Trading 212 & Chase

Gummomarx

Just tried to fund my new 5.2% cash ISA from my Chase account.  Turns out T212 don't 'accept deposits from US banks, including Chase Bank'.

I'll have to transfer back to Santander to get this done.

gravel_2

Where were you told they don't accept deposits from US banks?

Others on this forum have has similar issues paying from Chase to T212 but not for that reason. From what I've seen it has actually been Chase being overzealous with their customer protections.

Gummomarx

First image: nil result on search.
Second image: answer from chat.

gravel_2

I would not rely on the bot response. 

You should be able to still do a bank transfer deposit. It looks like Chase may not be supported by T212 specifically for instant bank transfer (https://community.trading212.com/t/chase-instant-bank-transfer/62574)

Gummomarx

Thanks.  In the meantime - I'm chatting to Chase to see their opinion on the instant.

Gummomarx

Fed up hanging round - I moved the money back from Chase to Santander - mission accomplished.

david72

Chase doesn't seem to be the actual "legal name" of the bank in the UK, only a "trading name": there are some other financial institutions where, if you need to search for Chase in their systems, you won't find it, but if you search for "JP Morgan Europe…" (as in the Chase website footer), you will find a match. I don't know whether or not this will help in this case, however.

wmb194

david72 said:

Chase doesn't seem to be the actual "legal name" of the bank in the UK, only a "trading name": there are some other financial institutions where, if you need to search for Chase in their systems, you won't find it, but if you search for "JP Morgan Europe…" (as in the Chase website footer), you will find a match. I don't know whether or not this will help in this case, however.

I'm sure that's right. When you send money by bank transfer to T212 in various currencies you're told to send it to JP Morgan accounts. For instance, for GBP it's, "JP Morgan Chase Bank" in London and for euros it's, "JP Morgan SE" in Frankfurt.

It would be strange for the company to bank with JP Morgan Europe but not accept deposits from JP Morgan Europe t/a Chase personal accounts.

Wheres_My_Cashback

Chase/JPM/whatever you want to call them are not signed up to Open Banking/TruLayer, therefore you cannot make a deposit this way.

wmb194

Wheres_My_Cashback said:

Chase/JPM/whatever you want to call them are not signed up to Open Banking/TruLayer, therefore you cannot make a deposit this way.

Yes you can, you don't have to use open banking/TrueLayer to make a deposit. If you look in the app or on the website for, "deposit funds' and then select, "bank transfer" you'll see account details for each currency. You might need to, "add a bank a account" to use this feature.

It's, "instant bank transfer" which uses TrueLayer.

Wheres_My_Cashback

wmb194 said:

Wheres_My_Cashback said:

Chase/JPM/whatever you want to call them are not signed up to Open Banking/TruLayer, therefore you cannot make a deposit this way.

Yes you can, you don't have to use open banking/TrueLayer to make a deposit. If you look in the app or on the website for, "deposit funds' and then select, "bank transfer" you'll see account details for each currency. You might need to, "add a bank a account" to use this feature.

It's, "instant bank transfer" which uses TrueLayer.

The OP was trying to use the Open banking page, hence the screenshot from Trulayer. You cannot do it that way.
Chase are not signed up to Trulayer, hence why they're not on the list.

Yes you can add a bank account in your name which also states that it will take up to 2 business days.