Spiderman home< to big to fail never fails.. you can actually live in luxury forever on the expense of the people and tax payers.. some people just outsmarted the rest of us!
I can never understand fining a company. If they stole money, then they should give it back. If they did something illegal, then people should go to jail. Just paying a fine over and over and over obviously means nothing when you have Scrooge McDuck money.
IMO they should have a fine on top of that stuff, and if the fine is for illegal practices then it should be at least 200% of whatever the revenue they made from those illegal practices were. Doesn't make sense for a company to make 10 billion dollars from illegal practices only to pay like 2 billion as a fine. There's nothing dissuading them from still doing illegal stuff.
The challenge is that in these situations its nearly impossible to pin the crime to the people responsible. Look at Enron and the shredding. The moment the SEC said "we're coming for you" the higher ups at Enron began shredding and destroying documents as fast as humanly possible. That made it extraordinarily difficult for the govt to pin stuff on them. The same thing was done in Activision-Blizzard just 1-2 years ago when california and the federal govt were coming after their HR records. "Oops, the records are gone!" If your crimes are THAT GREAT, then it's essentially preferable to just go to jail for destruction of evidence instead of the ACTUAL crime. Destruction of evidence will get you like a year in jail but parole for good behavior after a week. The actual crime of defrauding the nation would be decades in jail plus ALL your personal assets taken and sold. If you know for sure you're going to jail either way, then you take the path of less punishment and cop to destruction of evidence.
Just because the government backs them up, in typical cronyist fashion. Cronyism is responsible for the bad rep the capitalist system has on the younger generation who don't know better and just yelp "capitalism" at every cronyist excess. They should've been let to fail like they should've let companies like GM crash, and their carcasses picked by more responsible and smaller financial operations. I wouldn't be surprised to find out how heavily invested government goons are with JPMC at all. Until the nation (the people) forcefully hold the government, corporations and the media responsible, they are going to continue to swindle and shaft the nation as they see fit.
There's one more scandal that's happened recently which I think should've been mentioned. JPMorgan Chase has also been involved in shutting down the bank accounts and credit cards of political activists by contacting the individual's financial institution and threatening to halt payments for the company if the target account isn't closed. The lawsuits are still ongoing but Chase doesn't seem to have stopped the practice yet either.
@@SirBlackReeds Conservative activists may have been first, but leftists activists are their ultimate goal, and I don't mean Democrats or Liberals as they are always for the status quo, as both Republican and Democrat politicians receive donations (read bribes) from the banks amongst other industries.
@@SirBlackReeds That’s good to know that they discriminate against people they don’t like. I’ve never used them but after the video and this comment I definitely won’t start.
I've just started this, and I'm already dying for a full length dive into the history of both JP Morgan and Chase, let alone what happened once they merged/consolidated
I too would love to see a whole video essay on their history, and an indepth view of all their scandals. I knew they were a bad company, but just this summary view? A lot more and worse than I thought
JPMorgan has a pretty dark history that goes way to the 1800's.. They were one of the few banks that accepted slaves as collateral for loans before the Civil War and ended up owning thousands of slaves because of this when people couldn't repay those loans...
Yh that's terrible but slaves where property as sic as it was n they where worth money so it makes sence u coukd but them up 4 a loan smh that's a slavery issue more than banking issue btw I h8 bankers
While technically the Manhattan Company was founded as a water company it was commonly understood even before its charter was approved that it would function for all practical purposes as a bank.
Government: "We're going to fine you millions and millions of dollars." Chase: "We're too big to fail. Can you give us $12 billion if you're going to do that?" Government: "Good point. Here you go." #facepalm
@@juz4kix Splitting Ma Bell into Baby Bells didn't achieve anything positive for the consumer. Personally; I believe that the best corporate model would be a Regulated Monopoly. In which a company is permitted to have a monopoly in a particular sector (and make virtually unlimited profits), but is also forced to do the Government's bidding, for example by offering high wages to its employees and offering excellent customer service.
They shouldn’t be fined, people should go to jail and the government shouldn’t get the money from the fines, those fines should go to the people they harmed. What a corrupt system we have.
The funny thing is that they know when they do sketchy things, they will probably get fines. But those fines are miniscule compared to the profits they make doing them. It's just part of the cost of business to them.
I dislike this company with a passion. One of my wife & I’s first lines of credit was issued by chase. We had several years of building credit responsibly & during the 08 crisis they closed our account citing the economy in a letter. I can’t remember how bad of a drop our score was but they unfairly caused harm.
I worked at Chase from 2010-2012 and had to sell the “Chase Payment Protector” which basically caused the card member to pay additional fees on their balance they carry with the promise that it the card member were to have really bad luck (sick, dead, job loss…) then Chase might let you miss a payment or 2. I felt horrible. This would add $50-300 or more extra to their balances each month and I hated selling it. Luckily I can’t sell worth a darn so it didn’t happen too many times.
In 2011, I was the president of a small non-profit professional association and at one of our regular meetings we elected a new treasurer. When I went to the Chase branch with our new treasurer, I found out that the old treasurer had taken all our money and had somehow taken my name off the account. As president I was a signatory and no changes were supposed to be made without my signature. I can't tell you the hassle I went through to prove I was who I said I was. But they let her take all our money and take my name off the account without a word to me. I've hated Chase ever since.
@@Kc-qe5dv Not ignorance. She wouldn't have been able to do it if they hadn't allowed her to withdraw the money without my signature. The whole idea was set up to prevent this kind of thing.
I still think some are better than others. Ally Bank and Capital One don’t charge overdraft fees, which Wells Fargo and Chase do. Ally Bank and Capital One also offer far higher interest in savings accounts than Wells Fargo or Chase.
My Grampa used to work for Enron during that whole debacle. The one thing he's proudest of is the stress ball with a chunk out the ass end, it's a great symbol of what happened to Enron.
My mom worked for Arthur Anderson print center in Chicago. When the Enron fiasco went down, she was just celebrating her 25th anniversary with the company. Got a 32" TV for it.... then forced early retirement from the company... yeah...
