Chase 5/24 Policy Officially Announced

[Anonymous]

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@Anonymous wrote:

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@kdm31091 wrote:

Most banks have cut back on branches lately as there just isn't as much of a need to go to the physical bank anymore. You can deposit checks, transfer money, etc via your phone, so unless you deal with cash a lot you have little reason to go to a bank outside of occasional things like a cashier's check or something.

Having said that, banks have to strike a balance with cutting back and still maintaing happy customers. Some people really do like the face to face interaction, but ultimately, banks want to cut costs and that will result in fewer branches, fewer tellers, etc.

Here in Delaware I don't remember ever seeing Chase branches so not so much a cutback in my case as just something that never existed here, at least not any time recently.

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My buddy works at a Bank of America branch and so I have all the inside scoop goinng on with retail banking. You're absolutely right that they're cutting back on physical retail branches/employees. Bofa doesn't want people coming into the bank anymore. They're pushing Online/ATM/Mobile banking HARD. The branches around here barely have any tellers left. In fact, many of the newly renovated branches literally have 2-3 teller windows compared to the 10-20 you would have seen 10-20 years ago.

Back to the topic of Chase publicly stating the 5/24 rule.. how is MORE information for the consumer a bad thing? Why does it seem like the attitude here is people upset that Chase has made it public? Whether the average consumer will care or not is irrelevant.

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Same here. Which is why, after 26 years, I closed my accounts with them and moved to a regional bank.

[Anonymous]

Not that it matters, but that link doesn't work anymore. 

[galahad15]

Near where I live, there are a ton of BoA, Citi, Cap1, and Wells Fargo bank branches.  There are even 2 Unify/Western FCU bank branches within a reasonable driving distance.  Also NASA and Apple FCU bank branches are available.  But as per Irish's helpful comment, alas no Chase branches, atm...

[longtimelurker]

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12velectronics wrote:

Back to the topic of Chase publicly stating the 5/24 rule.. how is MORE information for the consumer a bad thing? Why does it seem like the attitude here is people upset that Chase has made it public? Whether the average consumer will care or not is irrelevant.

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Don't see that reaction at all!  Apart from all the "where are Chase branches" posts, they seemed fairly positive, just questions about whether apping in branches would also be hit

[Anonymous]

Good for Chase finally announcing this rule and I still don't know people are still trying to find ways to work around it. Do we really need 20+ cards? Are you willing to risk getting your accounts shut down for a bonus? Credit shouldn't be about card and bonus collecting. I know Chase has the best cards and its hard when your building/rebuilding credit trying to work around a rule is only going to have Chase tri and make more rules. Don't let them make an example out of you and just relax.

[gdale6]

It now appears they have removed all references to 5/24 the link brings up an app without what was stated earlier, I also went to the Chase site and cannot find any reference to it as well.

[Callandra]

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@Anonymous wrote:

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@kdm31091 wrote:

Most banks have cut back on branches lately as there just isn't as much of a need to go to the physical bank anymore. You can deposit checks, transfer money, etc via your phone, so unless you deal with cash a lot you have little reason to go to a bank outside of occasional things like a cashier's check or something.

Having said that, banks have to strike a balance with cutting back and still maintaing happy customers. Some people really do like the face to face interaction, but ultimately, banks want to cut costs and that will result in fewer branches, fewer tellers, etc.

Here in Delaware I don't remember ever seeing Chase branches so not so much a cutback in my case as just something that never existed here, at least not any time recently.

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My buddy works at a Bank of America branch and so I have all the inside scoop goinng on with retail banking. You're absolutely right that they're cutting back on physical retail branches/employees. Bofa doesn't want people coming into the bank anymore. They're pushing Online/ATM/Mobile banking HARD. The branches around here barely have any tellers left. In fact, many of the newly renovated branches literally have 2-3 teller windows compared to the 10-20 you would have seen 10-20 years ago.

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Definitely not unique to BoA - Chase branches around here are the same way and that seems to be the case for retail as well. Most places operate on a skeleton crew. Most businesses seem to be moving to an online strategy - it's way less expensive! 

[Anonymous]

I live in FL, tons of branches for every bank, and a lot of tellers. My WF branch has like 13 teller desks. Maybe it just depends on where you live.

[Imperfectfuture]

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@kdm31091 wrote:

For the first time since the "rule" leaked, Chase has gone public with 5/24. On the CSR application page, it now plainly states "you will not be approved if you have opened more than 5 bank cards in the last 24 months".

https://applynow.chase.com/FlexAppWeb/renderApp.do?CELL=6305&SPID=FL3P&PROMO=DF01

Good for them making it public, so nobody who's less aware wastes a pull, but this basically confirms this rule is not going anywhere anytime soon.

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I do not see it?

[kdm31091]

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@Imperfectfuture wrote:

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@kdm31091 wrote:

For the first time since the "rule" leaked, Chase has gone public with 5/24. On the CSR application page, it now plainly states "you will not be approved if you have opened more than 5 bank cards in the last 24 months".

https://applynow.chase.com/FlexAppWeb/renderApp.do?CELL=6305&SPID=FL3P&PROMO=DF01

Good for them making it public, so nobody who's less aware wastes a pull, but this basically confirms this rule is not going anywhere anytime soon.

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I do not see it?

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They took it off again it seems.