Anyone have experience with JP Morgan Chase?

Robin Bailey7 said:JPMorgan Chase just dropped their interest rates on Swiss franc mortgage loans by half a percent... which means starting November 1st, my rate should sit at around 5.45%... I have to say, I’m pretty thrilled about that outcome.🙂...they're even offering to convert everything over to USD without charging any fees.

Still, you should ask them what kind of hidden fees they're actually burying in the fine print.🙂

I’m probably not going to pull the trigger on a conversion at this exchange rate, unless it somehow dips down to $1.75... though I have a nagging feeling they’d find some way to hit us with extra fees regardless. 🙂

My interest rate was bumped up to 6.3% on November 1st, which is quite a jump from the 5.25% I had when I originally took out the loan.
I have to say, I am not happy about it at all!
It is true that they offer a whole variety of different options without charging any extra fees.
However, I really view those offers as nothing more than a temporary illusion of relief for people who are genuinely struggling to keep up with their monthly payments.

After sitting through two years of a fixed rate on my mortgage, I just found out my new interest rate is jumping to 7.65%. ☕
Honestly, I’m pretty sure that’s the highest rate any bank in the country is charging for home loans right now.
Am I totally off base here?
🤷

On top of that, the exchange rate is sitting at 7.5... when I first started paying this thing off, it was only 7.25.

Just great. 🙂

I need some help here. I’m heading down to JPMorgan Chase in a few days to withdraw my savings, but then this PIN arrives at my house in the mail. Now they’re telling me to pick up a card at the branch where I put the money.

What kind of card is this? Since when does a savings account come with a debit card?

At other banks I've used before, I just got an A4 printout showing exactly how much I deposited and the maturity date.

I remember when I first set up my savings account over at Wells Fargo, they gave me a PIN and a little cardboard card instead of a regular ATM chip card.
It just had my card number and my account details printed right on there.
So, I’d just take that card number and my PIN, head over to their login page, and I could see all my deposits, withdrawals, and fees pretty easily.
It was actually a pretty sweet setup, since you don't have to pay extra monthly fees for online banking just to check your balance like some other banks make you do.

The savings account isn't actually tied to the CD, but Citigroup has this incredibly interesting policy—typical for banks operating here in the States—of being aggressive wherever they can. They’ll try to shove a multi-currency account card down your throat along with your CD, acting like you'll suddenly need a place to park your cash once the term expires.
It wouldn't be such a headache if the account were free or at least cheap to maintain. Instead, these academics demand $20-$10 just to issue a Mozart card for the account (essentially just another useless piece of plastic in your wallet that you didn't want in the first place). Then, there's a monthly maintenance fee of about $1.50 for any month where a transaction occurs. To top it all off, they hit you with a $20-$10 closing fee.
So, if you decide to open a CD with them,$17 they're guaranteed to collect that fixed amount plus those extra fees during the months you use the account, even if you have absolutely no use for it.

It was probably a "no-brainer" for them to design a CD that automatically renews, where the funds are simply paid out on the spot when a client decides to terminate it.

I think they only recently introduced auto-renewing CDs (yay, welcome to 2012!) but you still have to hold their specific account to get it.
Personally, I don't think it's such a bad thing that they aren't trying to scam you with those fees, especially that $$10 charge for a chip card that you don't even need.

I wonder if you can just ask for a regular paper debit card instead of this chip one for the ATM?
For example, I have a foreign currency account over at the Federal Reserve, and I ended up returning my chip card since it wasn't working for online shopping anyway, so they just made me this paper version, and now I don't have to worry about any monthly maintenance fees regardless of how much I spend.

neondriver5 said:The savings account isn't actually tied to the CD, but Citigroup has this incredibly interesting policy—typical for banks operating here in the States—of being aggressive wherever they can. They’ll try to shove a multi-currency account card down your throat along with your CD, acting like you'll suddenly need a place to park your cash once the term expires.
It wouldn't be such a headache if the account were free or at least cheap to maintain. Instead, these academics demand $20-$10 just to issue a Mozart card for the account (essentially just another useless piece of plastic in your wallet that you didn't want in the first place). Then, there's a monthly maintenance fee of about $1.50 for any month where a transaction occurs. To top it all off, they hit you with a $20-$10 closing fee.
So, if you decide to open a CD with them,$17 they're guaranteed to collect that fixed amount plus those extra fees during the months you use the account, even if you have absolutely no use for it.

