Chase UK discussion

Malkytheheed

Trying to justify dipping into and paying for an overdraft while simultaneously putting money away into savings is just ridiculous. End of. You are aswell throwing your money out the window. If you want to do it fine, but don't try and justify it as anything other than throwing money away.

To get back on topic. Why don't Chase offer one even though they are (on paper) profit making for the bank? Well presumably they don't want to attract a customer who is wreckless with their money. Those who use overdrafts, on the whole, have poorer credit managment histories than those who dont. So this is a fairly sensible and common tactic for a new bank. 

[Deleted User]

Malkytheheed said:

Trying to justify dipping into and paying for an overdraft while simultaneously putting money away into savings is just ridiculous. End of. You are aswell throwing your money out the window. If you want to do it fine, but don't try and justify it as anything other than throwing money away.

I never claimed it wasn't throwing money away, I just said I didn't care and I end the year positive because the interest I earn from savings more than covers it. Yes that means I lose money on the whole, that £90 of interest, but it doesn't bother me. I said I did not care and happy with that in my very first post, MSE than does two pages of how wrong and stupid it is, I don't care.

I don't need to justify anything to MSE and the fact you think I do speaks volumes, I am just telling you my set up and my opinion on it. I am not asking for your permission to use my own money as I see fit, just to confirm that with you....... lol

Back on topic, I hope Chase launch their overdraft soon. 

Are you serious with the last paragraph? 

To get back on topic. Why don't Chase offer one even though they are (on paper) profit making for the ban? Well presumably they don't want to attract a customer who is wreckless with their money. Those who use overdrafts, on the whole have poorer credit managment histories than those who dont. So this is a fairly sensible and common tactic for a new bank. 

Chase will be offering credit facility soon, they have made this clear. 

With respect this MSE thread demonstrates I think some members of this site are on the board a bit too deeply to become so worked up over something such as this. I understand what you are saying but you need to calm yourself.

Malkytheheed

Deleted_User said:

Malkytheheed said:

Trying to justify dipping into and paying for an overdraft while simultaneously putting money away into savings is just ridiculous. End of. You are aswell throwing your money out the window. If you want to do it fine, but don't try and justify it as anything other than throwing money away.

I never claimed it wasn't throwing money away, I just said I didn't care and I end the year positive because the interest I earn from savings more than covers it. Yes that means I lose money on the whole, that £90 of interest, but it doesn't bother me. I said I did not care and happy with that in my very first post, MSE than does two pages of how wrong and stupid it is, I don't care.

I don't need to justify anything to MSE and the fact you think I do speaks volumes, I am just telling you my set up and my opinion on it. I am not asking for your permission to use my own money as I see fit, just to confirm that with you....... lol

Back on topic, I hope Chase launch their overdraft soon. 

Are you serious with the last paragraph? 

To get back on topic. Why don't Chase offer one even though they are (on paper) profit making for the ban? Well presumably they don't want to attract a customer who is wreckless with their money. Those who use overdrafts, on the whole have poorer credit managment histories than those who dont. So this is a fairly sensible and common tactic for a new bank. 

Chase will be offering credit facility soon, they have made this clear. 

With respect this MSE thread demonstrates I think some members of this site are on the board a bit too deeply to become so worked up over something such as this. I understand what you are saying but you need to calm yourself.

Yes I am serious with my last paragraph. 

The reason Chase do not offer an overdraft at launch is because it attracts the wrong type of initial customer (those with poor credit managment), and requires an (expensive) credit check. Upon launch they want to take a safe and easy entry route. By not offering it at launch they are basically seperating the wheat from the chaff for free. Of course they will offer credit facilities at a later date. They are a money making outfit after all. 

wiseonesomeofthetime

5% round ups account now available in Chase

Click Add+ to activate

Daliah

wiseonesomeofthetime said:

5% round ups account now available in Chase

Click Add+ to activate

Difficult to work out how much this might actually be worth. Even if you were an extraordinarily heavy spender, of small amounts, it is most likely peanuts. For sake or argument, if you were to manage accumulating £100 in roundups on the 1st of every month (totally unlikely), you'd make £32.26 in a year. For £10 on the 1st of every month, it would be £3.23. 

I have just totted up my theoretical roundup since Sept 22. Out of 62 transactions, only 19 would have attracted roundups, totalling £8.28. On those numbers, I would be more than unlikely to make more than two quid from this gizmo.

Thrugelmir

[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. 

More likely they wish to get the operation up and running smoothly. Allow time to build scale. Little point in being swamped with switch applications and failing to deliver a service. Which will just cause endless threads on here of poor service and generate bad PR in the media.

How many branches did Metro bank open at the outset?  How quickly did they expand their network outside of London? 

[Deleted User]

Thrugelmir 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. 

More likely they wish to get the operation up and running smoothly. Allow time to build scale. Little point in being swamped with switch applications and failing to deliver a service. Which will just cause endless threads on here of poor service and generate bad PR in the media.

How many branches did Metro bank open at the outset?  How quickly did they expand their network outside of London? 

I thought that was the point of the waiting list and don't see how it relates to direct debits. I don't think you can compare the two, but I visited Metro at Holborn on the first week of opening and walked out with an account. I think to start with they had a couple of branches in London.

wiseonesomeofthetime

Daliah said:

wiseonesomeofthetime said:

5% round ups account now available in Chase

Click Add+ to activate

Difficult to work out how much this might actually be worth. ....

In a nutshell, it's a marketing gimmick.

It's not going to net massive interest returns.

I used to do my spend with Monzo and save the change into a pot. Both actions earned zero bonus.

Now, with Chase, they do.

Might get a meal out at the end of it

Zanderman

wiseonesomeofthetime said:

Daliah said:

wiseonesomeofthetime said:

5% round ups account now available in Chase

Click Add+ to activate

Difficult to work out how much this might actually be worth. ....

In a nutshell, it's a marketing gimmick.

It's not going to net massive interest returns.

I used to do my spend with Monzo and save the change into a pot. Both actions earned zero bonus.

Now, with Chase, they do.

Might get a meal out at the end of it

A very small snack might be more realistic.

deutsch

For the round up, link Chase with Curve, Spend with curve, let it round up and deposit in a side account earning 5%, close to day 30 change the transaction to something else with curve say Co-Op for 2p. Would this work? Are Chase really going to reverse the round up savings? Maybe, looks dodgy reversing all transactions.