Chase Bank - Oversubscribed? Struggling to get a transfer out

Devonjem

Same problem here. Yesterday a transfer out of £20k was held up.  I called Chase and got it released and told them I was going to transfer another £20k today to the same payee - me.  Was told there should be no problem this time - but again it was held up and just now received  a call back after 2 hours.  Seems to me a useless security check as no personal questions were asked - just wanted to know the amount and destination.  I told the guy I would be making another transfer out tomorrow and he said it will likely be held up again - but then said he would make sure it went through himself if it was to be paid to the same payee and if I made the transfer at a specific time tomorrow morning when he was working and looking out for the transfer.  He admitted there were issues with payments being held up at the moment.

wiseonesomeofthetime

My transfer has now been released.

No additional security questions asked.

Just apologies given for the delay 🤷‍♂️

inspectorperez

Looking back to when I opened my Chase Savings account at the beginning of April, I have had 12 transfers in and 9 out from the same bank account source (my own). The net effect to date is +£41K.

I really hope that I will not experience any more interventions in these transactions. If I do, I will almost certainly stop banking with Chase even if it means sacrificing a part of the 1.5% rate and rewards by going to another provider - probably back to Saga who I found to be extremely reliable.

eastcorkram

Does anyone know if there is a certain amount that triggers the check?
Say if I transfer out £1000 a day , would that be better than trying to get £10,000 in one go?

Rollinghome

eastcorkram said:

Does anyone know if there is a certain amount that triggers the check?
Say if I transfer out £1000 a day , would that be better than trying to get £10,000 in one go?

Not sure if there is a specific level or pattern of withdrawals, and no bank would want us to know,  but if you want £10,000 then doing it in one go should be less of a pain, even with checks, than ten small withdrawals.  The checks can be irritating, especially if it looks unnecessary, but I've made lots of withdrawals well north of £10k and not found it so onerous. 

Call them immediately from the app if it doesn't go through, regardless of whether they ask you to or not.  You can do it day or night, have them call you back if there's a long queue (which there usually is) and go and do something else till they get back to you.

masonic

eastcorkram said:

Does anyone know if there is a certain amount that triggers the check?
Say if I transfer out £1000 a day , would that be better than trying to get £10,000 in one go?

There have been reports of even very small transfers being held. As above, try to do as few transfers as possible to minimise your time following up.

Big_W

masonic said:

eastcorkram said:

Does anyone know if there is a certain amount that triggers the check?
Say if I transfer out £1000 a day , would that be better than trying to get £10,000 in one go?

There have been reports of even very small transfers being held. As above, try to do as few transfers as possible to minimise your time following up.

What Masonic said.

My own experience was a £3k transfer being held for 4 days until I called Chase (same message as wiseonesomeofthetime had). Was deliberately leaving it to see if Chase would progress without my intervention, or at least call me without me having to chase - they didn't. I then did two much larger transfers over two days - to empty my Chase accounts, as I have had enough - these went through instantly.

Impossible to work out their logic for security checks, so just take out the maximum you want (up to £25k per day) and accept having to chase them as being almost inevitable.

eastcorkram

I was just trying to avoid them needing to call me part. As it's completely impossible for me to take phone calls while at work, so I'd miss the call, and presumably have to start all over again. 
Unsure now whether to leave them altogether, or just leave everything alone .

sebtomato

Rollinghome said:

sebtomato said:

I am sure you would be the first to complain if someone was transferring out money from your account without additional checks...

Perhaps make an attempt to comprehend what has been written before making daft assertions about someone you don't know.

Back at you. 

sebtomato

I have made some large transfers out of Chase recently, and none have been held. Maybe it's because I transferred the money in from those bank accounts to start with, or made several transfer out in the past to those specific accounts, so it's not triggering some security flag.

However, I did make a small payment to a new payee, and app showed a message saying payment would be held for a couple of hours due to checks being done. It did go through within that time.