Chase UK discussion

Daliah

The daily limits are not universal. Mine is still £25k, and we have seen reports of £35k and £50k. My balance is presently £0, and not likely to get significantly higher as my cashback period is due to end in the next few weeks and there is presently nothing that keeps me interested in Chase.

masonic

I wonder what the rationale is for having 3+ different daily withdrawal limits.

RG2015

Daliah said:

The daily limits are not universal. Mine is still £25k, and we have seen reports of £35k and £50k. My balance is presently £0, and not likely to get significantly higher as my cashback period is due to end in the next few weeks and there is presently nothing that keeps me interested in Chase.

Indeed.

After all the publicity, here and on tv and radio, not to mention the pain and angst over account opening, compatible devices, waiting lists etc.... what is left?

An account that promised much and now is just a fringe account with a few gimmicks and a lot of idiosyncrasies.

Edit. And as if by magic, the voice of the old Scottish Time Lord is telling me about Chase on my television.

Holmesley

I'm probably a typical Chase account holder in that I was prepared to tolerate some of the irritating aspects of it all in return for an exceptional interest rate on my savings. If they're going to retain that cohort they need to act on that rate in the very near future.

Marchitiello

Daliah said:

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.

Started again with this sort of attack …

They clearly state that CHAPS is on their roadmap, so it will come, like they did with Direct Debit when you made similar comments to the above, over and over again. 

Once again, they have clearly decided to use an “agile” launch methodology, with a MVP and incremental improvements over time. They can surely be criticised to have taken that approach  but if one wanted to be understanding and supportive to get a better product later, they could clearly see what the benefits of Thai strategy really are, amongst the most important, learn from your customer behaviours (acquiring customers), develop as needed an initial solid vanilla product, build the infrastructure behind it from scratch (they are clearly not use Existing JP Morgan Private UK infrastructure as CHAPS millions of pounds is what they do regularly. 

again, like I believe you stated, you can use  Chase at the moment for what they are competitive about (Cashback, foreign spend, foreign ATM withdrawals, especially in USA, maybe the saving account) and as an alternative account. They know very well not to have a finished article and in fact do not expect customers to operate their account as a main account.

they are pushing advertising and still aiming to new customers, with one of the messages being that they have 56 millions retail customers in the US

As an early adopter, current customer, I think what we can do is to keep giving feedback on the forum and in survey and wait for the offer to get better. I have a strong suspicious that they will be focusing on investment accounts and potentially multi currency (based on the survey they have sent so far) and if they deliver that as a UK bank (so a Fineco like account but operated fully from the UK without time lags and delay) they will have a firm grip on that market.

whilst this happens, I personally see great use as a Travel Account (albeit I am abroad now but for spending I am making use of Santander CC summer promotion matching 1% cashback and the benefit of being on a Credit Card) and to stash away funds I have no immediate use for (even though have not seen the delays mentioned on this forum recently, moving 5 digits fairly regularly).

gt94sss2

Marchitiello said:

potentially multi currency (based on the survey they have sent so far) and if they deliver that as a UK bank (so a Fineco like account but operated fully from the UK without time lags and delay) they will have a firm grip on that market.

I don't think I have seen the Chase survey you refer to but HSBC are going to be launching such a multi currency account in the UK very soon

callum9999

gt94sss2 said:

Marchitiello said:

potentially multi currency (based on the survey they have sent so far) and if they deliver that as a UK bank (so a Fineco like account but operated fully from the UK without time lags and delay) they will have a firm grip on that market.

I don't think I have seen the Chase survey you refer to but HSBC are going to be launching such a multi currency account in the UK very soon

I've had a HSBC multi-currency account in Australia for years but it seems pretty pointless as the account doesn't have FX fees anyway. You could use it for currency speculation, but that's not something I think the average person should really be doing (unless you're locking in a rate that you don't want to go below, with the knowledge that it might go up and you'll "lose out").

masonic

It is perfectly reasonable to highlight the limitations of a product or service, and in a large thread like this which can have several pages of posts per day, some things do bear repeating. If it helps save one person from their house purchase falling through because they can't transfer their deposit to their solicitor, it is worth it.

Something that is against the rules is a personal attack on another forumite. There is an ignore button if you find someone annoying, and a report button if you believe their posts are rule breaking.

matty_art

Hi all, 

I’ve been a Chase customer for a few months now and have been going through the same issues with large payments to other savings accounts getting blocked - yesterday morning I had one blocked that they finally contacted me back at 4.15am today… didn’t realise I could phone up directly so I’ll do that in future.  It’s certainly quite a hassle that puts me off using them as a main account.

The other thing I find is missing is open banking.  This is perhaps mentioned somewhere in this thread but have they given any indication whether they’ll build that in any time soon?

masonic

matty_art said:

The other thing I find is missing is open banking.  This is perhaps mentioned somewhere in this thread but have they given any indication whether they’ll build that in any time soon?

It's something that's been asked about at least 3 times in the last month in the community forums, but there don't appear to be any short term plans to introduce it. I don't recall seeing anything about it in any of the recent surveys, so priorities are probably elsewhere.