcyclist58 said:I’ve got mine too, and honestly, it’s a pretty hefty sum. I put the transfer request through yesterday, but I’m betting it won't actually clear until sometime today...

Is it also free of fees?
And what are you going to do now?

How does that insurance everyone keeps talking about actually work?
Because right now, it doesn't mean much to me. 😁

crimsonskipper22 said:Is it even possible to rush and open a new checking account somewhere else while I still have this mess going on at Wall Street? I can't close out my account there yet because of the loan and being in the red.

It should be possible; I've never had any trouble opening a new account before.
Though, that was a long time ago... but give it a shot.

Ashley Vaughn79 said:Is it also free of fees?
And what are you going to do now?

How does that insurance everyone keeps talking about actually work?
Because right now, it doesn't mean much to me. 😁

It should be possible; I've never had any trouble opening a new account before.
Though, that was a long time ago... but give it a shot.

Once a bank goes under, the FDIC is supposed to cut the check within ten days.
I just hope the whole thing collapses cleanly without all those moratoriums and bureaucratic nightmares... because if they freeze everything while they "investigate," you aren't seeing a dime...

ironcyclist58 said:Once a bank goes under, the FDIC is supposed to cut the check within ten days.
I just hope the whole thing collapses cleanly without all those moratoriums and bureaucratic nightmares... because if they freeze everything while they "investigate," you aren't seeing a dime...

Aha, so you have experience with this, which makes you seem... carefree?
That's just how you come across to me. 😁

Is there a link somewhere explaining the procedure?
I'm guessing there's some kind of claim form or something you have to fill out to get the money paid out.

Right now, I don't have any paper trail for those savings, since they were all in an app that isn't working.
And I don't know why, but I just feel like an idiot. 🤦

crimsonskipper22 said:Is it even possible to rush and open a new checking account somewhere else while I still have this mess going on at Wall Street? I can't close out my account there yet because of the loan and being in the red.

Of course you can.
Just pick a bank, walk into a branch, and you'll have a new checking account in minutes. You'll just have to wait a bit for the debit card to arrive—usually about a week or two.

Now even the cards aren't working. My debit card and my Mastercard credit card are both totally dead.

ironcyclist58 said:https://www.xn--fdi-6ed.gov/deposit-insurance-system-and-payout-process

Thanks for the link!
Are you always this talkative, or just on the internet? 😁

This part is bothering me:
what documents must be presented to exercise this right - original deposit documents (account statements, passbooks, or contracts) and a valid ID (driver's license or passport)

If you have a B-Free account too... do you have any documentation regarding those savings?
Because at the moment, I don't have anything, which feels a bit strange to me. 😁

Maybe it's possible to get something at the bank teller window?
I really feel for the women working the counters these days.

I actually have the contract right here from when I opened the account.

I went through this exact same thing with a small local bank where I kept my checking account and had my paycheck direct-deposited... they just went under.
The government ended up moving all our accounts over to Wells Fargo.. it took about a month before everything was fully transferred, and once that was settled, I just opened a new account with them.

What on earth happens if we’re sitting there with an open line of credit at JPMorgan Chase?
Edit: Just to be clear, I don't actually hold an account with them—my paycheck lands at a completely different bank. Every month, I just transfer the funds over to cover my loan installments.

Is it actually possible to withdraw cash from an ATM using a checking account right now? None of the mobile apps seem to be functioning at all.

slypilot3 said:What on earth happens if we’re sitting there with an open line of credit at JPMorgan Chase?
Edit: Just to be clear, I don't actually hold an account with them—my paycheck lands at a completely different bank. Every month, I just transfer the funds over to cover my loan installments.

Even if you get paid through a different bank, someone is going to step in and pick up their assets—likely a massive institution like JPMorgan Chase. And honestly, if they actually go under... maybe things will just eventually settle back to normal?