It was probably a "no-brainer" for them to design a CD that automatically renews, where the funds are simply paid out on the spot when a client decides to terminate it.

I think they only recently introduced auto-renewing CDs (yay, welcome to 2012!) but you still have to hold their specific account to get it.
Personally, I don't think it's such a bad thing that they aren't trying to scam you with those fees, especially that $$10 charge for a chip card that you don't even need.

Unless you're literally hauling cash in sacks—which wasn't my situation—you need an account just to receive transfers from other banks. I assume that was one of the reasons I ended up with an account number. As for a Mozart card, I never asked for one and never received one, though I'll admit I didn't dig much into the fees. I assumed they were negligible...

Quentin:

In my opinion, it’s actually a good thing if they don't nickel and dime you with extra fees, especially that $10 charge for a chip card you don't even need.

Are you certain you can dodge that Mozart card? They didn't even bother asking me if I wanted one, and I currently have two CDs over at the CIA. One is a standard CD, and the other is a Wells Fargo savings plan (4.25% @ 5 years)...

My mistake—it’s not a Mozart card, it's a high voltage Visa, a standard blue debit card, account number 32xxxxxxx, multi-currency.
When I set up my CD last year, they told me 🤷
was mandatory. Unfortunately, it’s not like I’m dealing with enough money to make manual transfers between banks a hassle; I’m not exactly terrified of moving funds around. You work for your money, you carry it wherever you want. Honestly, an average condo in Washington, D.C. could probably fit right in the pocket of a winter jacket 😁
. I’m not saying I’ll go broke because of $17; it’s more about the principle of having a card I have absolutely no use for.

neondriver5 said:My mistake—it’s not a Mozart card, it's a high voltage Visa, a standard blue debit card, account number 32xxxxxxx, multi-currency.
When I set up my CD last year, they told me 🤷
was mandatory. Unfortunately, it’s not like I’m dealing with enough money to make manual transfers between banks a hassle; I’m not exactly terrified of moving funds around. You work for your money, you carry it wherever you want. Honestly, an average condo in Washington, D.C. could probably fit right in the pocket of a winter jacket 😁
. I’m not saying I’ll go broke because of $17; it’s more about the principle of having a card I have absolutely no use for.

It’s possible the staff at the branch just didn't know what they were talking about. Last year I opened a basic CD, and this year I went with the Wells Fargo savings option, and I'm fairly certain neither case involved anything more substantial than a thin piece of plastic... if anything. So, no Mozart, no Visa, nothing special... probably just that multi-currency account I needed anyway to move funds around...

Nicole James said:I’m looking into moving a fairly substantial amount of money over to JP Morgan Chase, so I wanted to reach out and see if anyone here has any firsthand experience with them—specifically regarding their service quality and how "reliable" they actually feel in practice.

I’ve heard some whispers about certain scandals involving money laundering or those whole Zagorčev jewelry controversies and similar messiness... My main concern is, to what extent could that kind of stuff impact the actual security of my funds once they're sitting in their accounts?

Thanks in advance for any insight you can share.

So far, my experience has been great. They’re polite, and I have a savings account with them pulling 4.85% interest, which I think is pretty solid🙄 do you guys know of any banks offering anything higher?🤷

neondriver5 said:The savings account isn't actually tied to the CD, but Citigroup has this incredibly interesting policy—typical for banks operating here in the States—of being aggressive wherever they can. They’ll try to shove a multi-currency account card down your throat along with your CD, acting like you'll suddenly need a place to park your cash once the term expires.
It wouldn't be such a headache if the account were free or at least cheap to maintain. Instead, these academics demand $20-$10 just to issue a Mozart card for the account (essentially just another useless piece of plastic in your wallet that you didn't want in the first place). Then, there's a monthly maintenance fee of about $1.50 for any month where a transaction occurs. To top it all off, they hit you with a $20-$10 closing fee.
So, if you decide to open a CD with them,$17 they're guaranteed to collect that fixed amount plus those extra fees during the months you use the account, even if you have absolutely no use for it.

It was probably a "no-brainer" for them to design a CD that automatically renews, where the funds are simply paid out on the spot when a client decides to terminate it.

I think they only recently introduced auto-renewing CDs (yay, welcome to 2012!) but you still have to hold their specific account to get it.
Personally, I don't think it's such a bad thing that they aren't trying to scam you with those fees, especially that $$10 charge for a chip card that you don't even need.