@@ICEcoleman2k that's wild, I hope the retirement stuck! That much musta been semi-nice, bittersweet if nothing else! And a 32" back then wasn't much to scoff at , at least where I grew up ^^
@@Secho_0 No, it was not, the company spent money on their employees. She wasn't quite at retirement age yet, so she did some tax work for a couple of firms before retiring at 65.
I was a victim of that 2% to 5% minimum monthly payment increase on a fixed rate loan!! They (Chase) said I could go back to a 2% minimum payment if I rolled my 6% fixed rate loan to an 18% rate!!!
@@mbank3832 - I called customer service numerous times and complained. I eventually got somebody on the phone that finally restored my accounts, yes plural, back to what it was originally. I think the company finally realized it was not a good idea. I think I had about $50k owed. I had just started up my business, and being right after the 2008 meltdown banks weren’t loaning money, so credit cards were my only option at the time. At 6%, it wasn’t bad at all, however unlike a bank loan, the minimum payments were not cast in stone (contract) with credit cards, and that’s why Chase got away it. I haven’t, nor will I ever use Chase again after I got that money paid off in full back in 2015.
When I was getting a car loan a couple years ago JP Morgan was one of 3 banks that "selected" me. The rate they wanted to charge for the loan was 2 1/2 times higher than others. About 4 months after getting car loan with another bank JP Morgan "offered" to buy my loan from other bank but was shot down as they needed my consent to do so. I told my bank no and to tell JP Morgan to take a flying leap
I had a credit card with Washington Mutual with a 3.99% rate. When Chase bought them, they changed the monthly due date without notice. When I paid the bill the same date I always had, Chase told me I had paid late, and raised the rate to 29.99 percent. They were completely unwilling to discuss the situation or negotiate. Eventually I had to get a debt consolidation loan. I now bank with my local credit union. Never again with a big bank.
Holy crap. I have been with Chase with 12 years and never knew of these scandals. I never had any issues with them before but my goodness. How terrible
It’s been two months since I close my primary checking account and opened another where I was not charged ridiculous monthly fees for just using their services. No regrets so far.
@@GTRRSS The issue is human nature, not one particular bank or another. I've had nothing but positive experiences using Chase for like two decades; I'm not going to stop just because of a RUclips video.
I was a long time Chase customer until 2020. Finally made the cut over to Capital One. Not perfect, but better, especially from an interest rates perspective.
@@BeersAndBeatsPDX I like my credit union well enough, but their actual customer service is the very hottest garbage imaginable. Yet, it still doesn’t stink bad enough for me to go back to a a Chase or Bank of America.
@@BeersAndBeatsPDX eh big banks have their scandals. but their credit cards perks are too good to not do business with. would only use credit unions for loans if needed. big banks much better to bank with overall even with the scandals. they have more money to put in to user interface in their apps and giving perks with thier credit cards programs etc.
I remember watching the Enron scandal on TV every day after school as a kid instead of cartoons because I was an odd kid. Then years later Bernie Madoff and making the "Bernie Madoff with all the money" joke. That joke is not too big to fail.
The issue with a lot of the major banks, is they are to big or they are ideologically captured or doing shady deals. Which makes it really bad especially if they a large part of the economy and being paid out by the government for their shady or bad business dealings. Fortunately my banking is done with a credit union, which is less prone to what’s said above.
In 2007 my company had a credit line with Chase. Everything was fine until I needed to tap it to pay for some inventory. Then I was told that they pulled it the previous day--no warning. The explanation was that the bank wanted to get out of having retailers as clients. They didn't warn me because they were afraid that if I knew in advance I would have tapped it before they had a chance to lift it. (They were probably right about that.) We lost a lot of money in lost early payment discounts because of what they did. When I expressed "my opinion" about what they did all I got was a blank stare. I would think twice before signing up with them.
Fyi, i was a former chase employee and they tried to tell thier employees that we were only allowed ONE 10 minute break in an 8hr shift. That is illegal and were eventually sued for it and lost, thankfully. This is another reason why i changed my bank
Wtf?!! How are they still in business?!! Too big too fail is nuts! Very informative and crazy! I have 2 of their CCs since 2005 and never had any issues.
I work for JPMC. Great employer, but interesting to hear about the poor dealings from their past. One interesting story is that of WePay, a payment processor that was used during the Occupy Wallstreet movement by activists to transact funds without using the major banks. They made good software SDKs for transactions and whatnot, and then down the line, ended up getting purchased by JPMC. The irony of that isn't lost on me. 😅
Any other company would've gone under after billions in settlements and those lost with the gambler, but you realize how profitable and rich banks are that there practically unscathed.
I got refund on the credit monitoring case. Lol suddenly I get a paper check in the mail from them. I take it straight to the teller and asked is this a forgery or is this for real. They were like nope this is for real we owe you this money 🙃 I was like then ok let’s deposit it. Was able to get pay down one of my credit cards with the money.
I thought the Sherman Anti-trust Act was intended to stop a single company or an oligopoly from being so all-powerful, but I'm no lawyer. Still, it would help if it was still regularly enforced.
Chase shut down my banking account with them and never gave me a reason; just said I can no longer bank with them. That also screwed me with getting an Amazon credit card since it's through chase... over ten years later I applied for that credit card with Amazon. I hate this company
Every year they have multimillion $$$ settlements from lawsuits and yet ppl still bank with them. And even after all those settlements they are still a trillion dollar bank. Absolutely insane.
People simply don't know, I didn't. I think they might be using their money to cover up the lawsuits from the media. Keeping their reputation clean to the public eye.
I just opened an account with them recently because my old bank has become difficult to get to and deal with, and the bank before that was Wells Fargo, which..Man, no matter where ya go, you're dealing with scoundrels.
i had a checking account with Chase and during the covid situation I was out of work. So I wasn't using the account . And Chase closed my account. After three months I go to the bank and they claim that they gave my money to the state. With no notice to me or information of who has my money ? Im still fighting to find out where my money is. Time to go postal !!!
