New Chase account: Finally a bank account that is easy and quick to set up!

Murphy_The_Cat

Thrugelmir said:

Murphy_The_Cat said:

I'm with the OP on this - the Chase account is the easiest banking/savings account that I've ever opened.

As customer numbers grow they'll be little different from anyone else. At peak times customer service levels will drop. 

& when that happens someone will start a thread up about how bad their customer services are - but that is yet to happen and isn't the subject of this thread.

JanetOCall

Daliah said:

It‘s not really a surprise that a digital-only account which has no overdraft facilities is easy to open - provided you have the technology and the documents it requires. Monzo and Starling have been offering similarly simple account opening for years. 

Whilst I am one of the ones who who is holding a Chase account myself and who is enjoying the cashback and the leading interest rate, I am also conscious of the shortfalls. No CASS, no Open Banking, no COP, no joint accounts, potential complications with the numberless debit card, no option to get more than £25k per day out of the account, no overdrafts, no telephone banking, no online banking, works  on 64-bit phones/tablets only, not for people who have no photo ID, no options for visually impaired. Some or all of these may not matter to you, but they will to some and should therefore be mentioned in a credible review of the account.

Unfortunately, I'm one of those people who doesn't have any photo ID acceptable to for providers of digital-only providers.  I still have a paper driving licence and can see no point in changing this to a Photo Licence until I reach the age of 70 in three years time.  I have never held a passport and to obtain one just to open a Chase account wouldn't be cost effective - not to mention the time it would take to obtain one.

kora_2

seh567 said:

Not easy to transfer monies to from some other banks. I had no problem opening up Chase account but have had a nightmare with Santander allowing my transfers through. I got the impression the fraud dept don't think they are a valid bank!

No issues at all transferring from my santander account  Maybe only affecting a small number of people.

kevanp

As I said in my original post "this account isn't set up to confirm the account holder identity, so you have to double-check the details and then override the warning from your existing bank". If you do that I don't see how any bank can possibly refuse to carry out your instruction to transfer funds. If they did I certainly wouldn't want to bank with them. It's your money!!!

kaMelo

kevanp said:

As I said in my original post "this account isn't set up to confirm the account holder identity, so you have to double-check the details and then override the warning from your existing bank". If you do that I don't see how any bank can possibly refuse to carry out your instruction to transfer funds. If they did I certainly wouldn't want to bank with them. It's your money!!!

It's because despite doing all that checking and verification people transferred money to investments in unicorn farming. When they were later surprised to find out unicorns don't exist they whined to their bank that they've been scammed and the bank didn't do enough to protect them. 
It's much easier and far less expensive for banks to tweak their algorithms to block many more payments and let the customer come to them to unblock it. Banking is now far more onerous on everyone because of a minority of people, the FCA and the FOS who all think customers should bear no responsibility for their actions

trainboy

Cheque book. Yes I'm one of those oldies that loves a paper trail. Just today I went into my building society cheque book in hand to prove that I had in fact made a payment in August 2021 that was disputed by the recipient by showing the staff member my cheque stub number, nice paper printout of the statement to wave under the nose of the recipient.  Yes I know digital banking is easy...TOO EASY...for a tap of a button by persons unknown to empty your account from anywhere in the world....luddite...me...no just old enough to know easy for you makes it easy for others.

Daliah

trainboy said:

Cheque book. Yes I'm one of those oldies that loves a paper trail. Just today I went into my building society cheque book in hand to prove that I had in fact made a payment in August 2021 that was disputed by the recipient by showing the staff member my cheque stub number, nice paper printout of the statement to wave under the nose of the recipient.  Yes I know digital banking is easy...TOO EASY...for a tap of a button by persons unknown to empty your account from anywhere in the world....luddite...me...no just old enough to know easy for you makes it easy for others.

A cheque stub does not prove that you wrote a cheque, or that you handed a cheque to anyone. 

A faster payment to a sort code and account number, however, creates an electronic trail that proves beyond doubt that the payment was made, together with the exact amount, timestamps and routing information.

Making a faster payment to a person you don‘t know and for services/goods you have not received is like giving a cheque to a person you don‘t know and for services/goods you have not received. If you wouldn’t do the latter, why would you do the former.

In addition, as you yourself pointed out in another post, you can‘t usually write cheques against savings accounts. Thus moving your money to a different account is unneccessarily complicated. And it still takes days for cheques to clear. All this might be acceptable to you but you are in a shrinking minority, especially in a money saving expert community.

Apologies for responding to an off-topic post.

macy08

wiseonesomeofthetime said:

I made my savings account logos red too, just to make even clearer, then promptly hid them 🤣🤣

Hello, can you please tell me if you can still see these 'hidden' accounts anywhere else in the app?  I have been tempted to hide one from the home page but haven't because of this.

wiseonesomeofthetime

Yes @macy08, the hidden accounts are still visible when in the Payments section, when you tap on the From or To account, in the list of accounts you can choose From/To. Their respective balances are also visible.

k_man

And there is an expandable hidden section at the bottom of the account list