JPMorgan Chase: What are your experiences?

What exactly do you mean by cash?
With variable interest rates in play?

Sent from my phone using Reddit

electricbadger89 said:What exactly do you mean by cash?
With variable interest rates in play?

Sent from my phone using Reddit

I mean, I wouldn't be surprised if that variable is constantly shifting. It’s never a fixed target, you know?
It’s that exact same setup where, after two years, the interest rate on your loan just starts plummeting. $67Look, I honestly don’t think I’ll even live to see the finish line on this one. I’m already drowning in debt as it is, and I took out that massive loan way back in July 2017. I'm basically underwater at this point.

And then there’s that "hit" loan everyone keeps talking about.

I actually have the one where the interest rate drops after three years of consistent payments.
But since the rate on that specific loan is fixed, I assume nothing should be changing?

Sent from my unknown using Reddit

electricbadger89 said:And then there’s that "hit" loan everyone keeps talking about.

I actually have the one where the interest rate drops after three years of consistent payments.
But since the rate on that specific loan is fixed, I assume nothing should be changing?

Sent from my unknown using Reddit

I really need to double-check the fine print in this letter from JPMorgan Chase...

The variable portion of the interest rate—specifically the 6-month SOFR for USD based on the last observation date—was 0.58, whereas the parameter value as of February 28, 2018, stands at 0.47.

Based on the above, your new interest rate will be 6.82%, and your new monthly payment will be $425.00.

The adjusted interest rate will take effect starting April 1, 2018.

Let me tell you about the absolute train wreck of an experience I had just trying to secure a tiny $1,500 loan.

I was looking at Bank of America, and while the interest rate looked a bit higher than other options, the manager there seemed like a decent guy. I figured, hey, the difference in total interest isn't going to break the bank, but if I can save a few bucks, why wouldn't I?

So, I walk into the branch and sit down with this young teller.
I lay it out for her: I want a $1,500 loan with a one-year term. My credit is solid, and I’ve got zero other monthly debts or lingering installments hanging over my head.

She immediately starts pushing me to stretch it out to three years.
I told her, "Look, lady, I don't see any reason to bleed extra interest when I can easily afford the payments on a one-year plan."
Without missing a beat, she gives me this deadpan look and says, "What do you mean? It's all the same to you; the rate is 5.5% whether you take it for one year or three."
I tried to walk her through the math, eventually convincing her to actually run the numbers for both a one-year and a three-year term—she actually looked stunned when she saw the massive gap in total cost!
She finally relented, saying she'd check on the one-year option, but she claimed she had to clear it with the Federal Reserve first to see if it was even allowed. I told her, "If that's the rule, then follow it." She sits there typing away, casually dropping in that there's some non-refundable insurance fee from $233.

In that moment, I felt like a complete idiot for trusting the manager's initial vibe; I hadn't even considered the insurance. Turns out, the insurance premium was actually more expensive than the entire interest amount. I just said, "Goodbye," and walked out.

Then, she calls me yesterday to say I need to come back in because I didn't sign the authorization form allowing her to pull my records from the Federal Reserve.

She claims it's for my own good that I come back and sign it, insisting that I won't be able to get a loan at any other bank unless I sign that specific document.

Does that even make sense to anyone else? She was poking around in my private data, refused to let me sign anything while I was physically standing there, and now she's claiming I have to trek back down there just to fix her mess or I'll be blacklisted?

First off, it’s not the Federal Reserve, it's the credit bureau.

Second, for her to even access your credit report, she needs a signed statement from you authorizing it.
Since she didn't get one from you, that's on her—she can't just go digging through your files. No one is allowed into your credit history without your written consent.

Now, here's the other thing: once the second bank sees that JPMorgan Chase pulled your credit, they're going to demand proof that you haven't taken out a loan there.

So, you'll have to head down to a branch, sign that statement for the clueless lady, and ask her for confirmation that you haven't opened any new credit lines.

