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prosperopedia · 5 years

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Chase Bank

Chase Bank Summary

Chase Bank (part of JP Morgan Chase & Co.) is the largest bank in the United States in terms of assets. Chase has the second most branches (5,193) of any bank in the United States. Only Wells Fargo has more locations (5,930) than Chase.

Chase’s core banking products, like most other banks, include both personal and business checking accounts. It also offers basic, low-risk, low-interest savings accounts, where depositor’s savings are stored in CDs (certificates of deposit).

Chase also provides credit to account holders in the form of revolving credit, such as credit cards and home equity lines of credit (HELOC), as well as installment loans for buying a home (mortgages), a car, and lines of credit and loans for small businesses.

For investors, Chase offers several options, including self-direct investing using their online You Invest program, where you can educate yourself and choose the investment instruments you want to use. Chase also provides investment help through its network of in-house local investment advisors who work out of the various Chase branches.

Chase Bank Locations

Chase’s 5,000-plus branch locations are spread throughout the United States, but (as you can see from the image below) there are significant gaps in Chase branch office coverage, including in two states in the West (Wyoming and New Mexico), several states the north central part of the country (Montana, North Dakota, South Dakota, Minnesota), in the Midwest (Iowa, Nebraska, Kansas, and Missouri), a few states in the Northeast (Maine, New Hampshire, Vermont, and Rhode Island), and in several states in the South (Arkansas, Tennessee, North Carolina, South Carolina, Mississippi, and Alabama). There are also no Chase branches in Alaska.

Where Do You Need Access to a Local Branch?

If you are planning to use Chase for day to day banking activities, it’s important to understand and plan for which local banking services you might need access to on a regular basis, including in the area you reside as well as where you might need access when traveling.

I found this out recently when I was surprised (after setting up accounts and using Chase for personal and business accounts for several years in Utah) to find that there was no Chase bank branch in the Nashville, Tennessee area. I needed to get a cashier’s check for a foreclosure auction I attended. Instead of getting a cashier’s check in Utah and hauling it across the country (which can be nerve-wracking, since remedying a lost cashier’s check can be complicated), I was hoping to stop by the local Chase branch in Nashville. But, since there are no Chase locations in all of Tennessee, I had to take a riskier approach.

Chase Bank Ratings

There are several websites that publish ratings of banks online. Below are some summaries of Chase Bank’s ratings published by a few of the most popular bank rating sites.

NerdWallet Editorial Staff (Overall Rating: 3.5 out of 5)

NerdWallet’s editorial team gives Chase bank a 3.5/5 star rating, citing pros that include its large network of branches and ATMs, the ease of avoiding a fee on Chase’s basic checking account (one of its most popular uses), and offers provided by Chase to open or deposit money into savings and checking accounts. Cons listed by NerdWallet include high monthly fees (in situations where you are obligated to pay them) and low interest rates on their savings and checking accounts.

NerdWallet Consumers (Overall Rating: 1.9 out of 5)

NerdWallet users were not so kind in their reviews of Chase, with their collective rating at a 1.9/5.

ConsumerAffairs: (Overall Rating: 1.5 out of 5)

ConsumarAffairs users rate Chase Bank poorly, with an overall score of 1.5 out of 5. The complaints listed there range from overdraft fees to poor customer service to a website redesign that is hard to follow.

While Consumer Reports doesn’t give a specific score in their assessment of Chase, they did report that in their survey of 72,000 Consumer Reports members, Chase had a higher customer satisfaction rating than both Bank of America and Wells Fargo. In the same article, Consumer Reports summarizes that smaller bank institutions generally scored higher than nationwide ones like Chase.

My Own Experience with Chase Bank

I have been a customer of Chase Bank since 2015, including having personal and business checking and savings accounts, and some investment accounts there. I’m actually in the process of shopping around for another banks for a number of reasons.

I originally moved several of my accounts to Chase because my local bank (Bank of American Fork in Utah) was consistently rejecting wire transfer payments from customers I had outside of the United States. Also, Bank of American Fork charged a fee of $35 per wire transfer going out, and $10 per incoming wire transfer. I needed a bigger, national bank that could accept payments that smaller local banks (at least the one I was using) apparently struggle with.

