Reuters is reporting that JPMorgan Chase is planning to open 500 new branches over the next three years to serve communities without existing access (or ‘underrepresented areas’. In addition 1,700+ existing branches will receive renovations. Some of the new branches will be located in Boston, Charlotte, the area surrounding Washington D.C., Minneapolis and Philadelphia.
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Will they have 5/24 counseling services available at branches?
Years ago I went into a Chase bank branch to inquire about pre-approved card offers for me. When I asked about my approval odds, the banker specifically mentioned one of the most common reasons for denial being having 5 or more new cards opened in the last two years, and that I shouldn’t worry about credit score too much. So I suppose they already offer 5/24 counseling service, at least in select branches.
They’ve actually been closing branches in Southern California. About 10-15 years ago Chase (and Starbucks) branches spread like wildfire here, to the point where they were often separated by only 2-3 minutes drive or 10-15 minutes walk. (Oddly enough, they could have easily given up on the branch that burned down after a car crashed into it, but they decided to rebuild it.)
However, most of the newer branches have at most one teller on duty at any given time — sometimes none. The “officers” won’t pitch in, even if they apparently have nothing better to do.
If by “officers” you mean the ones sitting at desks, they are actually bankers and by law can no longer handle cash. So can’t fill in for missing tellers. Thank federal regulations for that.
“The bank’s new branches will typically have a consultative area for customers to have a private conversation and will not use the teller line as the main focal point, Chase Consumer Banking CEO Jennifer Roberts told Reuters.”
I have no idea what that means.
I have a regional bank that built an elaborate new building (at least from the outside). You walk in and see some offices and a few video screens. Not a single teller window to deal with a teller in person. The screens operate like ATM or the screens at drive up windows. You can ‘see’ and talk with a teller there, but I don’t even know if they’re in the same building or somewhere remote. The first time I saw it, I asked one of the Loan Managers how to get to a teller. He said go to our other branch. I did so, and closed my accounts.
.
Yeah I’m against the screens too. Next step is the people behind the screen are offshored.
I had a similar experience, where I was advised to visit another branch unless an ATM could meet my needs.
Although, I believe since they state “will not use the teller line as the main focal point” they are referring to a different format. A Chase branch closer to me does have tellers but they are not visible when you enter the building. Straight ahead of you are screens/atm’s. Off the the right there is a hallway created with partitions. You walk down the hallway to access a little area with 2, maybe 3 tellers.
It felt like they were trying to discourage you from using live tellers.
They been opening up branches in Arkansas. Clearly they know how to make money from retail banking unlike others.
0.01-0.02% interest on your $25,000+ deposit coming soon to a Chase branch near you!
It’s the brand name that sells.
As someone who has worked in the local bank, so many people would rather bank with large banks like BOA/Chase and pay a lot of fees when a local bank/credit union offers same/better service for almost no fees. I’ve seen people wait in BOA lobby for 2 hours to meet a banker when the bank on the other side of the road I worked at would have no wait time. We had everything BOA offered but very few clients. Remember Wells Fargo fiasco few years back? People still bank with them. I’m sure more than half of the customers they cheated are still banking with them.
does US government bail out small banks?
small banks and cu typically have quite a few hoops to jump though like membership or some sort of relative relationship that big banks don’t require
No, but your money is equally insured. No one chooses a bank thinking, oh, yes, I want to open account in this bank because this bank will not fail (unless you’re obviously loaded)
Small banks have literally no hoops to jump and yes, all credit unions have some requirement but just for living or working on a city/county, you are already qualified for 5+ credit unions unless you are in a rural area where it’ll be lesser obviously.
The government showed in 2008 that they’ll save the big players in times of crisis. People feel their money is safer with them.
Bank customers (especially WF ones) are truly in an abusive situation.
True. People trust big names. For good reason too. Big banks have a larger branch footprint. They have more lucrative credit card products which can be managed from the same profile as the checking. They are more likely to stay in business rather than smaller banks who can be bought or merge. Another big thing is when Covid hit or when there was a shutdown, big banks are more likely to be able to provide assistance or things like a paycheck advance for those who didn’t get paid during the govt shutdown.
It’s crazy to keep bundles of money at a bank paying dismal interest. However, keeping your checking account there with 3 months of pay has the above benefits if using a big bank. CDs at big banks tend to be in line with average
So, you are not aware of co-op branches of credit union. It’s basically a network of 1800+ credit unions acting like your own where you can deposit/withdraw money like your own branch. Quick search shows there are 5400+ branches where I can do transactions like my own credit union. So, that large branch number argument is not a factor anymore.
Regarding credit card product, how much annual fee will a big bank charge for a Travel card paying 3% back on travel expenses and free TSA precheck? My credit union offers with no annual fee. Actually there are only 2 credit cards that offer free TSA precheck with no annual fee and both are offered by credit unions.