It got escheated to whatever state the account was opened in. And no, that is usually after an account goes into a dormant status after a few years of zero activity.
I had an account through Washington Mutual (whom I loved) from the mid '90s that got changed to a Chase account when WaMu got purchased in '08 - around which the circumstances are FISHY AS HELL. Anyway, we had Chase as a bank from '08 to about '14, part of which we lived overseas. Strangely enough, living overseas with a Chase account was actually really easy. No hiccups about cards not working or questions about transfers to other banks or whatever. Having such a big bank back home just smoothed over a lot of challenges we might have otherwise had. In '15 we changed over to a credit union, and while we miss some of the services that Chase had (the ability to exchange currency in the bank, safe deposit boxes and so on), I don't miss them and their constant fee-mongering one bit.
The Chase / Washington Mutual merger was conducted (literally) over a weekend at the behest of the Treasury Dept. because WAMU was insolvent and they were afraid that imminent bank runs on WAMU would start a panic that would bleed across the industry (the same is true of Bear Stearns fwiw). If it makes you feel any better, most of the fines incurred by Chase as a result of the mortgage backed securities 'scandal' was a result of WAMU mortgage activity that Chase became liable for as a result of the merger.
I originally banked with Washington Mutual until it was acquired by Chase. I continued banking with them until I came into any problems...which I never really had any to this date. But my observation was that the 2000's saw many of the more ruthless big banks bought out the smaller more ethical banks. In comparison tho, I've known more people who had been screwed over by Bank of America than any other bank!
Always go to a credit union. Chase will begin to charge your account for not having enough in the bank. Student rate is $6 a month and $12 a month for regular accounts. THERE ARE NO TRACKING NUMBERS ON THEIR ACCOUNT CHARGES.
Are you literally that tone deaf? A HUGE chunk of chase’s customers, including me, do not have good paying jobs like that in this country. We do not get to work California wages. We are trying our hardest but not every state is that privileged. It is absolutely predatory policy to do that to people just barely scraping by. Especially when there is no tracking number or info attached to the transaction. Again, it is better to support a local credit union which does not have those fees. They are literally better all around. My checking account makes money while my Chase account took money.
Most shocking thing to me is JP Morgan Chase (the overall company and not it's subsidiaries) was only founded in 2000 and they're now one of the largest banks in the world. To anyone wondering, the largest bank in the world is actually the national bank of China. Between having the world's largest population, car production, product production, most profitable game in the world (Honour of Kings), and bank branch, what the hell is it with China and having the most of a certain category in the whole world?
I worked at chase card services in 2006. I quit after 3 months of seeing them cheerlead upselling useless card monitoring services and paying huge bonuses to us for the sales and low interest balance transfers - rates which ballooned from a single late arrival of payment. This was before people did banking on their phones so late was common just due to the mail or holidays oftentimes. The culture there was so incredibly greedy and infantile.
I am currently in process of closing my account with them because of some real issues. I've been with them for over 10 years. And its sad that they seem to look at me as a number than a person. (1) I got a check that was held because they questioned if the company meant to give me, a black woman a check for this amount. Then, they held it for amount 20 days. (2) On another occasion, they held a check for 5 days then told me once they decided to hold it longer, they can extent it his they see fit. And the customer service rep was so unprofessional. (3) The same day, I told him that I wanted to do the survey at the end of the call, he didn't want me too. He then, told me I couldn't do it. Just tell him what I wanted to say. And fast forward a few hours. Someone tried to fraud my BOA account. And I'd mentioned to the last rep that I am closing this account soon as this check clears, because I have Bank of America anyway. It was a real coincidence the same day the rep and I have a disagreement and I want to report my experience, someone reaches out and try to get into my BOA. #BYECHASE
My vendetta with JPMorganChase goes all the way back to the 1990s. I was a customer of Manufacturers Hanover, a great bank that allowed little working class dudes keep smallish amounts of cash in their checking if they had direct deposit. I did that. But I always also liked to go through the big bronze doors at 270 Park Avenue. We called it MannyHanny. Welp, two mergers later it was Chase Manhattan. All the perks for the average saver disappeared. High minimums required in all the accounts, closing of branches, huge fees. MannyHanny was dead and a garbage behemoth that eventually became JerkPissMorganFace took its place.
Wow, great video! I had a bank account with them, and a credit card. I've never had any problems with them. As a matter of fact I loved them and was annoyed that the state that I moved to didn't have a branch. I had direct deposit and was rarely charged an overdraft fee. It was almost as if they held processing until my weekly deposit went in. If I was charged one it was always reversed. That was over 10 years ago however. On the subject of banks, there was a bank called Dime Savings Bank, where in elementary school (I'm showing my age here, I think) all of us would deposit a dime into our savings account weekly. What happened to that bank?
Great video as always! With the impending split up of EY, any thought on doing some videos on the Big 4? Would be interesting to see the consolidation of accounting and consulting firms over the years.
I have two chase credit cards and a checking account with them. I personally haven't had any issues with them, but the alternatives in my area unfortunately are Wells Fargo and Bank of America.
Washington Mutural took over Great Western, which was my bank. I wasn't a fan of Wasington Mutual, but kept my account with them. But, wasted no time, closing my account, the minute JP Morgan took over.
I had a free checking account with Bank One that got absorbed into Chase soon after. They kept trying to get me to open different non-free accounts but I kept that grandfathered account for over 15 years until I quit my job and couldn’t maintain the minimum. I switched to an independent online bank with no regrets.
If it were you are me, we'd be drawn, quartered, tarred and feathered. However, since JP Morgan's a big bank, "It's Okay...," until people are either fed-up or savvy to sue. 🙄
I have been a member of Chase for close to 10 years; and the only real issue I have is that they are pretty stingy when it comes to credit limit increase requests.
