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hi my name is Michael Cooper and let's begin with this it looks like this part of our site isn't working right now please try again later thanks for your patience so to GaSe video is why Chase Bank is absolutely terrible this is going off of the recent scandal and my own experience where I'm abroad this has happened for the umpteenth time my account is blocked I have no access to five hundred plus dollars which would pay for my rent which would pay for a new mattress which would pay for a new chair which would pay for food which would pay for a lot of things but nope I have no access to it I spent the past three plus hours discussing through Skype because I can't call normally through Skype with Chase Bank representatives and thanks to the pandemic it is going to take a while to resolve this where in actuality I don't think there is a resolution yeahlet's let's discuss Swan Chase Bank is absolutely terrible and this is coming from a customer of six plus years so welcome everybody this is a screenshot of what is currently in my bank account it's seven hundred twenty eight dollars and seven cents so three hundred dollars from that came from a sponsored video an additional hundred seventy two dollars and some cents came from YouTube an additional four dollars and twelve cents came from PayPal and that three hundred dollars came from my family where I got deducted for like thirty four dollars for negative fees or whatever but whatever I'm not going to discuss that although actually might because chase didn't refund me two thirty four dollars for a negative fee for something that I shouldn't have been charged anyway so in the corner you might see that debit card coverage is off which means that if something charges me into the negatives it's not allowed if it's off it shouldn't go into a negative but since this recurring charge it was only recurring because it was repeated a second time and I emailed the company like hey you've got to stop this is a subscription that I do not want it's $300 because they wanted to charge for a year upfront and ultimately it got rejected but chase gave me a $34 negative for you anyways because thanks to that charge my account went negative so it was a huge charge $300 but what happened this is a hundred USD 2 PLN right now we're let's refresh it's at 420 61 it's now at 4 1912 I'm a little worried and frustrated because the longer this goes on the more the US dollar might drop and the worth of that $728 will differ however currently it's still very high if we look at the past year as you can see here it's usually 390 to 384 while here is you know even up to 429 so this is how much seven hundred twenty-eight dollars and seven cents after a refresh is worth its 3051 PLN and I want you to keep track of this number because I want you to notice that seven hundred twenty-eight dollars is a lot of money but that is for you Americans while here in Poland if you're living abroad as I am three thousand PLN is a lot of money it can pay for my rent for the next three months plus have money left over so my rent on living with my girlfriend were splitting rent and it's 900 PLN so times 3 that's 2700 PLN right there were 300 plus left over that's good for food that's good for a lot of food that's 2 grocery store trips now I mentioned a mattress we have a crappy mattress we'd like to replace it so our back wouldn't hurt it's not a lot of money it's a hundred dollars and we've been waiting and waiting and waiting on this money to try and replace the mattress it's like new apartment I also don't have a chair so I have this crappy chair that I'm sitting on I used to have a good chair but I've had to sell back well I used the money we'd have everything set up would be half this month paid for rent food everything at the mattress got the chair I'd be able to upload more videos my back wonder hurt everything would be fine nope chase had to block it and I know this might seem like a rant but here is the average salary and Poland based on where you live so I used to live in this the most expensive section I guess because that's where the capital Warsaw is based and the average salary monthly salary is 5621 PLN now that is a gross salary right there as you can see and that means before taxes are deducted and other fees so let's do five thousand six hundred twenty one times point seven let's so let's say a thirty percent some people might pay more than that others might pay less but when I worked at IKEA that's around thirty percent is how much they deducted from me so 5621 seems like a lot and it's down to three thousand nine hundred thirty four seventy so that's in the highest paid section now now I'm living in the 4769 section towards the bottom of Poland right there forty seven six nine times 0.7 and we are around a rate that I have currently in my bank account three thousand three hundred thirty eight thirty so that's after taxes are deducted and you can see that's the average salary so you've got a lot of people who are making around that you got a lot of people were making over that but you also have a lot we're making well well underneath that they're making two thousand two thousand five hundred and that is a lot of money that's over one month of everything so every expense that you want health