Unable to verify bank acc details Chase

Leiborschy

I've just opened a chase savings account, via the app. I went to transfer some money from an hsbc account to my chase account. HSBC was unable to verify the chase bank acc details matched. Chase assure me this is a common problem. I'm wary of transferring money from HSBC acc into an unverified chase account. How do I know I'm using a genuine chase app? The person on support assured me they were a regulated bank but that didn't reassure me. If I "lost" the money I transferred I could imagine I'd look really gullible. Can anyone reassure me? 

eskbanker

Chase (along with many other institutions) doesn't participate in the Confirmation of Payee initiative that the mainstream players use to validate payees, so everyone transferring funds to Chase will have experienced the same as you.  Apart from checking FSCS status, etc, the usual way of achieving reassurance about payments is to make a small test payment of a token quid first, to check that it arrives OK....

born_again

As above make a small payment 1st. Always a sound procedure when you open a new account. As once you know it's correct the payment details are there ready to be used as required. 

Leiborschy

Thank you both, why didn't I think of that 🙄

VKE

We both did a TFIN of £1.00 each to start with which worked absolutely fine and then we did higher transfers and all went well

penners324

I had the same issue, had to transfer into the current account first and then into the savings account.

After a week or so it's rectified whatever the issue was and can now transfer directly to Savings accounts.

I think Chase must only update their allowable account numbers every so often 

penners324

I was using Starling 

Storyteller

I wished to transfer a large sum of money to Chase from HSBC. I tried so many times, but as I telephone bank with them they have refused my request five times. I have transferred the money to Santander where I do online banking and they refused as well. Went into branch and transferred £1.00 as suggested by desk clerk. All well. When home tried to transfer money and again I am refused, in fact we are both locked out of our accounts. It is getting on for two weeks now. Why doesn't Chase join the "club" Confirmation of Payee. Whereas I understand that these measures are put in place to protect us I cannot help but wonder if it isn't being used here as a way of "putting Chase in their place" they have also benefited from having my savings in their accounts. Any suggestions other than having to go to Santander in person(which is not too easy for me.) and making them transfer all the money there. HELP

eskbanker

Storyteller said:

Why doesn't Chase join the "club" Confirmation of Payee.

It's on their to-do list, but isn't a trivial exercise - in February they said it would be 'soon', albeit in the context of a list "of what 2022 has in store":

https://www.chase.co.uk/gb/en/updates-from-chase/update-from-chase/

Bigwheels1111

It’s a pain at first this Chase account, once a payment has gone through it work like clockwork.
Just made 3 transfers into Chase, TSB, Nationwide and First Direct.
Notifications within seconds.

Daliah

Confirmation of Payee is no guarantee for having your transfers processed without fraud checks.

When you say your payments "were refused", what exactly did happen? You also mention that "both" of you got refused - who is the other person, what did they try to do, and what happened?