My biggest interaction with JP Morgan Chase is that several month period a few years back when Google Maps would always tell you if a turn you were going to make was near a Chase Bank. I assume it was some advertising deal they had or something.
I would love to see a whole video essay on their history, and an indepth view of all their scandals. I knew they were a bad company, but just this summary view? A lot more and worse than I thought
I'm a chase customer, never had a problem with them. I actually like banking with them, but I see how crooked they are. It's a shame a lot of people praise their credit cards as some of the best along the lines of American express cards
The flip side of that statement is lot of AMEX cards frankly aren't great and people joke Platinum is just an overpriced (695/yr annual fee) coupon book. (When Platinum began offering a complimentary walmart+ membership, people joked maybe next they'll offer soda upgrades at McDonald's too!) I'd say Chase is just more clever with bonus offers/muscle in getting cards in people's hands, while AMEX just assumes people will use their cards because they're AMEX. Otherwise their concierge lines are likely similar in quality, but I'd think AMEX has them beat on disputing a charge.
I was given a $1000 check that could have really helped me. JP Morgan closed my account and we have no idea where the money is anymore. Had to crack it up to reason to end capitalism. #votegreenparty
$3 trillion in assets, when I remember it was a big deal when the National US debt hit $3 trillion. Company Man should do a video on “US Government Economy; Why It’s Going Bankrupt”.
Chase like most big banks of that size believe the rules don't apply to them. They paid more in fines in the last 20 years then most companies will pay in a century.
I hate how companies think they have a right to be evil just cause they have a better product/service than their competitors. I think we should be looking at the failure of the govt to enforce justice instead of these corrupt companies who’ll keep on doing what they do without fear of consequences.
![Chino Pacas - Smith (ft. Junior H & Fuerza Regida) [Video Visualizador Oficial]](http://i.ytimg.com/vi/BVK6k56X30Y/mqdefault.jpg)
Court: "You owe $26B in damages."
JPM: "Smithers, get my checkbook out of my front pocket."
unfortunately
JPM: "Oh and, I'll take that statue of justice, too."
Court: "Sold!"
😅😅😅 Good one
Spiderman home< to big to fail never fails.. you can actually live in luxury forever on the expense of the people and tax payers.. some people just outsmarted the rest of us!
I can never understand fining a company. If they stole money, then they should give it back. If they did something illegal, then people should go to jail. Just paying a fine over and over and over obviously means nothing when you have Scrooge McDuck money.
IMO they should have a fine on top of that stuff, and if the fine is for illegal practices then it should be at least 200% of whatever the revenue they made from those illegal practices were. Doesn't make sense for a company to make 10 billion dollars from illegal practices only to pay like 2 billion as a fine. There's nothing dissuading them from still doing illegal stuff.
The challenge is that in these situations its nearly impossible to pin the crime to the people responsible. Look at Enron and the shredding. The moment the SEC said "we're coming for you" the higher ups at Enron began shredding and destroying documents as fast as humanly possible. That made it extraordinarily difficult for the govt to pin stuff on them. The same thing was done in Activision-Blizzard just 1-2 years ago when california and the federal govt were coming after their HR records. "Oops, the records are gone!" If your crimes are THAT GREAT, then it's essentially preferable to just go to jail for destruction of evidence instead of the ACTUAL crime. Destruction of evidence will get you like a year in jail but parole for good behavior after a week. The actual crime of defrauding the nation would be decades in jail plus ALL your personal assets taken and sold. If you know for sure you're going to jail either way, then you take the path of less punishment and cop to destruction of evidence.
Fining is another revenue stream for the government and we all know how much they love getting more money to embezzle and waste.
"Laws" are for poor people.
@@drfarrin the higher ups all need to go to jail for “destruction of records”
It just goes to show how profitable banking is. All of these scandals and settlements, yet banks are bigger than ever.
The "historic" fines the feds brag about are usually a week's profit, just the cost of doing business.
Buying politicians is much more cost effective compared to taking smaller profits.
Just because the government backs them up, in typical cronyist fashion. Cronyism is responsible for the bad rep the capitalist system has on the younger generation who don't know better and just yelp "capitalism" at every cronyist excess. They should've been let to fail like they should've let companies like GM crash, and their carcasses picked by more responsible and smaller financial operations. I wouldn't be surprised to find out how heavily invested government goons are with JPMC at all.
Until the nation (the people) forcefully hold the government, corporations and the media responsible, they are going to continue to swindle and shaft the nation as they see fit.
Exactly why I’ve been investing in JP Morgan and have made tens of thousands
@@TheDeviousLight For how long? Looking at it they have a good P/E ratio atm but I'm sure that's because of recession fears
There's one more scandal that's happened recently which I think should've been mentioned. JPMorgan Chase has also been involved in shutting down the bank accounts and credit cards of political activists by contacting the individual's financial institution and threatening to halt payments for the company if the target account isn't closed. The lawsuits are still ongoing but Chase doesn't seem to have stopped the practice yet either.
They work and are by all means another branch of the government. That sadly doesn't surprise me...
Probably targeting conservatives, no doubt
Conservative activists to be exact.
@@SirBlackReeds Conservative activists may have been first, but leftists activists are their ultimate goal, and I don't mean Democrats or Liberals as they are always for the status quo, as both Republican and Democrat politicians receive donations (read bribes) from the banks amongst other industries.
@@SirBlackReeds That’s good to know that they discriminate against people they don’t like. I’ve never used them but after the video and this comment I definitely won’t start.
I've just started this, and I'm already dying for a full length dive into the history of both JP Morgan and Chase, let alone what happened once they merged/consolidated
Watch "the men who built America" on History channel. But has a lot about JP Morgan and his life and business ventures.
Sadly we just got a big hate speech on the company instead…
I too would love to see a whole video essay on their history, and an indepth view of all their scandals. I knew they were a bad company, but just this summary view? A lot more and worse than I thought
JPMorgan has a pretty dark history that goes way to the 1800's.. They were one of the few banks that accepted slaves as collateral for loans before the Civil War and ended up owning thousands of slaves because of this when people couldn't repay those loans...
