Bank / Credit Union

Former First Republic Bank customers report issues with JPMorgan takeover

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June 5, 2024

Some First Republic Bank customers are reporting issues accessing their cash after JPMorgan Chase took over the bank. In particular, many customers have a business line of credit with First Republic Bank, but those lines won't transition until later this year, according to a report by ABC 7.

"The business line of credit unfortunately is in limbo right now it is trapped inside First Republic's online [system], yet nothing can be done online with First Republic. It hasn't migrated over yet to the Chase side so therefore, I can't access it to take any money out or to pay it," Russell Rheingrover, a customer of First Republic Bank said in the report.

JPMorgan Chase said that business line of credit customers should call a support line at 888-408-0288 to withdraw money until the migration is complete.

However, Rheingrover said there is an hour-and a half hold time to reach someone on the phone. Chase maintains that call volumes are expected to decline.

Rheingrover said he plans to close his Chase accounts and has opened accounts with another bank.

JPMorgan Chase took over all assets of First Republic Bank in 2023 following a run on deposits that led to First Republic collapsing.