Would you find this Chase branch practice offensive?

[TheWarriorMonk]

I spent several years working in the wealth management area of a mid-sized regional bank. (At my bank it was called the “private client group” as opposed to wealth management.) It is, indeed, for folks with over $500,000 in manageable assets.

We also deal with these divisions of bank and trust companies. I believe Chase actually refers to it as “Asset Wealth Management.” Many other banks refer to it as their Private Banking division.

Some of the private banking divisions have high wealth entry requirements. We found out about that firsthand. One of my associates was interested in buying a house (roughly $150,000 mortgage) and called one of the people she was very friendly with. The person stated that the bank could help her, but not the private division, because of the $3,000,000 asset requirement at the time.

 

[BettyBoop416]

I chose not to travel first class and save my money for other things.

It’s the same thing at the bank. When I worked in the private client group, one of my jobs was to identify bank customers who had substantial funds somewhere else and try to get them to transfer it our bank. One of the things I would do is examine deposit records and look for dividend and interest payments coming in from other sources. Frequently, I would find payments coming in from discount brokerage services such as Vanguard. I would contact the customer and encourage them to utilize our private client services. More often than not they would responds with something along the line of, "Why would I want to pay you a huge annual fee to do essentially what Vanguard will do for much, much less? Just so I don’t have to stand in line for a teller?’ (Or in the OPs case, walk in a special door.)

 

[TheRealJuliane]

Quite frankly, I’m very surprised by your response. The bank is basically treating you differently based on how much money you have - call it wealth discrimination if you will - and doing so publicly and without shame. If say at a restaurant, they seated someone first, because he/she had more money than you or was more “important” than you, even though you had been waiting in line for hours, would you not be mad, offended, outraged? The bank is basically doing the same thing, saying someone else is “better” than you are, because he/she has more money. Every time someone uses that side entrance, it’s like a slap to the face, with the understanding that you’re not good enough to use the main entrance.

I don’t have anything against rich people, so long as they didn’t sell their soul to get rich. It’s the bank’s behavior that I find unconscionable.

Um… A bank is in what business again? It has something to do with…wait a minute…I know I can get it…oh yeah, that’s it…

MONEY!



This is an absurd thread.

 

[AllSeasons]

It really saddens me that many of you are perfectly okay with a banking institution - or any other institution - giving preferential treatment to people simply because they have more money.

How many of you cheered when Pope Francis was chosen as Pope? How many of you have read the stories of St. Francis of Assisi? I would think many. Yet how easily you have forgotten what they stand for.

 

[LightBound]

It really saddens me that many of you are perfectly okay with a banking institution - or any other institution - giving preferential treatment to people simply because they have more money.

How many of you cheered when Pope Francis was chosen as Pope? How many of you have read the stories of St. Francis of Assisi? I would think many. Yet how easily you have forgotten what they stand for.

It’s a bank.
How about getting upset because certain hospitals cater to celebrities- to the point of closing off a floor and denying a father access to the special care nursery to see his baby because a singer was a patient on that floor and she and her rap star husband wanted privacy. I think that warrants more of a concern about fairness than a bank who has a separate entrance for a different division.

Do you get upset because your local warehouse store (Sam’s or Costco) has special shopping times before and after regular hours for shopper’s who purchase an upgraded membership?

On Monday, how about calling that Chase branch and making a complaint over what you find offensive.

 

[TheRealJuliane]

It really saddens me that many of you are perfectly okay with a banking institution - or any other institution - giving preferential treatment to people simply because they have more money.

How many of you cheered when Pope Francis was chosen as Pope? How many of you have read the stories of St. Francis of Assisi? I would think many. Yet how easily you have forgotten what they stand for.

Lord & Taylor - upscale retailers
Mercedes
BMW
Lamborghini
Hollywood
Orange County CA
Yacht companies
Cruises
Airplane manufacturers
Funeral homes
Home builders
Jewelry retailers and designers

Are you offended at all these businesses? For all of them cater to wealthy people, and you could say, treat them “preferentially.”

What is your chief complaint? That you don’t feel you have a right to walk in that “Wealth Management” door? But it sounds as though you don’t want to walk in that door, if it means being wealthy…So don’t! Problem solved.

