In another thread I detailed a number of reasons why we want to minimize our dealings with JPMorgan Chase bank. A major problem though, is the fact that each month two SS deposits and two pension deposits are made automatically to our JPM checking account. We can only imagine what problems might occur trying to change all of those to another bank.
Today we met with First Republic bank, where we also have checking and savings accounts. With absolutely no problems we were able to arrange to automatically transfer, monthly, an amount equal to the total monthly SS and pension deposits at JPM. We also set up account linkages between First Republic and our Schwab bank checking account. This setup allows great flexibility in transferring funds out of JPM, and between First Republic and Schwab. At Schwab, we can easily transfer funds between their brokerage side and their bank, if desired.
We will maintain about 5k as a cushion in the JPM checking account, transfer all other funds currently at JPM to First Republic, and discontinue use of the JPM account for actually writing checks.