insurance you got to pay for internet you got to pay for your phone bill you got to pay for food groceries everything I pays for everything and let's just do last example here the upper most region if you go to the east never eat soggy waffles there we go northeast about a musical Mouser skit you have 38:41 there 38 41 times 0.7 you have 26 88 and most of the reasons around Poland is red as you can see so most of the regions average salary monthly salary is less than I have in my bank accounts so that is just to show you that that money is worth so much more in Poland it's worth two three times more than it is in America and that is why I'm so frustrated if you go to Chase Bank on Twitter you can see Chase Bank receives PPP loan application on day one from a small business owner in New York Chase disaster email small business that they can't answer questions two weeks passed by the funds are exhausted for this small business owner and the business closes and that is just one example over there you go down a little bit it's so obvious now that Chase is funded the money of the PPP - they're important they Cline's me and 10 of my friends who actually applied for PPP within the first hour of its launch did not receive a penny we request investigation on chase two companies in California filed a class action lawsuit against JP Morgan Chase Bank alleging unfair business practices towards small businesses that applied for coronavirus related loans under the government's paycheck protection program guys this is why crypto is a thing this is why it's so popular and this is why if you go to point market cap right now it's gonna be seven thousand five hundred dollars and above so some thousand five hundred eighty six dollars for Bitcoin you got a lot of interests and the market cap is 219 billion dollars has had a nice rise recently despite the pandemic despite the chaos despite the twenty plus million unemployed in America because people are freaking out they can't even get their 1200 dollar stimulus check because change Bank and Bank of America and all of these American banks are freaking out right now and they are prioritizing these high-value targets such as million dollar companies billionaires private clients and that is kind of disgraceful I get it they're making more money off of that but you have a lot of the poor people who can't in those smaller businesses who can't get their loans who can't get their checks some banks are taking this $1,200 and taking fees away which they shouldn't be able to do that private debt collectors aren't able to take that money away it shouldn't be taxed it's $1,200 just to help people who are you know going through some trouble right now they lost their jobs well some banks are taking that because they're like oh it's late fees all you should have paid they took twelve hundred dollars away from a veteran this wasn't chase it was a different Bank but they took it away from a better and they blame the veteran no you shouldn't be in debt well most of America's in debt right now most of America is in debt during good times and especially right now it's got an even worse good morning everyone I wanted to update you on a few items that happen last week Chase Bank has set a new credit standard that other lenders may put into place very soon they raised qualification standards drastically you must have any 700 or higher score so credit score is big for the PPP small business loan applications and that's why a lot of people are getting rejected that's why you have people with great credit who don't have much debt or at least this bad debt that they can't pay off that's why you have these million-dollar corporations that aren't able to take a lot of this money and that's why you know we have small people like me or getting screwed by Chase I'm a broad my issue is different but my issue is on the same importance level as these people who can't get their $1200 who can't get these small business loans because all of us who aren't these million-dollar corporations are at the bottom bitcoin you have VidCon you're able to send it that's it my money when it's in the bank is really my money until I take it out of the bank because as you can see my bank account is frozen right now they want me to go into my bank physically I can't do that unless I have a private client banker which they said oh yeah you can just call and verify and everything's gonna be fine well with private client banking you have to have $250,000 or more and it was $250,000 in a bank account well most people have that invested in real estate or stocks you the only people who have $250,000 in private blank that private client bankers are people who are millionaires or higher right so you do have a chase bank in war so you do have a chase bank in Britain in Germany and all these European countries but it's private clients only it's not a normal chase branch you can't complain about your problems if you have you know $50,000 $500 or even $125,000 because they don't care about the small guys and you've had thousands and thousands of people like me who are stuck in Thailand and China and Japan wherever you are around the world if you have a different address if you have a different phone number than American phone number they're gonna screw you they're gonna shut down your account for example