JPMorgan Chase vs Capital One Bank : Which One Comes On Top

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JPMorgan Chase and Capital One are among the biggest banks in the US offering high-end banking services to its customers. Between the two, they share a large customer base and these numbers keep on growing each day. Both JPMorgan Chase and Capital One are examples of successful banking businesses, which uphold people’s trust. But when it comes to JPMorgan Chase vs Capital One Bank, which one comes on top? Check out JPMorgan Chase vs Wells Fargo to know which is the better one.

JPMorgan Chase vs Capital One Bank

History

JPMorgan Chase

JPMorgan Chase Bank

Chase bank originally started out as The Bank of The Manhattan Company (New York). In 1955, it merged with the Chase National Bank and renamed as The Chase Manhattan Bank. One can trace back Chase’s history to the founding of The Manhattan Company by Aaron Burr, on September 1, 1799, in a house at 40 Wall Street. On the other hand, John Thompson founded Chase National bank in 1877. He named it after the United States Treasury Secretary and Chief Justice Salmon P. Chase. Chase never had any connections with the bank.

Capital One Bank

Capital One Bank

On July 27, 1994, a Virginia-based Signet Financial Corp announced the corporate spin-off of its credit card division, OakStone Financial. In October 1994, Signet renamed the subsidiary as Capital One. Capital One became fully independent when the spin-off came to an end on February 28, 1995. After its “independence”, Capital One worked as a monoline bank, meaning that all of its revenue came from its credit cards. In 1999, Capital One decided to venture into collecting consumer data to offer loans, insurance, and phone service.


Checking Account

JPMorgan Chase

Chase offers several checking options and among them is its basic account, Chase Total Checking. And it is comparatively easy for Chase Total Checking account holders to avoid fees. Your bank waives the monthly fee of $12 if you deposit $500 or more per month in direct deposits. Also, you need to keep a minimum of $1,500 balance or have a total of $5,000 or more across certain Chase accounts. Things are much difficult for Chase Premier Plus Checking or Premier Platinum account holders. As a Premier Plus user, you must maintain a balance of $15,000 or make automatic payments on a Chase mortgage. Platinum users, on the other hand, need to maintain a balance of $75,000.

Capital One Bank

When you talk about interest, Capital One 360 Checking pays interest which is considerably higher than the national average of 0.04%. A person can make deposits through bank’s ATMs accepting deposits through bank transfers and mobile apps. But there are less services available for account at a branch. Capital One’s branches provide limited services to 360 accounts.


Savings Account

JPMorgan Chase

Chase offers a Chase Premier Savings account on top of the basic one. And while its rate of interest is better than the basic one, it also depends on where you reside. You have to maintain a daily balance of $15,000 if you wish to avoid a monthly fee of $25. Or you can link your account to a premium Chase checking account. Their rates aren’t higher than 0.05% APY, though.

Capital One Bank

The saving interest rate Capital One 360 is pretty high though you can find other online banks which pay more. But Capital One 360 has its perks too! It gives you the ability to open up to 25 separate savings accounts, use an automated savings tool and lets you set and track goals. This is beneficial to manage and save money effectively.


Footprint

JPMorgan Chase

This New York Based Bank is active both in national and international banking sector. Talking about US presence, Chase has above 5,100 retail branches and 16,000 ATMS all over the country from north to south and east to west. When it comes to international market, JPMorgan Chase & Co operates in not less than 100 countries presently and has 25,355 employee and is increasing everyday.

Capital One Bank

When compared with Chase, Capital One has comparatively smaller footprint in the United States. Capital One has 755 retail branches, which include 18 cafe style locations and 2,000 ATMs in the country. That’s a significant difference between the two giant banks of the US!


Wealth Management

JPMorgan Chase

JPMorgan offers wealth management services to each and every private client of Chase Bank. These services include mutual funds, annuities and college planning, security-based lending and financial advisory services. The college plans they offer also includes tax-advantaged 529 plans. JPMorgan also offers all its private clients a private client advisor and access to its global strategy and solution teams.

JPMorgan Chase vs Capital One

Capital One Bank

Capital One boasts a team of Private Banking and Wealth Management specialists based locally. These specialists have “more than 75 combined years of experience” in delivering world-class service. Capital One claims that their team of experts provides clients comprehensive solutions for businesses, owners, wealthy individuals and families, endowments, foundations, and other organizations.


Customer Satisfaction

JPMorgan Chase

JPMorgan Chase has proved to be that bright spot in the fading image of banking sector in the country lately. 2017 customer satisfaction survey by JP Power proves that Chase is doing a lot better than its competitors. The bank scored higher than any other banks in all 11 of the geographical region broken out by the survey.

Capital One Bank

While Chase gave a hope to the banking sector, Capital One added to that hope greatly. The same survey declared Capital One as the clear winner in the customer satisfaction survey and as the overall champion too. Capital One trumped all the other banks to come out as the best bank of 2017.


Controversies

JPMorgan Chase

Being one of the biggest companies in the United States means that you have been amidst controversies and criticisms:

Purchase of Nazi Germany’s Reichsmarks during WWII-

The National Archives and Records Administration announced declassification of a number of FBI files in 2004. One such file described how during the World War II, the German Government sold a special sort of Reichsmark or Returnee Marks to the American citizens of German Descent. Files showed how Chase National Bank among other institutions helped in making these transactions.

Release of funds for Nazi Germany during WWII

Those files also revealed another controversy around the time when Nazis occupied France. Chase National Bank worked with the Nazi Government around the time when Franklin D. Roosevelt issued an Executive Order to freeze German assets. Chase bank, in spite of orders to block all access to French account in the US, unblocked all these accounts and transferred funds to Nazi Germany through South America.

Targeted account closures

Between 20013 and 2014, all eyes fell on Chase Bank for canceling the personal and business accounts of hundreds of legal sex workers. The bank justified the actions with the reason focusing on the “morality clause: of their account agreement. To add fuel to the whole situation, it also came to light the Capital One has been using the “morality clause” to dissociate from other types of businesses.

Capital One Bank

Capital One has had its fair share of controversies and legal actions:

Fines for misleading customers to pay extra for services

In July 2012, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau fined Capital One for misleading its customers. The charges included paying extra for payment protection and credit monitoring when they took out a card. Capital One agreed to pay $210 million to settle the legal action and to refund two million customers.

Automated dialing to customers’ phones

In August 2014, Capital One and three collection agencies agreed to pay $75.5 million to end a consolidated class action lawsuit pending in the United States District Court for The Northern District of Illinois. The lawsuit alleged that these companies used an automated dialer to call their customers without consent. This is a direct violation of the Telephone Consumer Protection Act of 1991.

2014 amendment to terms of use to allow personal visits

The 2014 amendment of “terms of use” by Capital One to allow it to “contact you in any manner we choose”, including a “personal visit . . . at your home and at your place of employment,” raised a lot of concerns. Los Angeles Times writer David Lazarus wrote, “Cap One has made deliberate decisions that seem intended to overreach and intimidate, confirming in the eyes of many the company’s thoughtlessness and occasional ruthlessness.” To this, Capital One spokewoman Pam Girardo replied that the company will not actually make personal visits to customers until, “As a last resort, . . . if it becomes necessary to repossess [a] sports vehicle.”

Though Capital One is a much newer bank than Chase, it still offers services and products that puts it directly in competition with Chase. Both these banks are setting benchmarks for other banks in the US.

If you have accounts in these banks, then you need the JPMorgan Chase Bank Routing Number and Capital One Bank Routing Number respectively for various monetary transactions.

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