Chase UK discussion

[Deleted User]

Sensory said:

Deleted_User said:

Zanderman said:

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

This is what Revolut does, and it is currently applying for a banking license. Even when they have the license, I would not call their accounts a bank account. And I see this Chase account as not really a proper bank account, yet.

Didin't Monzo operate with pre paid cards to start with? Once chase allows DD and overdraft I will happily switch, but until then its just going to sit on the side with the odd small payment once a month. 

Sensory

[Deleted User] said:

Sensory said:

[Deleted User] said:

Zanderman said:

[Deleted User] said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

This is what Revolut does, and it is currently applying for a banking license. Even when they have the license, I would not call their accounts a bank account. And I see this Chase account as not really a proper bank account, yet.

Didin't Monzo operate with pre paid cards to start with? Once chase allows DD and overdraft I will happily switch, but until then its just going to sit on the side with the odd small payment once a month. 

They can call it a bank account because bank accounts aren't dependent on having overdraft and direct debit facilities.

Why is an overdraft so important to you?

[Deleted User]

Sensory said:

Deleted_User said:

Sensory said:

Deleted_User said:

Zanderman said:

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

This is what Revolut does, and it is currently applying for a banking license. Even when they have the license, I would not call their accounts a bank account. And I see this Chase account as not really a proper bank account, yet.

Didin't Monzo operate with pre paid cards to start with? Once chase allows DD and overdraft I will happily switch, but until then its just going to sit on the side with the odd small payment once a month. 

They can call it a bank account because bank accounts aren't dependent on having overdraft and direct debit facilities.

Why is an overdraft so important to you?

Because I like to have the safety net and often go into overdraft by a couple of hundreds. My pay fluctuates every month by that amount so on some months I need to cover the difference.

Malkytheheed

I've got my account up and running. Direct debits for me are a deal breaker for making this my "primary" account. But It's nice to see a new bank player in the UK. I have a Bank of America account but it was a bit of a faff to open. I wonder if this might make opening a US side Chase account / credit card simpler in the future. 

WillPS

Malkytheheed said:

I've got my account up and running. Direct debits for me are a deal breaker for making this my "primary" account. But It's nice to see a new bank player in the UK. I have a Bank of America account but it was a bit of a faff to open. I wonder if this might make opening a US side Chase account / credit card simpler in the future. 

They are quick to explain it won't be in their FAQs.

Malkytheheed

[Deleted User] said:

Sensory said:

[Deleted User] said:

Sensory said:

[Deleted User] said:

Zanderman said:

[Deleted User] said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

This is what Revolut does, and it is currently applying for a banking license. Even when they have the license, I would not call their accounts a bank account. And I see this Chase account as not really a proper bank account, yet.

Didin't Monzo operate with pre paid cards to start with? Once chase allows DD and overdraft I will happily switch, but until then its just going to sit on the side with the odd small payment once a month. 

They can call it a bank account because bank accounts aren't dependent on having overdraft and direct debit facilities.

Why is an overdraft so important to you?

Because I like to have the safety net and often go into overdraft by a couple of hundreds. My pay fluctuates every month by that amount so on some months I need to cover the difference.

Really doesn't make any sense. Just keep a couple hundred extra in your account and even if your pay fluctuates you wont go into your overdraft and wont pay overdraft fees. 
I mean there is basically never a "good" rerason to use an overdraft, it's just a very very expensive loan you take out when you have no money. So basically a payday loan. Not good finnancial behaviour at all. 

[Deleted User]

Malkytheheed said:

Deleted_User said:

Sensory said:

Deleted_User said:

Sensory said:

Deleted_User said:

Zanderman said:

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

This is what Revolut does, and it is currently applying for a banking license. Even when they have the license, I would not call their accounts a bank account. And I see this Chase account as not really a proper bank account, yet.

Didin't Monzo operate with pre paid cards to start with? Once chase allows DD and overdraft I will happily switch, but until then its just going to sit on the side with the odd small payment once a month. 

They can call it a bank account because bank accounts aren't dependent on having overdraft and direct debit facilities.

Why is an overdraft so important to you?

Because I like to have the safety net and often go into overdraft by a couple of hundreds. My pay fluctuates every month by that amount so on some months I need to cover the difference.

Really doesn't make any sense. Just keep a couple hundred extra in your account and even if your pay fluctuates you wont go into your overdraft and wont pay overdraft fees. 
I mean there is basically never a "good" rerason to use an overdraft, it's just a very very expensive loan you take out when you have no money. So basically a payday loan. Not good finnancial behaviour at all. 

