JPMorgan Chase: What are your experiences?

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.

You become a war profiteer! 😁

If the bank fails, the government will appoint a receiver and seize all claims. You will still owe the money to our government, or eventually to whatever third party they sell the assets and claims of Wells Fargo to.

Can't even get a soul on the line at the call center. Honestly, if you're worried about your paycheck, just grab your cash and open a new checking account elsewhere ASAP. As for the debts, overdrafts, or loans... let someone else deal with that mess later.

Federal Reserve: JPMorgan Chase is likely headed for collapse

Quincey:

The Federal Reserve has issued an assessment suggesting that Deutsche Bank and its two subsidiaries—JPMorgan Chase in America and JPMorgan Chase in Canada—are either currently failing or are likely to fail due to deteriorating liquidity levels.

Maybe give the previous posts a quick read before jumping in, since we've all been through this already.

So, yeah, cards are still acting up and the online and mobile banking apps are basically useless too.

Let me share my experience from this morning, and frankly, don't even bother wasting your time waiting outside a branch. Yesterday, I submitted an order through my Bee Free account to transfer funds over to my checking $1667 because my checking balance had hit zero. Fast forward to this morning, and the online banking app is completely non-functional. While the news outlets have been broadcasting that the daily withdrawal limit has been set at $2400, the ATM itself won't let me pull out more than $667. To make matters worse, they haven't moved the money from my Bee Free account to my checking—it is glaringly obvious they have frozen all savings accounts—which has left me entirely without any liquid funds for basic living expenses, despite the fact that I technically have money sitting in my savings accounts that I simply cannot access right now.

Hey everyone,
I’m currently in the middle of getting a loan approved through the Federal Reserve to pay off my existing debt over at JPMorgan Chase. I'm honestly a bit nervous—if the approval actually goes through, is it a bad move to close out the account there immediately? I'm wondering how I'll get official confirmation that the loan is fully settled, and whether they'll actually refund my overpayment... Also, I have a payment due today and I'm low-key freaking out that if I trigger this process, the transaction might fail.

bluesurfer6 said: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?

If people actually acted normally, nothing would collapse.

But what does "normal" even mean here?

Does it mean only withdrawing as much cash as I would have if this whole conflict hadn't kicked off?

I’ve got enough tucked away to cover my usual daily ATM limits, sure—
but I’m not planning on a run; honestly, I'm more inclined to let them stabilize the bank than watch the system burn.

I just finished running some errands using my card at Target and Dollar General, then hit up a Chase ATM to grab some cash.

Lawrence Booth2 said:If people actually acted normally, nothing would collapse.

But what does "normal" even mean here?

Does it mean only withdrawing as much cash as I would have if this whole conflict hadn't kicked off?

I’ve got enough tucked away to cover my usual daily ATM limits, sure—
but I’m not planning on a run; honestly, I'm more inclined to let them stabilize the bank than watch the system burn.

Hi everyone,
having worked in banking myself, I want to try and clarify things because it's clear people are panicking.
The fear felt by depositors is completely understandable, which is why so many are rushing to grab their money. However, you also have to realize that it's the depositors themselves who create these liquidity crises; no bank can survive a sudden mass withdrawal without intervention from the owners or the Federal Reserve.
Both the bank and the Federal Reserve should have communicated this much more clearly to the entire country.
Since the owner has stepped away, the Federal Reserve is stepping in to fix the liquidity issues. From what I understand, JPMorgan Chase has a solid asset base consisting of receivables that will eventually be collected, they just won't hit all at once since loans don't mature as fast as people demand their deposits.
The issue might affect those who need cash immediately, but I wouldn't worry about whether everyone gets paid back.
You have to remember that banking is a highly regulated industry, and beyond the quality loans mentioned in the latest report, there is a twenty percent reserve held at the Federal Reserve, which is plenty of coverage. Problems only arise when a bank's business model fails and they can't collect on bad loans, which isn't the case here.
The bottom line is that this isn't a failure of management, so I'm not worried that people won't get their money.
Hang in there.