I have their foreign currency cards, and they don't charge me any fees at all.🙄
Just to be sure, I'll give them a call tomorrow.🙂

Rachel Flores34 said:So far, my experience has been great. They’re polite, and I have a savings account with them pulling 4.85% interest, which I think is pretty solid🙄 do you guys know of any banks offering anything higher?🤷

Can you provide more details on that CD? Thanks.

Rachel Flores34 said:So far, my experience has been great. They’re polite, and I have a savings account with them pulling 4.85% interest, which I think is pretty solid🙄 do you guys know of any banks offering anything higher?🤷

The rates they're offering are honestly kind of a joke!
If you put $25,000 in a 12-month fixed CD, the rate is just 2.50%, and even their premium savings account is only at 3.04% APY.
Just for a quick comparison, Goldman Sachs offers an active savings account where you can make multiple deposits, and if you fix it for 12 months up to $25,000, you get 3.20%.
Citigroup interest rate
Goldman Sachs interest rate

Ryan Carter52 said:The rates they're offering are honestly kind of a joke!
If you put $25,000 in a 12-month fixed CD, the rate is just 2.50%, and even their premium savings account is only at 3.04% APY.
Just for a quick comparison, Goldman Sachs offers an active savings account where you can make multiple deposits, and if you fix it for 12 months up to $25,000, you get 3.20%.
Citigroup interest rate
Goldman Sachs interest rate

Your conclusion is flawed because you're comparing apples to oranges...
You claim their rates are "pathetic," yet the tables clearly show that if you deposit, say, $25,001, Goldman Sachs offers 3.35% while Citigroup gives you 4.05%, which invalidates your point. Besides, from what I can see, Goldman Sachs doesn't even offer terms longer than a year, which is a much bigger issue than a slight rate difference since a one-year fixed rate is practically variable these days. I’ve used Citigroup before for a 5-year fixed term with multiple deposits at 4.25%, and once for 3 years, where the rates were quite decent...

In this "direct" comparison, Goldman Sachs wins for small players under $2,500, but for anything from $5,000 upwards, Citigroup has the edge...
A 12-month deposit between $10,000 and $25,000 at Citigroup (assuming anyone at the FAA actually uses 12-month terms) is 3.60% fixed, so I'm not sure where you got 2.50% from...

Thomas Ortiz3 said:Your conclusion is flawed because you're comparing apples to oranges...
You claim their rates are "pathetic," yet the tables clearly show that if you deposit, say, $25,001, Goldman Sachs offers 3.35% while Citigroup gives you 4.05%, which invalidates your point. Besides, from what I can see, Goldman Sachs doesn't even offer terms longer than a year, which is a much bigger issue than a slight rate difference since a one-year fixed rate is practically variable these days. I’ve used Citigroup before for a 5-year fixed term with multiple deposits at 4.25%, and once for 3 years, where the rates were quite decent...

In this "direct" comparison, Goldman Sachs wins for small players under $2,500, but for anything from $5,000 upwards, Citigroup has the edge...
A 12-month deposit between $10,000 and $25,000 at Citigroup (assuming anyone at the FAA actually uses 12-month terms) is 3.60% fixed, so I'm not sure where you got 2.50% from...

Bravo, you have shown me the way!!
I guess someone sitting on $25,000 isn't going to be doing active saving, but rather just setting up an annuity and enjoying those monthly payouts.
Active saving is more for building up small amounts over time, so I was mostly looking at smaller sums rather than anything over $25,000, because, well, it's not like we're living in Switzerland where everyone is walking around town with $25,000 in their pocket!🤷
Besides, at Goldman Sachs, for instance, you can deposit any amount from $1 to $25,000 and get the same fixed rate of 3.25%, whereas if you look here, the rates for anything under $2,500 are quite different regardless of the term.

So, that's my take on the whole apples and oranges situation, and how I probably don't know much about anything. 🙏
And I won't even get started on how "safe" it feels to park large amounts of money in big, reputable institutions like Citigroup, when it seems like every other day there's some news story about embezzlement or financial scandals...

Quotes...

