Update 11/7/19: Kansas City & Leawood branch is now open.
Update 3/13/19: CNBC has some information on new branches. They will be in: Charlotte and Raleigh, North Carolina; Greenville, South Carolina; Kansas City, Kansas; Minneapolis; Nashville, Tennessee; Pittsburgh; Providence, Rhode Island; and St. Louis.
Update 08/20/18: Chase is now listing four branches in D.C. as opening soon:
- McPherson Square: 1401 New York Ave, NW Washington, DC 20005
- Park Rd and 14th St: 3100 14th St NW Washington, DC 20010
- Anacostia MLK Jr Ave and W St SE: 2200 Martin Luther King Jr Ave SE, Washington, DC 20020
- Minnesota Ave and Clay: 3900 Minnesota Ave NE, Washington, DC 20019
- Clarendon Wilson Blvd: 2825 Wilson Blvd Arlington, VA 22201
- 1111 New Jersey Ave SE (Navy Yard/Capitol Riverfront)
Hat tip to Yet Another Redditor.
Update 04/19/18: Chase has made an official announcement. They are going to:
- Open 70 new branches and hiring up to 700 new employees, including veterans, in northern Virginia, Washington, D.C. and Maryland – 20 percent will be in low-to-moderate income communities, such as Wards 7 and 8 in Washington, D.C., Baltimore, and Prince George’s County, Maryland
- Committing $4 billion over five years for regional home and small business lending
- Increasing lending to construct and maintain affordable rental housing by nearly 50 percent to $500 million over five years in the region including low-to moderate income communities
- Increasing the philanthropic investment from $10 million to $25 million to drive inclusive economic growth in the region
Hat tip to probablyinpearls
Chase said they plan to expand into 15 to 20 new markets. They are also pursuing three branches in Nevada, California around the Lake Tahoe area where they currently don’t have any branches. Via jnuzzi08
Original post: JPMorgan Chase has announced a $20 billion five year investment “help its employees, and support job and local economic growth in the United States”. From our hobbies perspective the most interesting part of this announcement is that they will be expanding their branch network into new U.S. markets. They intend to 15-20 new markets and in several states where they don’t currently have branches (Washington D.C., Boston, Philadelphia are specifically mentioned as areas they want to expand into). This is significantly for two main reasons:
- The popular Chase $300 checking & $200 savings bonuses require the accounts be opened in branch. Business checking bonuses are also usually in branch only.
- You can bypass the Chase 5/24 rule when you’re pre-approved for a card in branch.
A lot of people just travel to their nearest branch to complete these deals, but having a nearby branch just makes it so much easier.
The St. Paul, Minnesota branch opened on Wednesday. This is now the second location in Minnesota. https://locator.chase.com/mn/saint-paul/1039-grand-ave
This is also a Chase Private Client location.
luv the isolated (very) Chase branch here in Charlottesville…. (on the corner at UVA, right next to the storefront police station there) Parking is a nightmare though…. (even late at night) In this area, the idea that you have to pay to park to do banking is a …. well, rare need. Still, good to have them nearby, and hope they add more. (esp. at a time when BA, FU, and We’ll-Go-Far-With-Yr-$$ have all been shutting down branches all around the area)
I found the branch in Leawood but I can’t find a branch in KC. I don’t live there anymore but would be worth mentioning to family and friends.
Gosh, they’re like Starbucks, there will be one on every street corner. But for what value?
Finally coming to STL
Big news! I always thought about making the drive up into Illinois but never pulled the trigger.
I guess when you have gobs of other people’s money, you have nothing left to do – but to keep expanding.
But, if it helps the economy, even if only coincidentally, than that would be good, too.
Novel concept though in banking — to grow your bank by building your own new branches — rather than doing the Walk-all-ovya routine of buying up all the little customer friends banks, then having yourself swallowed whole…. all to the benefit of top mgmnt & supplicant investor class….. *sarcasm intended.
Side benefit…for customers in these areas using a non Chase ATM will be completely free while they build out their ATM networks there.
With this wonderful news, I don’t see Priority Pass lounges/restaurants or TSA Pre/Global Entry lines getting any less crowded in the future.
Probably explains why i got a few deposit accounts approved in NC/SC for P2-P4 in past 2 weeks
Expansion into NC made my day. Free $1200 for me. Thanks, Doc!