I am employed by JPMorgan Chase, and work at one of the biggest branches they have in NYC. It’s considered a “MEGA-BRANCH”. The reason I am typing this post is because I KNOW EXACTLY HOW YOU ALL FEEL!! Imagine working for them! IT SUCKS! Everything that has been posted on this site, is something that I deal with every single day.
The worst part… Chase knows about it, but refuses to do anything about it. The reason the bankers at Chase are so pushy, and recommend specific things are because we make what are called “Personal Value Credits” or PVC’s. That is our commission. We open a checking account: 5 PVCs, we sell a Debit Rewards card: 7 PVCs. Credit cards: 17.5 PVCs. Loans and investments pay the most. Loans are 0.7 PVCs for every $1000 , so a $100,000 loan = 70PVCs.
This is why customer service is horrible… there is a tremendous amount of pressure for each banker to make at least 1150 PVCs. That is 100% payout. Over 1500 PVCs = 125% payout, and over 2,000 PVCs = 150% payout. If we don’t reach our goal of 1150, we get less than 100% of our PVCs. In addition, the managers will push us to stay late and call people at 5:30-8:30 PM to try and get someone to open a checking account, and do direct deposit.
Every quarter, we have “Campaigns” in which we are given a target number of new checking accounts that we have to open. My branch’s target for 3 months was over 1,000 new checking accounts. BUT the account did not count unless we sold another product such as Direct Deposit, a Debit Rewards Card, or a credit card that they generated a statement for that month.
Chase Bank will do anything, at any cost to acquire their business… Ethical or unethical. It isn’t the banker’s fault. We have our jobs threatened unless we push the products they say, when they say. If we don’t food is taken off of our tables, and we can’t earn commission.
I work with Chase Bank, and have still been charged over $1,200 in Overdraft fees which weren’t my fault. I’ve been told “you work at a bank… you should know better”.
With that said, I hope you all know how horrible of a company Chase Bank has become since merging with BankOne. It’s just as bad to work for as it is to bank with.