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JP Morgan Chase Bank Review: Is Bigger Better?

JP Morgan Chase is a relatively new bank as two financial giants, JP Morgan and Chase Manhattan, merged. Even more recently JP Morgan Chase absorbed Bank One, Washington Mutual and other smaller banks.Does this make them bigger AND better?

What Products & Services Does JP Morgan Chase Offer?

JP Morgan Chase offers about any banking service you may desire including:

Checking accounts
Saving accounts
Personal loans
Business loans
Educational loans
Mortgages
Credit cards
Investment accounts

JP Morgan Chase also offers financial counseling and brokering.

JP Morgan Chase Contacts:

Jpmorganchase.com is the web address, which offers e-mail contact as well as dozens of phone numbers for customer service depending on your interests and needs.

Nouriel Roubini, a professor at New York University, wrote at Forbes.com in February of this year: "Merging two zombie banks is like having two drunks trying to help each other stand up. The JPMorgan Chase takeover of insolvent Bear Stearns and WaMu; the Bank of America takeover of insolvent Countrywide and Merrill Lynch; and the Wells Fargo takeover of insolvent Wachovia, all show that the too-big-to-fail monster has become even bigger."

The message here: JP Morgan Chase is huge. But is this a good thing?

JP Morgan Chase has over 1.2 trillion in investments and over 100 million customers. Chase also offers convenience, with over 5,400 branches nationwide and over 14,000 ATMs. There are certainly advantages of dealing with such a large financial institution.

The Positive Features of JP Morgan Chase:

-Convenience
-Large array of service and products
-Online services

JP Morgan Chase customers happily report that they can go online and check on their 401K balances and performance balances, as well as transfer money from fund to fund make withdrawals, sell shares and buy stocks. The website also has the "talk to a live rep" feature.

On the flip side, there are also some cons to dealing with such a large bank.

The Negative Features of JP Morgan Chase:

-Less personal customer service
- Higher fees
-Web site can be frustrating

A JP Morgan Chase user we spoke with called customer service twice with a question regarding his 401K. He said both customer service reps gave pretty consistent answers but sounded rather robotic and scripted and seemed in a hurry to get this customer off of the phone. While enjoys the ability to do banking online, he also shares that the web site design can be frustrating as it takes time to get where you want to go and some clicks take you to affiliated sites.

JP Morgan Chase does have higher user fees but tries to taper the pain with some perks. For example, there are fees for using your debit card but you can also earn points that add for rewards and gifts. JP Morgan Chase debit card holders say they'd rather not have the fees but the points incentives makes them a little easier to swallow.

Overall JP Morgan Chase gets favorable reviews from users (including this one) for the services offered and how they have handled customer's investments. JP Morgan Chase has all of the advantages of a large bank but some customers will feel like a number with less personal customer service.