 

[JackieMom]

It really saddens me that many of you are perfectly okay with a banking institution - or any other institution - giving preferential treatment to people simply because they have more money.

How many of you cheered when Pope Francis was chosen as Pope? How many of you have read the stories of St. Francis of Assisi? I would think many. Yet how easily you have forgotten what they stand for.

Why wouldn’t they give preferential treatment to clients who had trusted them with large sums of money vs. those who keep a small checking account? The bank needs those clients to stay afloat. It’s like any other business. Big clients get perks. There is more incentive to keep them as clients!

I don’t get your comparisons. Chase Bank is not the Pope, or a saint. It’s a business. Is it wrong that I don’t get to use the VIP entrance at the Four Seasons or that I don’t have access to first class when I’ve only paid for coach?

Wealth Management and day to day banking are different and have to be differentiated from one another somehow. Yours has separate entrances. So what?

 

[JackieMom]

And as long as we’re invoking the Pope and associated saints - I doubt Pope Francis or his namesake would feel insulted or humiliated by going through the small regular door to do their banking. In fact, they’d probably prefer it.

 

[VeritasLuxMea]

Good for you! Obviously, there’s nothing to prevent someone from making use of the wealth management services, regardless of the amount of money that’s in need of managing. That said, it’s how the bank has chosen to segment their customer base. It’s the way they have set up their services to cater to different segments within their customer base. Their employees in wealth management would have a different set of skills than those in consumer banking. Those in wealth management are probably better educated, better trained, and better paid.

Um… yeah. Why is that weird to you? Why would someone with an MBA be a bank teller? Why would someone who is a bank teller be paid like someone with an MBA?

In essence, these are two separate businesses. It’s not much different than going to a casual diner versus going to a five star restaurant.

 

[1ke]

Quite frankly, I’m very surprised by your response. The bank is basically treating you differently based on how much money you have - call it wealth discrimination if you will - and doing so publicly and without shame.

No, they aren’t. These are two separate businesses. Anyone with money to invest can use wealth management services. Anyone needing to deposit, withdraw money, etc, can use the teller services. If a rich person needs to withdraw cash, he stands in the same line as you-- either at the teller or ATM.

I bank at Wells Fargo along with a credit union. The WF wealth management location only does investments they don’t have retail banking at all at that location. They have an ATM in the parking lot for those who need banking. Am I insulted that I don’t even have a door at that location? No. Because I am not doing investment business, I just need 40 bucks so I drive up and get it.

And yes, a private division for very high net worth people may indeed offer white glove service to those people-- so what? They are paying for it. High net worth individuals are at high risk for identity theft, embezzlement, etc, and it makes sense for them to do banking business with one person whom they work with directly and discreetly.

Although, my high net worth friends (and I do have several) are super cheap and don’t use those services.

If say at a restaurant, they seated someone first, because he/she had more money than you or was more “important” than you, even though you had been waiting in line for hours, would you not be mad, offended, outraged?

But that is not the case with the bank. They have two separate businesses with two separate purposes and you are being served identically to everyone else in the regular banking area regardless of how much money you have.

The bank is basically doing the same thing, saying someone else is “better” than you are, because he/she has more money. Every time someone uses that side entrance, it’s like a slap to the face, with the understanding that you’re not good enough to use the main entrance.

This sounds to me more like something going on inside of you than what the bank is doing.

It has an investment office. It is not denying you any services or treating you any differently than anyone else for retail banking.

I don’t have anything against rich people, so long as they didn’t sell their soul to get rich. It’s the bank’s behavior that I find unconscionable.

Then make your objection known to them and see what they say. No one is forcing you to do business with Chase.

 

[Lost_Wanderer]

I don’t have anything against wealth management, per se. It is, after all, a service. However, the practice to treat their customers differently, based on the amount of money they have, does not sit well with me.

My dad isn’t rich but he’s somewhat of an armchair investor. From him alone, I can already tell that you’ll need piles of that cash to implement the advice given to you by high-end financial investors.

Quite frankly, I’m very surprised by your response. The bank is basically treating you differently based on how much money you have - call it wealth discrimination if you will - and doing so publicly and without shame. If say at a restaurant, they seated someone first, because he/she had more money than you or was more “important” than you, even though you had been waiting in line for hours, would you not be mad, offended, outraged?