I was initially impressed with Chase when my wife and I went to set up new accounts and transferred nearly $100,000 into them from our Bank of American Fork accounts. Besides checking and savings accounts, we set up a couple credit cards for personal and business uses. Our transfer of assets from Bank of American Fork to Chase resulted in a net of over $1,000 in perks.

Soon after we set up our accounts at Chase, we were approached about becoming private clients, which would involve moving retirement accounts from AXA. We were told that private clients get white glove service. At the time we were planning to move out of the country, and we were sold on the idea that Chase’s dedicated phone number for private clients was the best way to get priority customer service.

When we set up our Chase accounts, our account rep was highly knowledgeable and very responsive.

Over time, the honeymoon with Chase has worn off, although I would still recommend them for lots of people. Here are some of the concerns we’ve had as we’ve banked with Chase over the past few years.

Lack of Customer Service: We found it next to impossible to reach someone at the local branch and via the private client line. That lack of customer service proved to be very frustrating, especially since there were some things set up incorrectly with our account that made it difficult for us to access our money while we were out of the country in Costa Rica. Even our local Chase representatives had difficulty getting help from the corporate support team, both when we were in the local office attempting to get things done as well as when we called in remotely.

After experiencing a few somewhat urgent situations during which we couldn’t get in touch with anyone to help us, our friendly account manager gave us his direct number and promised to be responsive. During the time he was our account manager, he was responsive. But recently he moved to a different position with Chase, and that responsiveness went with him. The other two involved in helping us set up our private client (VIP) account are also gone, which makes it feel like a lot of the energy we were greeted with once upon a time is now gone.

In the past several months, even when my wife and I have had appointments with account representatives, there have been times when we have waited for a half hour before having to leave with our matter still unresolved.

Sloppiness: Within the past year, some fraudulent (or potentially simply mistaken) checks were written from one of our checking accounts. When we reported it and it was investigated, it was assumed that one of the tellers accidentally gave another local customer (the checks were written to and deposited by a company within 20 minutes of our house) some counter checks that were attached to our checking account.

It was a bit of a hassle to close down that account over the ensuing month or two, and there were payments (including from our monthly Chase card balance) that bounced. Chase has been good about crediting late fees and interest in that case, but the sloppiness has taken some time and energy to correct.

Social Activism: Last June as I was using the ATM at my local Chase location, the transaction ending screen popped a message supporting LGBT Pride Month. The message was an assumption that everyone believes (or should believe) in that agenda. Like the majority of Christians, I personally am strongly opposed to the promotion of homosexuality and other behavior that I consider to be sinful and detrimental to individuals and to society generally. I found out, by calling Wells Fargo and looking into the social views of other banks, that national banks appear to be “required�� to go along with that narrative, which makes most of their social positions opposite of mine and other Christians.

“Nationwide” Has Its Limits: I mentioned earlier that although Chase has over 5,000 locations, there are some parts of the country where Chase is not accessible, including in Tennessee, where I’m planning to move my family soon. I will need to change banks for that reason alone. For anyone who needs access to a branch in any of the 21 states where Chase doesn’t have a local presence, having your daily financial needs serviced by a bank account with Chase obviously won’t work.

Chase Bank Pros: As with most companies, even though Chase’s corporate commitment to customer service seems lacking, there are some helpful, friendly people we’ve encountered in our local branch.

Also, we’ve been please with the promotional offers provided by Chase to sign up for credit cards (which we needed for newly opened businesses anyhow) and for checking and savings accounts.

Current Status: My family and my businesses still use Chase for several accounts that have well over $100,000 (which seems to be their threshold for treating you like you’re important) in value, but we will be moving our accounts soon for some of the reasons stated above. If we weren’t moving to a state where there is no Chase branch, we might leave some of the accounts where they are, but it’s convenient for us to make a complete switch instead.

