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@Imperfectfuture wrote:
@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.
I do not see it?
Maybe they are re-evaluating the decision earlier ... Time will tell
@Callandra wrote:
@Anonymous wrote:
@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.
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.
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!
It's just with the emergence of online banking/mobile banking/ATMs there's very little reason for most people to go into a bank anymore.
Weird they removed it so quickly.. Whatever.
@CreditCuriousity wrote:Weird they removed it so quickly.. Whatever.
"You idiot!!! It's part of our UW criteria and it is supposed to be kept secret, not plastered all over the application page! Take it down now! Oh, and aren't you the one that left that working link up on the testing site two weeks ago?....."
@CreditCuriousity wrote:Thanks for sharing. IMO they finally did the right thing.. Although you still can get around it with an in bank pre-approval it is a start. Haven't had a chance to check the other cards yet if they have that language as well.
edit: nope just checked CSP and wasn't there.. Hopefully they put messages on all the cards so people don't waste HP's for no reason that aren't educated with Chase's policy
Is the bank pre-approval still working? I just got back to the country and was considering taking a walk over to the chase branch today to see if I have any pre-approvals. I remember before I left someone was talking about being preapproved apping told they got the card and then got it yanked away.
@red259 wrote:
@CreditCuriousity wrote:Thanks for sharing. IMO they finally did the right thing.. Although you still can get around it with an in bank pre-approval it is a start. Haven't had a chance to check the other cards yet if they have that language as well.
edit: nope just checked CSP and wasn't there.. Hopefully they put messages on all the cards so people don't waste HP's for no reason that aren't educated with Chase's policy
Is the bank pre-approval still working? I just got back to the country and was considering taking a walk over to the chase branch today to see if I have any pre-approvals. I remember before I left someone was talking about being preapproved apping told they got the card and then got it yanked away.
Yes it is.
@Anonymous 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.
^This. Well put, sir.
Yas!
@CreditCuriousity wrote:Thanks for sharing. IMO they finally did the right thing.. Although you still can get around it with an in bank pre-approval it is a start. Haven't had a chance to check the other cards yet if they have that language as well.
edit: nope just checked CSP and wasn't there.. Hopefully they put messages on all the cards so people don't waste HP's for no reason that aren't educated with Chase's policy
My guess is now that they are putting it in writing. It may mean that even if you go to the branch and "get around it" - there is the chance they will retroactively enforce the rule. Tread carefully.
I just stopped in branch to check for preapprovals. None showed for me other than if I wanted to open a checking account they give me like $300 or something. I got a fair number of chase cards (4 personal and two business with mostly high credity lines) and I'm over 5/24 so I'm not really disappointed.