I am happy to pay £90 a year for the flexibility. As are many others. It also does not make businesses sense for Chase not to have an overdraft as they can make money from it. 

My spending and pay always is going up and down. Where are these £200 coming from, a tree? I have strict saving goals each month which I will not breech and I would not take money out of savings unless it was an option of last resort. 

Emmia

[Deleted User] said:

Malkytheheed said:

[Deleted User] said:

Sensory said:

[Deleted User] said:

Sensory said:

[Deleted User] said:

Zanderman said:

[Deleted User] said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

This is what Revolut does, and it is currently applying for a banking license. Even when they have the license, I would not call their accounts a bank account. And I see this Chase account as not really a proper bank account, yet.

Didin't Monzo operate with pre paid cards to start with? Once chase allows DD and overdraft I will happily switch, but until then its just going to sit on the side with the odd small payment once a month. 

They can call it a bank account because bank accounts aren't dependent on having overdraft and direct debit facilities.

Why is an overdraft so important to you?

Because I like to have the safety net and often go into overdraft by a couple of hundreds. My pay fluctuates every month by that amount so on some months I need to cover the difference.

Really doesn't make any sense. Just keep a couple hundred extra in your account and even if your pay fluctuates you wont go into your overdraft and wont pay overdraft fees. 
I mean there is basically never a "good" rerason to use an overdraft, it's just a very very expensive loan you take out when you have no money. So basically a payday loan. Not good finnancial behaviour at all. 

I am happy to pay £90 a year for the flexibility. As are many others. It also does not make businesses sense for Chase not to have an overdraft as they can make money from it. 

My spending and pay always is going up and down. Where are these £200 coming from, a tree? I have strict saving goals each month which I will not breech and I would not take money out of savings unless it was an option of last resort. 

You could always put a little less aside each month to avoid using the overdraft - personally I'd be doing this to avoid the charges.

Sensory

Deleted_User said:

Malkytheheed said:

Deleted_User said:

Sensory said:

Deleted_User said:

Sensory said:

Deleted_User said:

Zanderman said:

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

This is what Revolut does, and it is currently applying for a banking license. Even when they have the license, I would not call their accounts a bank account. And I see this Chase account as not really a proper bank account, yet.

Didin't Monzo operate with pre paid cards to start with? Once chase allows DD and overdraft I will happily switch, but until then its just going to sit on the side with the odd small payment once a month. 

They can call it a bank account because bank accounts aren't dependent on having overdraft and direct debit facilities.

Why is an overdraft so important to you?

Because I like to have the safety net and often go into overdraft by a couple of hundreds. My pay fluctuates every month by that amount so on some months I need to cover the difference.

Really doesn't make any sense. Just keep a couple hundred extra in your account and even if your pay fluctuates you wont go into your overdraft and wont pay overdraft fees. 
I mean there is basically never a "good" rerason to use an overdraft, it's just a very very expensive loan you take out when you have no money. So basically a payday loan. Not good finnancial behaviour at all. 

I am happy to pay £90 a year for the flexibility. As are many others. It also does not make businesses sense for Chase not to have an overdraft as they can make money from it. 

My spending and pay always is going up and down. Where are these £200 coming from, a tree? I have strict saving goals each month which I will not breech and I would not take money out of savings unless it was an option of last resort. 

That is not financially sound behaviour. You are choosing to set aside money into savings whilst going into overdraft. You are wasting £90 a year for no reason, unless that extra few hundred can generate more than £90 a year elsewhere (highly unlikely). It’s like Martin recommends, to pay off debts with savings.

Another way to look at it: every month you pay back the overdraft (plus fees), that money comes from your income, which is money you then cannot save; in effect, you are using savings to pay back the overdraft anyway, plus fees.

wiseonesomeofthetime

Emmia said:

Deleted_User said:

I am happy to pay £90 a year for the flexibility. As are many others. It also does not make businesses sense for Chase not to have an overdraft as they can make money from it. 

My spending and pay always is going up and down. Where are these £200 coming from, a tree? I have strict saving goals each month which I will not breech and I would not take money out of savings unless it was an option of last resort. 

You could always put a little less aside each month to avoid using the overdraft - personally I'd be doing this to avoid the charges.

In my opinion, people can organise their own finances as they see fit.

That said, I would love to know where I could get over £90 interest from £200 in a savings account (rather than current account buffer), to cover those overdraft fees, as I do exactly that with my accounts.

I make sure I have minimum of £150 in each account in case of (minor) emergency. Don't believe in overdrafts. But that's my choice.

The loss of having those sums in my current accounts, instead of Tandem, equates to about £3.90pa loss of interest, at 0.65%