JPMorgan Chase: What are your experiences?

Honestly, it’ll be a miracle if anyone can even touch their cash tomorrow. I don't see how they'll manage—everyone's going to trigger another massive bank run and freeze everything up again.

cosmicpanther70 said:Honestly, it’ll be a miracle if anyone can even touch their cash tomorrow. I don't see how they'll manage—everyone's going to trigger another massive bank run and freeze everything up again.

As for my neck of the woods, there isn't a single soul standing outside the local JPMorgan Chase branch right now.

My bank account's been frozen all day today... they won't unblock it until tomorrow.

JPMorgan Chase was open here today; had about ten or fifteen people lined up outside the branch.

If the bank goes under, am I still getting any interest on top of my principal for this last year of the term? I've still got about 3-4 months left before this CD matures...

Correct me if I’m wrong, banker, but my understanding is that interest only accrues on what has actually matured. For instance, if I have a three-year CD and only two years have passed, I’m only seeing interest for those two years—even if I’m just a month shy of the full term. As for the other account, I assume it functions like a standard savings account, though I can't be entirely certain.

cosmicpanther70 said:My bank account's been frozen all day today... they won't unblock it until tomorrow.

Actually, no—they were basically handing out cash by the bucketload this morning.

Dear valued client,

Please be advised that starting May 2, 2022, we will be implementing updated General Terms and Conditions for consumer payment services. For your convenience, we have attached a summary detailing the specific changes made to our consumer payment service terms.

The full General Terms and Conditions can be reviewed on our website at www.chase.com.

Additionally, we are providing an Information Template regarding deposit insurance to keep you informed about how your funds are protected.

Sincerely,
Your friends at JPMorgan Chase

I just received this email in my inbox. I can't quite tell if this was just an automated blast sent out to everyone or if there’s actually something significant I should be concerned about? Is this some sort of signal for things to move forward? It looks like the update to the general terms kicks in on May 2, 2022. From what I can gather, nothing seems to change much—at least not for someone like me who just keeps their money in savings. Interestingly, the date on the document regarding the deposit insurance is listed as February 28, 2022.

ironcyclist58 said: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?

I guess you just take it to court.

In the event that a bank fails, you’re entitled to receive the interest earned on your savings or certificates of deposit up until the very day the Federal Reserve revokes their operating license.
The FDIC handles all payouts in US dollars, calculated using the average exchange rate set by the Federal Reserve.

Adam Fox3 said:In the event that a bank fails, you’re entitled to receive the interest earned on your savings or certificates of deposit up until the very day the Federal Reserve revokes their operating license.
The FDIC handles all payouts in US dollars, calculated using the average exchange rate set by the Federal Reserve.

Does that still hold true even if my specific contract states that I won't actually receive the interest until the full five-year term on my CD has expired?

ironcyclist58 said: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?

Look, they just picked a bad bank. It's like buying a dud stock—who's going to pay you back for that? Sure, banks are supposed to be low-risk, but risk still exists. There isn't any extra compensation coming beyond the standard FDIC insurance.

bluesurfer6 said:Actually, no—they were basically handing out cash by the bucketload this morning.

I guess they were just paying out the maximum allowed by the moratorium, but starting tomorrow, maybe anyone can withdraw whatever amount they want.

Bryan Edwards83 said:I guess they were just paying out the maximum allowed by the moratorium, but starting tomorrow, maybe anyone can withdraw whatever amount they want.

I don't know, it feels unlikely—it looks more like they're going to extend the moratorium. I caught it on the news earlier... they were basically saying two days isn't enough time, blah blah "we need more time to make rational decisions," blah blah. It was on the 3:00 PM news on ABC. There’s footage online if anyone actually wants to see it...

I don't know, man... the damage to so many clients is already done, and if they drag this out, things are just going to get even uglier.
If there isn't any other way out, they might as well just shut the bank down tomorrow and trigger the FDIC insurance system.

Honestly, I’m just trying to figure out how to pull my cash out somehow, even if I have to take a hit on the exit. Thinking you can actually count on interest rates or some kind of damage compensation right now? That’s pure optimism, man. Seriously, props to you guys for being so hopeful... because if that's what it takes to get through this, ugh...

Thomas Bennett62 said:Honestly, I’m just trying to figure out how to pull my cash out somehow, even if I have to take a hit on the exit. Thinking you can actually count on interest rates or some kind of damage compensation right now? That’s pure optimism, man. Seriously, props to you guys for being so hopeful... because if that's what it takes to get through this, ugh...

You won't be losing anything. At worst, if the bank collapses, you'll have your money back via FDIC within two weeks. If they stay afloat, they'll pay out like usual.

I’d call this a Win scenario for everyone, even here in the States. By offering a discount on the price, they managed to secure a solid customer base.

We’ll just have to wait and see if my prediction holds up. Honestly, I suspect politics involving Fortano played a part in this too.

It should be officially announced soon—our bank, which didn't even have anything comparable five days ago, is acquiring JPMorgan Chase.

Where is that guy with the 15 bucks?$0.00 I need to pay him out.

Just saw this on the news. JPMorgan Chase is becoming the US Postal Service, and everything goes live tomorrow.

rapidskipper12 said:Just saw this on the news. JPMorgan Chase is becoming the US Postal Service, and everything goes live tomorrow.

TOTAL NONSENSE