I’m not saying big banks are not great. They offer good things too. My original comment is about high number of uninformed people flooding over to big name bank just for the name and no benefits. I bank with big banks too but for my benefits and pay no fees.
I only care about the size of the bank/cu if I’m getting a cc. I wouldn’t want to waste a HP or “new tradeline” mark on my credit report and take the risk that the cc will not exist in a few yrs.
We’re probably in the minority, but I think that churners wouldn’t care about the convenience of managing a cc in the same portal as the ck/sav acct. We have so many accts already that it just doesn’t matter. LOL.
For actual ck/sav accts, I don’t care how small the bank/cu is, probably bc I do my banking online. The smaller bank/cc do make me nervous when I’m doing MS, though.
I have a local credit union account for depositing MOs.
I don’t get the fanaticism over CUs I see in financial communities. Large banks have WAY better online interfaces (which is where I do almost all of the rest of my banking) and generally massively wider footprints. These two factors alone make the choice abundantly obvious to me, and there are other benefits other commenters mention. Plus I never get any fees, and the once or twice I do by mistake I ask nicely and they waive them.
The fascination with CU is because they are inherently better for general public. You, me we are outliers who know how to avoid fees and make banks work for us. But there are millions of everyday folks who pay monthly account fees, statement fees, ATM withdrawal fees and numerous other fees to big banks which could have been avoided if they were with CU. Most people don’t know about CU or how they work for customers and not shareholders. Just because you are well off doesn’t mean everyone else is.
From my 4+ years of churning, I honestly don’t see many big banks having a WAY better online interface. A lot of them (Truist, Shiti) have been just as mediocre as some credit unions. Hell, some of the credit unions had better online interfaces than the big banks. Overall, I think Chase is probably the best, followed by Wells.
I would expect more from these big banks that have, I assume, huge teams dedicated to their browser/app interfaces. Not to mention, the millions that they’re dumping into said technologies.
And Andie already mentioned the credit unions footprint, so that’s a non-issue. Co-op branches of credit unions is essentially a network of 1800+ credit unions acting like your own where you can deposit/withdraw money like your own branch.
Billions. There’s lots behind the scenes and massive amounts of legacy technology debt. You’re correct in your assessment as a consumer that Chase is the best of the major 4. That’s true broadly and beyond the front end UX you see.
Smaller institutions are on top of middleware and often have service providers for development.
Credit unions have a ton of fees lol. especially for atm usage when any good online bank reimburses you for atm surcharges and don’t charge their own.
I recently traveled internationally and guess what I used my Credit Union debit card for ATM withdrawals, paid no fees at all.
I have Chase and BOA debit card but I can’t imagine using them. Even BOA gives me fee free ATM in US but not internationally.
I mean not all Credit Unions are created equally but my CU is far better than Chase and BOA in all aspects.
If Chase really wanted to increase access to banking, maybe they should’ve started by removing the 5/24 limitation. Let us get more cards!
I approve of this message.
Close all Walgreens, open bank branches. For the “under represented”. So they can store their money.
They use Amscott
Less pills, more bills!
and have less physical things they can steal
Hopefully us in HI get a branch. The in branch only offers would be nice to apply for.
Are you in the Honolulu miles & points group?
The big banks have never invested in Hawaii. Wouldn’t expect them to now.
You already live in Hawaii. You can’t have everything.
“Coming soon to this Chase Bank branch: You’ll be able to turn more than your car around here.”
Are there that many boomers left going into banks?
clearly enough to have “in branch only” offers still a thing
Maybe to try to upsell you?
Some things can only be done in branch. Business accounts mostly. I don’t go often and would prefer never to go but sometimes I don’t have a choice. And in branch has a high amount ATM I’ve had to use a few times.
But it doesnt have to be that way, i got a business account from some banks totally online, i never really need to go to the branch
It depends on your needs. Cash deposits, cash withdrawals. Some in branch offers.
There are plenty of reasons to visit a branch that dont require you to be a boomer. Your comment is simple minded.
I’m not a boomer and still have to go to B&M banks for in-branch bonuses. Not to mention, I have family and friends that still give me cash, so I need to deposit it somehow.
You can deposit cash at many ATMs. I’m assuming you get bills, not coins.
It depends on the atm. Citi atms will count the money you put in and ask you if it is correct. If not they give you your money back. As long as there is immediate confirmation on the screen with an emailed or printed slip, it’s not a problem.
IDK. If my bb and srv cards weren’t shut down, I’d still be at the ATMs withdrawing and dep into my bank acct.
Last I checked the boomers are still the ones making the dough that needs stored.