Chase bank worry.

RG2015

I suspect the senior executives of Chase UK will be fending off difficult questions from JP Morgan Chase. Particularly now after the poor results recently announced.

They must have plans for future profit generating products, because the current model must be haemorrhaging cash.

uk1

I join others in so far enjoying being a Chase customer.  

I value being able to log into my account on my ipad and managing my wife’s account on my iphone both using facial recognition. A couple of moments and I can check all is well.  I also like the really simple way of managing the accounts via the excellent app and enjoy round-up, cash-back and interest compared to virtually paying to operate my Santander 123 accounts.  I opened my wife’s and my own account with no waiting or delays.  The only thing I’d like is being able to log a trusted site so I don’t have to keep authorising supermarket shopping. 

At the moment I’m not looking forward to them reducing the benefits in a years time. 

Daliah

Marchitiello said:

sassy_one said:

Longstrider said:

Just closed the account. Too much bother. If you open app on another device it unpairs you from the previous device. So you can’t have it on your iPhone and iPad. Also you can’t have a joint account, which they do allow in the US. All seems amateurish and outdated. As well as all the faff setting up in the first place.

The fact you can only sign in on one account is actually going to be more of a security and safety function than them simply not upto date with current demands.

If you forgot you had signed into 2/3 devices and sold one or one went missing, do you think the bank should cover your error of losing or misplacing your device? I don't think so.


Not much "faff" setting it up, actually much easier than a lot of banks where you have to visit a branch, which are far and few between these days, and show ID.
You simply have to do the ID verification checks and steps and then they'll let you know once these are completed.


Chase is new in the UK, I am sure joint accounts will come in the pipeline but they need and want to straighten other things out before adding more services.


Finally your comment that they are outdated and armature is actually way off; I disagree with you.

Obviously not the bank for you but an account that actually works very well.

Adding to this, for those of us that were earlier adopters in September/October 2021, we have seen already that the service and offer improved over time and can clearly see, by the type of surveys that they send us, how they are thinking of further developing the products (online access from a PC, joint account, multi currency and investment platforms all in one place (like Fineco UK for example)).

The closed forum has also seen a lot of requests for a Chase Credit Card, with obviously wishful thinking of hoping to get some similar rewards to what they have in US, but we all should know really that the UK (and EU) market cannot sustain that due to interchange fee caps.

i can see why some people may criticise they way they have chosen to enter the UK market (MVP, “agile” built in chunks, etc) but I for one I get it and I am supportive.

it has been an unbeatable product as I resumed work and leisure travels abroad (near perfect MasterCard exchange rate, no forex fee and cashback to top it all), with the additional USP of having fee free US ATM withdrawal across virtually every states (excluding Alaska and Hawaii).

I think future plans for them may have to look at segmenting customers and offering slightly different accounts types, so that they can be successfully commercially  and at the same time be the first choice for their customers (e.g. continue offering Cash-Back for Forex spending  and other benefits/rewards under a package account, a bit like the Curve and Revolut pay for products).

You make it sound as if Chase is the best thing since sliced bread when in reality it's just a bank offering accounts with some nice features and some missing features - -  just like most banks do. I am not sure I would agree that their service has improved - it was outstanding to start with but quickly deteriorated as customer numbers grew. I have enjoyed the cashback and the referral offer but once these have expired, there is so far little I can see that would make me continue to use Chase. I am also quite happy to continue using my travel debit & credit cards that I used before Chase appeared on the scene - and I would be equally happy to use any unique benefit that Chase might choose to offer in the future. But I won't hang around on the off-chance that they do when I have better alternatives. I liked their savings account whilst it offered a market-leading rate, and I like that it is possible to have DDs and SOs on this account. But the rate is now no longer market leading, so the attraction of the savings account has reduced significantly.

Not to forget that there are also those people who aren't even able to apply for the account as they don't have the requisite hardware, which Chase are still not able or willing to specify.

Zaul22

If you don't use pots, Shawbrook do 1.5% now too. 

