I'm moving my money out of JPMorgan/Chase.

[flamin lib]

Wife and I have three accounts there, two checking and one saving. JP got $24 Billion in TARP and used it to buy WAMU where the accounts originally were opened. I opened an account with Frost Bank, a local Texas bank, on Friday.

I had a Bankruptcy Chapter 11 which I successfully completed. Prior to losing a job, closing a business and suffering major health issues we maintained an 840 credit score for 20 years. Since the BK we've successfully paid off two cars and made every payment on our mortgage early. We asked for a credit card with $100 limit so we can begin rebuilding credit. Nope, can't do that. How about a secured credit card with the savings account for collateral? Nope, we're a bad credit risk.

So we talk to Frost. Will you take our credit performance prior to BK into account? Yes. Does our performance on the mortgage and two cars make a difference? Absolutely. Any chance we can get a mortgage in a few years to move to a single level home? I don't see why not. We opened three accounts immediately.

We haven't actually moved all the money yet 'cause there are some pending charges that have to come out of those accounts. That should happen within a month. When the clear I get to ask for certified checks when I close the accounts. I'm hoping they try to talk me out of it so I can say, "This is just my little way of telling JP/Chase management to go fuck themselves."

[AndyA]

1. Good for you!

It's the only thing they'll understand: you have to hit 'em where it hurts!

[flamin lib]

6. The reason WAMU was in trouble was because so many

depositors pulled their money--really big depositors who weren't covered by FDIC.

I figure maybe a run on Chase wouldn't be a bad idea . . .

[arthritisR_US]

19. a run on all of the big buggers would be in order. n/t

[Fire1]

2. OUTSTANDING!!! n/t

[theoldman]

3. We moved our money out of Chase last year.

We are now using a local bank that pays higher CD rates. By a local bank I don't mean a single bank. Our bank, while local, is one of several banks in the DFW area.

[shawcomm]

4. Good for you.

Local banks and credit unions are the way to go.

[flamin lib]

8. Huffington Post started the idea and cinched the decisioin for us.

Arianna Huffington says we should all move our money out of the "too big to fail" banks and into small local banks.

Maybe it'll catch on.

[tridim]

5. I can't wait to get the hell out of Chase.

I would have NEVER chosen them on my own.. Instead I was assigned as a Chase customer against my will. I hate them with every fiber of my being.

[gateley]

7. I'll help you pack! Good for you!! nt

[regnaD kciN]

9. Once Chase bought WaMu, I moved my money to BECU...

...(the local credit union here in Seattle) and haven't looked back.

From my prior dealings with Chase, the minute they took over my bank, I knew I was getting out of there at once.

[abbeyco]

10. Good! I'm leaving Wells Fargo this month

and going to a local Credit Union. I'm in fine shape financially, but am tired of the crappy service and refuse to support the banksters any longer.

So my Roth IRA, checking and savings accounts will have happy new homes and WF can kiss my ass.

[WolverineDG]

11. Frost was one of the few banks that didn't need stimulus money

Not sure if they didn't get some anyway, but they refused to engage in the business practices that the "too big to fail" banks did.

From their wiki page: Growing through the years, Frost was the 10th largest bank headquartered in Texas in the early 1980s. A decade later, it would be the biggest. As energy prices plunged, real estate slumped and the banking industry collapsed, Frost emerged as the only one of the top-10 banks based in Texas to survive intact, without federal assistance or a merger with an out-of-state financial institution.

http://en.wikipedia.org/wiki/Frost_National_Bank


dg

[StarfarerBill]

12. Good on you!

:D

[metapunditedgy]

13. You and hopefully many, many others.

I canceled my Chase credit card, though unfortunately did not have any money with them that I could have the honor of withdrawing.

[jtrockville]

14. Congratulations. I'm sure you won't regret it.

[iris27]

15. I wish.

My work 401k is through JPMorgan. I guess I could do an IRA rollover once a year or something, but I can't give up the company matching.

I do have a Chase credit card that I could easily close though - haven't used it in years.

[bridgit]

16. We're moving ours out of Chase to a state run credit union - Fuck Chase!

[Crabby Appleton]

17. Fuck Chase

[MrsBrady]

18. we already did this

and a friend mentioned she was moving her money out of BoA