
JPMorgan Scraps New App Service for Young People - tareqak
https://www.cnbc.com/2019/06/06/jp-morgan-scraps-mobile-banking-app-finn-its-attempt-to-lure-emoji-loving-millennials.html
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013a
Finn looked really cool, but the biggest problem is that it didn't integrate
with existing Chase accounts; it was a totally separate financial account. I
wasn't about to create another checking account, but a more modern app for an
existing account would have been very welcome.

But, at the same time, Chase's main mobile app is one of the better ones among
a sea of banks making bad apps, so maybe it wasn't totally necessary.

~~~
milkytron
I much prefer Capital One's mobile app over Chase.

Sometimes the Chase app refuses to let me login because it "Couldn't establish
an internet connection." Happens to me quite frequently.

~~~
jeffmould
I have this problem a lot with the Chase app. For me at least, it seems to be
tied to using my thumbprint to login. If I enter my password manually it goes
right in.

~~~
nguyenthanhloc
maybe it's a requirement? or a software? lol funny to say that this happens A
LOT in... all Vietnam banks' mobile apps, unfortunately.

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camjohnson26
Banking is ripe for disruption but the powerful banks have built a huge moat
to solidify their power. The actions of Goldman, JP Morgan, Morgan Stanley etc
directly led to the mortgage crisis but the leaders of those banks convinced
the government their continued existence was vital to the economic health of
the world.

The regulations that the government implemented in response, Dodd Frank and
before that Sarbanes Oxley, have actually just made it harder for startups to
challenge the status quo. Starting a new bank is so regulated that most
financial startups would rather buy an existing one than create a new bank.

The big banks pretend like the regulations are curtailing their behavior while
pushing for them behind the scenes because they have teams of compliance
people that can understand how to make money no matter what the regulations
are. They would be dead and gone if the free market had been allowed to run
its course.

~~~
bjl
JP Morgan and Goldman were completely solvent during the entire financial
crisis, they were forced to take bailout money by the government (to disguise
which banks were actually insolvent).

Where do all these nonsense memes about the 2008 crash come from?

~~~
wrong_variable
> JP Morgan and Goldman were completely solvent

Not really, both JPMC and GS had large insurance contracts with AIG. If AIG
fell it would have quickly led to both JPMC and GS collapse too.

Its called systematic risk for a reason.

~~~
JumpCrisscross
> _If AIG fell it would have quickly led to both JPMC and GS collapse too_

Neither had enough exposure to fail due to AIG failing. Rita payouts to
Goldman were less than $5bn, much of that being passed on to funds. I don’t
recall numbers for JPM, but worst case they wouldn’t have been able to acquire
like half of the banks they bought.

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dvtrn
_meant to lure millennials with zero fees and emojis_

and then

 _By killing off Finn, the bank removes some confusion over the product: While
the app was designed for the digitally-inclined, users still had access to the
bank’s ATMs and tellers, although that access wasn’t heavily promoted._

So I'm curious here, would signing up for a bank account through the Finn app
have been classified as a different type of account to get "zero fees"?

Asked perhaps in an illustrative way, if I sign up for an account through Finn
and get zero fees, would my girlfriend be able to sign up for a checking
account at a physical location the "good old fashioned way" and be able to get
the same zero fee checking account type?

As a millennial trying to be more attentive to the minutia of his personal
finance and uses his current bank's mobile app quite heavily for everything
from transfers to travel notifications (so my card doesn't get flagged if I'm
visiting family five states down I-35), I'm missing what the appeal of Finn
was supposed to be. They had my attention at zero fees, and immediately lost
it at "emojis".

Or is my confusion because I'm one of the "older millennials" and therefore
not the target market for this service?

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pmorici
Zero feel typically means no monthly fee to have the account, no per check fee
and free ach transfers in and out with a limited number of linked accounts.
Accounts like that can be had a most banks now days. They still charge fees
for overdrafts, wire transfers and other services.

~~~
dvtrn
I know what "no fees" _means_ , what the article doesn't help me understand is
what the real value add to my banking experience Finn would have been that I
wouldn't get from walking into a brick and mortar and opening an account with
a banker sitting across from me and opening a checking account and using the
"normie" mobile app.

~~~
pmorici
Nothing. You save yourself the hassle of going to a bank. But you can open
accounts with most banks online now. I think this was part of a larger
streamlining of the JP Morgan Chase Brand.

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elamje
For those interested, Schwab has one of the best modern banking experiences.
For those of us that like to travel a lot (ATM withdrawals, foreign
transactions, etc.) Schwab is awesome. There are no minimums, fees, foreign
transaction fees, and all ATM surcharges are reimbursed(yes even $10 ones
abroad).

The app works great and allows you to connect to other banks directly and move
your money between the two as if they were the same bank.

Downside is no physical locations, so cash has to move through another bank
account then get transferred into Schwab.

Checking and saving both yield about .5% which is way better than big banks
typically, although lower than inflation/Tbills.

Can’t recommend it enough for people that don’t enjoy a $10 a month charge for
the bank to profit off of your deposits.

~~~
whalesalad
Agree. Tried them all and Schwab is the bomb.

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spking
No paywall:

[https://www.cnbc.com/2019/06/06/jp-morgan-scraps-mobile-
bank...](https://www.cnbc.com/2019/06/06/jp-morgan-scraps-mobile-banking-app-
finn-its-attempt-to-lure-emoji-loving-millennials.html)

~~~
tareqak
I'm alright with it if one of the moderators changes the article link to the
one you provided.

~~~
dang
Ok, changed from [https://www.wsj.com/articles/jpmorgan-closing-down-finn-
digi...](https://www.wsj.com/articles/jpmorgan-closing-down-finn-digital-bank-
a-year-after-nationwide-launch-11559819232).

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selimthegrim
Would be nice if they weren’t scrapping their credit cardholders’ ability to
sue them too.

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sneakernets
Trying to cater to the generation who were kicked in the teeth the hardest by
your blatant mortgage fraud by slinging emojis in an app?

Yeah, that didn't work, huh? Sucks.

~~~
tareqak
From what I know, Chase only offers mortgages to their existing customers who
have checking or savings accounts as opposed to the market as a whole.