Bruh
I'm surprised more banks didn't do that
@@Stopfollowingmeplz8 I'm surprised banks don't do that now
Yh that's terrible but slaves where property as sic as it was n they where worth money so it makes sence u coukd but them up 4 a loan smh that's a slavery issue more than banking issue btw I h8 bankers
facts
I love how this is titled "a controversial history" and it's just 11 minutes straight of JPMorgan Chase being evil.
Other than a little in the beginning, that the 11 minutes was just from 2008.
They are evil
While technically the Manhattan Company was founded as a water company it was commonly understood even before its charter was approved that it would function for all practical purposes as a bank.
Government: "We're going to fine you millions and millions of dollars."
Chase: "We're too big to fail. Can you give us $12 billion if you're going to do that?"
Government: "Good point. Here you go."
#facepalm
Too big to fail = too big to exist. Break them up like Ma Bell.
@@juz4kix Splitting Ma Bell into Baby Bells didn't achieve anything positive for the consumer.
Personally; I believe that the best corporate model would be a Regulated Monopoly. In which a company is permitted to have a monopoly in a particular sector (and make virtually unlimited profits), but is also forced to do the Government's bidding, for example by offering high wages to its employees and offering excellent customer service.
More like... if we fail, YOU fail. Which is an extremely big conflict of interest.
The fact they have spent that much on various settlements and STILL have money to be the biggest US bank is mind boggling.
Those settlements are a lot to us but nothing to them… there just a slap on the wrist
They shouldn’t be fined, people should go to jail and the government shouldn’t get the money from the fines, those fines should go to the people they harmed. What a corrupt system we have.
The funny thing is that they know when they do sketchy things, they will probably get fines.
But those fines are miniscule compared to the profits they make doing them.
It's just part of the cost of business to them.
“Behind every great fortune there lies a great crime.” Honore de Balzac
Never forget to Honore de Balzac... sorry, I'm high and that was too funny to me
Some of this company's controversial history is worthy of an "American Greed" ep.
I dislike this company with a passion. One of my wife & I’s first lines of credit was issued by chase. We had several years of building credit responsibly & during the 08 crisis they closed our account citing the economy in a letter. I can’t remember how bad of a drop our score was but they unfairly caused harm.
I worked at Chase from 2010-2012 and had to sell the “Chase Payment Protector” which basically caused the card member to pay additional fees on their balance they carry with the promise that it the card member were to have really bad luck (sick, dead, job loss…) then Chase might let you miss a payment or 2.
I felt horrible. This would add $50-300 or more extra to their balances each month and I hated selling it. Luckily I can’t sell worth a darn so it didn’t happen too many times.
The fact that the pre-video ad was for Chase is far beyond ironic😂😂😂
In 2011, I was the president of a small non-profit professional association and at one of our regular meetings we elected a new treasurer. When I went to the Chase branch with our new treasurer, I found out that the old treasurer had taken all our money and had somehow taken my name off the account. As president I was a signatory and no changes were supposed to be made without my signature. I can't tell you the hassle I went through to prove I was who I said I was. But they let her take all our money and take my name off the account without a word to me. I've hated Chase ever since.
You gonna hate on one bank due to one person/employee. Pure ignorance
@@Kc-qe5dv Not ignorance. She wouldn't have been able to do it if they hadn't allowed her to withdraw the money without my signature. The whole idea was set up to prevent this kind of thing.
@@Kc-qe5dv commenting in this thread before it is revealed that this "one employee" is CEO and got his cut xD
Even their logo looks like the eye of a storm
In the 2000s a Chase branch had a $10,000 bill in the vault which was moved to a display. The branch manager was glad to be rid of it.
he only wants to see the $10M notes
Let be real any bank has a controversial history
@TheHandsomeLife
Hmmmmm...........tiny maybe
Like saying Dems and Repubs are different
I still think some are better than others. Ally Bank and Capital One don’t charge overdraft fees, which Wells Fargo and Chase do. Ally Bank and Capital One also offer far higher interest in savings accounts than Wells Fargo or Chase.
My Grampa used to work for Enron during that whole debacle. The one thing he's proudest of is the stress ball with a chunk out the ass end, it's a great symbol of what happened to Enron.
My mom worked for Arthur Anderson print center in Chicago. When the Enron fiasco went down, she was just celebrating her 25th anniversary with the company. Got a 32" TV for it.... then forced early retirement from the company... yeah...
@@ICEcoleman2k that's wild, I hope the retirement stuck! That much musta been semi-nice, bittersweet if nothing else! And a 32" back then wasn't much to scoff at , at least where I grew up ^^
@@Secho_0 No, it was not, the company spent money on their employees. She wasn't quite at retirement age yet, so she did some tax work for a couple of firms before retiring at 65.
I was a victim of that 2% to 5% minimum monthly payment increase on a fixed rate loan!! They (Chase) said I could go back to a 2% minimum payment if I rolled my 6% fixed rate loan to an 18% rate!!!
Are you able to get your money back at the end or were you screwed?
@@mbank3832 - I called customer service numerous times and complained. I eventually got somebody on the phone that finally restored my accounts, yes plural, back to what it was originally. I think the company finally realized it was not a good idea.
I think I had about $50k owed. I had just started up my business, and being right after the 2008 meltdown banks weren’t loaning money, so credit cards were my only option at the time. At 6%, it wasn’t bad at all, however unlike a bank loan, the minimum payments were not cast in stone (contract) with credit cards, and that’s why Chase got away it.
I haven’t, nor will I ever use Chase again after I got that money paid off in full back in 2015.
