Chase told customers to stop splurging on coffee and cabs. You can imagine how that went

[Eugene]

Source: CNN

Chase told customers to stop splurging on coffee and cabs. You can imagine how that went

By Amanda Jackson, CNN
Updated 2337 GMT (0737 HKT) April 29, 2019

(CNN) — JPMorgan Chase tried to give its customers a bit of "Monday motivation." It backfired in spectacular fashion.

The largest bank in the United States deleted a tweet posted by its Chase Bank Twitter account Monday after several people — including Democratic Senator and presidential candidate Elizabeth Warren — criticized it as tone deaf.

The tweet depicted a hypothetical conversation between a customer and their bank account. Chase Bank tagged it with the hashtag "#MondayMotivation."

"You: why is my balance so low

Bank account: make coffee at home

Bank account: eat the food that's already in the fridge

Bank account: you don't need a cab, it's only three blocks

-snip-

Read more: https://edition.cnn.com/2019/04/29/business/chase-bank-tweet-outrage-trnd/index.html

[hughee99]

1. You: why is my bottom line so low?

JPMorgan: because you made massive bets on shaky real estate assets while being grossly overlevereged. Don't worry, though, the taxpayer will bail you out and you'll still get your bonus.

If "you" are Jamie Dimon.

[TheBlackAdder]

18. It could also be that if you are late on one payment anywhere JPMC jacks you into the default rate.

[guillaumeb]

27. Perfect. eom

[hatrack]

2. Wells Fargo: "We suck". Chase: "Hold my beer."

Oh, and the CNN article mentions $350 million from Chase for a "job training" program.

Over 1% of their profits from just last year will go to benefit the proles, over however long a time.

Gosh, I'm . . . speechless.

[highplainsdem]

5. LOL!

[uponit7771]

13. +1

[whathehell]

3. Banks seem to possess rather poor PR skills..

[hatrack]

4. It's tough out their for a financial God-King . . .

You can at least try and appreciate the difficulties of being a Master of the Universe, right?

[whathehell]

8. Of course..

although I liked Rep. Katie Porter's response:

"Hey Chase.. Try paying your workers more; Families aren't spending frivolously -- They're trying to pay rent".

[Trenzalore]

9. The person that authored that tweet probably makes 6 figures

Went to a top school as a legacy and had parents that at a minimum had a combined income of 200k

Started on 3rd base and hit a triple kind of person that didn't even realize what they are saying would cause anyone to bat an eye. Probably thought they were brilliant.

For the most part those are the people that end up employed there.

[whathehell]

11. Very possible..

He or she was certainly tone deaf.

[okaawhatever]

6. Howz about I create a Democratic bank and release this commercial. You, why is my balance so low?

Democratic bank: Well, there's the failure of congress to keep the minimum wage on par with inflation.
You, that might be some of it, but it can't be all,
Democratic bank: Well, then there is the lack of salaries keeping pace with both productivity and inflation. Not to mention greater costs for medical insurance, higher deductibles, and insuring your under 26 yo child because they can't get insurance.
You: Yeah, that's part of it
Democratic bank: Well, there's also the fact that corporations are making record profits, but that amount is not being spent on salaries for their workers. Unfortunately, the Republicans have almost done away with the Unions and they were the ones to fight this sort of thing.

You see how this could go on for days...……….

[whathehell]

12. Might make a great Democratic campaign ad..

[ZZenith]

7. Hmmmm. Our credit union keeps really good fresh hot coffee right by the entrance.

And they treat us like royalty when we need to sit down and talk about loans and such.

Why anyone would give a penny of their hard-earned money to the likes of Chase, Bank of America or Wells Fargo when they could bank with a local credit union will forever remain a mystery to me.

[susanna]

16. So much this.

Moved EVERYTHING (mortgage, IRAs, checking, savings) to a credit union 15 years ago and have never been disappointed. My CU even has a "cashback" every February to reward you for your holdings with them. If you have smaller amounts invested, it may be $50 bucks. If you do ALL of your banking with them, it goes up and up and up, depending on the size of your investments.