Marchitiello

Daliah said:

Marchitiello said:

sassy_one said:

Longstrider said:

Just closed the account. Too much bother. If you open app on another device it unpairs you from the previous device. So you can’t have it on your iPhone and iPad. Also you can’t have a joint account, which they do allow in the US. All seems amateurish and outdated. As well as all the faff setting up in the first place.

The fact you can only sign in on one account is actually going to be more of a security and safety function than them simply not upto date with current demands.

If you forgot you had signed into 2/3 devices and sold one or one went missing, do you think the bank should cover your error of losing or misplacing your device? I don't think so.


Not much "faff" setting it up, actually much easier than a lot of banks where you have to visit a branch, which are far and few between these days, and show ID.
You simply have to do the ID verification checks and steps and then they'll let you know once these are completed.


Chase is new in the UK, I am sure joint accounts will come in the pipeline but they need and want to straighten other things out before adding more services.


Finally your comment that they are outdated and armature is actually way off; I disagree with you.

Obviously not the bank for you but an account that actually works very well.

Adding to this, for those of us that were earlier adopters in September/October 2021, we have seen already that the service and offer improved over time and can clearly see, by the type of surveys that they send us, how they are thinking of further developing the products (online access from a PC, joint account, multi currency and investment platforms all in one place (like Fineco UK for example)).

The closed forum has also seen a lot of requests for a Chase Credit Card, with obviously wishful thinking of hoping to get some similar rewards to what they have in US, but we all should know really that the UK (and EU) market cannot sustain that due to interchange fee caps.

i can see why some people may criticise they way they have chosen to enter the UK market (MVP, “agile” built in chunks, etc) but I for one I get it and I am supportive.

it has been an unbeatable product as I resumed work and leisure travels abroad (near perfect MasterCard exchange rate, no forex fee and cashback to top it all), with the additional USP of having fee free US ATM withdrawal across virtually every states (excluding Alaska and Hawaii).

I think future plans for them may have to look at segmenting customers and offering slightly different accounts types, so that they can be successfully commercially  and at the same time be the first choice for their customers (e.g. continue offering Cash-Back for Forex spending  and other benefits/rewards under a package account, a bit like the Curve and Revolut pay for products).

You make it sound as if Chase is the best thing since sliced bread when in reality it's just a bank offering accounts with some nice features and some missing features - -  just like most banks do. I am not sure I would agree that their service has improved - it was outstanding to start with but quickly deteriorated as customer numbers grew. I have enjoyed the cashback and the referral offer but once these have expired, there is so far little I can see that would make me continue to use Chase. I am also quite happy to continue using my travel debit & credit cards that I used before Chase appeared on the scene - and I would be equally happy to use any unique benefit that Chase might choose to offer in the future. But I won't hang around on the off-chance that they do when I have better alternatives. I liked their savings account whilst it offered a market-leading rate, and I like that it is possible to have DDs and SOs on this account. But the rate is now no longer market leading, so the attraction of the savings account has reduced significantly.

Not to forget that there are also those people who aren't even able to apply for the account as they don't have the requisite hardware, which Chase are still not able or willing to specify.

It sounds like you wanted to read it as the best thing since slice bread, I never said that, and I have covered the various aspects that have concerned me or have improved in many other posts. Is this another case of you being to “green” to search and get the right information? (E.g RBS Credit Card T&C anyone?).

The product on offer has clearly improved since the launch, at least in my experience: The system has learned my behaviour and /or taking onboard feedback and for a while monthly large transactions  just flow through their system (both transfer and debit cards transactions above £10k at the time). They have added direct debit, added a saving account and a linked promotion with investment platform Nutmeg (owned by the same parent company) .

The one thing that is great, and I will keep spreading the gospel about it,  for those of us that regularly travel to the States,  is the unbeatable free ATM withdrawal virtually across the whole of the US, in addition to at least matching other option in being forex fee and market leading MasterCard exchange rate. Equally the cashback on free Forex spending is virtually unmatched (actually recently matched until September by Santander Credit Cards, in particular if one has one of the Forex free one like the Zero). So once the cash back offer expire, you may want not to use it anymore but for those travelling to the US, where a level of cash still needs to be carried and used, their Debit card remain unmatched,  even though I too have options, including my Santander Select Debit Card for NYC and few other east coast cities for free ATM at Santander US cash points, and 3 Travel Credit Cards.

