Chase wants too many details to set up a payment.

CorrineM

I have been a very happy customer with Chase bank but when i tried to pay back some money to a friend yesterday, the payment was not authorised and the bank says i must give my friends full name, address and date of birth for it to be authorised. I am not prepared to do that so they have cancelled the payment.  Chase say it is a random check for BACS payments.  Has anyone else had this problem?  It is Chase being awkward or is it all banks that do this.

molerat

In a way it is Chase being awkward but considering they are on the hook if you are being scammed can you really blame them.

la531983

It seems odd. 

Do Chase have access to the personal details of people who don't bank with them to actually verify this info?

Or would they actually run a credit check on them? 

xylophone

I have never  known  being required  to supply such details when making a payment from accounts with Santander, Barclays, Natwest, Lloyds......

And why BACS anyway?

One of the quirks of CHASE?

DiamondLil

I'm sure there's been another thread posted on here on this same scenario; can't remember which bank it concerned.

wmb194

DiamondLil said:

I'm sure there's been another thread posted on here on this same scenario; can't remember which bank it concerned.

I remember there was was Kroo but that was in relation to a deposit from someone.

https://forums.moneysavingexpert.com/discussion/6442502/bank-asking-dodgy-questions/p1

Futuristic

As much as I love Chase and use it for transferring between my own saving accounts etc this is asking for too much even though I get it. Seems all the newer and even likes of Monzo etc. fintech banks struggling with fraud. 

CorrineM

I even rang them and said I had known this friend for many years. It was not a scam but they said they could not do the transfer without the details.  Chase were saying it was the banking system; not them.  But i have never known it before.  Luckily i could pay with another bank account but if it happens again, i will have to reconsider using Chase, even though i do like banking with them.

sheramber

Did you asl how the ;computer system' would check ths information given was accurate?

flaneurs_lobster

Pure speculation, but the only way I can think that this extra information could be verified/used is if the request was initiated by PayUK (who run Faster Payments & BACS). They would then ask for this information from the payee and verify a match before the payment was finalised.

Why? No idea. Random audit requirement? Dodgy geezer flag? KYC's Friend? 

eskbanker

flaneurs_lobster said:

Pure speculation, but the only way I can think that this extra information could be verified/used is if the request was initiated by PayUK (who run Faster Payments & BACS). They would then ask for this information from the payee and verify a match before the payment was finalised.

I don't believe that PayUK can/do intervene in the middle of transactions like that, as their role (in this context) is effectively that of a routing engine, simply relaying data from one institution to another, i.e. validating customer information isn't within their remit or even capability.