They pay more money. And yes, that makes more sense. Isn’t it common sense in business that about a grand percent of your revenue originates from just a smaller percentage of your customer base?

Having less money than other people isn’t exactly something you can whine about. It’s something you’re supposed to DO about. If I don’t like having so little money, I have to find ways to make more. It’s that simple. Then again, why should I? I’m content. I don’t see why I have to bawl and whine just because I can’t pay for someone to make a greater effort for me. Tit for tat. That’s how business generally works. It’s how they continue to operate. They cannot operate on other people’s charity unless they wanna turn into a soup kitchen.

The bank is basically doing the same thing, saying someone else is “better” than you are, because he/she has more money. Every time someone uses that side entrance, it’s like a slap to the face, with the understanding that you’re not good enough to use the main entrance.

In a sense, they’re actually right. Surprised? Tell me, what do you do for a living? I hate to break it to you but the value of certain types of labor does have a pretty objective set of standards. If the likes of Rockefeller or Buffett made more money than me, guess what? I can easily tell why. They know better. They’re knowledgeable. They have all the tricks etc, etc. More than that, they WORKED to reach that level. You wanna be like them? Be prepared to go through the same thing.

Alas, not many even have the guts.

 

[Lost_Wanderer]

You buried it on Easter Island, and you were with Captain Hook, Tupac, and Hadji from Johnny Quest. So… how close did I get?

Not close at all but fine, I’ll tell you. It’s at Gringotts. Care to know the vault number mate? I should warn you. It also doubles as a dragon breeding chamber. It’s so nice to share your penchant for gold with a beastie that loves swimming in it.

I mean it must mean I’m a completely amoral and greedy Slytherin with all the gold I’ve stashed.

 

[TheWarriorMonk]

It really saddens me that many of you are perfectly okay with a banking institution - or any other institution - giving preferential treatment to people simply because they have more money.

How many of you cheered when Pope Francis was chosen as Pope? How many of you have read the stories of St. Francis of Assisi? I would think many. Yet how easily you have forgotten what they stand for.

I hope you realize they pay for it. I’ll give a simple example. Average Joe on the street wants to get $150,000 mortgage. He can do so by getting a loan that will be sold to Fannie Mae at very low rates. Now, the Joe with the Plumbing Empire is a mulimillionaire that wants to borrow $5,000,000 to buy his new estate. Of course, his loan can’t be sold to Fannie Mae because the loan amount is over their limits. However, he can get a loan through the private banking division, but the rates are higher because the money must come from investors and their is a higher risk in making such a loan.

Is charging more for a loan for a wealthy person preferential treatment?

 

[bluerose]

If the OP wants to make a point (whatever it is) then why doesn’t HE use the “Wealth Management” door instead of the regular door and prove he’s just as good as the “rich people” using that door? I rather doubt they have armed guards (or even unarmed guards) checking your financial status as you walk in. He can encourage all his friends to do the same. Of course, they must all be prepared to be told that regular deposits, withdrawals, payments, etc. are taken care of in a different area and they must go through those doors, down the hallway, etc. to get there.

BTW, is the OP not outraged at the fact that if there is a separate door for “wealth management” then the people who are there for those services will most likely be redirected if they attempt to get in the regular teller line? Isn’t THAT discrimination as well? “Hey, they won’t let me use the ‘deposits only’ line because I’m here to restructure my IRA and 401(k)!”

 

[Cat]

Why do people walk around life looking for problems to gripe about? I see this constantly on CAF, especially in the L and S section. I think the one that really took the cake was several years ago when someone posted a thread about “sitting with your arm draped over the back of the pew during Mass.” How on earth did that person ever notice such a thing, let alone come to a conclusion that it was worth complaining about on a public forum!

If someone is concerned about differential treatment for the rich and the poor, then wouldn’t it be better to help the poor rather than berate the wealthy?

Yes, the OP is haranguing against the wealthy. The implication is strong in the post that the wealthy are “at fault” for patronizing Chase bank and walking through that separate door. After all, the bank wouldn’t have two doors if the wealthy didn’t insist upon it.

I think this kind of mentality of “anti-wealth” is what is giving Pres. Obama and his cronies the power to continue to hold Congress locked-up and keep the country from progressing. They insist that “the 1%” (those rich fat cats) need to pay more and even more taxes, a “fair” amount of taxes, just because they are wealthy and obviously got there by pushing poor people out of the way and forcing them to walk through a different “poor door.”