Conclusion

Like most large companies, Chase has its strong points as well as its weak ones. It struggles with customer service issues, but if you learn how to work within your system, you can make it work. Also, before committing to being a Chase customer, you should make sure that their location map works for your needs.

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robertomessi311-blog · 7 years

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Budgeting in Spain

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Not every person retiring or emigrating to Spain has the funds to lead a millionaire's lifestyle in Marbella. On the contrary, many individuals have the intention of leading an extra easy life, also along the Costas. Nevertheless, however the reality results from an absence of info as well as little planning, many individuals find that the costa living (excuse the pun) could be on the same level with that of back home and sometimes much more!Preparation your allocate a brand-new life in Spain must happen prior to you have actually also left the UK. Be imaginative as well as plan for the most awful instance scenario. Certainly, everyone's economic situation will certainly be different but people should make an allocation for the following as well as just what ever else enters your mind.Removals.Trips.Employing an auto up until you buy one. JP ma home sales Acquiring a vehicle.Guaranteeing it as well as spending for it to be put in your name, oh yes you have to pay for that!Leasing up until you have located somewhere to get or your off strategy has actually been released the Certificate of Profession.Storage for your belongings whilst you are renting.Furniture and all the job associated with your brand-new house.School charges.Clinical Costs.The checklist is limitless. During the settling in period of about 6 months, individuals new to their life in Spain waste so much money before they ultimately obtain their bearings. You will feel like you are on holiday till you come to be immune to the attractive weather as well as notification that your bank balance has plunged. Young family members and also pairs that need to gain a revenue ought to be really cautious as regretfully several are required to return to the UK each year due to a mix of misfortune as well as impractical expectations.The complying with are some pointers to help to prevent unnecessary excess investing. It could be open secret for some people who are a lot more aware of the shore but I am sure it will certainly profit as pointer.Discover Spanish. If you can communicate in Spanish it opens doors for you, less costly ones! You are less most likely to be ripped off and also you will certainly have the ability to feeling possibly costly scenarios.Bear in mind that for a lot of services you pay a costs to have somebody talk with you in your language, it is all component of the spent for service. As an example, a clean as well as coiffure in a Spanish stylists where you will be expected to communicate in Spanish could cost you 8 euros, in a comparable beauticians where a member of the personnel could communicate with you in basic English it will certainly set you back fourteen but if you desire the opportunity of having your hair washed and styled by British hands, you could expect to pay around twenty.Beware out there, market doesn't necessarily equate economical. When buying fruit make certain the items on display screen are labelled with a price. It is not unheard of for individuals to pay as long as 9 euros for a kilo of strawberries. Which advises me, come to be acquainted with the statistics system as it is the only system made use of in Spain!Unlike in the UK, where we are complying with the US with economic climates of range and also good quality retail bargains, when products economical in Spain, it usually indicates they are bad high quality. For example, you could buy a tee shirt from Tesco or Primark and the top quality is sensible and it will probably last a minimum of a season. However, in Spain, you will be fortunate if a low-cost leading lasts a couple of washes.Keep an eye on your food buying costs. There is a certain supermarket which stocks British brands at extortionate rates. Adapt your consuming practices as well as you can conserve on your own tons. You do not should get Kingsmill bread; there are Spanish equivalents. Look into Mercadona which is great value as well as excellent top quality. Their very own brand name foods are excellent. I particularly advise their Tiramisu in the dessert chiller. Okay, their selection isn't really overwhelming, yet they supply every little thing that you need as well as their stores are a workable dimension. You find that you eat more healthily without being tempted by a selection of ready dishes and also you get your buying done in half the time.Eating out could be another cash drainer if you do not know the locations to visit. Do not go to the noticeable touristy haunts. Drive half a hr to a hr inland as well as try a "venta", where a family of four could enjoy a tasty Spanish home made style food preparation for just fifty euros.Obviously, it is all trial and error however maintain your wits concerning you. I locate that the most effective bargains are constantly to be had if you follow the Spanish. Enjoy where they shop and also go out to consume and also you shouldn't go too incorrect.

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