Chase Bank 1.5% easy access account or not ??

masonic

homestraight said:

masonic said:

homestraight said:

2 days later (there was now plenty money in the account), the patient had been taken and left has gone through. Cashback has tracked.

What is the status of the payment, 'Pending' or 'Complete'?

Complete. 

Interestingly I note the retailer had refunded a small amount related to an item they didn't have in stock.
Wonder if that's part of why the payment went through. 
Interesting either way

That is very strange. Let us know what Chase says about it.

Big_W

trickydicky14 said:

I attempted to withdraw 5K yesterday from my account to my Halifax account which I have sent a small amount to before as a tester and Chase have put it on hold, it states this could hold the payment up for a few hours, that was 20 hours ago.
Not happy with that.

It's not just payments to new payees.

I also had a £3K withdrawal from Chase savings to Lloyds put on hold yesterday and still showing as pending at 11:30am today. 

The difference here to other posts is that I had made such payments to the same Lloyds account 9 times between March and May with no problem. Mostly smaller amounts, but one of the earlier withdrawals was for £4K. On all other occasions the funds were visible in Lloyds within minutes. 

masonic

Agree, holding standing orders where there is a clear instruction for the subsequent payments cannot reasonably be justified. If it is to be done, do it for the first payment only, or preferably do it when the instruction is first submitted.

Olinda99

Daliah said:

I also had payments to new payees held by Chase. It‘s a royal pain since they don‘t seem to release them with any urgency but you can call them to have them released. Only trouble is that you are held in the calling Q for at least 30 minutes. Don’t try Chat, as they take many hours, or even days, to respond on Chat, and all they do then is say they are passing your request “to the team which deals with it”.

When you eventually get through on the phone, all they ask in my experience is why you are making the payment. A non-committal “it’s a payment I have to make to my account at the xyz Bank” seems to satisfy them. It’s ridiculous, as the payment has already been authorised by me, after I logged in with FaceID, so it’s clear the payment has been made by me, and I had already specified it was going to another account of mine. Mind you, Chase isn’t the only bank making such annoying checks. 

my guess is that they they know you authorised the payment but want to know why and to whom. As you know, banks are potentially on the hook to refund any payments to scammers.

Daliah

Olinda99 said:

Daliah said:

I also had payments to new payees held by Chase. It‘s a royal pain since they don‘t seem to release them with any urgency but you can call them to have them released. Only trouble is that you are held in the calling Q for at least 30 minutes. Don’t try Chat, as they take many hours, or even days, to respond on Chat, and all they do then is say they are passing your request “to the team which deals with it”.

When you eventually get through on the phone, all they ask in my experience is why you are making the payment. A non-committal “it’s a payment I have to make to my account at the xyz Bank” seems to satisfy them. It’s ridiculous, as the payment has already been authorised by me, after I logged in with FaceID, so it’s clear the payment has been made by me, and I had already specified it was going to another account of mine. Mind you, Chase isn’t the only bank making such annoying checks. 

my guess is that they they know you authorised the payment but want to know why and to whom. As you know, banks are potentially on the hook to refund any payments to scammers.

I can just about accept this if it is a new payee, and if the name on the receiving account isn‘t my own name. Although, why do they ask the questions again that the app has already asked me? And why are they satisfied when I simply say “This is a payment that I have to make”?

Where it becomes really unacceptable is when the payment is to a payee that I have made previous, similar payments to, and when they question why you make several SO payments on the first of a month to various savings accounts. They don’t seem to know much about people who want more than the banking facilities they are offering themselves

surreysaver

I wonder if its because Chase don't do any proper identity checks when you open an account (verifying via CRA etc), so are more rigourous when people filter money through the account?

masonic

surreysaver said:

I wonder if its because Chase don't do any proper identity checks when you open an account (verifying via CRA etc), so are more rigourous when people filter money through the account?

They did an AML check on me via CRA when I opened my account as I have a record of the soft search. They also took a selfie and image of my passport, which is de rigueur for app only banks. Nothing I've shared with them subsequently to release transactions could possibly have given them more confidence that I am who I say I am, or indeed confidence about the source of the money I am moving through my account.

diystarter7

I dont do banking apps. Is there another saver account that does 1-5% or more on similar account and it can be joined and managed online, please?

masonic

diystarter7 said:

I dont do banking apps. Is there another saver account that does 1-5% or more on similar account and it can be joined and managed online, please?

Have you had a look at Virgin Money's M Plus 1.56% saver? Like Chase, it does require a current account to be opened, but the current account pays 2.02% on £1k.

trickydicky14

I ended up ringing Chase, that took 40 mins to get through. After a long-drawn-out conversation and ID checks it got sorted.

Don’t think I can put up with that too often, I will keep the account open for now to use the cash back facility but 90% of my money is going back to Virgin now the rate has gone over 1.5%.

 It’s a pity as I like the account and happy to use the app. But then again, my phone is a few years old so how long will it be before I have a melt down and need a new phone to run the app? Happy days.