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JPMC bough First Republic and already I’m ready to leave. Fees are high and many, and there’s no direct relationship like there was with SVB or FRB. Just a ca

by gumby 2y ago

JPMC bough First Republic and already I’m ready to leave. Fees are high and many, and there’s no direct relationship like there was with SVB or FRB. Just a call center.

alephnerd 2y ago
Were you using FRB for private banking or commercial banking? Private/Relationship banking might be lackluster with JPM depending on your account size. Idk if I'd trust a non-FDIC insured bank and any bank that isn't Basel 1/2 compliant so most Neobanks seem too risky. They anyhow prefer to use state chartered banks which tend to be significantly more brittle than nationally chartered banks.
- gumby 2y ago
  I had both. I switched my personal to the Sanford credit union (I don’t keep a lot of cash in my account anyway). I’m not sure what to do about my startup’s account though. Chase doesn’t seem to understand startups anyway — you’re a small business or a big business. For the company’s money I want someone who gives a shit.
  - alephnerd 2y ago
    Makes sense. For your startup, check out HSBC as well then - a lot of SVB and FRB staff specialized in tech commercial banking switched there as well. Also maybe try and find where your former SVB banker with whom you had a relationship went - they could help with the transition and give you the care needed.
snotrockets 2y ago
The marketing I got from Chase after the buyout made me realize they may know what assets they got, but not what customers. True, I am not wealthy enough for Chase to care, but they send me marcom as if I had zero understanding of finance, to the point of it being offensive. I am in the process of moving my personal accounts out, to another bank who is willing to put me in the correct cohort (I realized I’m paying them ~$500/year for that btw. Which is very little considering the costs). My mortgage would stay at Chase, because of interest rates, and I’ll have to keep getting marcom that assumes I think of it as a IOU and not a financial instrument.

by gumby 2y ago

JPMC bough First Republic and already I’m ready to leave. Fees are high and many, and there’s no direct relationship like there was with SVB or FRB. Just a call center.

alephnerd 2y ago

Were you using FRB for private banking or commercial banking? Private/Relationship banking might be lackluster with JPM depending on your account size. Idk if I'd trust a non-FDIC insured bank and any bank that isn't Basel 1/2 compliant so most Neobanks seem too risky. They anyhow prefer to use state chartered banks which tend to be significantly more brittle than nationally chartered banks.

gumby 2y ago
I had both. I switched my personal to the Sanford credit union (I don’t keep a lot of cash in my account anyway). I’m not sure what to do about my startup’s account though. Chase doesn’t seem to understand startups anyway — you’re a small business or a big business. For the company’s money I want someone who gives a shit.
- alephnerd 2y ago
  Makes sense. For your startup, check out HSBC as well then - a lot of SVB and FRB staff specialized in tech commercial banking switched there as well. Also maybe try and find where your former SVB banker with whom you had a relationship went - they could help with the transition and give you the care needed.

snotrockets 2y ago

The marketing I got from Chase after the buyout made me realize they may know what assets they got, but not what customers. True, I am not wealthy enough for Chase to care, but they send me marcom as if I had zero understanding of finance, to the point of it being offensive. I am in the process of moving my personal accounts out, to another bank who is willing to put me in the correct cohort (I realized I’m paying them ~$500/year for that btw. Which is very little considering the costs). My mortgage would stay at Chase, because of interest rates, and I’ll have to keep getting marcom that assumes I think of it as a IOU and not a financial instrument.