JPMorgan Chase CEO Jamie Dimon, giving CNBC his take on what losing your house to foreclosure actually means. (via officialssay)
- Quote reblogged from kateoplis, via officialssay, and from CNBC
Why I bank at Chase. Why I am trying to leave Chase: Banking culture like this where, even when you are not in debt, they sure try to encourage it. I could not believe all the new fees they introduced to savings and checking accounts; surely they are purging all of their lower-earning account members. Bye-bye free checking (grandfathered-WaMu-checking-account be damned! …apparently)!
They did let us know, however that some things will not change, like how accounts are still being insured by the FDIC- a benefit to which one account-holder responded: “Well it’s nice to know Chase isn’t going to disobey federal regulations mandated by Congress in 1933, but I’m sure they would if they could!”.
What a bittersweet LOL…
And yet, the stream of credit card offers (and the variety of credit-related products) that I receive in the mail has been downright torrential.
Now-defunct WaMu looks like an angel in hindsight (although I have to say, I was really very satisfied then too!).
*Off to the local credit union*
But still… I am really interested in learning the reason why they are basically kicking low-wage earners to the side. I have to wonder what their long-term strategy is. Is it the risk liability?- does a denser cash base to draw from better guarantee their credit offerings to customers?
> NVM: CBS News gives a better picture on the low-earner “purge”: Ironically, it looks like new federal regulations that are set to protect those customers from being exploited for excessive penalty (and other) fees from banks is putting them at an disadvantage for opening a checking account as banks are now limited in the amount and types of fees they can collect from their account-holders. So now, according to the Associated Press, “banks are looking for alternative ways to squeeze money from checking accounts. That has meant the introduction of new fees for inactive or low-balance accounts that aren’t profitable for banks.”
