JPMorgan Chase: What are your experiences?

Word on the street from some pretty solid sources is that the FDIC is fast-tracking an emergency sale of Sberbanka here in the States.

Basically, this is a European Union institution that stepped in after the European Central Bank decided Sberbanka's branches in Austria, Canada, and America wouldn't meet their standards anymore because of massive liquidity issues. Now, they've slapped a freeze on all payments for those three banks.

Unofficially, I'm hearing this whole sale of Sberbanka in America could wrap up before the moratorium on Mexican assets expires—meaning we might see movement in the next forty-eight hours.

electricbadger89 said: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.

I won't be able to get this swap sorted before my next paycheck hits, but I'll definitely tackle it right after.
My situation is a bit of a weird one, though. The garnishment is set at exactly one-fourth of my pay, and nothing can touch my frozen checking account (so I just manually deposit whatever I can afford each month), so I'm not really seeing why I'd even need to deal with the FDIC?

Probably Wells Fargo is buying

Susan Baker6 said:I won't be able to get this swap sorted before my next paycheck hits, but I'll definitely tackle it right after.
My situation is a bit of a weird one, though. The garnishment is set at exactly one-fourth of my pay, and nothing can touch my frozen checking account (so I just manually deposit whatever I can afford each month), so I'm not really seeing why I'd even need to deal with the FDIC?

Because, as far as I know, you can't just stack up multiple protected accounts. You’d have to close one and then reopen a new one through FIN anyway, right?

Aha, I had no clue about that! Thanks for filling me in.

Larry Walker24 said:Word on the street from some pretty solid sources is that the FDIC is fast-tracking an emergency sale of Sberbanka here in the States.

Basically, this is a European Union institution that stepped in after the European Central Bank decided Sberbanka's branches in Austria, Canada, and America wouldn't meet their standards anymore because of massive liquidity issues. Now, they've slapped a freeze on all payments for those three banks.

Unofficially, I'm hearing this whole sale of Sberbanka in America could wrap up before the moratorium on Mexican assets expires—meaning we might see movement in the next forty-eight hours.

I guess that would actually be for the best, as it would help avoid a whole mess of complications that might pop up if they ended up having to migrate all those clients over to somewhere like Wells Fargo.

mistyorca132 said: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...

So, it's February 28th, and everyone knows this bank is circling the drain. Honestly, anyone who decides to have their paycheck direct-deposited there tomorrow is a complete moron—they basically deserve a kick in the backside by the local bureaucracy.

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...

And honestly, I find myself in complete agreement with that assessment. I actually went out and opened an account at a new bank just this morning and immediately reached out to my company to update my details, only to be told by HR that I am quite literally down to the wire, as they begin their monthly payroll processing tomorrow, the 1st, and therefore they simply won't be able to switch my account information in time for this cycle.

It depends on when they process payments, but generally speaking, you can make adjustments up until the day before payday without any issues.

In a situation like this, updating an employee's checking account details should still be possible even on the morning of the scheduled payroll deposit.

Lawrence Wright80 said:It depends on when they process payments, but generally speaking, you can make adjustments up until the day before payday without any issues.

In a situation like this, updating an employee's checking account details should still be possible even on the morning of the scheduled payroll deposit.

I'll sign off on this.

I work in accounting, specifically handling payroll, and I think anyone claiming that the system can't be changed is simply mistaken.
If it isn't technically feasible due to software limitations, they can always bring in developers to step in and handle it as needed.

It probably doesn't apply to government agencies, since they use some kind of system I don't really understand... so, I don't know, I guess I shouldn't speak for them.

I guess all these private companies are really just a byproduct of the program itself.
Even if the payment has already been posted in most cases, I guess.

I’ve been using an overdraft on my JPMorgan Chase account, but I actually went ahead and opened a checking account at another bank today just so I can have my paycheck deposited there instead. I suppose I was wondering if they might decide to cancel my overdraft protection immediately once they realize my salary isn't being sent to them anymore, or if that's unlikely?

Jamie Ward said: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.

I am facing the exact same dilemma, as I was also thinking about moving everything over to a different bank, but I am somewhat unsure about how to secure proof that the debt is officially cleared. Perhaps it might be wiser to just wait and see how things unfold with the bank's stability, since we can't really avoid making our payments regardless.
One more thing, I wonder if there is any actual possibility of interest rates jumping, or if that seems unlikely given that my current loan is fixed in USD.

So I finally moved my paycheck over to a different bank today. Just a heads up though, those amounts mentioned above only apply to the debit card on your checking account, because the credit card is totally useless right now.

Dana Lopez6 said:I’ve been using an overdraft on my JPMorgan Chase account, but I actually went ahead and opened a checking account at another bank today just so I can have my paycheck deposited there instead. I suppose I was wondering if they might decide to cancel my overdraft protection immediately once they realize my salary isn't being sent to them anymore, or if that's unlikely?

It won't happen instantly, but expect them to pull the plug in about a month... if you actually have any intention of returning to JPMorgan Chase, maybe don't start rerouting your entire salary elsewhere. I learned that the hard way with Wells Fargo; I moved one paycheck over to Bank of America, thought I was being clever by keeping a foot in both camps, but three months later, they yanked my overdraft privileges entirely. Apparently, they ran some kind of internal audit and flagged me automatically.
Now, the real question is whether JPMorgan Chase is even going to stay operational. We should probably know the verdict in about two days.

Dana Lopez6 said:I am facing the exact same dilemma, as I was also thinking about moving everything over to a different bank, but I am somewhat unsure about how to secure proof that the debt is officially cleared. Perhaps it might be wiser to just wait and see how things unfold with the bank's stability, since we can't really avoid making our payments regardless.
One more thing, I wonder if there is any actual possibility of interest rates jumping, or if that seems unlikely given that my current loan is fixed in USD.

If you signed a contract for a fixed interest rate, then things stay exactly as they are. A contract is a contract, regardless of whatever fate awaits Bank of America.

I’ve completely lost my shirt. My funds at Wall Street were wiped out before I could pull out my last 15 $0.00.
Man...

Adam Fox3 said:I’ve completely lost my shirt. My funds at Wall Street were wiped out before I could pull out my last 15 $0.00.
Man...

Don't worry, you haven't lost anything! Maybe their freeze ends tomorrow, so you should be able to get your cash out just fine.

Adam Fox3 said:I’ve completely lost my shirt. My funds at Wall Street were wiped out before I could pull out my last 15 $0.00.
Man...

Don't sweat it, man. I'll buy you a coffee later so you at least get something out of the day.

akademik

The sheer level of financial illiteracy here honestly catches me off guard.

Even in this space, you see people posting things like "I've lost all my money."

Seriously—how did people even graduate high school? Do they read? Do they actually practice reading comprehension?
Or is the only thing that matters just grabbing a loan and letting the chips fall where they may?

🤦

It’s a total disaster. Honestly, I’m not even surprised by how many people in the US end up with frozen accounts—if anything, I think half of them probably brought it on themselves.

As neondriver5 already pointed out, the current mess at Citibank is entirely on the people who rushed to pull every cent out of their accounts. From what I can gather, Citibank wasn't even facing major issues or a mountain of bad loans before this started. Now, we’re just dealing with the fallout. I'm hoping they actually manage to close the sale today. If not: everything should be covered. My understanding is that even the matured interest on those fixed-term deposits is being paid out.