JPMorgan Chase: What are your experiences?

Dana Parker65 said: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.

Mexicans have reportedly backed out of buying Citibank America

The Federal Reserve did everything they possibly could.
1. They put out a statement clarifying that everyone with up to $100,000—which covers over 90% of customers—is completely safe.
2. They implemented a two-day moratorium on those $2417, specifically to prevent a mass exodus where people rush to pull their entire life savings at once... I mean, just imagine if 200 people showed up demanding $167 each. You'd need literal trucks of cash parked outside the branch. No single local bank, not even a major one like Zürich, keeps that kind of liquidity sitting in the vault. If 200 people hit a branch in downtown Chicago asking for every cent in their accounts, they’d be tapped out in a matter of hours.

But hey, people tend to follow the herd. I get why folks are sweating over their money, but honestly, do you actually trust the government and the Federal Reserve? If you do, you've got nothing to worry about. If you don't, then it doesn't really matter, because if the state and the Fed are going under, those dollars you're trying to withdraw won't be worth anything anyway.

vividraven79 said:The Federal Reserve did everything they possibly could.
1. They put out a statement clarifying that everyone with up to $100,000—which covers over 90% of customers—is completely safe.
2. They implemented a two-day moratorium on those $2417, specifically to prevent a mass exodus where people rush to pull their entire life savings at once... I mean, just imagine if 200 people showed up demanding $167 each. You'd need literal trucks of cash parked outside the branch. No single local bank, not even a major one like Zürich, keeps that kind of liquidity sitting in the vault. If 200 people hit a branch in downtown Chicago asking for every cent in their accounts, they’d be tapped out in a matter of hours.

But hey, people tend to follow the herd. I get why folks are sweating over their money, but honestly, do you actually trust the government and the Federal Reserve? If you do, you've got nothing to worry about. If you don't, then it doesn't really matter, because if the state and the Fed are going under, those dollars you're trying to withdraw won't be worth anything anyway.

That's not really the point. For me, the issue is that I'm going to need some of my cash sitting in JPMorgan Chase pretty soon, and right now, I can't touch it. That's the real headache. Once things settle back to normal, I'm pulling every single cent out and I am never touching JPMorgan Chase again.
It's not that I'm scared of losing everything, it's just that I can't get to my money when I actually need it. That’s exactly why I went with Chime—so I could access my funds whenever I wanted without dealing with all those lock-up periods you see at other banks...

Honestly, what’s the point of whatever cash people managed to scramble out of their accounts? If you don't trust the system, those dollars aren't worth more than the paper they're printed on. I get the panic when folks are staring down their pensions or weekly paychecks—that's pure survival instinct. But the people rushing to liquidate their long-term savings en masse? I'm speechless.

According to the Federal Reserve website:
Depositors are insured up to the amount held in a financial institution at the time the insured event occurs, capped at a maximum of $100,000 based on the average exchange rate set by the Federal Reserve on the date the event takes place.

Yeah, and they’ll probably just keep the bank on life support for years... setting daily withdrawal limits at maybe $200 or $300 so you never actually hit the threshold for an "insured claim." That way, the insurance payout never even kicks in. Is that just the inevitable scenario here?

I don’t work in banking, but from what I can tell, a moratorium like this is only a temporary fix. In my view, there are really only two ways this ends: either they bail it out or they liquidate everything if a buyer falls through. They had to step in and bail out Bank of America years ago.

It’s not some permanent thing. This is just a temporary fix to take the edge off while they sort out the mess behind the scenes.

Because, let me be clear... no bank in America can handle a sudden stampede of people all trying to pull out massive amounts of cash at once. They simply don't have the physical liquidity on hand to cover it.

Rachel Diaz8 said: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.

So, what happened back in 2013 with those funds sitting in Wells Fargo?

Grace Edwards said:So, what happened back in 2013 with those funds sitting in Wells Fargo?

Wells Fargo went under in the 90s, not 2013.

