Posted by William Charles on November 7, 2019
Credit Cards

Published on November 7th, 2019 | by William Charles

111

Chase Announces $20 Billion Five Year Investment – Including Expanded Branch Network (New Branches Opened)

Update 11/7/19: Kansas City & Leawood branch is now open.

Update 3/13/19: CNBC has some information on new branches. They will be in: Charlotte and Raleigh, North Carolina; Greenville, South Carolina; Kansas City, Kansas; Minneapolis; Nashville, Tennessee; Pittsburgh; Providence, Rhode Island; and St. Louis.

Update 08/20/18: Chase is now listing four branches in D.C. as opening soon:

  1. McPherson Square: 1401 New York Ave, NW Washington, DC 20005
  2. Park Rd and 14th St: 3100 14th St NW Washington, DC 20010
  3. Anacostia MLK Jr Ave and W St SE: 2200 Martin Luther King Jr Ave SE, Washington, DC 20020
  4. Minnesota Ave and Clay: 3900 Minnesota Ave NE, Washington, DC 20019
  5. Clarendon Wilson Blvd: 2825 Wilson Blvd Arlington, VA 22201
  6. 1111 New Jersey Ave SE (Navy Yard/Capitol Riverfront)

Hat tip to Yet Another Redditor.

Update 04/19/18: Chase has made an official announcement. They are going to:

  • Open 70 new branches and hiring up to 700 new employees, including veterans, in northern Virginia, Washington, D.C. and Maryland – 20 percent will be in low-to-moderate income communities, such as Wards 7 and 8 in Washington, D.C., Baltimore, and Prince George’s County, Maryland
  • Committing $4 billion over five years for regional home and small business lending
  • Increasing lending to construct and maintain affordable rental housing by nearly 50 percent to $500 million over five years in the region including low-to moderate income communities
  • Increasing the philanthropic investment from $10 million to $25 million to drive inclusive economic growth in the region

Hat tip to probablyinpearls

Update 02/14/18: Filings with the Office of the Comptroller of the Currency show Chase’s plan for six new branches in three new markets: Boston, Philadelphia and Washington, D.C.

Chase said they plan to expand into 15 to 20 new markets. They are also pursuing three branches in Nevada, California around the Lake Tahoe area where they currently don’t have any branches. Via jnuzzi08

Original post: JPMorgan Chase has announced a $20 billion five year investment “help its employees, and support job and local economic growth in the United States”. From our hobbies perspective the most interesting part of this announcement is that they will be expanding their branch network into new U.S. markets. They intend to 15-20 new markets and in several states where they don’t currently have branches (Washington D.C., Boston, Philadelphia are specifically mentioned as areas they want to expand into). This is significantly for two main reasons:

A lot of people just travel to their nearest branch to complete these deals, but having a nearby branch just makes it so much easier.

 

 



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JT
JT

Chase better put a branch in Minneapolis.

Skor
Skor

I agree

Susan
Susan

I do agree lol

Tom
Tom

I so hope they come here to MN.

Sam
Sam

Yes, please!

Stevil
Stevil

Wow, how many other Minnesotans read DoC?!?

Guybucktastik
Guybucktastik

Everyone wants to get out of town because the Superbowl is coming to town and Vikings fans are super salty after that total breakdown in Philadelphia.

KP
KP

I was just about to make an NFC title game joke but you beat me to it! JT’s avatar made it too tempting lol

John
John

If I learned one thing at college its that the only good thing from NJ is cheap gas, and Philly is a garbage pit.

SkinnyElvis
SkinnyElvis

Yeah; Rittenhouse Square is a real dumpster fire of $1,000,000+ condo’s and luxury hotels. Glad I can just stop in on my way home home from work instead of driving to jersey.

Abey

NJ. No longer has that cheap gas as they had a couple years ago. They raised the tax and its now almost the same as NY.

Joe
Joe

Sup

Connor
Connor

Yup

JohnnyBoyJr
JohnnyBoyJr

+1!
But if they do come to MN, that means I’ll be cutting back on my vacations as I often times do a day or 2, see a few sites and friends and mame a quick pit stop at a branch. Can more than justify a vacation and then some!
So if they’re doing it to ‘support the economy’, it won’t be due to me.

JT
JT

Doesn’t look like they will be coming to MN.

Tom
Tom

JPMorgan Private Bank is already here. I have talked with my CPC person from before I moved and he seemed to think we would get at least one branch in the next 5 years.

Yummy
Yummy

Didn’t know that so many MN residents are following DoC! Yeah we feel the pain of no Chase branches. Had to open the checking account in another state where the manager proudly say that ‘we have a lot of branches covering the country’, and when I told him I live in Minnesota it went awkward a little bit

BW
BW

+1!!!
I travel for work to Chase markets though so easy to hit for me.

craig stirtz
craig stirtz

+1 MN

Michael
Michael

You don’t like the drive out to Steven’s Pt., WI?

JT
JT

Haha I’ve driven 4 hours to antigo branch before for the 500 business checking bonus. Totally worth it. Now I just plan a vacation every January to a state with a branch so I get all of my annual deposit account bonuses.

CBM
CBM

Yess!! Last year when I drove up to Chase Branch in Central NJ, the rep told me they will be opening up branches soon in South NJ and Philly area in 2018/19

JC
JC

Camden, NJ and Walnut Street Philadelphia are already on the Chase website as opening soon. Also, supposedly they are opening a branch on Rt. 130 in Cinnaminson, NJ in the next few months according to Cinnaminson City Counsel notes.