I'm gonna show you that there's a hundreds and hundreds and hundreds of Americans who have Chase account to a Bank of America with all of this and there in Thailand you got a lot of tech entrepreneurs got a lot of crypto entrepreneurs in Bangkok and catastrophe Chase Bank froze my accounts this is from 2018 I've had a chase account for about eight years and lived in Thailand on and off for the last four never had any problems handling my accounts from here I'd rented a place in Berkeley California for when I go back in a month's time the new landlord wanted a wire transfer so I did a wire transfer for $4,800 in California they have you know higher rent plus they're probably doing some extra fees from the very first month so it seems like a lot of money but it makes sense for whatever reason chase refuses to say that the wire transfer was rejected and chase froze all my accounts so when my transaction which wasn't a wire I just wanted to use revolute to charge them like five hundred dollars or whatever and they put a small fee like six seven bucks it would be a smaller fee than a wire it immediately flagged the fraud system and I verified with the fraud team I called them I was put on hold for three hours I called them but I verified and they said wait five minutes it should be over you know I tried the transaction again boom I have a fraud Department message against I called the fraud department they're like yeah well this time you just have to verify your information like going it's a bank account of all the Chiefs branches are closed so even if I was in the state's Chase branches are closed than the ones that are open to have limited hours you have limited hours on the phone on support and there is the corona virus pandemic right now so it's not a good idea to be going outside in the first place and since I'm abroad it's not like I can travel anyway so if I had a lot more money in the bank account there's no flights coming out of Poland unless it's a repatriation flight so that's not happening and I don't have enough money to make it worth it to fly back and hit is just crazy so I told them that over the phone and it's all about the procedure they don't care they said all you have to do is come into any Brennan should show two pieces of ID pointing out the impracticality of this instruction to someone nine thousand miles from his nearest branch when he just nixed his debit card was no use I went through maybe four different supervisors with all of them giving me that unflappable I'm sorry soda have a nice day thank you for allowing us to settle yet my daughter will go down to her local branch and Monday maybe it'll get squared away but maybe not so this is where a co-owner is a good idea but even if you have a cone earner like me where I have my dad who could go into the bank it is just uncomfortable it's like you still got a drive out there you got to waste your time and right now with this limited chase branches are open not a good idea and there's a lot of people who on this forum said yeah I had the same problem there's some people quite $50,000 they had that locked Bitcoin Bitcoin Bitcoin guys so let's finish off this video by going deeper into this chase scandal and why people are upset and this is what they were talking about these large companies Ruth's Chris Steakhouse repays 20 million dollars government aid loan so they got 20 million dollars from whom from Chase Bank and they're handing it back after a lot of people were super upset at them there was a public backlash against big companies the PPP ran out of money so small businesses that even wanted to apply it's not like their applications were read anyways but even if they did get somehow approved well the whole fund ran out of money you know the government wasn't prepared for that so they signed in a new bill where there's gonna be four hundred ninety billion dollars to go for these small businesses and it should help and there's a new stimulus package that's gonna be also worth a few trillion dollars that's going to cause either inflation or higher taxes but we can't really worry too much about that it's just controversial but it's like what are you gonna do right now the economy is falling apart people are losing their jobs like it's the Great Depression and yeah you have tens of thousands of people dying from an invisible enemies so the PPP was created so companies with up to 500 staff could access loans to keep painer toys for eight weeks even as the businesses were shuttered you have a lot of stay-at-home orders you have a lot of these non-essential businesses that have to be closed but a loophole which allowed subsidiaries of companies to apply independently meant that some large companies got assistance while smaller companies were left with nothing more than 100 public companies were among those tapping the program some of which recently raised money through the capital markets some of these you know companies are worth hundreds of millions of dollars or even billions of dollars and it's like what does that have to do with a business that needs a loan for ten thousand dollars to support his five employees right or these small businesses that really don't need even six figures these guys are getting ten million 20 million 30 million dollars it is crazy so not only did you ever is Chris Steakhouse but you also have Shake Shack over here they made a similar decision to pay back its 10 million dollar pay PPV loan chase also helped out pot bellies from Chicago even though I love pop bellies you know delicious awesome it's like it's a huge company here are the big restaurant chains who have and haven't returned their s
