Chase 1.5% Easy Access

CheekyMikey

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

Daliah

CheekyMikey said:

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

It's deliberately done randomly, as if there was a predictable pattern to it, it would be a fraudster's paradise. I had my first payment from Santander go through, then 2 held, the 3rd one went through fine, and my 4th was held again.

kuepper

is interest paid monthly or yearly or a certain date?

S_uk

Daliah said:

CheekyMikey said:

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

It's deliberately done randomly, as if there was a predictable pattern to it, it would be a fraudster's paradise.

I don't think it's completely random - I was was told by the Natwest fraud team that over a hundred bits of information all go in to it's system which helps it decide whether a payment would be automatically blocked and flagged as suspicious. Don't know if that's true or not but that's what I was told.

Catplan

kuepper said:

is interest paid monthly or yearly or a certain date?

Paid monthly, got it today.

Daliah

S_uk said:

Daliah said:

CheekyMikey said:

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

It's deliberately done randomly, as if there was a predictable pattern to it, it would be a fraudster's paradise.

I don't think it's completely random - I was was told by the Natwest fraud team that over a hundred bits of information all go in to it's system which helps it decide whether a payment would be automatically blocked and flagged as suspicious. Don't know if that's true or not but that's what I was told.

Good fraud checks will either hold up 100% of all payments for manual checks, or they are random. Holding 100% of all payments for manual checking and release is way too expensive, so there will be randomised checks, without any obvious pattern. If a pattern could be seen, the fraudsters would work out what it is, and exploit it.

S_uk

Daliah said:

S_uk said:

Daliah said:

CheekyMikey said:

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

It's deliberately done randomly, as if there was a predictable pattern to it, it would be a fraudster's paradise.

I don't think it's completely random - I was was told by the Natwest fraud team that over a hundred bits of information all go in to it's system which helps it decide whether a payment would be automatically blocked and flagged as suspicious. Don't know if that's true or not but that's what I was told.

Good fraud checks will either hold up 100% of all payments for manual checks, or they are random. Holding 100% of all payments for manual checking and release is way too expensive, so there will be randomised checks, without any obvious pattern. If a pattern could be seen, the fraudsters would work out what it is, and exploit it.

I've gone many years sending payments of all sizes, big and small, with no blocking of payments. In the space of the last 5 days I've had at least 4 blocked. Doesn't seem very random..

Daliah

S_uk said:

Daliah said:

S_uk said:

Daliah said:

CheekyMikey said:

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

It's deliberately done randomly, as if there was a predictable pattern to it, it would be a fraudster's paradise.

I don't think it's completely random - I was was told by the Natwest fraud team that over a hundred bits of information all go in to it's system which helps it decide whether a payment would be automatically blocked and flagged as suspicious. Don't know if that's true or not but that's what I was told.

Good fraud checks will either hold up 100% of all payments for manual checks, or they are random. Holding 100% of all payments for manual checking and release is way too expensive, so there will be randomised checks, without any obvious pattern. If a pattern could be seen, the fraudsters would work out what it is, and exploit it.

I've gone many years sending payments of all sizes, big and small, with no blocking of payments. In the space of the last 5 days I've had at least 4 blocked. Doesn't seem very random..

That's not very surprising, as the rules about reimbursing victims of APP fraud have only very recently come into force. Prior to this, banks had much lower risks. Now they are on the hook for potentially large sums of money, so they are using more stringent measures to reduce their risks. 

S_uk

Daliah said:

S_uk said:

Daliah said:

S_uk said:

Daliah said:

CheekyMikey said:

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

It's deliberately done randomly, as if there was a predictable pattern to it, it would be a fraudster's paradise.

I don't think it's completely random - I was was told by the Natwest fraud team that over a hundred bits of information all go in to it's system which helps it decide whether a payment would be automatically blocked and flagged as suspicious. Don't know if that's true or not but that's what I was told.

Good fraud checks will either hold up 100% of all payments for manual checks, or they are random. Holding 100% of all payments for manual checking and release is way too expensive, so there will be randomised checks, without any obvious pattern. If a pattern could be seen, the fraudsters would work out what it is, and exploit it.

I've gone many years sending payments of all sizes, big and small, with no blocking of payments. In the space of the last 5 days I've had at least 4 blocked. Doesn't seem very random..

That's not very surprising, as the rules about reimbursing victims of APP fraud have only very recently come into force. Prior to this, banks had much lower risks. Now they are on the hook for potentially large sums of money, so they are using more stringent measures to reduce their risks. 

Did it come into force last Monday? Because I was making just as many transfers up until this week..

eskbanker

S_uk said:

Daliah said:

S_uk said:

Daliah said:

S_uk said:

Daliah said:

CheekyMikey said:

BACKTOBACK said:

S_uk said:

Had yet another payment blocked by Natwest. The guy I spoke to in the Fraud team clearly knew all about this particular savings account as he referred to the 1.5% interest rate, and mentioned that they've 'been having a lot of calls about Chase'.

I opened a Chase account today and transferred funds from both Halifax and Santander into the Chase savings account.

Both Halifax and Santander said the Chase bank did not support the 'Confirmation of Payee' service.

Which means they were unable to confirm the name on the Chase account as my account automatically.

Both my transfers were initially referred for further verification for this reason 

Interesting…I had no problems with Santander at all…transferred £80k over 4 days without any issues

It's deliberately done randomly, as if there was a predictable pattern to it, it would be a fraudster's paradise.

I don't think it's completely random - I was was told by the Natwest fraud team that over a hundred bits of information all go in to it's system which helps it decide whether a payment would be automatically blocked and flagged as suspicious. Don't know if that's true or not but that's what I was told.

Good fraud checks will either hold up 100% of all payments for manual checks, or they are random. Holding 100% of all payments for manual checking and release is way too expensive, so there will be randomised checks, without any obvious pattern. If a pattern could be seen, the fraudsters would work out what it is, and exploit it.

I've gone many years sending payments of all sizes, big and small, with no blocking of payments. In the space of the last 5 days I've had at least 4 blocked. Doesn't seem very random..

That's not very surprising, as the rules about reimbursing victims of APP fraud have only very recently come into force. Prior to this, banks had much lower risks. Now they are on the hook for potentially large sums of money, so they are using more stringent measures to reduce their risks. 

Did it come into force last Monday? Because I was making just as many transfers up until this week..

No, it was introduced in May 2019 on a voluntary basis, for most, but not all, of the main players:

https://www.moneysavingexpert.com/news/2019/05/more-protection-for-money-transfer-scam-victims-from-today/

The more recent consultation has been about if/how/when it can be made mandatory, but nothing's changed yet....