In the last five years I opened multiple deposit and brokerage accounts and moved hundreds of thousands to/from Chase. I checked my records:Thanks everyone for the suggestions.
Has anyone with an older account still had issues with Chase allowing money movement? I'm hoping this stops as the account ages, but it makes me nervous that Chase is a good long-term solution. I don't want to be in a position where most of our cash is at Chase/JPM and it gets locked up by their fraud algorithms constantly (or permanently).
Also - when did JP Morgan start restricting transfers to/fr the brokerage account to market hours? That is extremely odd and a bit frustrating. I typically do my banking in the evening or weekends and I'm not sure what the point is of restricting transfers like that. Appears to be a bank/brokerage wide policy and not a new account policy.
- Opened 8 deposit accounts and closed 6.
- Opened 5 brokerage accounts and closed 4.
- Opened 6 credit cards and closed 2.
- Transferred up to $250K (a month after opening a new account).
- Collected multiple checking/savings, Chase Private Client, JP Morgan Brokerage bonuses.
Despite multiple new accounts, and typical churning patterns I never experienced any lockups or restrictions.
To decrease probability of account lock ups I followed a few simple rules:
- Minimize any activity for the first 30 days after opening an account.
- Use wires or ACH push to transfer money in/out deposit accounts.
- Use ACATS to move investments in/out deposit accounts.
Your mistake was to use your checking and brokerage right after opening. Start slow and take some time to migrate your activity to a new account.
Statistics: Posted by VictorStarr — Tue Oct 15, 2024 10:02 pm — Replies 23 — Views 1655