JPMorgan Chase: What are your experiences?

Susan Baker6 said:So, about 12 months ago, I went through the whole process—I took out a loan, wiped out my old one, and moved everything over to JPMorgan Chase. They wanted three months of pay stubs, three months of transaction history, and a letter from my employer confirming my job status. And since I was paying off that old debt, they definitely needed proof of the payoff amount for the existing loan.

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There’s no more hiding behind those display settings now that they've got their hands back on the controls—they can see everything. I guess you'll just have to wait for them to verify whether you're actually solvent before they let you close anything out.

Jeremy Hall43 said:There’s no more hiding behind those display settings now that they've got their hands back on the controls—they can see everything. I guess you'll just have to wait for them to verify whether you're actually solvent before they let you close anything out.

I took out a loan way back in December 2019, so I had to deal with all that paperwork then, but honestly, I haven't heard anything new since.

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Susan Baker6 said:I took out a loan way back in December 2019, so I had to deal with all that paperwork then, but honestly, I haven't heard anything new since.

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Look, my buddy's personal loan at JPMorgan Chase was actually approved on May 20, 2020. It was just a standard unsecured loan, $58333. The bank required three months of checking account activity, three certified pay stubs, and a letter from his employer. On top of all that, he had to switch over to them to refinance an existing loan he had at Wells Fargo. To pull that off, he needed an official statement showing his current debt balance. That little bit of paperwork cost him $10.

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Edward Evans7 said:Look, my buddy's personal loan at JPMorgan Chase was actually approved on May 20, 2020. It was just a standard unsecured loan, $58333. The bank required three months of checking account activity, three certified pay stubs, and a letter from his employer. On top of all that, he had to switch over to them to refinance an existing loan he had at Wells Fargo. To pull that off, he needed an official statement showing his current debt balance. That little bit of paperwork cost him $10.

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The hrok system is active again as of Reddit from 10/6, so I guess there shouldn't be any need for a printout

So much for Bank of America

This morning, they hit me with a request for my checking account statements from the last six months, plus twelve months of transaction history for my savings account. I fired off an email to my personal banker around 10:00 AM, only to get a response at 1:00 PM the following day claiming they couldn't release the records due to privacy laws and data protection protocols. Absolute nonsense. I sent the exact same request to their general info inbox at the same time, and my wife ended up just sending over the certified statements herself anyway. 🤔

And keep in mind, we’re talking about two completely different branches here.

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Anyone got the scoop on how loan processing is moving lately? Is the wait time dragging on forever? A close friend of mine is thinking about switching over to JPMorgan Chase to grab a loan and consolidate her other debt, so I'm trying to see if it's actually worth the hassle.

Susan Baker6 said:Anyone got the scoop on how loan processing is moving lately? Is the wait time dragging on forever? A close friend of mine is thinking about switching over to JPMorgan Chase to grab a loan and consolidate her other debt, so I'm trying to see if it's actually worth the hassle.

Look, you aren't waiting forever, though it really just depends on which branch you deal with. If you're going through a broker, you're looking at roughly a week. You get a Mastercard Walmart card right away worth 5% of the loan amount—and just to be clear, the bank covers that 5%; they don't skim it off the top. Consider it a little "thank you" gesture for moving your business to them and taking the loan. Once your first paycheck hits, you get a limit of three times your pay. After the third paycheck, you get a Mastercard Standard with a three-times salary limit, and they'll bump up the limit on your Walmart card to match that three-times salary mark as well.

I wonder if there's any way to set up monthly statements or whatever else to just hit my inbox automatically for a B-FREE account?

Edward Evans7 said:Look, you aren't waiting forever, though it really just depends on which branch you deal with. If you're going through a broker, you're looking at roughly a week. You get a Mastercard Walmart card right away worth 5% of the loan amount—and just to be clear, the bank covers that 5%; they don't skim it off the top. Consider it a little "thank you" gesture for moving your business to them and taking the loan. Once your first paycheck hits, you get a limit of three times your pay. After the third paycheck, you get a Mastercard Standard with a three-times salary limit, and they'll bump up the limit on your Walmart card to match that three-times salary mark as well.

I actually switched everything over to them after about a year, and I ended up canceling my Walmart card entirely to just stick with the Mastercard. My starting limit is $333, and even though I haven't touched it yet, they told me I could just head down to the branch and ask for an increase whenever I wanted.

