Former First Republic Bank customers say they can't access Chase accounts online after migration

Melanie Woodrow Image
Wednesday, June 5, 2024
Some First Republic Bank customers run into issues after Chase merger
Former First Republic Bank customers are having issues getting their money after JPMorgan Chase took over for the failed bank.

SAN FRANCISCO (KGO) -- Former First Republic Bank business customers are having issues getting their money in a timely matter after JPMorgan Chase took over for the failed bank. One customer reached out to 7 On Your Side when they couldn't access their money.

JPMorgan Chase says clients with a business line of credit need to call a support line at 888-408-0288 to withdraw money until the migration is complete later this year.

Russell Rheingrover is a music lover who turned his passion into his profession, Jiffy Tickets, a reseller of concert, theater and sporting tickets.

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"I love music, I've been to over a thousand events, concerts, theater, sporting events," said Rheingrover.

But Rheingrover feels like he's on the losing team following JPMorgan Chase's purchase of First Republic Bank.

"Been a First Republic Bank customer for a long, long time, my favorite bank that I've ever banked with," he said.

JPMorgan Chase told 7 On Your Side last week it migrated 800,000 consumer and business deposit accounts to the JPMorgan Chase systems.

Some products like business lines of credit won't transition to JPMorgan Chase systems until later this year.

And therein lies the problem.

"The business line of credit unfortunately is in limbo right now it is trapped inside First Republic's online 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," said Rheingrover.

It happened to several Chase bank customers in San Francisco -- but the bank denied their claims. So what are your rights if your money is stolen?

Rheingrover can't just go into a Chase branch either. Until the migration, he doesn't have a Chase account number yet.

"I was in the bank last week and I ran into two other individuals, small business owners that had the same exact issue I did," he said.

The only option right now for customers like him is to call a support line and ask a representative to make a draw request.

"It's an hour and a half hold time to get to someone in the business section for Chase right now," said Rheingrover.

The bank tells ABC7 News volumes are higher than usual and it expects call wait times to continue to decline each day.

"In this instance, we had many bills due last week that I couldn't pay because I couldn't access the line of credit," said Rheingrover.

A victim who was scammed by a thief using the glue and "tap" feature secretly took his own surveillance video to get back the $1,640 stolen from him.

Rheingrover says he's had to move thousands from his personal line of credit to cover Jiffy's bills.

"It's horrendous, it's terrible customer service," he said.

After he reached out to 7 On Your Side and we reached out to the bank, he says a team lead called him and told him the accounts would be migrated over in October, four months from now.

"This is David against Goliath. I can't get any kind of answers and I was hoping that you guys could," said Rheingrover.

Even with the additional information, Rheingrover says he's opened up accounts with another bank and plans to apply for a line of credit there and close his Chase accounts. JPMorgan Chase said it could not disclose exactly how many customers have business lines of credit that are impacted.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

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