Saturday, October 15, 2022

What Was Chase Bank Called Before

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Is Great Western Bank A Good Bank

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Great Western Bank is headquartered in Sioux Falls and is the 4th largest bank in the state of South Dakota. It is also the 136th largest bank in the nation. It was established in 1935 and as of March of 2021, it had grown to 1,621 employees at 177 locations. Great Western Bank has a B+ health rating.

The European Super League

On April 19, 2021, JP Morgan pledged $5;billion towards the European Super League. a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity. While the absence of promotion and relegation is a common sports model in the US, this is an antithesis to the European competition-based pyramid model and has led to widespread condemnation from Football federations internationally as well as at government level.

However, JPMorgan has been involved in European football for almost 20 years. In 2003, they advised the Glazer ownership of Manchester United. It also advised Rocco Commisso, the owner of Mediacom, to purchase ACF Fiorentina, and Dan Friedkin on his takeover of A.S. Roma. Moreover, It aided Inter Milan and A.S. Roma to sell bonds backed by future media revenue, and Spain’s Real Madrid CF to raise funds to refurbish their Santiago Bernabeu Stadium.

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According to Britannica, by 1902, the mogul controlled via stock over 5,000 miles of American railroads due to his incredibly influential status.

Perhaps most notably, Morgan created a syndicate to help resupply the U.S. government’s dwindling gold reserve to the tune of $62 million in gold. By providing the government with the gold, Morgan was critical in aiding the Treasury crisis and the depression.

Still, only a few years later, the titan ventured into financing industrial consolidations, including his 1891 financing of the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric – Get General Electric Company Report – one of the most enduring industry legacies in the country. Not finished with groundbreaking corporations, Morgan charged on to finance the merging of Carnegie Steel Company with the Federal Steel Company and others, in 1901, to create the United States Steel Corporation – Get United States Steel Corporation Report – which was reportedly the world’s first corporation worth $1 billion.

However, the banker avoided disaster when his planned trip in 1912 on the fated Titanic was cancelled due to an illness – saving Morgan from a travesty.

The titan of banking eventually died at the age of 75 in 1913 in Rome, Italy, but had accumulated an impressive art collection which he donated much of to the Metropolitan Museum of Art – apparently donating 7,000 items in 1917.

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Don’t Worry If You Have Nothing To Hide

Remember that account holds, IRS reporting and the like arent there to criminalize you or make your life more difficult.

Theyre there to ensure your financial safety, that your money is yours, that a $10,000 transaction is legitimate, and that no fraud is taking place — most importantly, fraudulent activity you may be unaware of.

So now that youre aware of what to do when making large deposits, the next time youre lucky enough to have $10,000 to deposit , ask your bank rep about the process at the teller window.

When will the IRS be notified? Is there going to be a hold on my check, and for how long? Can I provide any more information to expedite the process? Demonstrating awareness and cooperation goes a long way in encouraging transparency.

And if youre intending on making smaller cash or check deposits on a regular basis, its helpful to let your bank know, and to foster a good relationship with them as a frequent customer.

Businesses with regular moderate-to-large deposit amounts should let their bank know that their deposits arent an attempt at structuring, but business as usual.

Overview Of The Company

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Chemical Bank was the principal operating subsidiary of the Chemical Banking Corporation, a bank holding company. As of the end of 1995, before its merger with the Chase Manhattan Bank, Chemical was the third-largest bank in the United States by total assets, with $182.9 billion. The Chemical Banking Corporation was the fifth-largest bank holding company in terms of total assets. It is not to be confused with the totally unrelated entity Chemical Bank and Trust which is currently a division of TCF Financial Corporation but will be the surviving brand in their merger.

Of Chemical’s $182.9 billion, the bank held about $82.1 billion of loans, including mortgage loans, other consumer loans, and commercial loans in the U.S. and internationally. Among Chemical’s largest international exposure was to Japan, Germany, and the United Kingdom. The other assets on the bank’s balance sheet included cash as well as various debt and equity securities.

Chemical reported record net income of $1.8 billion for 1995. Chemical’s level of capital at the end of 1995 remained strong, with capital adequacy ratios well in excess of regulatory requirements. The Corporation’s Tier 1 and Total Capital ratios were 8.5% and 12.1%, respectively.

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Criminal Investigation Into Obstruction Of Justice

FERC’s investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase. Various newspapers reported in September 2013 that the Federal Bureau of Investigation and US Attorney’s Office in Manhattan were investigating whether employees withheld information or made false statements during the FERC investigation. The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation. At the time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase employees impeded the FERC investigation.Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time.

