Chase Current account reconciliation errors

torus

If you are thinking of opening a Chase Current account (currently offering 1% cashback and being heavily advertised) I would exercise caution. 

Firstly, this account is only available via their app - there is no access online from a computer. I reconcile my bank accounts every few days with Quicken on my laptop and having to work from a phone screen to do this is tedious.

Secondly, and more seriously, the monthly statements do not reflect the transactions that month. For instance, on July 1st I exported the June statement to help me do the reconciliation as it is only at the end of the month you get a statement on the app which can be sent to a computer. The total on the app was over £900 different from the statement. It took me over an hour to solve this puzzle. I had been in France the last week or June and some transactions I made, one on the 20th for over £400 and another on the 27th also for over £400, did not appear on the June statement but then were subsequently added to the transactions screen but on those dates so they were hidden amongst the many other transactions I'd reconciled using the June statement.

With other accounts I've had any late clearing transactions appear on the date they clear so this has not been an issue but for transactions to appear backdated weeks after I have done my reconciliation is just useless. I think I will be giving up the Chase account despite the financial incentives.

penners324

Chase being app only is not a problem. 

And it's taken them a few extra days to clear a couple of foreign transactions.... not too surprising 

RG2015

I use my iPad with a 10 inch screen for Chase. This is far preferable to using a mobile phone.

As regards reconciliations, I do object to retrospective statement changes. That said, I tend to record my transactions separately and would immediately know if anything was missing.

Bank reconciliations often have missing items, which to me is the whole point of going through the reconciliation process. This is usually only a day or two, but clearly can stretch to longer periods.

My personal choice is to take ownership of my finances rather than rely upon banks. I am very happy with the Chase benefits and would not deny myself these for relatively minor misgivings.

Neil49

I think the title of this post is misleading as there obviously haven't been any errors. 

The issues raised suggest that the operation of the account does not suit the requirements of the OP. It has always been stated that the account is operated through an app so you can't really complain when you can't access it through a pc. 

With regards to the backdating of transaction dates, Chase would be aligning their dates with those of the French bank from where the transaction originated and the same dates have been reflected on your account. If anyone is at fault then I would suggest the French bank as they have been slow to process the transactions. 

sassy_one

torus said:

If you are thinking of opening a Chase Current account (currently offering 1% cashback and being heavily advertised) I would exercise caution. 

Firstly, this account is only available via their app - there is no access online from a computer. I reconcile my bank accounts every few days with Quicken on my laptop and having to work from a phone screen to do this is tedious.

Secondly, and more seriously, the monthly statements do not reflect the transactions that month. For instance, on July 1st I exported the June statement to help me do the reconciliation as it is only at the end of the month you get a statement on the app which can be sent to a computer. The total on the app was over £900 different from the statement. It took me over an hour to solve this puzzle. I had been in France the last week or June and some transactions I made, one on the 20th for over £400 and another on the 27th also for over £400, did not appear on the June statement but then were subsequently added to the transactions screen but on those dates so they were hidden amongst the many other transactions I'd reconciled using the June statement.

With other accounts I've had any late clearing transactions appear on the date they clear so this has not been an issue but for transactions to appear backdated weeks after I have done my reconciliation is just useless. I think I will be giving up the Chase account despite the financial incentives.

Not sure what your post relates to, but to advise anyone to avoid Chase bank I disagree with you on all your post.


Chase Bank clearly makes it obvious its an app based bank with no branches and when you apply you have to do so via the app, do you'd know this at the start.


I feel your comments advising people to avoid them over the top and unfair, I completely disagree and would strongly recommend them!


As for the delay to transactions overseas that can't be surprising to you can it?
It is the same with mobile phone bills, calls abroad do not always show for sometime after the calls have been made.

RG2015

sassy-one said:

torus said:

If you are thinking of opening a Chase Current account (currently offering 1% cashback and being heavily advertised) I would exercise caution. 

Firstly, this account is only available via their app - there is no access online from a computer. I reconcile my bank accounts every few days with Quicken on my laptop and having to work from a phone screen to do this is tedious.

Secondly, and more seriously, the monthly statements do not reflect the transactions that month. For instance, on July 1st I exported the June statement to help me do the reconciliation as it is only at the end of the month you get a statement on the app which can be sent to a computer. The total on the app was over £900 different from the statement. It took me over an hour to solve this puzzle. I had been in France the last week or June and some transactions I made, one on the 20th for over £400 and another on the 27th also for over £400, did not appear on the June statement but then were subsequently added to the transactions screen but on those dates so they were hidden amongst the many other transactions I'd reconciled using the June statement.

With other accounts I've had any late clearing transactions appear on the date they clear so this has not been an issue but for transactions to appear backdated weeks after I have done my reconciliation is just useless. I think I will be giving up the Chase account despite the financial incentives.

As for the delay to transactions overseas that can't be surprising to you can it?
It is the same with mobile phone bills, calls abroad do not always show for sometime after the calls have been made.

I believe the problem is the the statement is being retrospectively changed, using the transaction date rather than the posting date as the criterion for inclusion in the statement period.

