So I’ve received my new replacement debit card. No dramas, the front looks identical to me to my first issue card. Rear now has a silver strip. Not recycled plastic as others have pointed out.
Pain in the butt for me, was having to update my PayPal wallet and Netflix accounts, but only because it had to be done Actually, the worst one was my Tesco Grocery account. I deleted my old Chase debit card in my iOS App but when I tried to add my new Chase debit card details in App, it just wouldn’t update. In the end, I had to log in on Tesco’s web page and only then would it let me update my card details. Otherwise, it’s all dandy.
Indeed, I had/everyone who is due a replacement card will undoubtedly get the same message.
As I now have a brand new card, then that is what I’m using, I have now destroyed my old Chase debit card. My old debit card had its last outing at a Burger restaurant in the Caribbean last week. It was dog eared (the debit card, not the burger) peeling and my name had faded. Unlike many, I use my physical debit card every day, except Tesco where I use the Pay in Store App because it automatically does the Clubcard at the same time.
I’ve used my new physical card straight off with no issues after activation in App. I have now updated all of my subscription payments to my new card details, including Amazon as id forgotten to that until last night.
Just throwing this out there. Is anyone reading this a Chase UK customer who is bothered that Chase don’t offer an overdraft facility?
Personally, I’m not at all bothered because I don’t use an overdraft nor do I actually have an arranged overdraft on any of my bank accounts. If I’m honest, I hope Chase don’t introduce an overdraft facility, ever. They clearly have a business reason as to why they don’t offer overdrafts. I’m guessing it avoids taking on the risk of bad debtors. Or perhaps they’ve decided they want to get a few more years under their belt here in the UK before they go down the road of subjecting themselves to the risk of the type of customer that literally continually lives within an overdraft.
I would like Chase to have an overdraft facility. Before Chase, FD was my primary account, but I kept most of my cash in savings accounts and I shuffled money in to meet bill payments, to maximize my interest. Because I had a £1.5k overdraft facility with FD, if I forgot to move money in, then the DD would still be paid and I could top up on the day when I got the text telling me that the overdraft had been used, so I didn’t get charged interest as long as I topped up the current account on the same day.
Ideally I’d like a Chase OD of maybe £500-1000. Not because I actually want to borrow any money for any length of time, but as a precaution in case I forget to transfer enough from a savings account ahead of a bill payment, so that payments don’t bounce.
I appreciate that this is me wanting a facility because I’m insufficiently organized sometimes to have sorted out my current account balance, but that’s why I would like Chase to offer an OD and why I would use it.
Interesting to get a perspective from someone who is used to using an overdraft. For me, it’s getting close to almost 30 years since I had an overdraft and from experience all those decades ago, it’s not something I ever wish to revisit.
I fully realise banks profit out of unauthorised borrowing, but if all banks withdrew overdraft facilities for everyone, I wonder just how much the effect would be on bank customers? Probably absolutely devastating for many I guess.
The point is, I don’t really “use” an overdraft in the way that you are talking about. When I get an alert that my current account balance has dropped below zero, I transfer money the same day to bring my current account back into credit. I never hold a negative balance on my current account overnight so I never get charged interest. It’s just a safety net in case a payment goes out that is larger than I expected or I forgot about, but I never actually run a negative balance on my current account. It’s about keeping the maximum possible balance in a savings account until the last possible moment.
I appreciate that this is an unusual way to use an overdraft facility, but it’s how I used it with FD, and I miss it with Chase as I have to be more careful about making sure that my current account is sufficiently funded.
Worth pointing out that FD made no interest income from the way I dealt with this, so there’s no incentive for Chase to offer the same functionality.
Yeah, me. I like knowing I have the safety of an overdraft in the event of large payments I’ve forgotten about. I’d generally rather dip into the overdraft for a few hours than have a payment bounce.
In practice, I’ve used Chase day to day for a year or so now and the absence of an overdraft hasn’t really affected me, but I still think I’d ask for one if they were offered.
I fully understand your perspective, but clearly you’ve proved that you can manage your Chase account without an overdraft facility. You haven’t however said that Chase is your sole account, so perhaps you have another account whereby you do actively make use of an overdraft?
I know myself if I had a very large payment coming out of my account that I wouldn’t forget about it, but I understand that everyone organises their finances differently. Personally, I keep a substantial enough balance in my Chase current account not to have to concern myself about whether a normal regular payment is going to go through or not.
I suppose the buffer or safety net of an overdraft facility is paramount for some, but I’d suggest that perhaps a different perspective on financial management by some customers would alleviate the requirement for a reliance on an overdraft. Each to their own though and everyone has different priorities and circumstances.
Chase is now my main account, but the downside for me is that I need to think a bit more in advance about outgoing payments than I used to when FD was my primary account. It would be nice for me to not have to be quite so focused on the day to day cash flow, which I wasn’t when my main account was with FD.