When I was getting a car loan a couple years ago JP Morgan was one of 3 banks that "selected" me. The rate they wanted to charge for the loan was 2 1/2 times higher than others. About 4 months after getting car loan with another bank JP Morgan "offered" to buy my loan from other bank but was shot down as they needed my consent to do so. I told my bank no and to tell JP Morgan to take a flying leap
🙌💪
I had a credit card with Washington Mutual with a 3.99% rate. When Chase bought them, they changed the monthly due date without notice. When I paid the bill the same date I always had, Chase told me I had paid late, and raised the rate to 29.99 percent. They were completely unwilling to discuss the situation or negotiate. Eventually I had to get a debt consolidation loan. I now bank with my local credit union. Never again with a big bank.
Holy crap. I have been with Chase with 12 years and never knew of these scandals. I never had any issues with them before but my goodness. How terrible
It’s been two months since I close my primary checking account and opened another where I was not charged ridiculous monthly fees for just using their services. No regrets so far.
How terrible!!! *keeps using their services*
@@Kushpatel9047 I've been using Chase for like over two decades and have been charged a single monthly fee.
@@GTRRSS The issue is human nature, not one particular bank or another. I've had nothing but positive experiences using Chase for like two decades; I'm not going to stop just because of a RUclips video.
to be honest all the big banks are bad. Just choose whoever gives you personally the best deal/best service
It’s a good day when Company man drops a new vid
Why does this company still exist? No human would still be free after so many serious crimes!
"Too big to fail'
So they paid a few billion on settlements, but they made a few trillion in those dealings. So much for 'crime doesn't pay'.
I remember the Bank One merger because for my baseball fans the Diamondbacks used to play at Bank One Ballpark but then it was changed to Chase Field.
Similarly, while it was before I moved to this city, we had a Bank One Tower that turned into the Chase Tower. It's now Salesforce.
I remember when that stadium was built. And also remembered my class went on a field trip to tour the stadium just before it opened
@@azrailfan2717 That sounds really cool, having a stadium with a pool is wild. I know it's Phoenix but still.
I was a long time Chase customer until 2020. Finally made the cut over to Capital One. Not perfect, but better, especially from an interest rates perspective.
Switch to a local credit union and drop the big banks all together
Yeah that still doesn't help. Get out of the banks and into a credit union.
Yup. Credit unions all day. No fees and much more trust worthy. I use capital one for my business but everything else is credit union.
@@BeersAndBeatsPDX I like my credit union well enough, but their actual customer service is the very hottest garbage imaginable. Yet, it still doesn’t stink bad enough for me to go back to a a Chase or Bank of America.
@@BeersAndBeatsPDX eh big banks have their scandals. but their credit cards perks are too good to not do business with. would only use credit unions for loans if needed. big banks much better to bank with overall even with the scandals. they have more money to put in to user interface in their apps and giving perks with thier credit cards programs etc.
I remember watching the Enron scandal on TV every day after school as a kid instead of cartoons because I was an odd kid. Then years later Bernie Madoff and making the "Bernie Madoff with all the money" joke. That joke is not too big to fail.
*Video Idea-* “Toyota Prius: The Rise & Fall”
If he's gonna do a car brand, he should do pontiac or oldsmobile
Do a CSX vs Norfolk Southern vs Union Pacific vs BNSF comparison video! That would be interesting to see the 4 different dominant railroad companies.
The issue with a lot of the major banks, is they are to big or they are ideologically captured or doing shady deals. Which makes it really bad especially if they a large part of the economy and being paid out by the government for their shady or bad business dealings. Fortunately my banking is done with a credit union, which is less prone to what’s said above.
credit unions are the way of the future
you can’t even spell the word “too”. stop trying to sound woke 🤦🏽♂️
In 2007 my company had a credit line with Chase. Everything was fine until I needed to tap it to pay for some inventory. Then I was told that they pulled it the previous day--no warning. The explanation was that the bank wanted to get out of having retailers as clients. They didn't warn me because they were afraid that if I knew in advance I would have tapped it before they had a chance to lift it. (They were probably right about that.) We lost a lot of money in lost early payment discounts because of what they did. When I expressed "my opinion" about what they did all I got was a blank stare. I would think twice before signing up with them.
Someone should show this to Bill Burr lol
I've never done business with JPMC, but I've seen all of these scandals go marching by and I still wonder how are they still in business.
Fyi, i was a former chase employee and they tried to tell thier employees that we were only allowed ONE 10 minute break in an 8hr shift. That is illegal and were eventually sued for it and lost, thankfully. This is another reason why i changed my bank
I got fired last April from Chase because I didn't show up to work after i had a tooth broken and numbed half my face... go figure.
@@Hal0d98 sorry to hear that. Believe me, you will find a MUCH better place. It was an awful experience to work at chase
@@DaemonetteLeilu19 I worked there for almost 5 years. It really hurts because I loved the company despite its flaws.
Wtf?!! How are they still in business?!! Too big too fail is nuts! Very informative and crazy! I have 2 of their CCs since 2005 and never had any issues.
@@katsudon2048 LOL
I work for JPMC. Great employer, but interesting to hear about the poor dealings from their past. One interesting story is that of WePay, a payment processor that was used during the Occupy Wallstreet movement by activists to transact funds without using the major banks. They made good software SDKs for transactions and whatnot, and then down the line, ended up getting purchased by JPMC. The irony of that isn't lost on me. 😅
Their poor dealings are ongoing, here, in the present. If you have a conscience, you should not work for them.
i never knew about the Chase scandals, i’ve used Chase bank for years and never had problems with them and helped me a lot
Any other company would've gone under after billions in settlements and those lost with the gambler, but you realize how profitable and rich banks are that there practically unscathed.
10:25
Legal counsel has advised me not to answer this question.
I got refund on the credit monitoring case. Lol suddenly I get a paper check in the mail from them. I take it straight to the teller and asked is this a forgery or is this for real. They were like nope this is for real we owe you this money 🙃 I was like then ok let’s deposit it. Was able to get pay down one of my credit cards with the money.
I thought the Sherman Anti-trust Act was intended to stop a single company or an oligopoly from being so all-powerful, but I'm no lawyer. Still, it would help if it was still regularly enforced.
