Chase £100 incentive

SavingsBoo

35har1old said

Do you often get email from Chase.
Checked online the Chase pages no mention of a switch incentive no mention on the app how do you apply for the switch is it through app

I get the occasional email from Chase, I don’t know whether it’s similar to the boosted savings accounts where they seem to pick customers based on some unspecified criteria!

GalacticaActual

No mention that payment has to be BACS in the T&Cs.
When I pay the wages for our company, they are sent same day by faster payment.
BACS transactions were only available with commercial banking. We use business internet banking without BACS facilities.

la531983

I wouod say quite clearly that a salary payment made via a normal bank transfer would likely be excluded.

danny13579

la531983 said:

I wouod say quite clearly that a salary payment made via a normal bank transfer would likely be excluded.

Why?       

wmb194

There are stockbrokers that process withdrawals via Bacs e.g., Halifax/iWeb. I wonder whether withdrawals from these would fool Chase's systems?

danny13579

GalacticaActual said:

No mention that payment has to be BACS in the T&Cs.
When I pay the wages for our company, they are sent same day by faster payment.
BACS transactions were only available with commercial banking. We use business internet banking without BACS facilities.

Thanks for posting these. No mention of BACs. Do they have a definition in the T&Cs of what they mean by "direct credit payment"?

la531983

danny13579 said:

la531983 said:

I wouod say quite clearly that a salary payment made via a normal bank transfer would likely be excluded.

Why?       

Because how would they tell between that, and me moving a few grand from one of my other accounts to my Chase on the 30th Nov?

Both will be classed as a bank transfer/Faster Payment. As already said, payments made for salary payment done via the BACS system show differently.

grumpy_codger

danny13579 said:

grumpy_codger said:

danny13579 said:

gc747 said:

I too have been offered this incentive, I’m self employed.. I know it says it make sure it’s a credit and not a transfer from another bank account you own.. but would they know? I pay my self a sum each month into a current account in my name? 

As I haven't seen the T&Cs and was not sent this offer, I can't say for sure, but I would imagine if it's an account in a different name paying you, for example a company account, then that would be fine.

I don't think so.

https://www.bacs.co.uk/bacs-schemes/bacs-direct-credit/

As I said, I haven't seen the T&Cs. Do they specifically say the payment has to be BACS?

GalacticaActual said:

... in the Legal stuff, it says, “Please make sure this is a direct credit into your Chase Current Account, not a transfer from another bank account you own. This could include your salary or pension, for example.”

Not sure why they say "not a transfer from another bank account you own", not just "not a transfer from another bank account".  Idiots.

Regarding "No mention that payment has to be BACS", "direct credit" is in fact "Bacs Direct Credi" - 

https://www.bacs.co.uk/bacs-schemes/bacs-direct-credit/

danny13579

la531983 said:

Obviously you can't move money from one account in your name to your Chase account. But my interpretation so far is that if a company (i.e. a separate legal entity) is making a payment to you then this would count.

la531983

danny13579 said:

la531983 said:

Obviously you can't move money from one account in your name to your Chase account. But my interpretation so far is that if a company (i.e. a separate legal entity) is making a payment to you then this would count.

But they arent going to be sitting there monitoring every account. The type of transfer in will have to trigger the criteria. And any bank transfer, for salary or otherwise, wont do this.