Chase Withdraws From Municipal Banking In New Jersey

ChaseBankJPMorgan Chase is pulling out of municipal banking across New Jersey, a move that forces about 200 of the 566 municipalities in the state to find another suitor to fill the void of services the finance giant provided. JPMorgan Chase made a corporate decision in March to end all municipal banking services in the state by mid-June because, according to a spokesman, the bank believes New Jersey’s financial regulations put it at risk for a loss if another banking institution were to fail. Full story in Star Ledger.

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5 COMMENTS

  1. TLS should have clarified that the branches will not close. It will not affect Personal or Business accounts. As such all branches that were Bank of New York or WaMu and became Chase like the one in Shoprite Plaza or the one next to the Shell gas station on Kennedy Blvd will remain open. Chase will just no longer do business with municipalities.

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