all business loans on April 16th the three hundred forty nine billion dollar first round of the government's paycheck protection program ran out of money after just 13 days many people were quickly outraged to learn that while so many small businesses were shut out of getting a loan you had Ruth's Chris Steakhouse I got twenty million dollars pot belly sandwich shop ten million dollars Taco Cabana 10 million we talked about shake Shack's ten million dollars date Alexander's 15 point 1 million dollars I mean that's that's crazy right Shake Shack applied early on in the process before is able to obtain alternate funding by issuing 140 million dollars of new Class A shares now the CEO of Shake Shack did come out and apologize and say the whole loan application process was new they did it within the first few hours they had no idea what was going on they just saw that hey their company would be applicable for it and a lot of these companies it's not like they're evil and it's not like they wanted to take it away from the small businesses they have no idea how quickly the PPP would run out of money they didn't realize that they'd get the money and small businesses wouldn't so that's why they're giving back because ten million dollars for one company could go to a hundred different small businesses and you had another twenty million dollars I was returned and maybe another ten million boom that's hundreds and hundreds of businesses but now you had a second phase of the PPP go into action more hundreds of billions of dollars so hopefully thousands and thousands of small businesses well this time around be able to get this money that the so badly deserve but you're gonna have a lot of businesses that unfortunately shudder and see you so kurosu she also got a six million dollar loan and had sweet green ten million dollar loan and Ruth's Chris so those three are going to return so that is twenty plus sixteen million dollars thirty six million dollars you had some other companies that is a lot of money going a lot of small businesses that's great news how big banks including Chase and Citibank helped virtually all of their wealthiest clients get millions of dollars of pandemic aid well up to 94 percent of their smaller customers got none up to 94 percent that is absolutely crazy New York Times report published Thursday found that was hardly the case as major banks including JPMorgan Chase Citibank and US Bank prioritized their richest customers before turning to other loans seekers with shallow pockets at city's private bank where the minimum account size is 25 million dollars bankers compiled paperwork and submitted applications directly so customers don't have to use the overcrowded online portal that's another thing we had small businesses and people who couldn't collect the checks on time because the sites the applications everything crashed so not only are they not going through the applications but they also have the branches closed they also have the support lines closed or it's specific hours they don't work on the weekends by the way which they used to and I had to wait an additional two days and that sucks for all the tens of thousands of businesses that were probably trying to reach Chase at that time but because if the websites crashed everything was crashing if you have a private bank though you're fine if you have a private banker who's gonna call you up and just do all the paperwork for you you are all good nearly all of the 8500 private and commercial banking clients who applied for a small business loan through Chase received one great so private clients those with at least 10 million dollars in assets these are private commercial clients and that's different from a normal private individual client which I told you was two hundred fifty thousand dollars chase ended up doing 14 billion dollars through PPP more than any other bank but still less than half of the 36 million dollars sought by customers so that is absolutely crazy you had PPP loans to public companies and this is why I'm using this website I know the daily million is controversial it's gonna piss some people off but you had DMC global here six point seven million wave Lifesciences 7.2 million dollars this company over here the DMC is worth four hundred five million dollars that's huge you had a Masonic she had optin knows you had quantum corporation New Age beverages Zagg varitone pot bellies over there natural gas services CPI aerostructures Crawford United these are all companies that are worth a lot of money Jay Alexander's Holdings so anything from environmental stuff to energy to soda pop to restaurants to whatever all of these industries hotels worth hundreds of millions of dollars and they were the first ones to get it why because of privilege because of priority access and because the banks make more money off of them whether it's in the short term or in the long term your stimulus check could be seized by your own bank we're not even going to go into that