What kind of people are we, that we always try to find something to complain about? How about this–every time you are tempted to complain about something, go do something good for others. If you’re like me, you probably don’t have time to both complain and do good works. So choose one.

 

[SuperLuigi]

So there’s this local Chase branch in my town that has two entrances. The nice, main entrance in the front of the building is marked for “high wealth” individuals only. Then there’s the little, inconspicuous side door that reserved for “regular” people like you and me. I don’t know about you, but I kind of find this offensive. What are your thoughts on this?

Let the free market work.

Why do people walk around life looking for problems to gripe about? I see this constantly on CAF, especially in the L and S section. I think the one that really took the cake was several years ago when someone posted a thread about “sitting with your arm draped over the back of the pew during Mass.” How on earth did that person ever notice such a thing, let alone come to a conclusion that it was worth complaining about on a public forum!

:clapping:

 

[shainski]

Quite frankly, I’m very surprised by your response. The bank is basically treating you differently based on how much money you have - call it wealth discrimination if you will - and doing so publicly and without shame. If say at a restaurant, they seated someone first, because he/she had more money than you or was more “important” than you, even though you had been waiting in line for hours, would you not be mad, offended, outraged? The bank is basically doing the same thing, saying someone else is “better” than you are, because he/she has more money. Every time someone uses that side entrance, it’s like a slap to the face, with the understanding that you’re not good enough to use the main entrance.

I don’t have anything against rich people, so long as they didn’t sell their soul to get rich. It’s the bank’s behavior that I find unconscionable.

I thought that restaurants did this all of time. If a regular guest come into an establishment - don’t they give that person a special table - go ahead in line. If someone slips the Maitre d a $20 (probably more these days), doesn’t he get a table that wasn’t available?

Hotels do the same thing.
clothe stores, jewelers.

If a famous movie star, rock star, politician, athlete came in, don’t you think they would get moved to the front of the line?

Yeah, in airplanes - you often actually have to walk through the first class section to actually observe them in bigger seats - with drinks or dinners to get to your scrawny little cattle-car seat.

I doubt that there are many business that wouldn’t cater to wealthier clientele.

and i agree with the others - “Wealth Management” is a term that is used for those that wish to prepare for retirement - and does not specifically refer to the wealthy.

And I suspect if one were wealthy enough - the bank would send representatives to your house - and you wouldn’t even need the special entrance!

 

[CatholicGeek1]

one day? Know what I’d do? With a meager $5 deposit, I’d walk through the wealthy side now.
And if I were wealthy, I’d walk thorugh the other door to make a point. IF the reason for the 2 entries pertain to willful discrimination.

This is just silly. It is clearly an area for people that are going to be getting services that are provided to people with a lot of money. Many investment companies require a minimum amount be invested, this is likely the area that deals with these types of investment accounts. I sincerely doubt that it simply leads into the same lobby. If it did that would be pointless.

 

[CatholicGeek1]

Yes, the definition does include families and small business owners. But just think about it. It’s called wealth management for a reason. The families and small business owners would need to have wealth that’s in need of managing. And really, if you have so much money that requires the service of a bank to help you manage it, you are certainly not poor. When you’re talking about wealth management, you’re talking about millions, not thousands.

I actually have my money managed by a company called Wealth Management and they are managing thousands for me, not millions.

 

[CatholicGeek1]

Quite frankly, I’m very surprised by your response. The bank is basically treating you differently based on how much money you have - call it wealth discrimination if you will - and doing so publicly and without shame. If say at a restaurant, they seated someone first, because he/she had more money than you or was more “important” than you, even though you had been waiting in line for hours, would you not be mad, offended, outraged? The bank is basically doing the same thing, saying someone else is “better” than you are, because he/she has more money. Every time someone uses that side entrance, it’s like a slap to the face, with the understanding that you’re not good enough to use the main entrance.

I don’t have anything against rich people, so long as they didn’t sell their soul to get rich. It’s the bank’s behavior that I find unconscionable.

Almost everywhere you go, the customers that pay more, get better service. You get what you pay for. When I am out, I tip well, places that I go often know that I tip well and make sure that I get good service. What is the problem?