Chase 1.5% Easy Access

Rollinghome

I've found it's taken longer than expected for inbound payments to show at times, no real problem, and also a long wait for verification notifications to arrive when I've used the cc for online payments. Hanging around scratching my head and wondering where it's hiding is slightly more irritating.

When speaking to staff online after normal hours, they've seemed to have NY accents and I assumed answering from there.   If JPM can arrange that, a bit more server capacity for some extra activity in little UK shouldn't be a biggie them.

10_66

From their incident page:

 

“Payments are delayed at the moment

 

Identified

We have a problem with some of our systems at the moment.

 

It means that payments and transfers are taking longer than normal.

 

Payments in are taking longer to reach your account and moving money between accounts is taking longer than usual. Payments out are also taking longer to get to their destination.

 

Transferring your rewards is also taking longer than normal.

 

We know you count on your bank for the important things in life. We are working as fast as we can to fix the problem and will update you as soon as we know more. We're sorry for any problems this causes you.

Posted 1 hour ago. May 18, 2022 - 18:23 BST”

 

Looking at their incidents page, their updates for quite a while have been switching between “problems have been identified” to “issues fixed”.  Surely they can see a trend here, so they shouldn’t keep saying it’s been resolved when it clearly hasn’t.

1882

I got a slew of 5 transfers over a period of an hour after I made them!

Daliah

sandblast5 said:

I actually asked them if direct debits from the savings account are possible and confirmed that they are.

Subsequently (maybe a month or so back?) I manually moved all DDs to go from the savings account and everything worked fine.

Is this no longer possible for new DDs?

DDs against the Saver account are definitely still working as of today. I haven't seen anything that would suggest Chase are planning to stop them, either.

refluxer

I think this confirms the Chase account is definitely a loss-leader for JP Morgan ! 

JPMorgan warns overseas digital bank losses could top $1bn after UK push

GustyGardenGalaxy

refluxer said:

I think this confirms the Chase account is definitely a loss-leader for JP Morgan ! 

JPMorgan warns overseas digital bank losses could top $1bn after UK push

As somebody who was just thinking of opening a savings account with Chase this makes me wonder if perhaps I should go elsewhere. I guess there's no chance of it folding as such but going by recent messages in this thread they don't seem to be coping that well with the influx of new customers.

refluxer

GustyGardenGalaxy said:

As somebody who was just thinking of opening a savings account with Chase this makes me wonder if perhaps I should go elsewhere. I guess there's no chance of it folding as such but going by recent messages in this thread they don't seem to be coping that well with the influx of new customers.

I've not had any problems, personally. Both the current and savings account seem to work as they should and the cashback offer I activated recently has started to accumulate some funds as I start to use the debit card. I should say that I'm only using the current account for buying stuff though so far - I haven't moved any direct debits over from my main current account, held elsewhere.

I've only had to contact customer support twice via their PM chat system - the first time they replied within a few hours and more recently it was the next day. Fortunately for me neither was urgent so the delay wasn't an issue, but I can see why this might be an issue for someone with a more urgent enquiry.

You could always open an account and use it cautiously at first and see how you get on ? And by that I mean don't move across all your savings until you're happy with how it's running.

Daliah

refluxer said:

I think this confirms the Chase account is definitely a loss-leader for JP Morgan ! 

JPMorgan warns overseas digital bank losses could top $1bn after UK push

The article is paywalled for me but I get the gist. A $1bn loss will make a small dent into their overall profits, and as UK consumers we have FSCS protection to £85k, anyway. So no reason to lose any sleep for those who stay within the FSCS limit.

I don't know if the FT article mentions that Chase UK now have half a million customers - still a long way from overtaking the big players. Even Virgin Money has over 10 times as many customers as Chase UK.

masonic

It's the cost of doing business in a competitive market. New entrants are loss making for many years and need to pay a high price to build market share. Investors in these ventures know this, and the capital needed to push forward is anticipated and made available. Look how long it took Interactive Investor to consolidate its position - over a decade in the red, and numerous acquisitions. Same for energy suppliers, some of whom were giving away money hand over fist for each new customer.

kev2009

I have not used my account much but i was able to pay into the savings account when opened and today I've been able to make 2 payments to my current account so that I can now use it to try paying for something to see if it works ok and I get the cashback on it

Kev