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Message
What would you do... Chase Bank
Posted on 4/22/20 at 11:44 pm
Posted on 4/22/20 at 11:44 pm
I’m in “phase 2” which is their “payroll review” from an email a few days ago. They sent a general email out saying they expect the PPP $ to go quickly (like we all expect). I applied the night their application site went online.
Should I try to jump ship to another bank? Do I get In trouble for applying twice? Here is Chase’s e-mail... if they have 2000 working so hard, I should have been done with payroll review in about 15 minutes; but I’ve had no further updates...
Should I try to jump ship to another bank? Do I get In trouble for applying twice? Here is Chase’s e-mail... if they have 2000 working so hard, I should have been done with payroll review in about 15 minutes; but I’ve had no further updates...
quote:
Dear Business Client, The Senate has approved additional funding for the Paycheck Protection Program and the House is expected to vote tomorrow. This is encouraging news for thousands of our small businesses. Even as the first phase of the PPP program concluded, we continued to dedicate more than two thousand of our Chase professionals working in shifts around the clock to prepare for the upcoming second wave. While we cannot guarantee how many new loans will be funded under the program, we will work diligently with the SBA and Treasury to serve as many small businesses as possible. As soon as the SBA gives the green light, we’ll begin submitting applications from our queue starting with the many small business owners in Stage 3 – Awaiting SBA approval. You should have received an email with your updated status earlier this week. I wish we could help every business through this program, but it is likely funds will run out quickly for this round. You should take appropriate steps for your business. Below are the general stages each application goes through: We know how important this funding is to your business, and we will continue to process and submit applications until funds are exhausted. Thank you for being a Chase customer. Sincerely, Jen Roberts
This post was edited on 4/22/20 at 11:46 pm
14
Posted on 4/23/20 at 12:05 am to AndyJ
Get pics of Jen. Profit.
Posted on 4/23/20 at 1:07 am to AndyJ
Talk to a smaller local or regional bank. As I understand it, the first bank to file is awarded the fee from the govt. bog banks want the bigger customers due to the percentage of the loan is a bigger fee. You might get left out again.
My PPP loan was paid today and cane through my personal banker rattan than my business banker.
My PPP loan was paid today and cane through my personal banker rattan than my business banker.
This post was edited on 4/23/20 at 1:09 am
Posted on 4/23/20 at 6:09 am to Doctor Strangelove
Same situation here. What can the banker do? Can he/she have any influence?
Posted on 4/23/20 at 7:29 am to AndyJ
The way I interpreted that email was, if you received an email that said your at stage 3, you might have a shot. Otherwise, too bad.
Unfortunately, when I got the email I was at stage 2. They received all documentation the first day. So they’ve had ample time, but still haven’t gotten to me. Just talked to a friend that ended up getting funded through chase. Larger loan, took a while to get his documentation together. They are absolutely prioritizing that way.
I’ve moved on. Hopefully this new route from Buckeye will work out. I’m so done with chase.
Unfortunately, when I got the email I was at stage 2. They received all documentation the first day. So they’ve had ample time, but still haven’t gotten to me. Just talked to a friend that ended up getting funded through chase. Larger loan, took a while to get his documentation together. They are absolutely prioritizing that way.
I’ve moved on. Hopefully this new route from Buckeye will work out. I’m so done with chase.
Posted on 4/23/20 at 7:35 am to AndyJ
quote:
Should I try to jump ship to another bank?
I would.
quote:
Do I get In trouble for applying twice?
Not a lawyer or banker, but I seriously doubt you would get in trouble. Once an application goes through you have to go with that bank though, cant change that later.
Id file with another bank or two and see whichever one gets it done.
And Im closing my chase account.
Posted on 4/23/20 at 7:57 am to AndyJ
I would definitely get with a smaller bank
Posted on 4/23/20 at 8:09 am to AndyJ
quote:
if they have 2000 working so hard, I should have been done with payroll review in about 15 minutes
Well this is just a silly statement.
Posted on 4/23/20 at 8:13 am to AndyJ
System will not take a second application.
Posted on 4/23/20 at 8:14 am to TigerDeBaiter
Thanks everyone for your responses! Any thoughts on which bank to approach?
Posted on 4/23/20 at 8:16 am to AndyJ
ServisFirst processed our loan really fast, but we were already existing customers. I'm hearing some banks won't accept new customers for the purpose of the PPP loans.
Posted on 4/23/20 at 8:16 am to LSU6262
No reason to be unpleasant. But I’m past the “application received phase.” I’m on the “payroll review” phase supposedly, and I have submitted all documentation...2 weeks ago. If they are actually reviewing my file, it should be very quick. I suspect I am in phase 1 still.