Saturn
Saturn

The Camden branch seems testament to their heretofore unknown social mission…

Carl

Love that they’re doing this on the heels of WF announcing closure of 400+ branches.

CM

Exactly! Makes very little sense of expanding the B&M network. The only reason I ever go to any branch is to open new accounts for bonuses or deposit MOs from MSing. For everything else, including check deposit, online methods are way better.

Also with WF, don’t even have to visit a branch for MO deposits, they accept it at ATMs just dandy. I usually only go in to get the free coffee.

Gerald
Gerald

Until I started doing new account bonuses, I’d been in a bank maybe two times in 10 years, and that was to help my kids open accounts. But apparently there are people who still do their banking in branch.

James
James

I agree in general . Many small businesses get cash that needs to be deposited and small businesses often need advice on loans and stuff . For regular people no need to walk into a branch .

Tom
Tom

Having moved to MN from FL, I will say a branch would be nice to be able to deposit cash or get foreign currancy. I’ve resorted to opening a basic account at US Bank just for this purpose. Kind of a pain honestly.

CM

Why would you ever need foreign currency in US? Why would local US banks even carry it, let alone sell it at 0% conversion fee like you can conveniently get at an ATM abroad?

Likewise, where do you get the cash for deposit from? If it’s paper anyways, ATM deposits are again the way to go — at Wells Fargo, for example, the ATM automatically scans all the MOs right in front of you, giving you an option for a printed receipt with a photocopy of each deposit item; I’d assume cash deposits likewise don’t require any envelopes nowadays; even a local CU let me deposit MOs without envelopes, although I’ve heard that some banks still do require envelope-based deposits — just get a better bank, then.

Tom
Tom

Everyone has their reasons for doing certain things. Chase is my main bank and I do have enough with them to be CPC. There are times where it is just nice to have a physical location to talk with someone or get something done.

There are times where I need currency before I get to a country and an ATM there. There have also been issues where ATMs are down when I needed them in airports. Yes I know I have no ATM fee or exchange fee as CPC but again, there are reasons to have FX before you leave.

As for Cash, having just gotten married you get a lot of cash. I get cash as gifts from family. I am in no way about to pay a fee to make that a MO. I agree with ATM deposits and would do that over a branch if chase had ATMs here in MN.

James
James

Chase is my favorite go to bank . ATM,s allow you to deposit cash . Customer service is always great . When you need to get a loan , it is good to talk over possible options with someone .

James
James

Yes you can get foreign currency at zero fees in Europe but the atms in places such as Thailand and vietname charge a government tourist tax on all withdrawals . Makes sense to pick up cash before you leave

Stephen Toast, (LHR) London England
Stephen Toast, (LHR) London England

It is nice to see money saved by the recent Trump Tax Cuts bieng put to good use in making the USA great again.

zduss
zduss

Missing the /s. Chase was expanding rapidly before the tax cuts.

MoreSun
MoreSun

Shuuush! That’s a secret!

JohnnyO
JohnnyO

Oh guys, I think it’s retarded 🙁

Information Booth
Information Booth

AMEN…

Pete
Pete

Buffalo!

Sometimesstuff-yeah
Sometimesstuff-yeah

+1

EDWNY
EDWNY

AGREED!

cancel
cancel

They closed my closest branch in San Antonio in July, and are closing another one that I use this month. How odd.

MoreSun
MoreSun

Please don’t come to CA. Thanks.

Tu Ho
Tu Ho

Alabama, please !

Joe
Joe

I personally don’t think it could happen. Regions is too dominant here

cc
cc

Through Nashville into the mix please Chase

Tennessee Dude
Tennessee Dude

Yes! TN does not have enough bank bonuses

Dave
Dave

Nice if they come back to Boston. They pulled out a long time ago. This means that I won’t travel four hours (roundtrip) to New Haven then anymore 🙂

Key
Key

Couldn’t agree more!! the drive is so longgg

FLL
FLL

This is funny because Chase has shrunk many branches in our area. My branch used to have 6 or 7 windows but except 2, all were boarded up with a giant painting. In place are 2 super duper ATMs and one staff standing around all the time as a helper when customer could not figure out how to use the ATM.
It used to have less cubicles then it remodeled to triple the number of the cubicles but now 4/5 of the cubicles are empty. CPC banker does not come everyday…
May be they have too many branches here – some WAMU old locations and many new built for purpose locations shortly after taking over WAMU. That only lasted for 3+ years then all scaled down.
So the $20 billion 5 year investment is to open up branches in states and cities they dont currently have a presence I guess.

Peter
Peter

I’ll be following the branch opening in Philly region. Not sure I want to open any Chase bank accounts since I’m weary of mixing credit accounts with bank accounts with them. Lots of stories of weird shutdowns between their two divisions.

However, looking forward to in-branch pre-approvals, and possibly mortgage lending with nice bonuses down the line locally.

Chris
Chris

Wow! Nice to meet a Philly guy here. We don’t have to go to Trenton for branch. Did we have branches in Philly before?

Peter
Peter

Not that I’m aware of.

Abey

I live a block away from A Chase branch and i havent open any Chase $300 checking bonus accounts.
I just dont feel confy with checking accounts and direct deposits.

Joe
Joe

?

KP
KP

This is good. Don’t have to drive all the way to Ewing, NJ to churn Chase accounts and will just be able to do it in a Philly branch.

Josh
Josh

Also from Minneapolis and would kill for a Chase branch. Also: Go Pack Go! (please don’t break our QB…)

bob
bob

c’mooooon ST LOUIS!!!

john mccann
john mccann

Agreed!

Duke I.
Duke I.

We have branches like ants all over in South Florida. Some are within a mile of each other.

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