Using Chase as donor/dummy accounts for Current Account Switching

PRAISETHESUN

info_maniac said:

I read the above thread, just to confirm if my understanding is correct:

Option 1:

- Open an additional chase account (for switch to another bank)

- Link the chase debit card with this additional account

- Provide this additional chase account and linked debit card details in the switch application with another bank

- When the switch completes, the chase additional account will closed but the debit card will not be cancelled and will automatically linked to the primary chase account

Option 2:

- Open an additional chase account (for switch to another bank)

- Do not link the chase debit card with this additional account, leave it linked with primary chase account

- Provide this additional account and debit card linked with primary account details in the switch application with another bank

- When the switch completes, the chase additional account will closed, even if the debit card was linked with primary chase account it will not affect the switch process

Am planning to switch to Santander, not sure which option I should use

I've done switches using both Option 1 and 2. Also have tried just saying there is no debit card associated with the account (when linked to the primary account and am switching a secondary account). Hasn't made any difference from my experience.

slenderkitten said:

I've just opened a chase account, pending debit card.  How quick can i set up additional chase accounts and also switch?

Even quicker than opening up the primary account. Select "Add" on the main page next to the current account heading and go through the motions. I haven't had any issues from opening secondary accounts and switching them away almost immediately (yet).

slenderkitten

PRAISETHESUN said:

info_maniac said:

I read the above thread, just to confirm if my understanding is correct:

Option 1:

- Open an additional chase account (for switch to another bank)

- Link the chase debit card with this additional account

- Provide this additional chase account and linked debit card details in the switch application with another bank

- When the switch completes, the chase additional account will closed but the debit card will not be cancelled and will automatically linked to the primary chase account

Option 2:

- Open an additional chase account (for switch to another bank)

- Do not link the chase debit card with this additional account, leave it linked with primary chase account

- Provide this additional account and debit card linked with primary account details in the switch application with another bank

- When the switch completes, the chase additional account will closed, even if the debit card was linked with primary chase account it will not affect the switch process

Am planning to switch to Santander, not sure which option I should use

I've done switches using both Option 1 and 2. Also have tried just saying there is no debit card associated with the account (when linked to the primary account and am switching a secondary account). Hasn't made any difference from my experience.

slenderkitten said:

I've just opened a chase account, pending debit card.  How quick can i set up additional chase accounts and also switch?

Even quicker than opening up the primary account. Select "Add" on the main page next to the current account heading and go through the motions. I haven't had any issues from opening secondary accounts and switching them away almost immediately (yet).

oh even if i only opened up the first/main account 2 days ago i could switch away the additional accounts that quick without any problems?

danny13579

I do find it a little odd that Chase allow you to open up to 10 current accounts at a time and have no issue (as far as we know) with you using 9 of them as dummy accounts, but if you close your last remaining account they ban you from opening a new current account for anything from 6 months, 12 months, permanently (from reports I've read on here).

WillPS

danny13579 said:

I do find it a little odd that Chase allow you to open up to 10 current accounts at a time and have no issue (as far as we know) with you using 9 of them as dummy accounts, but if you close your last remaining account they ban you from opening a new current account for anything from 6 months, 12 months, permanently (from reports I've read on here).

It's a hangover from before they supported multiple accounts and CASS, when they essentially copied their app only competition by blocking returning customers from immediately reapplying.

I suspect the hassle free CASS at Chase's expense bonanza will eventually be nerfed in some way.

steven141

The thing with additional Chase accounts is that it costs the bank nothing as they don’t send out any paperwork or cards. It is technically like an online savings account.

I don’t know if they will become wise to it eventually or maybe they know of it and because it costs nothing they find that people may stay with them if they have a main current account. 

daddycraig

How long after opening a Chase account and scheduling the first payment can you make a successful bank switch?

HillStreetBlues

daddycraig said:

How long after opening a Chase account and scheduling the first payment can you make a successful bank switch?

I opened a Chase account, same day I opened second account and used that straight away for switching.

daddycraig

HillStreetBlues said:

daddycraig said:

How long after opening a Chase account and scheduling the first payment can you make a successful bank switch?

I opened a Chase account, same day I opened second account and used that straight away for switching.

Wow, and it went through ok? So you only had an opening balance in there with 1 day activity?

WillPS

steven141 said:

The thing with additional Chase accounts is that it costs the bank nothing as they don’t send out any paperwork or cards. It is technically like an online savings account.

I don’t know if they will become wise to it eventually or maybe they know of it and because it costs nothing they find that people may stay with them if they have a main current account. 

It's not quite nothing - administering the CASS-out will cost something, for starters, but granted it'll be far less than most other accounts.

I think it's just as likely that the regular players in the switch incentive market (Natwest Group, LBG, Nationwide etc) exclude Chase for these benefits as Chase take umbrage. Or maybe they too don't care as long as their switching numbers look good.

HillStreetBlues

daddycraig said:

HillStreetBlues said:

daddycraig said:

How long after opening a Chase account and scheduling the first payment can you make a successful bank switch?

I opened a Chase account, same day I opened second account and used that straight away for switching.

Wow, and it went through ok? So you only had an opening balance in there with 1 day activity?

Yes, soon as account opened transferred money into it, Chase also lets you know that the accounting is switching out as there's a countdown in days.