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

Rollinghome

masonic said:

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

Ugh. I'm now fairly cheesed with literally spending hours on the phone trying to speak to bank security bods who find it highly suspicious that anyone might send similar sized payments two days in a row. I know I'm not supposed to be irritated but, I wish they were better at it. Was hoping Chase would be slicker.*

How much does Chase consider to be large?

* (My spell-checker has just told me "American word.  ‘slicker’ is a common American expression. "Consider using expressions more common to British English."  Suggests replacement with "macintosh".)

masonic

Rollinghome said:
How much does Chase consider to be large?

They held a £2k payment I made (got through within a few rings and it was all sorted within about 5 minutes - it was about 7am, so probably not one of their busy times). I've not had issues with any subsequent payments of a similar size, though I haven't made them on consecutive days.

garyelder

Easy no probs 

gt94sss2

Mikepy said:

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.

The other accounts you refer to would have been savings accounts with an nominated current account.

The Chase Saver account is actually an interest bearing current account despite its name

Rollinghome

masonic said:

Rollinghome said:
How much does Chase consider to be large?

They held a £2k payment I made (got through within a few rings and it was all sorted within about 5 minutes - it was about 7am, so probably not one of their busy times). I've not had issues with any subsequent payments of a similar size, though I haven't made them on consecutive days.

Gosh, that's not a lot.  Hope that won't apply after the first withdrawal or two.  I've been critical of Santander of late, but I've never had to call for anything like that.  (Which is just as well, as it took 2+ hours a few times to get it sorted.) Thanks.

Futuristic

Rollinghome said:

masonic said:

Rollinghome said:
How much does Chase consider to be large?

They held a £2k payment I made (got through within a few rings and it was all sorted within about 5 minutes - it was about 7am, so probably not one of their busy times). I've not had issues with any subsequent payments of a similar size, though I haven't made them on consecutive days.

Gosh, that's not a lot.  Hope that won't apply after the first withdrawal or two.  I've been critical of Santander of late, but I've never had to call for anything like that.  (Which is just as well, as it took 2+ hours a few times to get it sorted.) Thanks.

@Rollinghome They picked up in <10mins during normal hours, had a payment blocked few days ago. Also their support appears to be literally 24x7 so you can speak to someone late at night.

Santander are terrible, many people have same long waiting times:
https://www.reddit.com/r/UKPersonalFinance/comments/u84mkk/funding_chase_savings_from_santander_a_warning/

CheekyMikey

masonic said:

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?

Yes…if you’re criminally incapacitated you’re giving them free access to your phone and a few steps closer to your money. Only my paranoid opinion…

Rollinghome

Futuristic said:

Santander are terrible, many people have same long waiting times:

https://www.reddit.com/r/UKPersonalFinance/comments/u84mkk/funding_chase_savings_from_santander_a_warning/

Wow.  Any number of people having Santander problems it seems, including:
"I have seen multiple complaints about Santander recently and the security department taking hours, it took myself 4 hrs total over 2 days to get through to someone to release payment."

Including some for very small sums.  It's fair to say that the banks are being pushed hard by the regulators to reduce fraud, but it seems that Santander aren't very good at it, or well targetted. I won't bore you with my Santander adventures.