Would never go back to a national "bank."

I'll pay an occasional $2 - $5 buck fee for ATM convenience when my gains otherwise are so obvious.

[The Velveteen Ocelot]

26. Credit unions are definitely the way to go.

Better service, better rates, contact with actual humans. I'll never go back to a big commercial bank.

[lunasun]

10. What Elitist crap . If I had an acct I would close it . Reason given: FU

[pecosbob]

14. "You: why is my balance so low

Bank account: Form a corporation and you too can pass along your losses and debts to the taxpayers like our bank.

You: No, I think we'll just get out our pitchforks and eat all the rich instead.

Loved Warren's response...

— Elizabeth Warren (@SenWarren) April 29, 2019
.@Chase: why aren’t customers saving money?
Taxpayers: we lost our jobs/homes/savings but gave you a $25b bailout
Workers: employers don’t pay living wages
Economists: rising costs + stagnant wages = 0 savings
Chase: guess we’ll never know
Everyone: seriously?

[Demovictory9]

15. wow

[IronLionZion]

17. I'm wondering what sort of person decided on that twitter message

if it was an intern or an executive, and young or old, wealthy or not, etc.

The cab comment is interesting on whether it was from an urban elitist or someone who hates urban elitists. Much of America doesn't get around by cab or measure distances in blocks.

One individual I know who has twice daily Starbucks habit also happened to share how she uses her fancy expensive Chase card for all sorts of travel rewards and luxury perks. Chase caters to people with more money, not less. The coffee comment is the one I can agree with since it is a lot of money to spend every day on something that's fairly easy and cheap to make at home.

[TheBlackAdder]

20. They probably don't like processing what they deem as penny transactions.

[IronLionZion]

21. Money is money to them, they still get the fees for small transactions

which leads me to believe it was probably a low ranking employee who doesn't know this. It was odd that they made comments about spending less money when they make profit when people spend more.

[TheBlackAdder]

23. Yeah, but that would be a minimum transaction fee, as they make their money on larger purchases.

.

They probably base their minimum on barely a break even, not anticipating that over the past 5-10 years people would be making scores of $0.50, $1 and $3 transactions. They have to transmit, log process and store each one and resolve them for the client and store.

.

[Ms. Toad]

19. Coming from Chase, it is tone deaf - BUT it is good advice.

My sister, who turns 60 next year, has a retirement account for the very first time in her life because she stopped buying coffee out and put the money into savings (bank of my brother for last year), and this year (with the encouragement of a new boyfriend) into an IRA (fully funded for the year). (She's never even had a savings account, so anything more than a minor car repair was a financial disaster.)

Her encouragement to stop buying expensive coffee didn't come from an imaginary bank account - but from my brother and her new boyrfiend. And - for whatever reason - it worked this time. And it all started with skipping the trips out for coffee.

[TheBlackAdder]

22. It's amazing how it adds up. I had my ritualistic Starbucks in the morning and ate lunch out.

.

That $3.00 coffee, if that's all, many times it was a breakfast item too. That became $30 a week or $1500/yr.

Lunch with co-workers was $7 a day, which became $35 a week or $1750 a year.

Right there, those two items translate to roughly $3,250 a year as some days it more would be spent, others less.

.

[Ms. Toad]

25. That's what my sister discovered.

For decades, she never thought she would be able to save money - and now she is.

[Wounded Bear]

24. Agreed, on both parts...

It is good advice. Hell, I have to remind myself, being on a fixed income, that I can't afford $5-6 coffees very often. I still do it once in a while, but certainly not daily.

And yeah, having someone sitting in a gold plated ivory tower dispensing advice on being frugal doesn't come off as very well informed about life in general.

Maybe it was a stealth hack by Starbucks.

[Kaleva]

28. I'm fine with living on $1194 SSDI and $140 VA pension

[niyad]

29. how much does the ceo of this mega-company make?

[Tommy_Carcetti]

30. Chase Bank: The Nagging Parent of Financial Insitutions. nt