JP Morgan Chase Banking Online
I recently opened an account with JP Morgan Chase having previously used Citibank for all of my financial needs.
I am startled by how poor the interfaces are. It really feels as if the internet were just invented yesterday when I use this thing. None of the menus are logical or easy to navigate. The two things that irk me the most are the following:
1) When I use the online payment functionality to issue a check online, the money is withdrawn the instant that the check is written, not when it is cashed. Aside from the fact that I lose the interest that I should be accruing between the time that it is issued and cashed (this interest is obviously now accruing to Chase), I have no way to ever know whether the check has been received, unless I am contacted later by the person or organization that I am trying to pay saying that it has not been received.
2) There is no way to get a summary online of all of the recent activity in the account. I need to go into each separate folder - deposits, checks written, online checks. When several checks are deposited at once, they do not appear individually on statements, but as one deposit, and there is absolutely no way to go back more than 12 months to see activity (I need to get all of my statements out in order to prepare my prior year returns).
I am not sure who built Chase's online banking system, but it is highly inferior to Citibank's or any other bank's that I used.
Citi and BoA may be the banks in trouble today, but if these banks are to be judged by ability to adapt to technology and consumer needs in the the 21st Century, JP Morgan Chase is in the worst position of all.
JP Morgan Chase Banking Online
Friday, September 11, 2009
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