Chase UK discussion

Billxx

Does anyone know what the transfer limits are in respect of the Chase C/A or savings account?

i.e. What value triggers the security checks?

masonic

Billxx said:

Does anyone know what the transfer limits are in respect of the Chase C/A or savings account?

i.e. What value triggers the security checks?

I don't think there is a lower limit based on transaction value. I've done a successful five figure transfer, but been security checked for a <£1k transfer. I've only been subject to security checks very rarely, perhaps ~5% of the time.

wiseonesomeofthetime

I had a one stalled by Chase for under £100, to a payee I had used before too.

Daliah

Billxx said:

Does anyone know what the transfer limits are in respect of the Chase C/A or savings account?

i.e. What value triggers the security checks?

It would not be an effective protection of your funds of the bank if there was a publicly known algorithm or limit for it. Fraudsters would just work around it.

kaMelo

gsmh said:

wiseonesomeofthetime said:

I think you may experience this issue with multiple banks, when transferring large sums, however, I do understand your frustration as I have experienced it many times myself, not always for large sums either. 

I've not found this to be an issue with Metro Bank, Royal Bank of Scotland, or Virgin Money. It has been a particular issue for me with Chase and Triodos.  I'm a little tired of this lowest common denominator security being applied across the banking industry. It makes accessing your own money rather cumbersome and is all about protecting the bank rather than the customer. It would be interesting if it were applied by default but customers were allowed to opt out.

Campaigns by organisations such as Which, removing virtually all personal responsibility from customers to look after their own money, put a lot of pressure on the regulator, their response was the Contingent Reimbursement Model which banks were strongarmed volunteered to sign up to. Under the Contingent Reimbursement Model, unless a bank can prove a customer has acted with gross negligence or collusion then they are on the hook for any authorised push payment fraud. Unsurprisingly banks now routinely block payments to cover their own backsides.

This is how the regulator expects banks to behave. The vocal minority of who didn't seem to care who or where they sent money then complained about, with organisations such as Which as their cheerleaders have made banking far more onerous for everyone to the point it's becoming a pain.

Marchitiello

I think you need to build your profile with Chase and as they learn about your income, expenditure, and size of transfers, security checks become virtually not existent (inside my established patterns)

I regularly transfer 4-5 digits in and out. When I first opened the account, every single transfer of 4 digits or more got stopped and after talking to their customer service and in addition of clearing it I went through some data about income, and needs of my other transfers, finally, since around February (so about 4-5 months of having the account) I no longer have my large payments stopped.

mjammy78

Every purchase made requires verification via the app. Which can be a pain but protects your money.

i transferred £4K twice with no issues yesterday. Then made a transfer of £4450 towards a car purchase with no issues or verification. 

I thought the limits where personal built the bank knows your patterns 

mjammy78

Limits are personal to each person 

Daliah

mjammy78 said:

Every purchase made requires verification via the app. Which can be a pain but protects your money.

This is not unique to Chase. All online card purchases are subject to Strong Customer Authentication  https://www.payments.service.gov.uk/3d-secure-2/

This is distinctly different to the blocking of payments you are making through the app. Your card purchases will only be declined if you don’t have sufficient funds for the purchase - which obviously makes sense. Payments you make in the app, to your own or third party accounts, can be held up for extra manual checks by banks. Again, Chase is not much different to other banks. All of them have increased their fraud checks, ever since they have been compelled to refund payments [allegedly] made to fraudsters (see APP scams https://www.psr.org.uk/our-work/app-scams/)

wmb194

mjammy78 said:

Every purchase made requires verification via the app. Which can be a pain but protects your money.

Not every purchase. Particularly with Amazon and in app purchases via my iPad (ApplePay, I guess), I've had quite a few that haven't required it.