I never commented on people that do not have the right Hardware/software to get the app, if they really want it in my view they should consider getting a more updated phone. Having worked on multi million pounds IT investments over the last 15 years, I know too well the need to keep up with hardware and software to guarantee performance, so i welcome such minimum requirements.  

masonic

Marchitiello said:

I never commented on people that do not have the right Hardware/software to get the app, if they really want it in my view they should consider getting a more updated phone. Having worked on multi million pounds IT investments over the last 15 years, I know too well the need to keep up with hardware and software to guarantee performance, so i welcome such minimum requirements.  

The issue here is not as simple as that. The app only runs on a 64-bit OS, and Chase has not stated this requirement. There are still devices being sold today that are running 32-bit Android, even those built with hardware capable of running the 64-bit OS. Device manufacturers are not very good at making it clear which OS architecture is installed on the device - sometimes this is printed on the box, it is rarely if ever stated online. This has led to customers buying a brand new phone and finding it is incompatible with Chase (and I dare say a growing number of other apps). Which is why there have been attempts to crowdsource known compatible and incompatible phones here on MSE forums. I'd lay most of the blame on the device manufacturers, but Chase could be clearer about the minimum requirements.

Marchitiello

masonic said:

Marchitiello said:

I never commented on people that do not have the right Hardware/software to get the app, if they really want it in my view they should consider getting a more updated phone. Having worked on multi million pounds IT investments over the last 15 years, I know too well the need to keep up with hardware and software to guarantee performance, so i welcome such minimum requirements.  

The issue here is not as simple as that. The app only runs on a 64-bit OS, and Chase has not stated this requirement. There are still devices being sold today that are running 32-bit Android, even those built with hardware capable of running the 64-bit OS. Device manufacturers are not very good at making it clear which OS architecture is installed on the device - sometimes this is printed on the box, it is rarely if ever stated online. This has led to customers buying a brand new phone and finding it is incompatible with Chase (and I dare say a growing number of other apps). Which is why there have been attempts to crowdsource known compatible and incompatible phones here on MSE forums. I'd lay most of the blame on the device manufacturers, but Chase could be clearer about the minimum requirements.

Thanks for the great summary, I agree that Chase should now making this clear especially following such detailed feedback.

I would however not even consider a phone or a PC that still run on 32 bit OS

where_are_we

UK1 - I too am a fan of Chase for the benefits you mention. However I don`t agree with your "virtually paying to operate a Santander 123 account" statement. Yes, a 123 lite has a £2 monthly fee, but the whole point of having a 123 account is the cashback on utility bills. We received £6.56 cashback this month, meaning Santander paid us £4.56 last month to operate the account. This is despite keeping our utility bills to an absolute minimum eg haggled our broadband and telephone down from £59 to £39 a month, conserved our water usage to bring down our monthly DD from £42 to £27 but the big increase is in our energy DD, about which we have limited control of, although at least we are getting £1.40 more energy cashback (2%) per month since the price cap increase in April 22. So, benefit from both Chase and Santander123 lite. We have moved our instant access savings out of Chase @1.5% to Virgin money M Plus savings @ 1.56%.

masonic

Marchitiello said:

I would however not even consider a phone or a PC that still run on 32 bit OS

I agree, but I have a great deal of sympathy with people who have bought a new phone and only later found out the OS is 32 bit. Fortunately I've been lucky and the rather low end devices I've owned over the past 5 years have all been loaded with the 64-bit OS. Knowing what I know now, I think I could avoid 32-bit OS devices in the future, but it will require some probing questions to be asked at the point of sale. Unfortunately, a device with 64-bit hardware cannot be assumed to have the 64-bit OS loaded. Here's hoping Android 12 is the last version to come with a 32-bit flavour.

Olinda99

RG2015 said:

I suspect the senior executives of Chase UK will be fending off difficult questions from JP Morgan Chase. Particularly now after the poor results recently announced.

They must have plans for future profit generating products, because the current model must be haemorrhaging cash.

maybe, but they will have gained on GBP weakness if they transferred money to USD say last yeat