Susan Wright10 said:Hi everyone,
having worked in banking myself, I want to try and clarify things because it's clear people are panicking.
The fear felt by depositors is completely understandable, which is why so many are rushing to grab their money. However, you also have to realize that it's the depositors themselves who create these liquidity crises; no bank can survive a sudden mass withdrawal without intervention from the owners or the Federal Reserve.
Both the bank and the Federal Reserve should have communicated this much more clearly to the entire country.
Since the owner has stepped away, the Federal Reserve is stepping in to fix the liquidity issues. From what I understand, JPMorgan Chase has a solid asset base consisting of receivables that will eventually be collected, they just won't hit all at once since loans don't mature as fast as people demand their deposits.
The issue might affect those who need cash immediately, but I wouldn't worry about whether everyone gets paid back.
You have to remember that banking is a highly regulated industry, and beyond the quality loans mentioned in the latest report, there is a twenty percent reserve held at the Federal Reserve, which is plenty of coverage. Problems only arise when a bank's business model fails and they can't collect on bad loans, which isn't the case here.
The bottom line is that this isn't a failure of management, so I'm not worried that people won't get their money.
Hang in there.

This article suggests it's not quite that simple.

Rebecca Roberts8 said:This article suggests it's not quite that simple.

Don't sweat it, because the reality is actually the opposite.
They claim "this means the bank has hit its limit and exhausted its liquidity," but liquidity is really just a temporary inability to meet immediate obligations—essentially, they need cash right this second but can't access it because their receivables are tied up, even though those assets are perfectly valid and collectible. The bank will likely offload some of those assets to shore up their current cash flow, and the Federal Reserve will step in with bridge financing if necessary, so while it isn't simple, things will turn out fine.

So I opened a CD at a branch back in Chicago, but right now I'm stuck out here in Phoenix. It should be possible to close it out at any branch, assuming they'll actually let me...

Hey everyone, I've got a few questions for you all
So, right now I’ve got my checking and savings accounts over at JPMorgan Chase, plus a loan there that’s being paid off automatically via direct deposit.
Given how things are looking lately, I’m wondering if it makes sense to open up an account at a different bank?
And would I still be able to have my loan payments handled automatically through my employer? Like, is that even doable with payroll?
This is all pretty new territory for me, so bear with me here.
Best,

Exactly. A loan is a loan, regardless. You just provide them with your updated account numbers—both your checking and your escrow accounts.
You should probably double-check the Federal Reserve's procedures regarding opening an escrow account at a different bank.

If you're thinking about switching banks, just a heads-up—it could mess with your payroll at work. Since they book everything based on today's date, there’s a chance you won't actually see that paycheck hit your new account until April...

mistyorca132 said:If you're thinking about switching banks, just a heads-up—it could mess with your payroll at work. Since they book everything based on today's date, there’s a chance you won't actually see that paycheck hit your new account until April...

I mean, Google... I assume companies aren't run by total morons who would move all their cash over to some failing bank.

redmaker23 said:So I opened a CD at a branch back in Chicago, but right now I'm stuck out here in Phoenix. It should be possible to close it out at any branch, assuming they'll actually let me...

Yeah, you can. I opened one in Washington, D.C. and just closed mine today over in Slough.

The thing is, you won't actually touch the cash from that CD until they finish "processing" the request back in Washington, D.C., so don't expect anything from them today or tomorrow (though maybe things would work differently in a normal world).

Alexander Thompson said:I mean, Google... I assume companies aren't run by total morons who would move all their cash over to some failing bank.

My point is about those moments when the bank hasn't officially collapsed yet, but you still can't get your money out of your account...

James Brown85, thanks for the heads up. If the bank actually goes under, the Federal Reserve will probably step in to pay out... but I'm guessing it'll all be in dollars, even if the deposit was originally in some other currency??