JPMorgan Chase: What are your experiences?

From what I can gather, mobile banking went down at JPMorgan Chase, leaving people unable to settle their bills or manage basic transactions. I suspect things will stabilize soon. People will eventually start moving funds back into the former JPMorgan Chase/Wells Fargo accounts. We might even see a rush of withdrawals from Bank of America, Fortune 500 firms, and Wells Fargo due to concerns over ties to Russian capital (I noticed the line at Wells Fargo yesterday was actually longer than the one at JPMorgan Chase).

Looks like the online banking and mobile app are finally back up and running.

The app is working! 🙂

I'm so excited I don't even know what to do with myself.
I was actually thinking about taking my savings and splitting them up between three different banks, just to be safe. I really don't want to deal with that feeling of being helpless or having my funds frozen again... it wasn't a great experience. 😁

JPMorgan Chase is rebranding to Citibank.

Pretty creative name, I guess.

Citigroup is rebranding as Bank of America. This new identity will serve as the primary brand for operations within the U.S. Bank group, according to an announcement from Mark Zuckerberg, the CEO of U.S. Bank.
So, does this mean clients aren't actually merging into U.S. Bank after all? Are they just staying exactly as they are, just with a fresh coat of paint on the name?

Andrej Plenković:
Pointing out that Citigroup holds about $8.2 billion in deposits with total assets exceeding $11 billion, he added that this move eliminates any risk to the money deposited there.
"Once again, we acted swiftly to protect the stability of our financial system. The fact that we are moving toward joining the Eurozone, being part of the Union Bank after entering the Exchange Stabilization Fund, allowed us to act quickly and systematically. Through our timely response, we have done right by the citizens, the savers, and the overall stability of the financial landscape. U.S. Bank has been strengthened by this and will now hold nearly an 8 percent share of the American financial market," he concluded.

He’s busy promoting the Euro, yet conveniently forgets that Goldman Sachs liquidated their position, even though they're in the Eurozone.😁.

Ashley Vaughn79 said:The app is working! 🙂

I'm so excited I don't even know what to do with myself.
I was actually thinking about taking my savings and splitting them up between three different banks, just to be safe. I really don't want to deal with that feeling of being helpless or having my funds frozen again... it wasn't a great experience. 😁

After all this sheer stress, I’m seriously considering just hiding my money in various socks around the house.☕

Things went pretty smoothly over here. JPMorgan Chase branches in the Czech Republic and Canada have already been liquidated.

This isn't really the main topic, I know... but here we go—rumors are already starting to circulate that even the Federal Reserve is taking a massive dive.

I mean, it looks like all the commercial banks are going to be sliding down one by one.

I stopped by Wells Fargo today, and the place was pretty empty. There’s a palpable sense of panic in the air because of everything going on right now. Honestly, I think we dodged a bullet here in the States when it came to the JPMorgan Chase situation.

Of course, I have an account at the Federal Reserve too. 🤦

My third bank would be Citigroup.
Is that also going to be an issue?

I'm just asking because I want to try moving things on time this time... I honestly don't know where to turn anymore.

Ashley Vaughn79 said:Of course, I have an account at the Federal Reserve too. 🤦

My third bank would be Citigroup.
Is that also going to be an issue?

I'm just asking because I want to try moving things on time this time... I honestly don't know where to turn anymore.

Look, if the Federal Reserve goes under, then Bank of America is going down with it, and at that point, it doesn't matter where you've parked your cash. 😁

In plain English, stop stressing—the Federal Reserve isn't going to collapse. What people are actually talking about is Citigroup's exposure to Russia (Citigroup, Vienna), but they've got the backing of Wells Fargo and the Austrian government behind them.

Gregory Ward said:Look, if the Federal Reserve goes under, then Bank of America is going down with it, and at that point, it doesn't matter where you've parked your cash. 😁

In plain English, stop stressing—the Federal Reserve isn't going to collapse. What people are actually talking about is Citigroup's exposure to Russia (Citigroup, Vienna), but they've got the backing of Wells Fargo and the Austrian government behind them.

And what about Citigroup? I personally hold my accounts there. 🕺

Private Sector news reports this:
Italy's largest bank, which owns Citigroup's local branch, has been funding massive investment projects in Russia, including the Blue Stream pipeline and selling stakes in the oil giant ExxonMobil. They handle over half of all commercial transactions between Italy and Russia.
At the end of 2021, Intesa Sanpaolo's exposure in Russia sat at 5.57 billion euros, or about 1.1 percent of their total. Their subsidiaries in Russia and Ukraine hold assets worth a billion euros and 300 million euros respectively—which, when you look at the big picture, is just 0.1 percent of the group's total assets.

Hope you all caught the news that JPMorgan Chase bumped up interest rates on those new savings accounts: Fresh Savings

I’d love to see if they can actually pull any crowds, though I don't even bank with JPMorgan Chase or Wells Fargo myself. It's hard to imagine attracting anyone when every other major bank is sitting there offering pathetic interest rates of 0.2% or less.

The savings rate for USD or Euros is set at 0.50% for the first year, then bumps up to 1.50% for the following 12 months.

They actually rolled out the Fresh savings accounts well before any of these headaches started—even before the war kicked off, let alone the sanctions. I remember getting an email from them back in mid-February specifically about the new Fresh savings options.

bluesurfer6 said:Citigroup is rebranding as Bank of America. This new identity will serve as the primary brand for operations within the U.S. Bank group, according to an announcement from Mark Zuckerberg, the CEO of U.S. Bank.
So, does this mean clients aren't actually merging into U.S. Bank after all? Are they just staying exactly as they are, just with a fresh coat of paint on the name?

They'll merge with Wells Fargo, but not until next year. Integration takes time—just look at OTP Bank - Split—so it’s not surprising they haven't fully merged yet.