Thank you both @anon62610374@Graham! That’s a shame, I do like confirmation of payee since it quells any worries about having mistyped a digit in an account number, and for those sending me money I’d rather their banking app didn’t throw up a scary warning to them when making a transfer to me. Hopefully they can get that sorted pretty swiftly. Doesn’t the regulation around confirmation of payee make it mandatory that banks support this sometime soon?
(And @anon62610374, how did you know my second name! )
Something else I’ve been curious about is whether they’ll be reporting to all three CRAs. I’ve been pestering their support on Twitter for an answer but so far have only received a link to their privacy policy, which itself links to the Experian, Equifax and TransUnion websites but doesn’t explicitly state that they’ll be reporting to all three.
This tends to be a weak point of fintechs, with it often taking years for them to get round to reporting to a new credit agency. In 2021, 4 years on from Monzo and Starling’s bank account launches, CreditKarma (TransUnion) is still the only CRA that shows the both of them (…Monzo is absent from my Equifax report while Starling is not shown on my Experian), and this can be problematic in the event of future credit checks if the company requesting the check searches a CRA that your bank doesn’t report to (meaning it won’t see the income data reported by that account so its estimate of your salary will be incorrect, and worse if it’s your only account it won’t see any current accounts under your name at all).
My hope is that Chase UK have been able to use JP Morgan’s weight and inevitable connections with the CRAs to get that set up from the get go, but perhaps that’s me being unrealistic.
No, so far banks are required to support it if they’ve signed up to the APP code (that’s authorised push payments, not something to do with mobile apps).
There was a recent consultation on whether to change the law to force all banks to sign up, but that looks unlikely to happen soon.
Anyway, it doesn’t support it either on payments in or out, so that’s a bit annoying.
Rubbish - there is no legal requirement for current account reporting, so it’s at their discretion if they wish to do so and won’t make a massive different to your credit profile with zero lending anyway.
Yup, I’ve noticed this pain point. Makes me anxious for a few seconds.
I don’t think the actual transfer is delayed though. I think it’s the notifications. They’re not as *real time as others, but arrive a few seconds after the fact.
I watched when sending that payment to @Lonford last night. I went to the App and the transfer was there, before I’d gotten the notification. Few seconds later I got the notification.
Another oddity from an otherwise well polished app with some remarkable attention to detail, is there appears to be no deep linking. The notification either launches the app and takes you to the Home Screen. Or if it’s already open in the background you’ll wind up on whatever page you were on previously. They don’t take you to their associated transactions as you’d expect.
The Android app keeps pausing or “sticking”, for want of a better word. I’d normally put it down to the phone, but it’s only a year old. Could it just be limited server capacity? Maybe there’s too much load with high numbers of new customers.
I haven’t noticed any issues like that on iPhone. Though I do occasionally get a prompt at the top of my app informing me of no internet connection. Presumably meaning I’ve lost connection to their servers and am now viewing an offline cache of my accounts.
Just made my first Amazon purchase with this card. Not sure how significant it is, or whether different systems are in play, but the Chase notification was instantaneous, ie at the same moment the Amazon purchase confirmation displayed.
Maybe it was just a server load thing yesterday then, with all the keen beans being onboarded and messing about with the app, things may have been delayed?
This morning, with the novelty wearing off and probably before today’s next batch of codes are sent out, things might be more instant with fewer people using it?
)