Edward Evans7 said:Look, you aren't waiting forever, though it really just depends on which branch you deal with. If you're going through a broker, you're looking at roughly a week. You get a Mastercard Walmart card right away worth 5% of the loan amount—and just to be clear, the bank covers that 5%; they don't skim it off the top. Consider it a little "thank you" gesture for moving your business to them and taking the loan. Once your first paycheck hits, you get a limit of three times your pay. After the third paycheck, you get a Mastercard Standard with a three-times salary limit, and they'll bump up the limit on your Walmart card to match that three-times salary mark as well.

Do you have any specific brokers you'd recommend? And did you just walk into a branch yourself or did you use a broker to get things moving?

Susan Baker6 said:Do you have any specific brokers you'd recommend? And did you just walk into a branch yourself or did you use a broker to get things moving?

Aton Services

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Edward Evans7 said:Aton Services

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Thanks for the heads up!

analogjackal11 said:I wonder if there's any way to set up monthly statements or whatever else to just hit my inbox automatically for a B-FREE account?

Nah, I don't think you can.

Is it actually possible to withdraw cash in installments using my Maestro checking account—specifically via Maestro cash—if my balance is already sitting in the red? I’m talking about being overdrawn by maybe $30 or $40. I already have this service approved, and I’ve used the installment option for cash withdrawals before, so I'm wondering if it still works when the account is technically negative.

Edward Evans7 said:Is it actually possible to withdraw cash in installments using my Maestro checking account—specifically via Maestro cash—if my balance is already sitting in the red? I’m talking about being overdrawn by maybe $30 or $40. I already have this service approved, and I’ve used the installment option for cash withdrawals before, so I'm wondering if it still works when the account is technically negative.

Since I ended up answering my own question: no, it isn't possible. The ATM just shuts you down with an "insufficient funds" message.

When you navigate to the "Maestro installments - check availability" option, it shows: approved: $0.00, available $0.00.

To make matters more confusing, I checked the balance on my dad's Citibank checking account at that very same ATM, and it displays: balance: $0.00, available: $1333. There isn't even an authorized overdraft on that account, so the math just doesn't add up for me.

Has anyone else who isn't an existing customer tried applying for one of their credit cards lately? I noticed they just rolled out a brand new application form on their website regarding those cards 🙂

Kevin Morris12 said:Has anyone else who isn't an existing customer tried applying for one of their credit cards lately? I noticed they just rolled out a brand new application form on their website regarding those cards 🙂

I went through the process myself, and they actually approved me in the end. I just filled out the online application for a Walmart card, and within an hour, a banker from my local branch called me up. They needed my ID and my most recent pay stub. Now, mind you, I already have a checking account with them, but I don't have my primary salary deposited there—it all goes to some US firm I do contract work for, earning roughly $1.50 bucks. My take-home is about $15,000. They ended up approving me for a $30,000 limit, which I assume is the ceiling.

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Edward Evans7 said:Since I ended up answering my own question: no, it isn't possible. The ATM just shuts you down with an "insufficient funds" message.

When you navigate to the "Maestro installments - check availability" option, it shows: approved: $0.00, available $0.00.

To make matters more confusing, I checked the balance on my dad's Citibank checking account at that very same ATM, and it displays: balance: $0.00, available: $1333. There isn't even an authorized overdraft on that account, so the math just doesn't add up for me.

So, were you guys actually trying to pull out cash on the installment plan or what?

Susan Baker6 said:So, were you guys actually trying to pull out cash on the installment plan or what?

It isn’t really a "request" situation; the bank just decides for you. When my first paycheck hit that account, they automatically approved an overdraft limit of three times my salary. Then, once my third paycheck cleared, they unlocked a Mozart installment option equal to one full salary. It’s all automated based on your history.

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Edward Evans7 said:It isn’t really a "request" situation; the bank just decides for you. When my first paycheck hit that account, they automatically approved an overdraft limit of three times my salary. Then, once my third paycheck cleared, they unlocked a Mozart installment option equal to one full salary. It’s all automated based on your history.

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I’ve actually got the Mozart installment plan too, but I honestly thought that was strictly for when you're swiping at a store! So you're telling me you can basically split up cash withdrawals into payments too?

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