Chase shut down my banking account with them and never gave me a reason; just said I can no longer bank with them. That also screwed me with getting an Amazon credit card since it's through chase... over ten years later I applied for that credit card with Amazon.
I hate this company
Anytime money gets involved, controversies arise
I just accepted that there aren't any good banks and switched to a credit union several years ago.
Name an ethical bank. Just like...one of them. better yet, name an ethical company anywhere NEAR Chase's size.
The bank that contains my sperm.
Credit unions have less scandals
@Arch9Defender Easy, you're wrong.
Every year they have multimillion
$$$ settlements from lawsuits and yet ppl still bank with them. And even after all those settlements they are still a trillion dollar bank. Absolutely insane.
People simply don't know, I didn't. I think they might be using their money to cover up the lawsuits from the media. Keeping their reputation clean to the public eye.
I just opened an account with them recently because my old bank has become difficult to get to and deal with, and the bank before that was Wells Fargo, which..Man, no matter where ya go, you're dealing with scoundrels.
How is this bank still open? I don't understand how a company is still able to function with all of these scandals.
Who says algorithms can’t have a sense of humor; I got an ad prior to watching the video for Chase Auto Finance 😂
i had a checking account with Chase and during the covid situation I was out of work. So I wasn't using the account . And Chase closed my account. After three months I go to the bank and they claim that they gave my money to the state. With no notice to me or information of who has my money ? Im still fighting to find out where my money is. Time to go postal !!!
It got escheated to whatever state the account was opened in. And no, that is usually after an account goes into a dormant status after a few years of zero activity.
I had an account through Washington Mutual (whom I loved) from the mid '90s that got changed to a Chase account when WaMu got purchased in '08 - around which the circumstances are FISHY AS HELL. Anyway, we had Chase as a bank from '08 to about '14, part of which we lived overseas.
Strangely enough, living overseas with a Chase account was actually really easy. No hiccups about cards not working or questions about transfers to other banks or whatever. Having such a big bank back home just smoothed over a lot of challenges we might have otherwise had.
In '15 we changed over to a credit union, and while we miss some of the services that Chase had (the ability to exchange currency in the bank, safe deposit boxes and so on), I don't miss them and their constant fee-mongering one bit.
The Chase / Washington Mutual merger was conducted (literally) over a weekend at the behest of the Treasury Dept. because WAMU was insolvent and they were afraid that imminent bank runs on WAMU would start a panic that would bleed across the industry (the same is true of Bear Stearns fwiw). If it makes you feel any better, most of the fines incurred by Chase as a result of the mortgage backed securities 'scandal' was a result of WAMU mortgage activity that Chase became liable for as a result of the merger.
They were probably forced to be problem-free due to stricter foreign banking standards.
I originally banked with Washington Mutual until it was acquired by Chase. I continued banking with them until I came into any problems...which I never really had any to this date. But my observation was that the 2000's saw many of the more ruthless big banks bought out the smaller more ethical banks.
In comparison tho, I've known more people who had been screwed over by Bank of America than any other bank!
Idk I think Wells Fargo could give BoA a run for their money in how many ppl they’ve fucked over.
Always go to a credit union.
Chase will begin to charge your account for not having enough in the bank. Student rate is $6 a month and $12 a month for regular accounts.
THERE ARE NO TRACKING NUMBERS ON THEIR ACCOUNT CHARGES.
There’s ways to avoid those charges though
Yeah by having at least $4000 in each account at all times.
That’s predatory and I’d rather bank at a credit union that doesn’t charge for anything.
Yeah by having at least $4000 in each account at all times.
That’s predatory and I’d rather bank at a credit union that doesn’t charge for anything.
@@flourchild9186 $1500 or having direct deposit from your job. It’s really easy to avoid 🤷🏻♂️
Are you literally that tone deaf?
A HUGE chunk of chase’s customers, including me, do not have good paying jobs like that in this country. We do not get to work California wages. We are trying our hardest but not every state is that privileged.
It is absolutely predatory policy to do that to people just barely scraping by. Especially when there is no tracking number or info attached to the transaction.
Again, it is better to support a local credit union which does not have those fees. They are literally better all around. My checking account makes money while my Chase account took money.
Most shocking thing to me is JP Morgan Chase (the overall company and not it's subsidiaries) was only founded in 2000 and they're now one of the largest banks in the world. To anyone wondering, the largest bank in the world is actually the national bank of China. Between having the world's largest population, car production, product production, most profitable game in the world (Honour of Kings), and bank branch, what the hell is it with China and having the most of a certain category in the whole world?
I worked at chase card services in 2006. I quit after 3 months of seeing them cheerlead upselling useless card monitoring services and paying huge bonuses to us for the sales and low interest balance transfers - rates which ballooned from a single late arrival of payment. This was before people did banking on their phones so late was common just due to the mail or holidays oftentimes. The culture there was so incredibly greedy and infantile.
I am currently in process of closing my account with them because of some real issues. I've been with them for over 10 years. And its sad that they seem to look at me as a number than a person. (1) I got a check that was held because they questioned if the company meant to give me, a black woman a check for this amount. Then, they held it for amount 20 days. (2) On another occasion, they held a check for 5 days then told me once they decided to hold it longer, they can extent it his they see fit. And the customer service rep was so unprofessional. (3) The same day, I told him that I wanted to do the survey at the end of the call, he didn't want me too. He then, told me I couldn't do it. Just tell him what I wanted to say. And fast forward a few hours. Someone tried to fraud my BOA account. And I'd mentioned to the last rep that I am closing this account soon as this check clears, because I have Bank of America anyway. It was a real coincidence the same day the rep and I have a disagreement and I want to report my experience, someone reaches out and try to get into my BOA. #BYECHASE
Great video! You should do a video on FANDOM/Wikia. They have been very anti-consumerist quite a lot.
It was funny that the ad on this was a chase ad lol! Great video as normal!!
