Interesting Call from Chase Bank

3,415 Views | 17 Replies | Last: 3 yr ago by txaggieacct85
txaggieacct85
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3:19p, 3/14/23
AG
I banked with Texas Commerce Bank way back until JP Morgan Chase bought them and I've been banking with Chase since then. I have all of my banking business with them, including my company.

During that time, I've never received a call from them like I did today. In fact, I'm not sure they've ever initiated a sales call.

This guy called from my local branch and asked if I had cash I wanted to invest. He then proceeds to tell me they have all kinds of products ... and mentions FDIC at least five times during the conversation.

hmm.

Chase is aggressively (at least for them) looking for people to park more cash there. I'm sure they see the opportunity with people bailing from smaller regional banks.

I laughed to myself and could see right through what he was doing.
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mosdefn14
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In reply to txaggieacct85 • 3:24p, 3/14/23
AG
At least they're calling (and not just emailing)

https://www.cnbc.com/2023/03/14/svbs-new-ceo-urges-clients-to-help-us-rebuild-our-deposit-base-.html
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txaggieacct85
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In reply to mosdefn14 • 3:28p, 3/14/23
AG
mosdefn14 said:
At least they're calling (and not just emailing)

https://www.cnbc.com/2023/03/14/svbs-new-ceo-urges-clients-to-help-us-rebuild-our-deposit-base-.html
a new government bank
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txaggieacct85
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3:34p, 3/14/23
AG
so Chase is indirectly contributing to the panic.
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not hedge
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In reply to txaggieacct85 • 4:04p, 3/14/23
They are taking advantage of the panic by throwing lines out to cast scared fish in. Smart move on whoever the person leading this operation is
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Cyp0111
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4:13p, 3/14/23
Chase has heard about your trading prowess and maybe they were trying to push you to take some chips off the table in a nice chase money market solution ?
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txaggieacct85
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In reply to Cyp0111 • 4:43p, 3/14/23
AG
Cyp0111 said:
Chase has heard about your trading prowess and maybe they were trying to push you to take some chips off the table in a nice chase money market solution ?
yeah he mentioned yielding a whopping 3% on a $100,000 CD. I'm jumping.
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12thMan9
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In reply to txaggieacct85 • 11:13p, 3/14/23
AG
txaggieacct85 said:
so Chase is indirectly contributing to the panic.
Or, maybe they have their own problems...........
Ronnie '88
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OldArmyCT
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In reply to txaggieacct85 • 4:43a, 3/15/23
AG
txaggieacct85 said:
Cyp0111 said:
Chase has heard about your trading prowess and maybe they were trying to push you to take some chips off the table in a nice chase money market solution ?
yeah he mentioned yielding a whopping 3% on a $100,000 CD. I'm jumping.
Beats a 4% from SVB.
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reineraggie09
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9:28a, 3/15/23
PeekingDuck
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9:54a, 3/15/23
AG
They called me after I moved some money around (to other internal Chase accounts). They obviously have triggers that tell them they need to check up to make sure their clients are super happy. They even had someone with local connections call me to show how in touch they were.
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reineraggie09
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10:03a, 3/15/23
AG
I preemptively called my banker on Monday. I'm about to make a couple large purchases and didn't need him freaking out that I was moving money out of the bank to another bank.
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txaggieacct85
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In reply to PeekingDuck • 11:43a, 3/15/23
AG
PeekingDuck said:
They called me after I moved some money around (to other internal Chase accounts). They obviously have triggers that tell them they need to check up to make sure their clients are super happy. They even had someone with local connections call me to show how in touch they were.
I don't think that's the case here. I'm been banking there forever and moved a lot of money around including my business account for years and they never initiated a call.

This was intentional and probably come down from higher ups at Chase.

The guy that called me seemed uncomfortable and it was obvious he was told to do this.
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SquareOne07
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11:43a, 3/15/23
AG
People are thinking more about FDIC now probably more than they have in a long time.

Our firm rolled out a 4.25% savings account a couple of months ago which followed the suit of many others doing the same.

Proactively reaching out to folks at a time like this seems to make sense to me. Customers have problems, banks and institutions have solutions.
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txaggieacct85
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In reply to SquareOne07 • 11:44a, 3/15/23
AG
SquareOne07 said:
People are thinking more about FDIC now probably more than they have in a long time.

Our firm rolled out a 4.25% savings account a couple of months ago which followed the suit of many others doing the same.

Proactively reaching out to folks at a time like this seems to make sense to me. Customers have problems, banks and institutions have solutions.
I didn't get any calls in 2008 during the banking collapse.
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SquareOne07
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In reply to txaggieacct85 • 11:52a, 3/15/23
AG
txaggieacct85 said:
SquareOne07 said:
People are thinking more about FDIC now probably more than they have in a long time.

Our firm rolled out a 4.25% savings account a couple of months ago which followed the suit of many others doing the same.

Proactively reaching out to folks at a time like this seems to make sense to me. Customers have problems, banks and institutions have solutions.
I didn't get any calls in 2008 during the banking collapse.


Were any banks offering interest rates on savings accounts in the 4+% range?
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SquareOne07
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In reply to txaggieacct85 • 11:54a, 3/15/23
AG
txaggieacct85 said:
I banked with Texas Commerce Bank way back until JP Morgan Chase bought them and I've been banking with Chase since then. I have all of my banking business with them, including my company.

During that time, I've never received a call from them like I did today. In fact, I'm not sure they've ever initiated a sales call.

This guy called from my local branch and asked if I had cash I wanted to invest. He then proceeds to tell me they have all kinds of products ... and mentions FDIC at least five times during the conversation.

hmm.

Chase is aggressively (at least for them) looking for people to park more cash there. I'm sure they see the opportunity with people bailing from smaller regional banks.

I laughed to myself and could see right through what he was doing.


And to this point, BoA just brought in $15B in assets since SVB collapsed. If the money is out there for the taking, are other banks wrong to be pursuing it?

https://www.advisorhub.com/bofa-gets-more-than-15-billion-in-deposits-after-svb-fails/?utm_medium=email&utm_campaign=NT%20MID%20315&utm_content=NT%20MID%20315+CID_5269f6c9a69cdcd2f0d57e6cfb30fe49&utm_source=CampaignMonitor&utm_term=BofA%20Gets%20More%20Than%2015%20Billion%20in%20Deposits%20After%20SVB%20Fails
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txaggieacct85
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In reply to SquareOne07 • 12:03p, 3/15/23
AG
I never said it was wrong.
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