Chase bank worry.

Marchitiello

masonic said:

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.

It is indeed a shame that Chase website only mention a generic “Just so you know, some devices are not supported due to hardware limitations” when they could specify the 32-but problem, unless it may not only be this and there are some restriction to chips being deployed? 

Marchitiello

Olinda99 said:

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 year

The Business Case to enter the UK “retail” current account market would have accounted for losses and /or huge marketing spend (those launch offers of cash back, refer a friend etc) and would have a ROI with a break even in 3-5 years minimum, so unless they are completely off course, there should be no difficult questions. 

RG2015

Olinda99 said:

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

If they transferred to USD at a favourable time.

Currency movements work in both directions so would only be a temporary windfall gain.

Also, I doubt that this really constitutes part of their longer term business plan.

masonic

Anything they are required to hold in capital reserves would presumably need to remain in GBP. What they do with savings they are holding above that is an interesting question. They don't yet have any credit products available in the UK, so perhaps it is converted to USD and used against their lending in the US, or even elsewhere in the world. As RG2015 says, it would be unwise for them to rely on the pound staying relatively weak against the dollar.

masonic

Marchitiello said:

masonic said:

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.

It is indeed a shame that Chase website only mention a generic “Just so you know, some devices are not supported due to hardware limitations” when they could specify the 32-but problem, unless it may not only be this and there are some restriction to chips being deployed? 

Possible that there are additional hardware issues with certain devices (which could include some 64-bit), but the issue that most face is that the app is filtered out on the Play Store, which as far as I'm aware lists apps based on supported OS versions, rather than probing the underlying hardware the OS is running on.

penners324

Chase are building the UK bank as a way of developing new banking software. This will then be rolled out to the US when they're happy with it.

Someone stated it's antiquated, this is laughable statement. The Chase US systems are antiquated. 

Marchitiello

penners324 said:

Chase are building the UK bank as a way of developing new banking software. This will then be rolled out to the US when they're happy with it.

Someone stated it's antiquated, this is laughable statement. The Chase US systems are antiquated. 

I do not think “they are developing” software from scratch, apparently the Chase app was launched from an existing vanilla product, it was covered on this forum at the time, and they are just customising it and switching on various functionality the app already offers

Ballard

Olinda99 said:

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

It’s highly unlikely that they will have exchanged to another currency as they’d be left with a huge foreign exchange position had they done so. They may have swapped it but the forward leg would be based on the spot price so the FX part doesn’t come into it. 

uk1

where_are_we said:

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%.

I think when you say “I don’t agree with your statement that I am virtually paying to operate a Santander 123 account" what you intended to say was that your situation is different from mine.

where_are_we

uk1 - Yes, our situations will be different. However, if your Santander123 utility bills monthly cashback is not greater than your monthly fee, maybe Santander123 is not a good current account option for you.