As you say, everyone arranges their finances differently. Most of my spending is on credit cards which I clear every month. This means that I can have a DD of a four-figure sum going out and if I haven’t transferred the relevant amount from my savings account into my current account then it could bounce. Given that I now have the added complexity of the Boosted account so that I now have a Savings account with some DDs and another savings account with a higher interest rate, that’s another account I need to consider in terms of shuffling money. I normally only keep a balance of about £500 in my main Chase account for day to day spending so if I have a credit card bill coming out I need to remind myself of that.
I manage my Chase account with no issues; it would just be nice for me if I had that buffer should I mess up one month. As I said, I’m aware that my use case is unusual. I don’t want an overdraft to borrow money; I just want it not to bounce a direct debit when I can cover it the same day. That probably just makes me lazy…
A most interesting discussion around individual and varied approaches to account management.
Over the years I’ve become most attentive about how the finances are managed across the month. I probably look at my accounts half a dozen times a day or more during which I’ll sometimes challenge my thinking about the best way to do it.
Being part of a fintech group and having roundly embraced digital banking the process isn’t a chore. I enjoy the occasional adjustment.
Forgetting about a particular outgoing doesn’t happen for the reasons given. I’d be bloody annoyed if it did.
Like many, I’ve enjoyed the setting up of new accounts alongside existing ones - more because I can, than because I need them. I’m pretty much done with that now.
I’ve a bunch of current accounts but only use two - Starling as primary and Santander for the cash back on bills. Even that I’m in the process of dumping. Spending £3 a month to make about £5 is no longer a thrill.
Chase now sits on the back burner as a natural outcome from becoming less competitive in the marketplace. If they subsequently bring keen offerings to the table, I’ll review.
My attention anyway, is mainly on savings accounts. I’ll happily move my two cash ISA’s multiple times in a year if rate changes warrant it. I’ll also do the same with an easy access account for the same reason. That’s been more than worth the effort.
I too keep a tight reign on my finances insofar as I also check my accounts frequently. I now only have 3 current accounts, Chase (main + salary), RBS (pension only) and Nationwide (joint household bills).
I definitely don’t have complex needs frequently moving cash around from one account to another just to maximise interest payments for example. I therefore absolutely know I don’t need an overdraft as a buffer just in case I forget and mess up. I guess I have no need to in my view, unnecessarily complicate my finances. I’m the guy whose entire bill payments go out by direct debit on the first working day of the month and I then know that what is left in my account is mine to do with as I wish. It doesn’t get less complicated than that!
It has been a an interesting discussion from my perspective and thanks to those so far for engaging.
I have 16 current accounts, with 14 providers, and more savings accounts than I care to tally up
The way I work mine is that I spend on my Santander CC until the £750 spend is reached (2% cashback limit pm), then on Chase @ 1% cashback.
I also have seven credit cards.
When my statement comes through, I set-up a one-off payment to my Chase Savings DD account, for the day before the DD due, make a note on my spreadsheet, then forget about it until the following month.
Rinse-repeat.
How all this will change, if at all, when my Boosted Chase Savings account converts to normal in Jan 2025, I am not sure yet.
Might just keep the status qup, for convenience, and not worry too much about chasing pence!
Bet I can guess which provider you have 3 accounts with!
I honestly don’t know how many accounts I have at this point. There’s 8 sole accounts to pass money through once a month, and another 5 joint accounts, but I also have random crap that hardly gets used like a BOS Vantage account, a Monzo account and a spare Nationwide account which is next in line to switch.
Savings for me is much simpler - the only ones with above min balance are Tembo LISA then RBS + Natwest digital savers + Principality 8%. Other savers are all min ones just held to maintain membership. That’s all you get when you have a £500 PSA and a wife with a huge amount of tax free allowance…
I have an arranged overdraft with Lloyds that I occasionally dip into for a few hours simply because incoming payments come in a bit later than when Lloyds decides to make scheduled payments.
I have had it for 5 years and have never paid a penny in interest as it gets settled before I even wake up. Just a few random texts about it here and then.
I also have an arranged one with Halifax that I have never used a single time. They actually reduced it from £1000 to £200 because I do not use it.
I know FD gives first £250 overdraft interest free, have never used that.
Ooof I was gonna guess Halifax but 2 seems like a weird amount of Halifax Reward accounts to have? I would guess at Santander for one (123 Lite and unused Edge is pretty optimal)?
Actually, the worst one was my Tesco Grocery account. I deleted my old Chase debit card in my iOS App but when I tried to add my new Chase debit card details in App, it just wouldn’t update. In the end, I had to log in on Tesco’s web page and only then would it let me update my card details. Otherwise, it’s all dandy.
