Bank fraud (over) protection?

northwalesd

In your mind it's a 'fake or pretend' bank, but in reality it isn't.

eskbanker

M25 said:

born_again said:

M25 said:

Horrible story I would just close the account. I use Chase for somethings but there's no way I'd have them holding on to £20,000 for me I feel they're one of these fake new banks. All fur coat and no knickers.

These stories will only get more frequent now as every idiot who banks is covered for their inabilty to use common sense (of course they may not have any).

The whole retail banking system is paying for a few thousand numpties.

JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.

Far from a fake bank....

I've had a UK Chase account for years.

Can't pay a cheque in via the app or any other means. 

They don't issue cheque books.

Can't pay physical cash into the account in any manner.

That's a fake or if you prefer, a pretend bank.

I like them for the cashback but nothing else.

It's a bank that offers minimal support for legacy payment methods, but it's not unique in that and hardly justifies derogatory and inaccurate terms like 'fake' or 'pretend' - if you want to deal with cheques and cash deposits, then there are plenty of players with a high street presence (via branches or post offices) but that doesn't mean that the rest of the market is 'fake/pretend'!

Shakin_Steve

For fake/pretend, read traditional.

Kim_13

If I was going to call anything a fake/pretend bank, it wouldn’t be somewhere with FSCS protection, when financial products exist that don’t have it, e.g. accounts catering for those with CIFAS markers.

Grumpy_chap

This issue around the banks being so keen to protect us from ourselves comes up from time to time.  Here is a recent thread:
https://forums.moneysavingexpert.com/discussion/6589561/bank-refusing-cash-withdraw/p1
I think what I said there is equally valid here:

Grumpy_chap said:

lee49 said:

wow I am shocked, it seems the fact it is my money does not resonate with you.  why would an invoice be reasonable request it has nothing to do with them, 

You may have a point, but so does the bank.
We seem to have developed a blame culture so, when people get scammed, rather than accepting any personal responsibility for their actions, some immediately take to blaming the bank and seeking recovery of the loss.  Increasingly, the banks seem to be held liable for the loss.
That results in the banks introducing checks that others then find intrusive.

[Deleted User]

Grumpy_chap said:

This issue around the banks being so keen to protect us from ourselves comes up from time to time.  Here is a recent thread:
https://forums.moneysavingexpert.com/discussion/6589561/bank-refusing-cash-withdraw/p1
I think what I said there is equally valid here:

Grumpy_chap said:

lee49 said:

wow I am shocked, it seems the fact it is my money does not resonate with you.  why would an invoice be reasonable request it has nothing to do with them, 

You may have a point, but so does the bank.
We seem to have developed a blame culture so, when people get scammed, rather than accepting any personal responsibility for their actions, some immediately take to blaming the bank and seeking recovery of the loss.  Increasingly, the banks seem to be held liable for the loss.
That results in the banks introducing checks that others then find intrusive.

Sort of. It's more government-led. Broadly speaking, the idea is that increased trust in the banking system strengthens the economy, and the converse for decreased trust. As you'd imagine, morality and customer care doesn't come into it. Overall it wouldn't be an issue if the system was moderated by qualified people, but it's not. Through no real fault of the staff, they are woefully untrained, unqualified and in most cases unable to understand risk. Understanding risk is a specialist skill, which is why, if you can master it, you have the potential to earn a great deal of money. This is why ordinary people performing clearly ordinary transactions are subject to Stasi-like interrogation by someone reading from a checklist.