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posted ago by ravioli_king ago by ravioli_king +29 / -0

I appreciate those who answered my serious question about "what are the better alternatives to JP Morgan Chase?" https://patriots.win/p/12i442DpPW/serious-question-for-anyone-boyc/c/

The consensus was to go with a credit union. I know my Chase well. I like the people there. I give them high marks all around. I've never actually boycotted anything at least intentionally.

Long story short, I think I'm at the point where I'm leaving Chase and it's no longer a boycott, this is me, with your help realizing that one of my 2 local credit unions + a money market account is the smart choice, because my credit union gives better percentages.

When I looked up my 2 local credit unions and they've got better percentages on their money market accounts than Chase is giving with my savings and CD accounts. The fine print of the Chase savings is they will only give interest up to $10k.

The percentages for the money market accounts are 0.05% for the low end and 0.20% for the high end. While my Chase savings account is getting 0.01% The best their CDs are doing right now is 0.05%.

The catch to these money market accounts is my 2 local places limit to 6 checks per month. I don't even use checks. So it's good for me.

I also looked up credit unions and they're secured and or backed to prevent people from losing money if the union goes under like FDIC backs banks.

Sorry if I sound like an advertisement, I just feel good about this being the right decision.

So thank you all for helping and reporting on Chase for going woke. Thank you Chase too in a way for not being competitive, coupled with being woke.

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throwaway777 2 points ago +2 / -0

I also made the move, and my local credit union guy emails me at least once a month to find out how I'm doing and if I need anything. Not an automated email, a personal email from Scott, it's refreshing. I also know with fractional lending that my money just enabled 10-20 new mortgages to be lent out to my local community, where as my money used to be lent out for favors at BoA.