This, if true, is very poor practice and indeed could be the cause of great confusion.

Any financial statement must be based on posting date and cannot be changed retrospectively.

Marchitiello

RG2015 said:

sassy-one said:

torus said:

If you are thinking of opening a Chase Current account (currently offering 1% cashback and being heavily advertised) I would exercise caution. 

Firstly, this account is only available via their app - there is no access online from a computer. I reconcile my bank accounts every few days with Quicken on my laptop and having to work from a phone screen to do this is tedious.

Secondly, and more seriously, the monthly statements do not reflect the transactions that month. For instance, on July 1st I exported the June statement to help me do the reconciliation as it is only at the end of the month you get a statement on the app which can be sent to a computer. The total on the app was over £900 different from the statement. It took me over an hour to solve this puzzle. I had been in France the last week or June and some transactions I made, one on the 20th for over £400 and another on the 27th also for over £400, did not appear on the June statement but then were subsequently added to the transactions screen but on those dates so they were hidden amongst the many other transactions I'd reconciled using the June statement.

With other accounts I've had any late clearing transactions appear on the date they clear so this has not been an issue but for transactions to appear backdated weeks after I have done my reconciliation is just useless. I think I will be giving up the Chase account despite the financial incentives.

As for the delay to transactions overseas that can't be surprising to you can it?
It is the same with mobile phone bills, calls abroad do not always show for sometime after the calls have been made.

I believe the problem is the the statement is being retrospectively changed, using the transaction date rather than the posting date as the criterion for inclusion in the statement period.

This, if true, is very poor practice and indeed could be the cause of great confusion.

Any financial statement must be based on posting date and cannot be changed retrospectively.

If I read it correctly is not the statement that is changed but the transaction showing in the app. I believe a placeholder is put in the app for pending transaction (from the call made by the merchant when presenting the card). That provisional/pending transaction is then only finalised when the merchant close their accounting day on their POS system. the correct way, and many do indeed so, is to close the accounting day at the end of trading day. When this does not happen (or indeed when there is an hold only initially -think of hotel and car rental) the transaction may post later then it actually happen, creating confusion, but the log on that transaction is still from  the day the card was presented rather then when was posted. 

So back to The OP post, as I understand the statement did not include transaction that were not yet posted but now that they have posted, these show on the app with dates that would include them within the finalised statement. An annoyance but pretty sure these will actually be included in the following month statement and I have had several business accounts from Traditional banks doing the same 

RG2015

Marchitiello said:

RG2015 said:

sassy-one said:

torus said:

If you are thinking of opening a Chase Current account (currently offering 1% cashback and being heavily advertised) I would exercise caution. 

Firstly, this account is only available via their app - there is no access online from a computer. I reconcile my bank accounts every few days with Quicken on my laptop and having to work from a phone screen to do this is tedious.

Secondly, and more seriously, the monthly statements do not reflect the transactions that month. For instance, on July 1st I exported the June statement to help me do the reconciliation as it is only at the end of the month you get a statement on the app which can be sent to a computer. The total on the app was over £900 different from the statement. It took me over an hour to solve this puzzle. I had been in France the last week or June and some transactions I made, one on the 20th for over £400 and another on the 27th also for over £400, did not appear on the June statement but then were subsequently added to the transactions screen but on those dates so they were hidden amongst the many other transactions I'd reconciled using the June statement.

With other accounts I've had any late clearing transactions appear on the date they clear so this has not been an issue but for transactions to appear backdated weeks after I have done my reconciliation is just useless. I think I will be giving up the Chase account despite the financial incentives.

As for the delay to transactions overseas that can't be surprising to you can it?
It is the same with mobile phone bills, calls abroad do not always show for sometime after the calls have been made.

I believe the problem is the the statement is being retrospectively changed, using the transaction date rather than the posting date as the criterion for inclusion in the statement period.

This, if true, is very poor practice and indeed could be the cause of great confusion.

Any financial statement must be based on posting date and cannot be changed retrospectively.

If I read it correctly is not the statement that is changed but the transaction showing in the app. I believe a placeholder is put in the app for pending transaction (from the call made by the merchant when presenting the card). That provisional/pending transaction is then only finalised when the merchant close their accounting day on their POS system. the correct way, and many do indeed so, is to close the accounting day at the end of trading day. When this does not happen (or indeed when there is an hold only initially -think of hotel and car rental) the transaction may post later then it actually happen, creating confusion, but the log on that transaction is still from  the day the card was presented rather then when was posted. 

So back to The OP post, as I understand the statement did not include transaction that were not yet posted but now that they have posted, these show on the app with dates that would include them within the finalised statement. An annoyance but pretty sure these will actually be included in the following month statement and I have had several business accounts from Traditional banks doing the same 

I expect that you are right, but the OP was saying that the transactions appeared in the middle of June transactions that were on the June statement.

It would also be interesting to see it they had June dates or July dates. 

wmb194

If I want to use my phone on a larger screen I remote control it via Windows' phone companion app. Other apps are available, too.