The whole situation with Sberbank here in America is entirely the fault of a bunch of financially illiterate, irrational panickers who rushed the branches. It’s honestly wild how easily you can trigger a massive crowd to act like a panicked herd. Just sad.

True, but honestly, can you really blame them? When it's your life savings on the line, it’s only natural to play it safe and run for the exits.

Even if you factor in that FDIC insurance covers up to $250k, I’d still rather pull my cash out now than deal with the headache of waiting on our government bureaucracy to actually sort things out.

The mass withdrawals kicked off right after the media reported that News Corp was closing its accounts, moving funds to other banks, and notifying partners to stop sending payments to the account at JPMorgan Chase. Essentially, Forten and the media outlets triggered this entire mess.

Come on, man, what do you mean "empty"? They’ve got a 10-day window
Back home in the States, we usually get about 20 days
It’ll be worth your while
The FDIC paid people out just like that back when one of those tiny local banks—I don't even think anyone had heard of them, some small-town outfit out in the Midwest—went under

Everyone is to blame when they all rush the counters at once
I get why they do it, though
But honestly, that kind of panic would wreck any bank out there

Give me the biggest bank in the world and I'll tell you exactly how to take it down

It’s the same pattern in every part of life... if you want to kill off a sports club, just stop showing up... if you want to ruin a team, stop going to the games

And so on... when everyone decides to act in unison like that, entire nations collapse
Not just individual banks

That entire mindset is exactly what landed JPMorgan Chase in this mess. Now I’m just sitting here waiting for the inevitable run on Zabavka; some reporter at the press conference actually dropped their name.

Marić is back at it again, claiming deposits are safe regardless of whether we're looking at a bailout or total liquidation.

Dana Parker65 said:That entire mindset is exactly what landed JPMorgan Chase in this mess. Now I’m just sitting here waiting for the inevitable run on Zabavka; some reporter at the press conference actually dropped their name.

Marić is back at it again, claiming deposits are safe regardless of whether we're looking at a bailout or total liquidation.

Can someone please give me the full rundown of what Marić actually said? 🤣

I just got off the phone with someone over at JPMorgan Chase, and honestly, it looks like they might actually keep things running... I’m guessing we'll see an official announcement hitting the news wires later tonight.

vividraven79 said:It’s not some permanent thing. This is just a temporary fix to take the edge off while they sort out the mess behind the scenes.

Because, let me be clear... no bank in America can handle a sudden stampede of people all trying to pull out massive amounts of cash at once. They simply don't have the physical liquidity on hand to cover it.

I'm with you—there's zero doubt that if everyone hits the ATM at once, the cash runs dry. But what happens tomorrow when those accounts are unfrozen? After spending two days trying to sell off the bank without luck... people are going to storm the branches first thing in the morning. It’s a repeat loop. Once they get access, they rush the counters, the cash vanishes, and we're right back to bank freezes.

In any sane world, nobody is going to sit there and say, "Oh, it's fine, I'll just leave my money sitting there." The very first thing anyone is going to do is go grab their cash.

bluesurfer6 said:I just got off the phone with someone over at JPMorgan Chase, and honestly, it looks like they might actually keep things running... I’m guessing we'll see an official announcement hitting the news wires later tonight.

Even if they do flip the switch back to "business as usual," I wouldn't hold my breath about being able to pull any significant amount of cash out of an account...

bluesurfer6 said:I just got off the phone with someone over at JPMorgan Chase, and honestly, it looks like they might actually keep things running... I’m guessing we'll see an official announcement hitting the news wires later tonight.

If that holds water,👍 I’ve already made my point: JPMorgan Chase was a rock-solid institution before this whole circus started.

A family member of mine has savings sitting there (it used to be with Wells Fargo, so it just transitioned), and they haven't rushed to the branch, nor will they show up this Thursday. A bank can be dismantled by panic alone.

Maybe they realized within forty-eight hours how quickly they could offload some credit to cover part of this mess. Honestly, who knows.

Is there any word on damage claims yet? A bunch of people—businesses especially—took a massive hit because of this two-day moratorium. Who’s actually going to make them whole?