Chase - is my money safe

jackiepanda

Stupid question but I’ve opening a Chase acc current and savings and planning to shift my Marcus savings into Chase. Feeling hesitant is it safe ?? Just can’t risk loosing any of my hard earned cash.

400ixl

They are a regulated bank with FSCS protection to £85k.

Kansuwan

Yes safe, transfer a quid from Marcus to Chase to give yourself some confidence then transfer the rest but leave a tenner in Marcus.

george4064

In terms of regulatory safety, your money is as safe with Chase (part of JP Morgan) as it was with Marcus (part of Goldman Sachs).

vernall

Kansuwan said:

Yes safe, transfer a quid from Marcus to Chase to give yourself some confidence then transfer the rest but leave a tenner in Marcus.

I would leave £1

Quolh

I have a similar (but not identical) question. The Chase app is secured by either a 6 digit code or fingerprint.

Is that really enough security for savings of up to £250k (I wish!!!).

Have I missed something because that feels far too risky.

TadleyBaggie

Don't have the Chase app but a 6 digit code means there are the best part of 1 million possible codes, assuming the app doesn't allow unlimited bad entries before locking out the account, it's unlikely the code will be guessed. Fingerprint/Face ID technology seems sound too.

penners324

Quolh said:

I have a similar (but not identical) question. The Chase app is secured by either a 6 digit code or fingerprint.

Is that really enough security for savings of up to £250k (I wish!!!).

Have I missed something because that feels far too risky.

Your device is part of the security of the account.
The app recognises your device when you open it.

Albermarle

Quolh said:

I have a similar (but not identical) question. The Chase app is secured by either a 6 digit code or fingerprint.

Is that really enough security for savings of up to £250k (I wish!!!).

Have I missed something because that feels far too risky.

That is how many banking apps work . Or FaceID if you have a suitable phone .

techwatcher

Quolh said:

I have a similar (but not identical) question. The Chase app is secured by either a 6 digit code or fingerprint.

Is that really enough security for savings of up to £250k (I wish!!!).

Have I missed something because that feels far too risky.

Like all security regimes it is a balance between security and usability and only you can decide whether Chase's arrangements are 'far too risky'.

As others have said, authentication on the Chase app is similar to other banking apps. Communications between the app and Chase's infrastructure will be secure. For an attacker to access your funds they would have to:

1. Have access to your device.
2. Authenticate to your device, which is presumably protected by a strong passcode, fingerprint or FaceID.
3. Obtain your 6 digit code for the Chase app.

In my view it's unlikely that an attacker would be able to access your funds but ultimately it's your decision as to whether you accept the risk. 

[Deleted User]

jackiepanda said:

Stupid question but I’ve opening a Chase acc current and savings and planning to shift my Marcus savings into Chase. Feeling hesitant is it safe ?? Just can’t risk loosing any of my hard earned cash.

Why do you feel one large US Bank is safer than another large US Bank?
It's like thinking Lloyds is safer than Barclays.