I remember sometime back when rumors were doing the rounds that equity was collapsing and a lot of guys started withdrawing cash, I wonder how member handled that, even my folks got out their pension money.

Exactly why am saying some people are in the 19th century boss, with technology and a CLEAN system banks that are simply thieves collapse on their own, its easier to steal paper money! Utashikwa tu, hakuna story kama socio media, your bank closes itself up, somewhat like evolution!

Exactly why am saying some people are in the 19th century boss, with technology and a CLEAN system banks that are simply thieves collapse on their own, its easier to steal paper money! Utashikwa tu, hakuna story kama socio media, your bank closes itself up, somewhat like evolution!

The Bank run that caused the great depression in 1929


If the mongering is not stopped, most banks would collapse

Run, run, run..... Not every other massive withdrawal will cause a bank to collapse. Equity did not lose much relative to its total deposit base n its was not a one day drainage. Even last yr after Imperial's fall most smaller lenders had a run but survived just as Chase would have remained afloat had they managed to plug the huge n sudden hole by the following morning.
So long as you can honour your settlemnts at CBK,,, there is a lifeline.
Methinks Chase had some few heavy depositors who jumped ship on the day.... coz they could have survived a run by retail depositors.

Go
TODAY · CUSTOM
The story around Chase bank and our banking sector as a whole has made a lot of us nervous. Very Nervous. We seem to be really impressed (I won't use words like happy) with the way our new CBK governor is handling the matter - but we have quite a ways to go. I hope he can weather this storm.
First off the bat - the goodwill, the spirit and the will to keep Chase alive, to bring every doctor from near and far, to perform the necessary surgery to save patient Chase is commendable. No one is willing to see ChaseBank die. Not it's customers (obviously) not the rest of the financial sector, the business community or the rest of the country. The death of Chase is unacceptable. However this is why we also must support the CBK Governor in his efforts to bring sanity to the sector. That said, when all the memes and jokes and stories, including mine are done - two things are important. There must be restitution and jailtime. Say it with me, restitution and jailtime. Make it a hashtag, make it trend - it's one we need.
However, before I continue with my very difficult and maybe controversial narrative allow me to state without hesitation that I stand by my sentiments on Chase Bank. Whatever I said on Youtube, whatever I may have tweeted or put on Facebook in their favour - I stand by it. Business don't fail - leaders do. The 1000 plus odd people who work for Chase, who have built a formidable, disruptive brand over 20years cannot and should be be burnt at the stake because a few at the helm lost sight of the shore. I never put my name, my voice or my brand behind something or someone I am not willing to defend and I stand by my thoughts and utterances on Chase.
Let's be honest, I’m not alone. The reason we are sad and shocked rather than mad is because we not only believed in Chase, we are actually holding out against hope that there will be a way to salvage this. I see we have even started a petition - proof once again that Chase is a gem. That the people who work at ChaseBank have done a stirling job with that brand.
I am told that the real workers of Chase (not the thugs) the people who build that brand over time are still showing up at work and taking their marching orders from CBK with calmness and pride. A little bird told me that Friday 8th March 2016 was simply impressive because after saying a prayer they in unison shouted "Go Chase!!!". I echo them and continue to wish them well. In years to come when we tell this story, we will start with the words "a few years ago, we had an amazing bank in Kenya called Chase....."
Chase is a gem and what the CBK governor did on Thursday morning 7th April 2016; was preserve that gem. If he had allowed the bank to open it's doors and go through one more run, we would be telling a very different story about everything in Kenya and for everyone not just for Chase customers and business partners - everyone.
I have taken a very deep breathe so I can type this next sentence. We must let Chase Go. There is no coming back. Hear me out.
Dr. Njoroge and Chasebank has suitors galore who want to rescue this damsel in distress called Chase. What I believe he cannot do is speak to foreign suitors at all. In my humble estimation, Njoroge has 3 options, the first two are pretty but have no staying power.
Option 1 - Allow Chase's international partners to inject the much needed money and make it look good and open the doors. Bad idea. The day the doors open, we will all line up and withdraw our money and close Chase. Trust is hard to win back. Intritigy is even harder.
Option 2 - Allow internationa suitors to take it over and inject the necessary money and either open doors as Chase or as a new brand. It will months to make that happen. The result however will be the same as above. When the doors open, we will all walk in and take our money out. We don't know the "new guys" and our relationship took a serious hit. Chase would still be history.
Option 3 - Allow a local suitor or 2 to take up our accounts and take up Chase. If for example KCB (my apologies, I’m working with a basic names) was to announce that an agreement had been reached and my bank account at Chase was now domiciled at KCB or for those who love the premier feel - NIC. My first instinct wouldn't be to run and withdraw it all. This for me is the only viable way forward. If a local trusted brand (given, without the bells and whistles we enjoy at Chase) was to take us on - calm would return to the land.
If I knew I could exchange my Chase ATM card for a KCB or Equity card. If I could exchange my Chase cheque book for an NIC or Equity cheque book. If I knew that I would be issued a new bank account number and on checking at the ATM or on my phone, I could see my bank balance and even withdraw a few shillings, I would be calm. We would all be calmer and the economy and the business environment would breathe easier for it.
I’m not reaching. It has been done before in Kenya with Consolidated Bank and it was done with Bank of America and Merrill Lynch. Google remains your friend.
In a nutshell - we must be willing to let Chase go. The brand as we know it today is fragile at best. We must let Chase go because the selfish actions of a few have destroyed it. We must let Chase go if we all are to have a fighting chance and stop the already on-going run on other tier three banks. We must let Chase go, so we can learn to believe in the concept of banking again. I know some will read this and cry, get mad, get angry - but we must. A brand is built on two premises - a promise made and a promise delivered.
The brand, the gem, the promise that was Chase has been betrayed and we can only hope against hope that we can survive. We can never open those doors as Chase again and dare to believe that every Sacco, every Chama, every business, every individual won’t move to withdraw ALL their money - they will.
Someone very perceptive told me that you need to look for in bank, is return OF the money not return ON the money. If I woke up tomorrow and my Chase account and my money had found a new home at a local bank where I can trust i can get it when I want it - I'll be fine. But no matter what CBK does, we must never lose sight of the fact that there must be restitution and jail time. It is a necessity not a wish.
Dr. Njoroge over to you - Good luck and Godspeed.