Brief History Of Jp Morgan

The famous House of Morgan traces its roots back to 1838 and the founding in London of a merchant banking firm by George Peabody. Junius S. Morgan became Peabodys partner in 1854, soon taking over the firm and renaming it J.S. Morgan & Co. in 1864. In the meantime, Juniuss son, John Pierpont Morgan, had established a New York sales and distribution office called J.P. Morgan & Co. in 1861. J.P. Morgan inherited his fathers businesses upon his death in 1890 and consolidated them five years later under J.P. Morgan & Co. Morgan played a key role in financing many of the businesses that turned the United States into an industrial power around that time, including General Electric Company, U.S. Steel, and AT&T. Taking on the role later played by the chairman of the Federal Reserve, Morgan was instrumental in pulling a group of bankers together to stave off the 1907 financial crisis. There was much criticism, however, for the power wielded by Morgan and his bank, particularly from the system of interlocking directorships that led Morgan partners to hold 72 directorships on the boards of 47 corporationscorporations that were worth $10 billion. A 1912 investigation into these interrelationships led to the passage of the Federal Reserve Act of 1913 and the Clayton Antitrust Act of 1914, the latter of which ended reciprocal directorships.

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Failure To Comply With Client Money Rules In The Uk

In June 2010, J.P. Morgan Securities was fined a record £33.32;million by the UK Financial Services Authority for failing to protect an average of £5.5;billion of clients’ money from 2002 to 2009.FSA requires financial firms to keep clients’ funds in separate accounts to protect the clients in case such a firm becomes insolvent. The firm had failed to properly segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA regulations but no losses to clients. The clients’ funds would have been at risk had the firm become insolvent during this period. J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in the fine being reduced 30% from an original amount of £47.6;million.

What Is Chase Pay

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Chase Pay is a method of payment called a digital wallet. Offered by JPMorgan Chase, it lets customers use their smartphone to pay for purchases in a store instead of presenting a physical credit or debit card. Digital wallets can also be used to store information for quicker online purchases.

You can also use Chase Pay online with participating websites.

Chase Pay also partnered with LevelUp to offer order-ahead capability. Users can pay for food at the time they order it through the Chase Pay app. At the end of 2016, the functionality is only available in limited locations. However, Chase plans to roll it out nationwide in 2017 and beyond.

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How To Avoid Chase Closing All Your Accounts

Bank Feature Summaries, Chase

Previously, we introduced the risk monitoring method by AmEx: Financial Review , of which many churners are wary of. Today we are going to tell something more nightmare-inducing:;Chase may close all your credit card accounts!! A-L-L credit card accounts!

We write;not to scare you, but instead to help you find the right way to establish a good relationship with banks!

So lets get down to business. This article mainly introduces the risk management method;by Chase and how to avoid being shut down by Chase.


  • Appendix
  • How To Check Your Chase Credit Card Application Status

    The automated phone number to check your Chase credit card application status is: 1-888-338-2586.

    If that doesnt work, older numbers might work:

    • 1-800-432-3117 and 1800-436-7927 for personal cards
    • 1-800-453-9719 for;Chase business cards.;

    You should be prompted to input your social security number, and then youll simply wait to hear the status of your credit card application.

    Be aware that sometimes you might be taken directly to an agent. If you dont want to talk to a live person then just hang up the phone and there should be no harm. However, if you do want to talk to them then you need to read more about Chase reconsideration .

    Tip: Use WalletFlo for all your credit card needs. Its free and will help you optimize your rewards and savings!

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    Chase’s Controversial Cash Deposit Rule

    With so many banks falling victim to hackers, financial institutions are stepping up their security game and in some cases, that means placing restrictions on cash deposits.

    Chase, for example, changed its cash deposit policy, leaving some customers in an uproar. The change was intended to cut down on the misuse of accounts.

    Under the changed guidelines, customers can only make cash deposits into accounts that are in their name, provided they show a valid ID at the teller window.

    This move has created headaches for customers who regularly put cash in an account that don’t belong to them .

    Tip: If you’re a Chase customer, take a look at MyBankTracker’s guide to sidestepping the cash deposit rules.

    Remember to find out what your bank’s cash deposit policy is so you’re not surprised when you get to the branch.

    Here’s The History Behind The Iconic Logo

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    Without seeing a word, people around the world immediately recognize the apple, the swoosh and the golden arches. That’s exactly what designers had in mind when they created the octagon for Chase Manhattan Bank nearly 60 years ago.

    The previous design featured an outline of the United States, an inset of the globe and the phrases “Chase Manhattan Bank,””Worldwide Banking,” and, take a breath, “Chartered in 1799.”

    Design firm Chermayeff & Geismar Associates presented eight symbols, including a sleek octagon they called “a simple yet powerful geometric form embodying a strong feeling of motion and activity.”

