Chase Bank - a bit like "Hotel California" - you can deposit - but it can never leave

The_Blacklist

After reading the "Hotel California" comments about the Chase, I moved money from my Saver account to the ordinary account and then to my bank without any problems.
So this may be a way to move the money from the Savings account.

coyrls

The_Blacklist said:

After reading the "Hotel California" comments about the Chase

Comment not comments, so far only one person seems to have checked in to Hotel California and they have not explained why they couldn't check out.

k_man

coyrls said:

The_Blacklist said:

After reading the "Hotel California" comments about the Chase

Comment not comments, so far only one person seems to have checked in to Hotel California and they have not explained why they couldn't check out.

I think the OPs actual problem was that they did not know how to take money out (pay an external Payee), rather than it didn't work.
Not that the first post reads quite like that.

Mikepy

Having just followed advice here I moved a pound over to my account at another bank.
Received it almost immediately!
is anyone else concerned that it was too easy to do this ?
By that I mean if Lost my phone all anyone would need is a six digit pin to add another payee and transfer my money to themselves. There was no two step verification or anything else. 
OK I expect if they start hitting random numbers on the pin they would probably get blocked pretty quick but if someone had got hold of my pin it would be very easy.
I'm probably being a bit paranoid but there is a lot of money at stake.
Other Banks I have been with have only allowed transfers back to the account you originally transferred money in from and that seems a lot safer to me.

refluxer

Mikepy said:

Having just followed advice here I moved a pound over to my account at another bank.
Received it almost immediately!
is anyone else concerned that it was too easy to do this ?
By that I mean if Lost my phone all anyone would need is a six digit pin to add another payee and transfer my money to themselves. There was no two step verification or anything else. 
OK I expect if they start hitting random numbers on the pin they would probably get blocked pretty quick but if someone had got hold of my pin it would be very easy.
I'm probably being a bit paranoid but there is a lot of money at stake.
Other Banks I have been with have only allowed transfers back to the account you originally transferred money in from and that seems a lot safer to me.

Yes, while some would see a savings account not being limited to paying in and out of a single, nominated bank account as an advantage, I think the downside is that this potentially makes them less secure.

I guess the onus is on us to make sure our phones are as secure as they can be - make sure that they're locked with a fingerprint or PIN code and ensuring that the same PIN isn't easy to guess or used for any other banking apps. I also personally stay away from using face-unlock as the risk of someone unlocking a phone or app with a photo outweighs the convenience of this method, IMO.

BACKTOBACK

After reading the title to this thread it genuinely scared me having a very large sum invested with them. But after reading the following three pages i feel a bit more re-assured. Would be nice to know what problems other people have (if any) with this account though

Rollinghome

Mikepy said:

if someone had got hold of my pin it would be very easy.

I take your point but the obvious comment is to not have a PIN that someone could ever "get hold of".  I.e. don't write it down - especially as that is a requirement of the T&Cs.

Even when your memory gets to be less good than it once was, like mine, having a PIN you will never forget and can't be guessed easily isn't too difficult.  You can also have a system for producing variants, but that needs to be your system, not one used by anyone else.

CheekyMikey

I think it’s unwise to use your fingerprint as a security measure to unlock your phone and most definitely to unlock a banking app or to authorise payments…

steampowered

djt12488 said:

So much for challenger banks!

Lol, "challenger banks". 

JP Morgan Chase & Co is the world's largest bank (excluding the state owned Chinese banks). It is bigger than HSBC, Barclays or Natwest. 

masonic

Mikepy said:

Having just followed advice here I moved a pound over to my account at another bank.
Received it almost immediately!
is anyone else concerned that it was too easy to do this ?
By that I mean if Lost my phone all anyone would need is a six digit pin to add another payee and transfer my money to themselves. There was no two step verification or anything else. 
OK I expect if they start hitting random numbers on the pin they would probably get blocked pretty quick but if someone had got hold of my pin it would be very easy.
I'm probably being a bit paranoid but there is a lot of money at stake.
Other Banks I have been with have only allowed transfers back to the account you originally transferred money in from and that seems a lot safer to me.

They seem to let through £1 test payments, but be prepared to have to phone them when you send your first larger payment.

CheekyMikey said:

I think it’s unwise to use your fingerprint as a security measure to unlock your phone and most definitely to unlock a banking app or to authorise payments…

Because it could be used by someone else if you are incapacitated, or for another reason?