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Are you looking to open a checking account or maybe take out a CD but you’re not sure which bank is best? Maybe you want to know whether JP Morgan Chase is a good bank or not. To help you with this decision we’ve compiled some ratings and reviews for JPMorgan Chase that look at the different services they provide, how they rank for things like customer service and overall bank experience.
JPMorgan Chase remains one of the largest banks across the United States and it has more services than many competing banks providing not just the standard checking and savings accounts but mortgages, auto loans, and credit cards. They earned recognition as one of the best banks for a standard checking account from NerdWallet in 2020.
The savings account has earned a 3.5 out of 5 star rating from NerdWallet because the annual percentage yield is only 0.01%. The account does however offer free overdraft protection which not every Bank offers. There is a monthly fee of $5 for these accounts which can be avoided if you maintain a balance of $300 or transfer at least $25 from your linked Chase checking on a monthly basis.
The checking account however comes highly recommended earning a rating of 4.5 out of 5 stars. There are several checking accounts ranging from very simple options to interest-earning options each of which provides you with Mobile Banking Solutions, the ability to pay bills online, and a secured debit card. There is a monthly fee of $12 but this can be waived if you have direct deposits worth $500 or more, or you maintain a balance of $1,500. They offer bonuses for signing up with a new account, and the current bonus for 2020 is a $200 bonus on the total checking accounts.
The chase CD has a particularly low rating from NerdWallet, only 1.5 out of 5 stars because the rates are particularly disappointing especially compared to other Banks. Your 1 year APY on a Chase CD is only 0.01%.
The company has earned a 3.5 out of 5 star rating from NerdWallet for offering sign-up bonuses on checking accounts, having almost 5,000 branches with 16,000 ATMs across the nation, easy to use website and mobile application that can handle most banking matters online, as well as how easy it is to avoid the monthly fee on the savings accounts.
They have earned a lot of regard for the banking experience they offer because they have such a large network not just of ATMs but of branches which means you can go into different branches physically when an issue is severe enough. They also have a very easy to use mobile app and website that can handle almost all of your banking needs. More importantly they use Twitter to answer consumer issues with real customer service representatives responding on Twitter as well as on the telephone.
The downside is that they do have low rates on the savings accounts which are easily beat by competing banks, a $2.50 fee for using any non Chase ATM, and high monthly fees on the checking accounts.
Chase customer service reviews paint a picture of representatives who seem willing to help and say that they will find resolutions to customer problems but lack a sincere follow through on those solutions.
One customer noted, “My debit card was recently hacked, for the fourth time this year, this last time I had $1900 stolen from me and Chase has done nothing to get my money back. I’ve had to open a claim 3 separate times and they said they will no longer open my claim.”
Smaller issues having to do with account problems, changing something within your account settings, things of that nature are dealt with swiftly and efficiently but getting someone from customer service who has the authority to follow through on a potential solution seems challenging.
Consumers complain about sign-up bonuses. In fact, it is these signup bonuses that make the company so popular because new customers looking for even a basic checking account are often enticed by the bonuses although there is a lot of fine print that has to do with signing up other people or adding additional accounts in order to get the amount advertised. This level of misleading and otherwise deceptive sales practices have led to consumer complaints.
According to Consumer Affairs, complaints have to do a lot with unexpected fees especially the overdraft fees. They’ve also seen a lot of issues with fraudulent activity on account which results in immediately blocking or locking accounts, something that of course harms customers who still need to get to their account while also handling a claim for the fraudulent activity. Other complaints have to do with similar issues where a mistake resulted in not only loss of money but a serious decrease on consumer credit scores, something that has been particularly tricky to rectify in a timely fashion, with most customer service representatives unable to offer solutions.
If you have a complaint against JPMorgan Chase, maybe something similar to those complaints above, and you aren’t getting a solution to your problem, we can help.
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