Chase Current Account Warning

RN61

Section62 said:

RN61 said:

Nationwide is £10000. Natwest is £5000. Afraid this is non-news!

Nationwide's limit is per transaction.  There's no limit (as far as I know) on the total per day, although I've heard they are considering turning the £10k figure into a daily limit.

It's always useful to be reminded that banks and building societies have transaction/daily limits.  These become more of an issue when they apply to accounts people are using to store their emergency fund and/or cash waiting to be recycled into RS accounts.

Thanks, I stand corrected (and better informed!).

Nationwide: "As long as you have enough money in your account, you can send as many payments up to £10,000 a day as you want." 

tomwanless

But with Chase, there is no CHAPS option. There is no way for me to make my 100k investment purchases using Chase. All banks have daily limits but if you go through extra security you can still do occasional large payments. Not with Chase. I still will use Chase, just wanted to make others aware that, for most people, it will not suit as their ONLY current account. Not bashing Chase here, just pointing out a downside to be helpful. 

Sarah1Mitty2

tomwanless said:

Just want to make everyone aware that Chase’s current account doesn’t allow you to make transfers of more than 25k per day. This might sound fine but it means if you want to make a transfer for an investment, or even buy a house, you won’t be able to do it with Chase. So you will need to maintain another current account with another bank. Even if you phone them, there is no way to exceed the 25k/day limit. So if you were wanting to buy a £500k house, you would need to make 20 daily transfers to another bank account before you could transfer to your lawyer etc. 

Sounds stressful, does the Chase CA require you to have regular payments going through, or just keep a minimum balance?

northwalesd

Sarah1Mitty2 said:
Sounds stressful, does the Chase CA require you to have regular payments going through, or just keep a minimum balance?

No to both.

Sarah1Mitty2

northwalesd said:

Sarah1Mitty2 said:
Sounds stressful, does the Chase CA require you to have regular payments going through, or just keep a minimum balance?

No to both.

Thanks