My vendetta with JPMorganChase goes all the way back to the 1990s. I was a customer of Manufacturers Hanover, a great bank that allowed little working class dudes keep smallish amounts of cash in their checking if they had direct deposit. I did that. But I always also liked to go through the big bronze doors at 270 Park Avenue. We called it MannyHanny. Welp, two mergers later it was Chase Manhattan. All the perks for the average saver disappeared. High minimums required in all the accounts, closing of branches, huge fees. MannyHanny was dead and a garbage behemoth that eventually became JerkPissMorganFace took its place.
My grandmother was Vice President of philanthropy for this bank. She retired around 2011-2012
**gets fined ANOTHER 2 billion dollars in lawsuit**
JPMorgan Chase: Oh NO!! Anyway....
Wow, great video! I had a bank account with them, and a credit card. I've never had any problems with them. As a matter of fact I loved them and was annoyed that the state that I moved to didn't have a branch. I had direct deposit and was rarely charged an overdraft fee. It was almost as if they held processing until my weekly deposit went in. If I was charged one it was always reversed. That was over 10 years ago however.
On the subject of banks, there was a bank called Dime Savings Bank, where in elementary school (I'm showing my age here, I think) all of us would deposit a dime into our savings account weekly. What happened to that bank?
I had a school account with dime. Don't know where my money is today
Crazy video and on my birthday awesome haha! 🥳
For a very long time I have been wondering why your intro music sounds so familiar, and now I just realized it sounds like Day 'N' Nite by Kid Cudi
Great video as always!
With the impending split up of EY, any thought on doing some videos on the Big 4? Would be interesting to see the consolidation of accounting and consulting firms over the years.
I have two chase credit cards and a checking account with them. I personally haven't had any issues with them, but the alternatives in my area unfortunately are Wells Fargo and Bank of America.
Washington Mutural took over Great Western, which was my bank. I wasn't a fan of Wasington Mutual, but kept my account with them. But, wasted no time, closing my account, the minute JP Morgan took over.
You should make a full length doc on this and financial fraud
I had a free checking account with Bank One that got absorbed into Chase soon after. They kept trying to get me to open different non-free accounts but I kept that grandfathered account for over 15 years until I quit my job and couldn’t maintain the minimum. I switched to an independent online bank with no regrets.
If it were you are me, we'd be drawn, quartered, tarred and feathered. However, since JP Morgan's a big bank, "It's Okay...," until people are either fed-up or savvy to sue. 🙄
Best part of my Wednesday
I have been a member of Chase for close to 10 years; and the only real issue I have is that they are pretty stingy when it comes to credit limit increase requests.
My biggest interaction with JP Morgan Chase is that several month period a few years back when Google Maps would always tell you if a turn you were going to make was near a Chase Bank. I assume it was some advertising deal they had or something.
Of course it was. Everything is an advertising deal.
I remember that FICA incident so vividly
Surprised I'm still with them
I would love to see a whole video essay on their history, and an indepth view of all their scandals. I knew they were a bad company, but just this summary view? A lot more and worse than I thought
I was a chase customer by default. they bought washington mutual. I never had the amount of problems with WM that I had with Chase!
It's funny. We were learning about J P Morgan today in school lol
I'm a chase customer, never had a problem with them. I actually like banking with them, but I see how crooked they are. It's a shame a lot of people praise their credit cards as some of the best along the lines of American express cards
The flip side of that statement is lot of AMEX cards frankly aren't great and people joke Platinum is just an overpriced (695/yr annual fee) coupon book. (When Platinum began offering a complimentary walmart+ membership, people joked maybe next they'll offer soda upgrades at McDonald's too!) I'd say Chase is just more clever with bonus offers/muscle in getting cards in people's hands, while AMEX just assumes people will use their cards because they're AMEX. Otherwise their concierge lines are likely similar in quality, but I'd think AMEX has them beat on disputing a charge.
I was part of the whole mortgage mess a few yrs back ☹️ they ended up selling my loan to some other bank at the end. 😐
I bank with them, among others. Namely because Valley National Bank in AZ was bought by Bank1One which was later acquired by Chase.
Chase's logo reminds me a lot of the CIBC logo which is a bank in my home country of Canada.
6:08 "JP Morgan Chasin' these other banks" 😂
I worked at chase from 2011-2014. I'm interested in learning more and possibly other banks too
I was given a $1000 check that could have really helped me. JP Morgan closed my account and we have no idea where the money is anymore. Had to crack it up to reason to end capitalism. #votegreenparty
JP Morgan Chase has one of the most shadiest history ever.
You do a great job at providing corporate info to the masses
I bank with Chase. They function pretty much like any other bank I've ever used. Never been screwed. Seems fine. Crazy to say hearing all this noise.
$3 trillion in assets, when I remember it was a big deal when the National US debt hit $3 trillion.
Company Man should do a video on “US Government Economy; Why It’s Going Bankrupt”.
If the government were a regular business they would already be in receivership and liquidated into nothingness.
I would love to hear your take on the "Panama Papers". Nice video always.
Chase like most big banks of that size believe the rules don't apply to them. They paid more in fines in the last 20 years then most companies will pay in a century.
A lot of these scandals I never knew of! I've had Chase since I was 16. I am now 28 and I've never had any issues...that I know of😅
Only 16 Wednesdays left in 2022 to over the 40th anniversaries of
1) Ross Dress for Less.
2) Buc-ee's the world's largest gas station.
Company Man - your doing great work!!!
*Bank of America is the worst bank ever…*
_J.P. Morgan Chase: hold my artesian beer made with Rhodesian spring water._
I hate how companies think they have a right to be evil just cause they have a better product/service than their competitors. I think we should be looking at the failure of the govt to enforce justice instead of these corrupt companies who’ll keep on doing what they do without fear of consequences.
I want to leave them so bad. They recently started charging a $12 "maintenance fee" every month.
@@SimuLord easier said than done for some folks tho. Especially if they’re either working minimum wage or on disability.
@@SimuLord …I can’t believe you said “soft discrimination” like that’s an okay thing, wtf. Fucking capitalists istg.