This post was edited on 4/23/20 at 8:41 am
Posted on 4/23/20 at 8:20 am to AndyJ
Yeah, you are in a stack of loans that have been deemed “not worth the time”. That’s the cold hard truth that we are finding out. Sorry, I’m in the same boat.
I applied through the nymbus smart lender portal that VABuckeye posted. I called local banks around town and all say they have a backlog of current customers so can’t take anything new unfortunately.
Red river also recommended kabbage.
I applied through the nymbus smart lender portal that VABuckeye posted. I called local banks around town and all say they have a backlog of current customers so can’t take anything new unfortunately.
Red river also recommended kabbage.
Posted on 4/23/20 at 8:22 am to AndyJ
frick all that.
Everyone I know here (South Mississippi) that went with smaller or regional banks have been funded. I got funded on Monday. Chase is just fricking around. If your paperwork is in order and was submitted timely you should not have to deal with this.
Here are some banks in South Mississippi where people I know people have been funded:
Bancorpsouth
Trustmark
Magnolia State Bank (the guy I know that got funded here is not a regular customer of this bank)
Community Bank (out of Laurel, MS but with branches everywhere now)
The First
All of that said, you may be too far into the stream to change horses at this point without going back to the end of the line.
Everyone I know here (South Mississippi) that went with smaller or regional banks have been funded. I got funded on Monday. Chase is just fricking around. If your paperwork is in order and was submitted timely you should not have to deal with this.
Here are some banks in South Mississippi where people I know people have been funded:
Bancorpsouth
Trustmark
Magnolia State Bank (the guy I know that got funded here is not a regular customer of this bank)
Community Bank (out of Laurel, MS but with branches everywhere now)
The First
All of that said, you may be too far into the stream to change horses at this point without going back to the end of the line.
This post was edited on 4/23/20 at 8:50 am
Posted on 4/23/20 at 8:33 am to DownSouthJukin
im in the "payroll review" phase too. i still dont expect to get anything, and i got my email a day after a lawsuit was filed against chase, so i just figured my application moving to phase 2 was just a show of faith.
Posted on 4/23/20 at 8:34 am to gsvar2004
quote:
a day after a lawsuit was filed against chase
What lawsuit? For failing to help smaller business owners in favor of the big boys?
Posted on 4/23/20 at 8:47 am to AndyJ
quote:
. If they are actually reviewing my file, it should be very quick
I've been told by a banker at another bank that the process for review is not as quick you might think.
The issue they were having is their system simply was not prepared for this and when documents are uploaded, the automated system is not recognizing and sorting the docs correctly. Every single document has to be reviewed.
Other issue is customers who either provided too much documentation (waste time reviewing) or too little documentation. If the customer doesn't have the correct docs, the banker then has to "open a ticket" and contact the customer. Plus not everyone's stuff looks the same. And the numbers have to match the documents.
Even when they get a good one that has all the correct info, easy to read, etc. It takes time (with there system, they have to navigate between 3 different programs) to go through the checklist and change it to the next status.
So, it unfortunately doesn't take just 15 mins. This banker told me just finished working 5 apps in am 8 hr day.
And remember Chase had more than 375,000 applications.
Posted on 4/23/20 at 9:06 am to LSU6262
quote:This might be the case with some banks. I presume this is close to the process my bank (Gulf Coast) used, because they were quite slow in processing applications..
Even when they get a good one that has all the correct info, easy to read, etc. It takes time (with there system, they have to navigate between 3 different programs) to go through the checklist and change it to the next status.
So, it unfortunately doesn't take just 15 mins. This banker told me just finished working 5 apps in am 8 hr day.
But what you posted clearly doesn't apply to all banks. The small bank in Texas that VaBuckeye found was able to get E-tran numbers in 30 minutes. (Unfortunately that bank is no longer accepting applications).
Posted on 4/23/20 at 9:29 am to AndyJ
quote:
Should I try to jump ship to another bank? Do I get In trouble for applying twice?
Here is what happens. Banks take apps. They process them internally (or some are using a third party). When everything is approved by the bank, they enter the information into the SBA system (when it re-opens to accept new information).
If the SBA system already has something for that EIN, it won't accept another package from the same EIN.
So no, you won't get in trouble, and there are safeguards to prevent the same EIN from getting funded multiple times.
From a macro point of view, however, a bank has now wasted time working on and reviewing an app, that won't result in a loan. That's time the bank could have spent reviewing someone else's app, which is only with their bank. Not to mention, now the bank doesn't get paid for that wasted time.
Applying at multiple banks probably makes things better for your company, but much worse for the system as a whole.
Posted on 4/23/20 at 9:53 am to LSU6262
375,000 applications divided by 2000 people Chase hired to process the apps equals 187.5 per processor. 10 per day over a 3 week period does not seem like an extreme workload.
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