Section Bank, was founded in November 2004, under

Section I: JPMorgan Chase bank introduction

Chase Bank, National Association (JPMorgan Chase Bank, N.A) also known to the
customer as Chase Bank, was founded in November 2004, under the sole ownership
of JPMorgan Chase & Co. The bank enjoys a flourishing and broad customer
base both in the United States of America and internationally, funding
prominent international corporations, government agencies and not excluding
small business. Being US biggest bank by assets, totaling to more than US$28
trillion under custody and administration, the bank has its main offices in
Columbus, Ohio, and boasts of 23 branches in total and in different states. The
bank now is under James Dimon as its CEO since December 2015.

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            The bank
has quite a history. One of the unforgettable being the Madoff fraud in 2014. It’s
believed that to date, victims of the scam have never seen a dime of the money,
due to investigations into the credibility 64,000 claims forms at the
Departments of Justice. Bernie Madoff, a customer of the bank since 1986 to
2008, executed his plans carefully often taking loans for his fraudulent
activities such as money laundering. It’s also believed that the bank was well
aware of the Madoff’s illegal business but failed to take any action, turn a
blind eye to Madoff’s activities.

through the suit filed by Irving Picard, appointed to liquidate Madoff’s
company, the bank paid fines and penalties worth US$2.05 billion to settle the
criminal charges. Also the bank went ahead to pay Office of the Comptroller of
the Currency (OCC), who charters the bank, US$350 million as fines and another
US$543 million to settle the suit by Picard. Even with these significant
penalties and fines, the bank’s nightmare was not soon to be over. The
governments filed two-count for violation of Bank Secrecy Act. Thought the case
was dismissed in two years with Chase bank agreeing to review its money
laundering procedures and cooperate with the bank on the ongoing investigation,
the bank had to forfeit US$1.7 billion.

 The bank has had
other negative marks in its history, including a cyber-attack in 2014 where its
eight three million customer accounts were compromised. In 2017, the bank was
accused of racism where it denied thousands of blacks and Hispanics rights to
mortgages between 2006 and 2009, where it agreed to pay $55 million for the
alleged discrimination.

despite the numerous counts of negatives on the banks past, the Chase Bank
continues to thrive. Competing amongst other three Americans fines such as the
Bank of America, Wells Fargo and Citigroup, the bank remains committed to
offering serving its customers both in the US and internationally.

Section II: Statement of the problem

            There is no doubt that the bank
is committed to being all-inclusive, offering financial service to the rich,
the middle class and perhaps the poor. Its quarterly and yearly profits records
speak more about the bank’s effort, not only to remain it the top four bank in
America but also to earn a high rank globally.

surfing the internet reveals not only the small cracks within the bank itself
but also from the bank’s customer’s reviews about the bank services. In one
case, back in 2014, a 39-year-old Gabriel Magee, senior IT programmer from the
bank fell, or perhaps committed suicide, from the peak of the 500ft European
Headquarters. If this was a suicide case, what would make employees of such an
esteemed high profile bank commit suicide? Could the motivation behind the
suicide be work related? These questions would be hard to crack since there no
suicide notes left to solve the puzzle.

gathered on Consumer Affairs website, tell a lot on customer satisfaction from
the bank’s services. If these reports are solidly genuine and not from a
customer who just wishes to tarnish the name of the bank, the bank needs to do
a lot to get to the bottom of the issues raised to remain customer favorites.
From customers complaining of a frozen account during a time of emergency,
delayed payments of checks, to unsupported customer services, attaining
customer service satisfaction is the number one goal of any financial service

 If these allegations
form customers holds some percentage of some truth, the bank is thus
undermining its lower customers. Also, the bank is discriminating its
middle-class customers.

Section III: Research questions

 It’s the customer’s
need that motivates them to join and bank with a specific financial
institution. The motivation, from commercial advertisements and friends, review
influences greatly which bank to choose and which to lay aside. As such, when
the customer finds that the services and satisfaction they sought after cannot
be guaranteed, they mostly try to join other banks as their financial partners.
In uncovering issues in above section II, the research will explore answers to
the following questions.

Is the bank discriminating is middle and lower
income earners?

Are low and middle-income customers satisfied
with the bank customer service?

Does the bank know of the existence of this
issues? And

If the bank recognizes the existence of this
matters, what is the management doing to solve them?

Section IV: Hypothesis

The hypothesis of the above questions, in the previous
section, are:-

The bank only care about significant
corporations’ partners and high-income earners.

The banks lower and middle-income earners are
dissatisfied with the bank’s customer support and service.

The bank knows the issues affecting their

The bank knows the existence of the issues, but
the management is turning a blind eye to them.

Section V: Research significance.

to S. of Oceanside, CA, review on the Consumer Affairs on January 18, 2018, lost his debit card when he drove to Arizona from
California. He called the bank customer service, to report the case and seek
assistance on the same. However, he/she was transferred to a lady on call, who
could barely speak English. The bank refused to offer a temporary card to use
while in Arizona but offers to mail a card to his home address in 5 to 7 days. Therefore,
it meant he had to cancel whatever he was doing to go back to California and
wait for the new card.

the above statement is correct, the customer would complain of bank
inconvenience while in a different state. Therefore, such a customer would want
to know if the bank cares about being his financial partner or only cares about
the transaction charges they charge him for using his account. Hence, this
study is of uppermost vital to him.

the customer would need to know if the bank management knows of such issues,
and if they do, what are the countermeasure is the bank looking to formulate to
ensure that anyone who suffers the same problem in future does not encounter
the same inconveniences.  Also, this
study would offer a source of reviews from the customers to the bank managers
in case they do not know of their existences.

new and aspiring customers, this research would be used to influence their judgment
while choosing financial institution to bank with or trade as partners. 

Section VI:

purpose of this research is to shed a light on some of the weakness, possible
neglect of the JPMorgan Chase Bank, N.A. As outlined in the section
above, this research would go a long way to assist the bank in identifying its
weakness and building them towards solidifying the bank’s customer base.
Furthermore, apart from doing their reviews known to the management, this research
would also be exploited by the bank’s competitors to take advantage of the bank

Section VII: Data collection/ Research method

The research is purely informative, thus will deploy
qualitative research method. Despite, the study may be freely used by the bank
to review and formulate new policies to improve customer services and finally
ensure complete customer satisfaction. Data will be collected from holders of
Chase Bank accounts, through interviews. Onsite reviews such as those in the
Consumer Affairs website will also influence this research. Corporate records
will also aid in bringing to light if customers are quitting the bank, and they
have documented such records, what the customers’ main reasons for choosing to
quit the bank.

Section VIII: Summary

JPMorgan Chase Bank, N.A is
undoubtedly a giant in the banking sector both in the US and also globally. The
bank enjoys profits that other banks dream of bucketing. The bank offers public
financing institutions, government and other organizations, assets marketing,
private banking and treasury & securities services. The bank is ranked
fourth in the world largest public company based on composite ranking according
to Forbes.

However, customers’ reviews on the
bank, in spite of its huge success score, exposes serious issues within the
bank. Frozen accounts, cashing of checks, inconveniences at times of emergencies are just of the many worries.
While such statements from users would be mare allegations, their truth, if
there is, would negatively affect the banks. More so, adding to serious
accusations in the past such as the Madoff’s fraud, racism allegations,
official foreign bribery to hire their families and friends, the bank could
find itself on a losing track.G1 G2 G3 

research, hence, aims at G4 G5 G6 uncovering
the bank’s customer services and how it addresses issues raised by the
customers.G7 G8 G9 

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