Ryan Carter52 said:Bravo, you have shown me the way!!
I guess someone sitting on $25,000 isn't going to be doing active saving, but rather just setting up an annuity and enjoying those monthly payouts.
Active saving is more for building up small amounts over time, so I was mostly looking at smaller sums rather than anything over $25,000, because, well, it's not like we're living in Switzerland where everyone is walking around town with $25,000 in their pocket!🤷
Besides, at Goldman Sachs, for instance, you can deposit any amount from $1 to $25,000 and get the same fixed rate of 3.25%, whereas if you look here, the rates for anything under $2,500 are quite different regardless of the term.

So, that's my take on the whole apples and oranges situation, and how I probably don't know much about anything. 🙏
And I won't even get started on how "safe" it feels to park large amounts of money in big, reputable institutions like Citigroup, when it seems like every other day there's some news story about embezzlement or financial scandals...

No worries, I'm happy to help... 😉.

Quotes...

Someone sitting on $25,000 isn't going to bother with active savings accounts; they’ll just opt for an annuity and live off the monthly interest payments...

You're mistaken; everyone runs their own math and there are no set rules. Perhaps some people prefer interest-bearing savings, but I have no idea what you're basing that claim on regarding the majority. I suspect there are plenty of people like me who have parked $50k or $100k in CDs and simply live off their monthly salary rather than capital gains...

Quotes...

Active saving is really just about accumulating small amounts over time...

What does "little by little" actually mean? It all comes down to the total amount and one's own circumstances...

Quotes...

I was talking about small amounts, not anything north of $25,000. This isn't Switzerland; you don't see people walking around every corner with $25k in their pocket...

You’d be surprised how many people around here are actually sitting on that kind of cash. But that’s beside the point. I was simply outlining exactly how much is on the line in the Goldman Sachs vs FAA dispute...

Quotes...

Take Goldman Sachs, for instance. You can deposit any amount from $1,000 up to $25,000 and get the exact same fixed rate of 3.25%. Now, just look at what they’re offering here for anything under $2,500, regardless of the term...

Of course, which is exactly why I mentioned you were drawing conclusions about the FAA by comparing apples to oranges. One bank might be a better fit for some, while others prefer a different one, depending on their timeline and how much they're looking to deposit...

Quotes...

So much for apples and oranges, and my complete lack of any real clue... 🙏 And I won't even start on how "safe" it feels to park large sums with supposedly reputable giants like Citigroup. Every other day there’s some new scandal in the news regarding embezzlement or financial misconduct...

I get the feeling you’re being a bit combative. My apologies if I inadvertently provoked you—though, frankly, I can't quite see what I did... 🤷
I never said you didn't have a clue; I simply stated that your conclusion was flawed, and I provided my reasoning...
If I’ve misstated anything, please quote the specific part you disagree with, though I’m fairly certain my interest rate figures were accurate.

As for Citigroup, they are owned by the government of Austria, and from what I can gather from the news, they aren't any more prone to scandals than any other major player. The real issues only surfaced back when the bank was under its previous ownership...

JPMorgan Chase is the absolute best bank to avoid if you value your sanity!
My wife ended up paying for some useless card service for two whole years—something she explicitly said "no" to right from the jump—but apparently, nobody there bothers to pass along a message or update their records... anyway, when I finally confronted them to demand our money back, they just looked me in the eye and told me we weren't getting a dime, and wouldn't you know it, the guy standing right next to me at the teller window was dealing with the exact same nightmare.
And don't even get me started on the sheer, unadulterated headache of trying to sort out the paperwork for a loan.
I’m sitting here holding onto this naive little hope that one day someone is actually going to dig through their books, expose all the shady business dealings they're running (which honestly sounds like something straight out of a true crime documentary), and finally give them the boot from America once and for all!

Our ongoing headache with JPMorgan Chase over this paid-off loan just keeps going.
My husband has lost count of how many times he’s dragged himself down to the branch to figure out why they haven't returned our vehicle title. Every time, the teller—the same guy who took the request and the notarized documents in the first place—just stares at him with this blank, pale expression.
After my husband repeats the whole situation, the guy actually tells him we were supposed to mail everything ourselves to their branch in a different city.
So, my husband explains—for the millionth time—that the teller specifically told us *not* to mail it, insisting everything had to be handed back to the bank in person. Only then does the guy finally remember. He opens his drawer, and there it is: our vehicle title and all the paperwork sitting right there, completely untouched. 🙂

He promised again that he’d send it out today and that it would arrive within a week at the latest.
It’s been two weeks now. We’re heading back to the bank tomorrow, but this time, we aren't talking to the teller; we’re going straight to the manager.