Also, expect that confirmation to cost you $18.

Sent from my unknown using Reddit

electricbadger89 said:First off, it’s not the Federal Reserve, it's the credit bureau.

Second, for her to even access your credit report, she needs a signed statement from you authorizing it.
Since she didn't get one from you, that's on her—she can't just go digging through your files. No one is allowed into your credit history without your written consent.

Now, here's the other thing: once the second bank sees that JPMorgan Chase pulled your credit, they're going to demand proof that you haven't taken out a loan there.

So, you'll have to head down to a branch, sign that statement for the clueless lady, and ask her for confirmation that you haven't opened any new credit lines.

Also, expect that confirmation to cost you $18.

Sent from my unknown using Reddit

So, what you're saying is if I check in with five different banks about a loan—and they would obviously only check my credit report if I gave them the green light—then the sixth bank will demand five separate letters from those five different banks proving I haven't taken out any other loans? And that's going to run me over $100???

I highly doubt it.
The whole point of a credit report is to show my current obligations—basically, whether or not I'm actually good for the money.

Exactly. Just grab a credit report from whichever bank you’re planning to use. You can request one directly through them; it’ll run you about $25 via email, and then you can hand that over to everyone else for a preliminary look.

Otherwise, the last bank is going to demand proof from all the previous ones, because technically, you could try pulling loans from five different banks at once. They won't let that slide.

Sent from my unknown using Reddit

I am absolutely losing my mind here.
The consumer protection bureau and the state inspectors are going to have a field day with this.

They didn't even give me a heads-up that there was a charge, let alone hand me a statement to sign.
In what civilized corner of America would something like this actually be legal?

You don't pay for some random statement; you're paying for proof that you haven't taken out a loan elsewhere. You'll need that on hand if a different bank asks for it when you're actually closing the deal.

Don't bother requesting that verification until the other bank specifically asks for it.

Sent from my unknown using Reddit

Thanks.

Okay, now things are starting to make a little bit of sense.

Though I’m still scratching my head over which damn certifications I'm supposed to be getting if that unknown exists, because isn't that exactly what that unknown is meant to handle in the first place?

Yeah, it's because the credit bureau updates on a bit of a lag—banks only report their data once a month for the previous period.

Sent from my unknown using Reddit

electricbadger89 said:First off, it’s not the Federal Reserve, it's the credit bureau.

Second, for her to even access your credit report, she needs a signed statement from you authorizing it.
Since she didn't get one from you, that's on her—she can't just go digging through your files. No one is allowed into your credit history without your written consent.

Now, here's the other thing: once the second bank sees that JPMorgan Chase pulled your credit, they're going to demand proof that you haven't taken out a loan there.

So, you'll have to head down to a branch, sign that statement for the clueless lady, and ask her for confirmation that you haven't opened any new credit lines.

Also, expect that confirmation to cost you $18.

Sent from my unknown using Reddit

The agency

What do you guys think about this extra savings option at this bank? It looks like they have the highest interest rates for CDs right now. I’m wondering if there’s some kind of catch I'm missing here.

Anyone here actually used the b-free savings account? It claims you can set everything up online without ever stepping foot in a branch. I filled out the application on their site yesterday, but so far... nothing. Just radio silence.

I did. I just opened it online, and they called me into the branch a few days later to sign the paperwork.

Sent with my iPhone using Reddit

So, that’s the deal on opening an account without ever stepping foot in a branch. Basically, it's a non-starter. 👎

I can't tell if anything actually changed, but that's how it played out a few years back.

Sent from my smartphone using Reddit

Why even bother putting this on the website? What’s the point of grinding through some massive hundred-field online form if I still have to drag myself down to a Chase branch just to sign everything in person. It’s redundant...
The branch isn't even on my way. The only reason I was even looking into this was because I thought it would actually save me a trip...

Just send them an inquiry
They’re pretty Buzz on email