Chase Nightmare

andydavis1959

I opened a Chase account several months ago as I was buying a flat at auction and wanted an account that paid some reasonable interest whilst the sale went through. 1st nightmare I registered the account with the auction house so they could take the initial £5000 deposit I was successful in my bid but after 4 attempts by the auction house to collect the money I had to find an alternative method at great inconvenience. It turned out that the Chase system saw this as fraudulent activity. Nightmare 2. Completion date was Monday so full payment was required, I phoned Chase to arrange a CHAPS transfer only to be told they were not registered for CHAPS and I could only draw £25K per day so I have defaulted on completion until I can get the money out of Chase bank. Every day this week I have transferred out £25K and every time the payment has been seen as fraudulent activity even though I have phoned multiple times to let them know what I am doing. So every day I have had to phone them to release the money. My sale completes today and all money is finally out and I just await the Financial penalties for defaulting on Monday. Never ever again will I use this so called bank who not only cannot transfer more than £25K but also do not support international money transfers. Has anyone managed to transfer more that £5K successfully?

inspectorperez

https://forums.moneysavingexpert.com/discussion/6363787/chase-bank-oversubscribed-struggling-to-get-a-transfer-out#latest

You will find answers to your question on this thread and discover that you are by no means alone.

Maskface

It does say in the terms and conditions that you can only withdraw £25k per day. I think Starling is the same too?

Daliah

Maskface said:

It does say in the terms and conditions that you can only withdraw £25k per day. I think Starling is the same too?

Many banks have daily limits, some as low as £10k, or as high as £250K in the case of Starling. However, all bar Chase UK do CHAPS payments.

400ixl

Maskface said:

It does say in the terms and conditions that you can only withdraw £25k per day. I think Starling is the same too?

Starling supports CHAPS transfers I think you will find which means there is an alternative to the 25k faster payments limit. This doesn't exist with Chase so you will need to plan around that limitation to get high values out of Chase. 

Daliah

400ixl said:

Maskface said:

It does say in the terms and conditions that you can only withdraw £25k per day. I think Starling is the same too?

Starling supports CHAPS transfers 

Correct, and they let you make payments up to £250k (two hundred and fifty thousand) free of charge. See link in my post before yours

Daliah

@andydavis1959 what a dreadful experience! Although Chase might hide behind their T&Cs, I would try and claim the penalty payment from them by making a formal complaint. Their rejection of the payment request from the Auction House is worth further compensation because it caused you embarrassment, extra work and severe inconvenience.

I would send the complaint in writing and by recorded mail to Freepost at Chase UK, PO Box 17507, Edinburgh, EH12 1PX. If they turn down your complaint, or not respond satisfactorily within 8 weeks, you can escalate the matter to the FOS. 

masonic

Definitely worthy of a formal complaint. It is no way clear to a prospective customer that Chase has no means at all of moving >£25k out of the account per day.

It is not clear what you mean regarding the £5k auction house payment. Did they try to set up a direct debit, or collect the money via debit card?

[Deleted User]

So you opened a brand new account and tried to send these sums? any bank would have looked at this with suspicion I am afraid. In addition using a new bank to complete a house purchase is also unwise. Yes the bank was behind with DD and it appears CHAPS, but common sense must also play a part. 

[Deleted User]

You appear to have left yourself with little margin for error and didn't do your homework. 

This probably sounds like a strange question but did you advise them of your plans beforehand and did they says they supported either CHAPS or payments over 25k?

Faster Payments can now go up to 1 million so can cover most property sales and not require CHAPS.

wmb194

The fundamental mistake here was not reading Chase's terms and conditions.