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.
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.
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.
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.
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.
