JP Morgan Chase

Adam Sanders4 said:I recently decided to deposit a significant sum of money into a one-year certificate of deposit at JP Morgan Chase. It is my sincere hope that the returns will ultimately justify the trust I have placed in their institution.🙂

Oh, they totally will! I’ve been super happy with them... at least when it comes to my savings... as for anything else, who knows...
but for saving money? They're top-tier—honestly have some of the best rates out there right now. Currently, the only one even sniffing around them is Bank of America with a 5% rate, but that feels like a limited-time promo or something...

Does anyone here use JPMorgan Chase for online banking and making payments through sites like eBay or Amazon? I'm wondering if transactions generally go through without any issues, or if people tend to run into hiccups or failed payments.

JP Morgan Chase is the only way to go for savings, at least in my book.
As for anything else—I wouldn't know.
But if you're looking to save, I highly recommend them...

I guess you won't find much better interest rates on savings at JP Morgan Chase than what those smaller local banks like San Francisco, Cleveland, or BlackRock might offer.

But honestly, you can usually work things out with them if you need a hand, like how they were actually pretty helpful when I applied for my Mastercard and let me skip that whole credit report requirement they normally ask for.

Dark, you getting your paycheck through them or what?

I don't actually have a salary deposit there, I was just asking about their Mastercard options last month.
They were offering six months of free account management and online banking, but I ended up passing because they charge a fee to issue the debit card $6.75 so it doesn't really save me much in the end, I guess.

Anyway, what I meant to say is that they really try hard to win over new customers, and you can pretty much negotiate almost anything with them, which is something you'd probably never be able to pull off at a massive bank like JPMorgan Chase.

Ryan Carter52 said:I don't actually have a salary deposit there, I was just asking about their Mastercard options last month.
They were offering six months of free account management and online banking, but I ended up passing because they charge a fee to issue the debit card $6.75 so it doesn't really save me much in the end, I guess.

Anyway, what I meant to say is that they really try hard to win over new customers, and you can pretty much negotiate almost anything with them, which is something you'd probably never be able to pull off at a massive bank like JPMorgan Chase.

Honestly, the fact that they didn't ask for a pay stub doesn't seem like that big of a concession to me. By the way, speaking of the major players, I've never even had to send a payroll statement to Bank of America to get an American Express.

I guess they mentioned that it's a mandatory requirement if you're working for a small LLC, though I think they don't really ask for it with any of the larger corporations.
Regarding pay stubs, if you're getting your paycheck direct deposited through them or if you happen to have a pretty significant amount of savings sitting in your account there, then maybe they won't even bother asking for a pay stub at all.

Charles Ramos7 said:Honestly, the fact that they didn't ask for a pay stub doesn't seem like that big of a concession to me. By the way, speaking of the major players, I've never even had to send a payroll statement to Bank of America to get an American Express.

That’s just because you have your direct deposit set up there. The system sees those regular inflows and triggers the pre-approved credit limit automatically.

Smaller banks tend to panic about clients defaulting, so they overcompensate with a hundred different layers of bureaucracy.

I headed over to the Federal Reserve earlier today to sign some paperwork for a Mastercard application.
I guess they’ve rolled out this new system where you just tell them what your salary looks like, and they basically whip up an offer right there on the spot, letting you know immediately if you're approved and what kind of limit you might get based on your income.
Then, if you decide to go ahead with the card, I suppose you just move on to getting everything verified by your employer.

So you're getting paid through Kent, but you just went with a Mastercard at the Federal Reserve?

That’s pretty much it. I guess they don't really care where you get your paycheck from, as long as you show up with your most recent pay stub and have your employer sign off on an authorization form stating your average net pay over the last three months.
If you're looking at ways to secure things, there are basically three routes you can take:
1. A notarized wage garnishment agreement, though that usually comes with a fee of about $47 bucks or so.
2. Signing a blank promissory note at the bank, which is set for twice whatever credit limit they actually approve for you. There aren't any extra fees with that one.
3. Just putting aside enough savings to cover the full amount of the limit they give you.

So, it’s really just one of those three options.
I ended up going with them because, well, they aren't charging any enrollment or membership fees for the first year, plus they have that rewards points program, so I'll probably just see how everything plays out after a year.
Usually, they'll approve a limit equal to three times your net monthly income—including your commute allowance.
But, I think you might be able to bump that up to five times your pay, provided you don't already have an overdraft limit set up on your checking account somewhere else.