Chase Bank - Oversubscribed? Struggling to get a transfer out

masonic

I've had no issues recently, but all low 4 figure sums.

AndyTh_2

I've been wondering if it's because my own accounts I create new payees for rather than add all under one payee. It's a nice feature that but disappointingly it still would put my own name on every transaction rather than the account nickname, which isn't helpful in identifying where money is going to.

I put my own name first when creating the payee, then renaming it after. My name still displays as the Full Name when editing a payee account though.

For months that was fine, but then I guess they implemented stricter checks.

masonic

I've given my payees nicknames based on the bank name rather than my name. Chase doesn't support confirmation of payee.

k_man

masonic said:

I've given my payees nicknames based on the bank name rather than my name. Chase doesn't support confirmation of payee.

I thought that was only for payments into Chase?

I am sure I remember the check when setting up a new payee? (Will go and test...)

The payee system is a mess though. Allowing multiple accounts per payee is a good idea, or would be if it identified the account better when making a payment, or scheduling payments.

@AndyTh_2, I have lots of payees to my own accounts, when I should only need one

k_man

Update: no COP. Setting up a new payee confirms the bank from the sort code, but not the full payee.

So could use different account names within the same payee.
Doesn't help my issue though, as these would still all show as just the Payee name, not the account name.

AndyTh_2

While they don't support confirmation of payee yet, I'd have thought they might class large payments going to accounts for a payee you've labelled other than your own name as higher risk.

masonic

AndyTh_2 said:

While they don't support confirmation of payee yet, I'd have thought they might class large payments going to accounts for a payee you've labelled other than your own name as higher risk.

Without COP, they don't have any visibility into the actual name on the account. Hopefully when they do implement COP, they'll add a nickname field so that the actual account name can be entered correctly. When other banks implemented COP, it didn't seem to have any consequences on legacy payees set up using an incorrect account name, but who knows what Chase will do.

AndyTh_2

masonic said:

AndyTh_2 said:

While they don't support confirmation of payee yet, I'd have thought they might class large payments going to accounts for a payee you've labelled other than your own name as higher risk.

Without COP, they don't have any visibility into the actual name on the account. Hopefully when they do implement COP, they'll add a nickname field so that the actual account name can be entered correctly. When other banks implemented COP, it didn't seem to have any consequences on legacy payees set up using an incorrect account name, but who knows what Chase will do.

They know your own name and the name you've given the payee though, which is what I was meaning

masonic

AndyTh_2 said:

masonic said:

AndyTh_2 said:

While they don't support confirmation of payee yet, I'd have thought they might class large payments going to accounts for a payee you've labelled other than your own name as higher risk.

Without COP, they don't have any visibility into the actual name on the account. Hopefully when they do implement COP, they'll add a nickname field so that the actual account name can be entered correctly. When other banks implemented COP, it didn't seem to have any consequences on legacy payees set up using an incorrect account name, but who knows what Chase will do.

They know your own name and the name you've given the payee though, which is what I was meaning

It would be rather absurd to suggest using the FP system to pay a third party was an indicator of fraud, when that's its purpose. It is actually the case that most APP fraud involves convincing an individual that they are sending money to a safe account opened in their own name.

AndyTh_2

k_man said:

masonic said:

I've given my payees nicknames based on the bank name rather than my name. Chase doesn't support confirmation of payee.

I thought that was only for payments into Chase?

I am sure I remember the check when setting up a new payee? (Will go and test...)

The payee system is a mess though. Allowing multiple accounts per payee is a good idea, or would be if it identified the account better when making a payment, or scheduling payments.

@AndyTh_2, I have lots of payees to my own accounts, when I should only need one

Not sure if this is what you meant, but you can nickname accounts within a payee after adding them by editing the payee. Just sadly it's only the payee name that shows on the transaction history or list of scheduled payments

Its fine though for selecting the account to make the payment to.