    The four parts of the octagonoriginally black, brown, green, and bluerepresent forward motion, while the white square in the middle suggests progress originates from the center. “Like the bank itself, the symbol is a single unit made up of separate parts,” the designers noted.

    The geometric design was one of the very first abstract corporate logos, sparking a change in marketing and branding that McDonald’s, Apple and Nike clearly have followed.

    Almost 60 years later, Chase Manhattan has created America’s largest bank through mergers with a number of other large and small institutions. And the logo continues to thrive in an increasingly digital world.

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    What To Do If You Receive A Bad Check

    Unfortunately, it can take up to several weeks before your bank notifies you in writing that your check bounced. If you keep spending from your account before learning you deposited a bounced check that put your account balance at a negative, youll be charged a fee for every additional overdraft unless you sign up for overdraft protection. You may be able to skip the steps below and resolve the problem informally if the issuer was a friend or relative.

    Otherwise, heres what to do if you receive a bounced check:

    • Step 1: Contact The Issuer Of The Check. Announce the situation to the issuer by phone . When you do, be polite but assertive. You dont want to let the issuer make excuses about the bounced check to get out of the situation. The fact is that its happened, and the problem needs to be resolved. If youre able to settle the matter during this call because the issuer promised either to pay or to pay by installment, youre finished. Otherwise, continue to Step 2.
    • Step 3: Send A Demand Letter. If the issue escalates, draft a formal demand for payment or a bad check notice and send it to the issuer and the issuers bank via certified mail with a request for a return receipt.In your letter, request to be paid within 30 days for the following: the amount of the bounced check, the cost of certified mail, and the returned-check fee . Completing this step is also a prerequisite to taking legal action later, if you need to.

    How To Handle A Reconsideration Call

    There are some things that you dont want to say in a phone call like this and then there are some things that you do want to say.

    For example, you dont want to tell Chase that the primary reason you are chasing a credit card is the amazing 50,000 point sign-up bonus. That makes you sound like an unprofitable customer and you are going to have an uphill battle to get approved once that happens.

    But if you have a more legitimate reason for needing cards such as the need to segregate your expenses then Chase will likely be more onboard with your reasons for getting the card.

    I suggest that you check out my article on the Chase reconsideration line and it will break down everything that you should say in a reconsideration phone call.

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    Don’t Try To Cheat The System

    If your large cash deposit is a one-time thing filling out the form isn’t that big of a deal.

    The only time you can really run into problems with large cash deposits is if you try to get around the reporting rule.

    For example, let’s say your parents give you $21,000 to help you out with a down payment on your first home. So instead of putting it all in at once, you break it into three deposits of $7,000 each because you’re worried about a large deposit raising a red flag with Uncle Sam.

    You may think you’re playing it safe or being clever, but what you’re really doing is something called “structuring” which, if done with intent to get around the reporting requirement, is illegal.

    Exceptions To The $10000+ Rule That Could Spell Trouble

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    The only time you should worry about depositing more than $10,000 in cash is not in how much you deposit — but how you deposit it. Two scenarios:

    • Deposit $10,000 as a lump sum
    • Split up the money into several smaller deposits, say one for $5,000, one for $3,000 and one for $2,000

    Splitting up your large cash deposits could spell trouble. Why? Its the same amount, only in smaller denominations and more frequent deposits. In the end, its the same money. But, the bank might not look at it that way.

    They may assume, rightfully or wrongfully, that by breaking down and structuring your deposits this way, youre deliberately and knowingly trying to circumvent the Bank Secrecy Act and the banks CTR process.

    In fact, its a problem that can make one $10,000 deposit look like mere pennies. Not only does it implicate them in possible illegal activity, but the act of structuring itself is illegal; it tells the government that youre trying to get around and evade their reporting laws.

    Fact: According to the IRS, in 2016, $43 million was seized from 600 depositors under suspicion of structuring large deposits.

    Its not just large deposits over $10,000 structured into small amounts that count.

    If you made, say, a single $9,999 deposit, it wouldnt fall under the reporting criteria, but if you made a $9,999 deposit every day for the next two weeks, its going to raise some red flags for your bank.

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    Whats Different About Chase Pay For Businesses

    The biggest difference between Chase Pay and other digital wallets is how Chase Pay charges. While full pricing details are not yet available, Chase has stated that it will offer a fixed rate and that businesses will not have to pay usual processing fees. Well come back to this a little later.

    Chase Pay is also the only digital wallet that has secured a deal with the Merchant Customer Exchange , a group of retailers. MCX businesses currently dont accept rival wallets such as Apple Pay, which could potentially increase Chase Pays usage. However, those businesses will be free to choose to accept Apple Pay when the MXC exclusivity expires.

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