but that's by Forbes so that title alone tells you a lot and that's what I was discussing about how banks are seizing it for debt the last thing we're gonna discuss here is someone who's a very very frustrated owner of a small business and he's discussing his experience with JPMorgan Chase his lender of 30 years told him applications would not be process online until April 6th because I was having some difficulties in rolling out the program to their clients sorrentinos says he tried numerous times to get his application process on April 6 but the system kept crashing on Monday we started to send the application but the site crashed all the time finally on Wednesday he was able to submit his application the maximum loan amount for each business was 10 million dollars or 2.5 times their monthly payroll based on his expenses Sorrentino expected to get up to 1 million four hundred forty two thousand five hundred 2.5 times the monthly payroll at his three restaurants so it's not like he's a small small business owners he's rather large but he's not as large as these other businesses so he's got a lot of employees on the line and this is where it gets really tricky because he does deserve it compared to the Steakhouse for potbellies JPMorgan Chase provided publicly traded companies with PPP loans while putting sorrentinos application on ice according to a Morgan Stanley no JP Morgan provided 31 percent of the loan amount publicly traded firms said they got through PPP the day the PPP req program ran out of money chase sent John Franco no notification several of his emails went unanswered I felt very disappointed because after 30 years you deal with the bank and out personally and business-wise I felt that they could have been more active proactive and let me know what's going on two days after the funds had run out Sorrentino says he finally got a phone call from a chase rep informing him that his loan application for the leopard was approved by Chase and had been sent over to the SBA he was told that the applications for his two other restaurants caparzo and mozzarella and vino were still on hold because chase hadn't had enough time to review them yet so he did get a loan but he didn't because he got 1/3 of what he was looking for he has three restaurants so one the leopard that got it great finally chase called him this week to inform him that all three of his loan applications had been processed and been sent to the SBA Chase granted loans to virtually all of its commercial banking customers while processing about 18,000 loans out of more than 300,000 applications are received through his business banking unit for smaller business customers while denying that it prioritized larger commercial banking clients chase said his commercial bank clients had their loans processed faster because that unit got fewer applications Sorrentino says he hopes that once a new round of PPP funding becomes available it's not going to dry up before they get to my application receiving the funds however would have put sorrentinos mine at ease it would only let him start thinking about how his restaurants can survive once the economy reopens I'm worried that when I eventually opened the business is gonna be very slow if I use all the PPP money in these two months what am I gonna do in the next two months and even though you might get a loan and even though you might get approved then the money gets into your bank account there are some restrictions that go with the loan independent restaurants that they get funding are still deep in the red according to the IRC for the small groups that did receive funding they won't be able to keep their employees working after that cash runs out restaurants are cash flow businesses and until they can generate revenues I'll still have a hard time maintaining a payroll whenever they reopen so this guy initially wasn't able to get his loan he did get it after a while but he got it way way after all these larger companies did get it and he was looking for over 1 million dollars for his three restaurants so if he had one restaurant you know that's only a couple hundred thousand dollars that he'd get still he got it eventually just because he was a larger client than some of these smaller businesses you know an ice cream shop that's looking for $10,000 so we had this chase scandal we had my own problems and guys we're gonna end this video find that thanks so much for watching if you enjoyed it I please leave a like comment subscribe and share share your opinion down below what your experience was with Chase if you're a bra American you don't have an American phone number I do have my American address I'm still registered technically with my parents you know it still doesn't matter I have to have a colon or without a cone on the account I'd be screwed my accounts frozen still you know week later goodbye had nothing done even though I wasted hours and calls and whatever they have much larger problems right now and they had a class-action lawsuit in California going on because small businesses weren't able to get these loans guys this is why people are turning to cryptocurrency because they want that money and they want control for that money when you have money in a bank account that's not yours so anyways I'll leave you with that see you guys bye [Music]
