Chase - current 'Trouble with transactions' issue

refluxer

Looks like they've sorted the issue according to the service status link above. No warning message in the app now, either.

masonic

refluxer said:

Looks like they've sorted the issue according to the service status link above. No warning message in the app now, either.

It appears to have been down for about 7 hours. When combined with the long list of other issues this year, it doesn't look good.

Rollinghome

masonic said:

refluxer said:

Looks like they've sorted the issue according to the service status link above. No warning message in the app now, either.

It appears to have been down for about 7 hours. When combined with the long list of other issues this year, it doesn't look good.

Despite being the biggest bank in the world outside of China, they don't seem to quite have the hang of this banking lark.

Albermarle

Rollinghome said:

masonic said:

refluxer said:

Looks like they've sorted the issue according to the service status link above. No warning message in the app now, either.

It appears to have been down for about 7 hours. When combined with the long list of other issues this year, it doesn't look good.

Despite being the biggest bank in the world outside of China, they don't seem to quite have the hang of this banking lark.

I think when you go with a new organisation (in UK for Chase anyway) you have to accept some glitches.
If you don't want the hassle, then probably best to stay with established banks for current accounts. I can not remember having a problem with Nationwide or First Direct (although they are not competitive in other areas for sure) 

Rollinghome

Albermarle said:

Rollinghome said:

masonic said:

refluxer said:

Looks like they've sorted the issue according to the service status link above. No warning message in the app now, either.

It appears to have been down for about 7 hours. When combined with the long list of other issues this year, it doesn't look good.

Despite being the biggest bank in the world outside of China, they don't seem to quite have the hang of this banking lark.

I think when you go with a new organisation (in UK for Chase anyway) you have to accept some glitches.
If you don't want the hassle, then probably best to stay with established banks for current accounts. I can not remember having a problem with Nationwide or First Direct (although they are not competitive in other areas for sure) 

Well, that's a very generous attitude. But then it's quite possible that you, like me, haven't had the extent of problems that others have reported.

On one occasion, after they failed to complete a payment for three days; I requested compensation for my time wasted chasing them, and it was promptly paid - so that was fine.

For as long as it suits my purpose, I'll use it (albeit with a very small balance, unless they favourably review their rates).  When it doesn't, for whatever reason, I won't.  Not something I expect to lose sleep over.

masonic

I think Chase has stood out for its poor UK infrastructure. I appreciate they are probably using the UK market as guinnea pigs for a system that will ultimately be implemented back home, but it's still surprising how flakey what they've built has become a year after launching it. I see another thread has been posted where someone's savings have been lost for a month.

I don't remember Starling or Monzo having such widespread or serious issues. Perhaps the success of other banks has lulled us into a false sense of security, or it could be that Chase is particularly incompetent or doesn't care enough about the UK market.

Nebulous2

masonic said:

I think Chase has stood out for its poor UK infrastructure. I appreciate they are probably using the UK market as guinnea pigs for a system that will ultimately be implemented back home, but it's still surprising how flakey what they've built has become a year after launching it. I see another thread has been posted where someone's savings have been lost for a month.

I don't remember Starling or Monzo having such widespread or serious issues. Perhaps the success of other banks has lulled us into a false sense of security, or it could be that Chase is particularly incompetent or doesn't care enough about the UK market.

I haven't used Starling or Monzo, but the Chase app has a modern feel to it and is quite well designed. 

I think they've been totally overwhelmed by numbers and have scaled up much faster than they intended to or expected to. They underestimated the attraction of 1% cashback, a market leading interest rate and a referral payment for existing customers. Making people queue to open an account was a nonsense and generated a resentful attitude with some people before they even started. 

Top-end money is fickle though, and as they drifted out of the best buy tables, I think they were again overwhelmed by withdrawals. All the issues with delayed faster payments and money-laundering checks again generated resentment. I don't understand why they didn't foresee and plan for a lot of the money they attracted going again if they let their rate drift. 

Albermarle

 I don't understand why they didn't foresee and plan for a lot of the money they attracted going again if they let their rate drift. 

Yes it is well understood in many business areas, that the customers that switch to you/dump their old supplier quickly for the sake of a few extra quid, are the same ones who will quickly desert you for a few extra quid somewhere else. 

Daliah

Nebulous2 said:

masonic said:

I think Chase has stood out for its poor UK infrastructure. I appreciate they are probably using the UK market as guinnea pigs for a system that will ultimately be implemented back home, but it's still surprising how flakey what they've built has become a year after launching it. I see another thread has been posted where someone's savings have been lost for a month.

I don't remember Starling or Monzo having such widespread or serious issues. Perhaps the success of other banks has lulled us into a false sense of security, or it could be that Chase is particularly incompetent or doesn't care enough about the UK market.

I haven't used Starling or Monzo, but the Chase app has a modern feel to it and is quite well designed. 

I think they've been totally overwhelmed by numbers and have scaled up much faster than they intended to or expected to. They underestimated the attraction of 1% cashback, a market leading interest rate and a referral payment for existing customers. Making people queue to open an account was a nonsense and generated a resentful attitude with some people before they even started. 

Top-end money is fickle though, and as they drifted out of the best buy tables, I think they were again overwhelmed by withdrawals. All the issues with delayed faster payments and money-laundering checks again generated resentment. I don't understand why they didn't foresee and plan for a lot of the money they attracted going again if they let their rate drift. 

What you describe should not have happened to a bank that bragged with their decades of experience and 56 million customers that trust them. There are no excuses, least not that they were taken by surprise that people jumped on the opportunity to make free money, as offered by their ad campaigns.

Rollinghome

It seems that Chase put a lot of thought into how they could attract new customers and did so with an attention grabbing rate, a range of perks and gimmicks, and day after day of TV ads. 

Seems they gave far less thought to how they would retain those new customers longer term.

They began the campaign offering more than a third to a half more than the existing best rates.  Just a few months on, and the top payers are now offering a third more than Chase are paying.

Losing a high proportion of those customers was probably within their calculation.  Most of us here would have guessed their strategy and not be too surprised. But Chase may not have calculated for the resentment and ongoing lack of trust some customers could feel due to the relative rate fall. Particularly those who bought new phones just to be able to open an account and may now feel well and truly had.

They've gone from the saver's hero to villain, and the big UK banks, who have generally kept their hands in their pockets throughout, may be feeling quite smug.