Chase UK discussion

crumpet_man

I definitely would not use Chase as my main account.  I have stopped using it now that the savings rate is not market leading and I am can get better cashback with Monese.

Daliah

inspectorperez said:

Prompted to have a look at this thread today after a failed payment of just over £50 to my own main bank account out of a balance of £40K+.

After checking the bank's incident history I see there are over 17 reported incidents of operational failures or reduced service levels (nearly all unplanned) in July and already 3 in August.

I'm coming round to the conclusion that the service is not entirely reliable and flakey at best. I would have serious doubts if I needed to complete a property acquisition or other major purchase if I were to rely on this bank service for fear of downtime on a completion day for example. Will probably wind down my balances and move on as the initial attraction of Rewards/1.5% interest etc is rapidly disappearing. Or am I being impatient whilst they strive to improve their service? Jury is out for the time being I think so far as I am concerned.

Just for completeness, the above payment has now been processed at third attempt (allowing 30+ minutes after seeing the "try again later" message).

It would not be wise to have your money for a house purchase in Chase, unless you need less than £25,000.01 for it. The max you can withdraw from Chase per day is £25k, and they don't offer CHAPS payments, either.

The 1.5% has not been tops for a while now. Though it's nice that you can do SOs and DDs from the savings account.

scoobydoob

So far I haven't encountered any problems with my Chase account.
Just a thought though.... what if you lose your phone? With it all being app based, there's no option to just fire up the laptop and secure the account. I guess it would mean hanging on a phoneline to Chase (obviously not using my missing phone!). Might be best to write down account numbers somewhere outside the app although I guess they'll ge them from your name and address anyway

miller

Google/Apple have tools where you can remotely erase the phone if set up beforehand.

On the face of it, you'd need to acquire a new compatible smartphone, get a replacement SIM from your network (unless you're with someone like GiffGaff where you can provision your own replacement SIM using an online form immediately if you have a spare - useful for relatives who are always losing their phone!), reinstall the chase app and go through the ID check again. All that could take some time of course.

I've ramped down my savings in Chase now there are better options available, most of the providers I'm with just use SMS verification and I've got some old spare phones, so in that scenario it would just be a case of getting a replacement SIM. If I thought about it I've got some active PAYG SIMs so if I switched the contact number over, if I lost my main phone the inconvenience would be limited.

ColdIron

Just had an email from Chase. Seem to remember it was £25,000 before

Making a big purchase or moving house?

Dear ColdIron,

We hope you're enjoying banking with us. We just wanted to let you know that you can only move out £35,000 to a different UK bank account each day. We're not part of the CHAPS or SWIFT services at the moment so if you're making a big purchase, you might need to move your money in chunks over a couple of days.

BigBlueSky

Same here - Just tested it out.  Yes, the daily limit has just been increased to £35,000.

Daliah

They're not really acting like the massive financial powerhouse they are. 

Being the only UK bank which doesn't do CHAPS is really not a mark of excellence, and wouldn't tempt me . £35k max a day non-CHAPS is roughly a third of what you can get at Santander.

BACKTOBACK

I received an email from Chase today 

We hope you're enjoying banking with us. We just wanted to let you know that you can only move out £50,000 to a different UK bank account each day. We're not part of the CHAPS or SWIFT services at the moment so if you're making a big purchase, you might need to move your money in chunks over a couple of days.

Thank you,

The Chase team
Not sure why mine says £50k. But i do have a very large balance with them
Mine also says £50k in the app under 'spending limits'

inspectorperez

BACKTOBACK said:

I received an email from Chase today 

We hope you're enjoying banking with us. We just wanted to let you know that you can only move out £50,000 to a different UK bank account each day. We're not part of the CHAPS or SWIFT services at the moment so if you're making a big purchase, you might need to move your money in chunks over a couple of days.

Thank you,

The Chase team
Not sure why mine says £50k. But i do have a very large balance with them
Mine also says £50k in the app under 'spending limits'

Without wishing to appear cheeky, may I ask if your balances exceed £85K?

BACKTOBACK

balance over £215k. Inheritance, protected for six months