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Cautionary tale on using Chase bank for indie business

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Re: Cautionary tale on using Chase bank for indie business

#91

Post by drfuchs »

apercu wrote: post #62

I've never used JP Morgan or Chase, but I recently inherited some stock. There was no way to transfer the stock in-kind to another brokerage, for some reason it needed to go from a JP Morgan account to another JP Morgan account. (I didn't want to cash the stock out immediately because I couldn't get info on the basis and what the capital gains taxes would be). Anyway, sibling knew someone who worked at JP Morgan priv…

Isn't your basis simply the price of the stock on the day your rich uncle died? What other information did you need?

Re: Cautionary tale on using Chase bank for indie business

#93

Post by apercu »

lisper wrote: post #80
apercu wrote: post #62

I've never used JP Morgan or Chase, but I recently inherited some stock. There was no way to transfer the stock in-kind to another brokerage, for some reason it needed to go from a JP Morgan account to another JP Morgan account. (I didn't want to cash the stock out immediately because I couldn't get info on the basis and what the capital gains taxes would be). Anyway, sibling knew someone who worked at JP Morgan priv…

> I didn't want to cash the stock out immediately because I couldn't get info on the basis and what the capital gains taxes would be. You'd need to figure that out eventually anyway. Better sooner than later. But in any case, you could have sold the stock, transferred the money, and then re-purchased the stock and simply reported it as a wash sale. > by this time the stock market had tanked That can go either way. I'…

>You'd need to figure that out eventually anyway. Better sooner than later.

100%

> That can go either way. I've had stocks that I wanted to sell get held up, and go up in value in the meantime. So you have to just chalk that up to fate.

My plan was to immediately sell 50% of the stock (it was at an all-time high) immediately but now plans have changed. Oh well.

Re: Cautionary tale on using Chase bank for indie business

#94

Post by Djdjur7373bb »

otteromkram wrote: post #64
codetrotter wrote: post #33

Earlier quoted context omitted.

Infuriating. That kind of thing is what makes me wish I could not have to ever deal with a bank ever again.

Who said you have to deal with a bank? That's not written into law, is it? Try a credit union if you want to avoid banks.

Is the experience that different?

I've never tried one, but I assumed the level of bureaucracy must be similar in order to defend against fraud and fulfill regulatory requirements.

Re: Cautionary tale on using Chase bank for indie business

#95

Post by ceejayoz »

Djdjur7373bb wrote: post #94
otteromkram wrote: post #64

Earlier quoted context omitted.

Who said you have to deal with a bank? That's not written into law, is it? Try a credit union if you want to avoid banks.

Is the experience that different? I've never tried one, but I assumed the level of bureaucracy must be similar in order to defend against fraud and fulfill regulatory requirements.

It is absolutely different.

I can walk into my credit union's offices - they have just two branches - and talk to someone with decision making power. An actual human being picks up the phone if I call. Their customer service has been impeccable despite some complex asks.

I am unlikely to be able to do this if someone steals my crypto.

(My security question when calling in was once "you sent an email last week that made my boss very happy, what was it about?")

Re: Cautionary tale on using Chase bank for indie business

#96

Post by pjdemers »

I used to have a side gig as the CFO for a not-for-profit (an unpaid volunteer). Anyway, this organization was over 125 years old, associated with a larger organization 80 years older than that, and had the same primary bank for 70 years ... Anyway, my treasurer, who was very smart, insisted we keep enough cash to run for 3 months in a secondary bank. Just in case we were locked out of our primary bank.

Re: Cautionary tale on using Chase bank for indie business

#97

Post by calmbonsai »

CliffStoll wrote: post #26

Similar experience: Citibank Retirement. I had about $80,000 in IRA/CD's. I'd created & contributed to them over a period of 35 years. Last year, it's time to retire, and Citibank won't give me half the money. It seems that some CD's are for "Cliff Stoll" and some for "Clifford Stoll". Citibank Retirement demanded a "Marriage Certificate, Divorce Decree, or Court Order" to demonstrate that "Cliff Stoll" is the same p…

Ah, Citi.

Related to an earlier comment I posted on a different thread https://news.ycombinator.com/item?id=41316889 , I didn't name the "national bank", but I now feel perfectly comfortable outing "Citibank" as the national bank that I will no longer (personally) do business with. Corporate stuff is a different matter.

As a matter of policy, they do not empower their front-line (personal) banking CSR reps, and even 1st-level escalation folks. They're basically nothing more than stenographers.

After 20 days of back-and-forth with non-answers, I finally sent them a certified letter giving them 30 days to "take action" or "explain non-action" on a specific dispute amounting to ~$5k.

The responded with a non-reponse bizarre marketing letter in 10 days.

I called to verify the prior letter was "on-record" in my account. Given the nature of the postage, it was already verified delivered.

Moving forward, that 15 year+ line-of-credit is just going sit on their books until they close the account. There is no longer a fundamental basis of forthright communication, confidence in competence, and trust to move forward.

Re: Cautionary tale on using Chase bank for indie business

#98

Post by CliffStoll »

jmvoodoo wrote: post #85
CliffStoll wrote: post #26

Similar experience: Citibank Retirement. I had about $80,000 in IRA/CD's. I'd created & contributed to them over a period of 35 years. Last year, it's time to retire, and Citibank won't give me half the money. It seems that some CD's are for "Cliff Stoll" and some for "Clifford Stoll". Citibank Retirement demanded a "Marriage Certificate, Divorce Decree, or Court Order" to demonstrate that "Cliff Stoll" is the same p…

Unrelated, but I read your book in the 90s as a teenager and it had a huge impact on my life. Still one of my favorite books. Thank you.

Thanks JM. Long time back, and lotsa changes.

Cleaning out my attic last month, I just found a stash of punch cards left over from the 1980's. Some paper-tape that has my phd dissertation. And a fortran manual from my high school's IBM-1620. Oh my...

Re: Cautionary tale on using Chase bank for indie business

#99

Post by jxnlco »

mattmaroon wrote: post #66

I feel like these sort of corner cases likely can happen with any bank. The real question is: why did it take months of having their vital money withheld before trying to go around the bottom rung support that was clearly not going to help? By like week 2 I’d be talking to an attorney and I bet a letter from them would get it cleared up fast. (Perhaps I’m wrong though.)

I was in Canada, and I was also quite stressed with some keynote presentations I had to give, planning my move back to the US, and applying for my O-1 visa.

I figured I'd sort it all out by the time I moved. However, I may have been a little too relaxed about the situation and stressed out about other stuff

Re: Cautionary tale on using Chase bank for indie business

#100

Post by pjmorris »

CliffStoll wrote: post #86
dmoy wrote: post #38

Earlier quoted context omitted.

Congrats on the retiring! Are you still doing the hats & bottles or did you retire from that too?

Thanks D'moy! I'm still having fun with Klein bottles and other topological manifolds. Toying with immersions of the projective plane and several knot embeddings. At the moment, retirement mainly means "start taking out required minimum distributions". All the same, I wonder: How do you retire from a marginally profitable nano-business built upon glass mathematical shapes? How'd I ever reach 74 years old?

The Acme Klein bottle and its packaging materials are among my prize possessions.

And 'The Cuckoo's Egg' was a great read.

Thank you for being you.

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