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plasticguy
Posts: 563
Registered: ‎02-21-2008
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They "Chase" You Down, Then "Chase" you Away!

Not sure how true it is, but CSR informed me that they no longer allow direct deposits into your checking account over the phone and as of August 1st 2009 any promotional checks you receive will fall under the category of your "Cash Advance" rate which is around 19%. However you will still be allowed to Bt to another credit card, at a lower rate, just not to yourself. All the checks I received are for .99 and it states that you must use them by 7/31/09. So it must be true, I guess

Chase says, they have lost a lot of $$ from Direct deposits and they are be very conservative about allowing funds into your bank, they may relax their rules in a year or so. The advertisement says pushes you to spruce up your kitchen, take a vacation etc... These are Forever changing times!
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: They "Chase" You Down, Then "Chase" you Away!

I * heart * USAA's Deposit at Home feature. Scan in any kind of check, including personal checks, from any computer and scanner anywhere, into your checking or savings. Immediately credited, no hold, up to $10K a day, in my case. If they can figure out how to handle deposits from service members in some miserable forward base in the mountains of Afghanistan, then Chase can certainly figure how to handle your paycheck via direct deposit.

Banks may be trying to turn back the clock on checking this way, but this might blow up on them even worse than their credit card escapades. We're all busy folks these days, and many of us don't have a brick-and-mortar branch of our bank in our city, let alone in our neighborhood. Chase needs to refine its processes for direct deposit, not just smack the whole process with a 20-ton hammer.
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txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: They "Chase" You Down, Then "Chase" you Away!


haulingthescoreup wrote:
I * heart * USAA's Deposit at Home feature. Scan in any kind of check, including personal checks, from any computer and scanner anywhere, into your checking or savings. Immediately credited, no hold, up to $10K a day, in my case. If they can figure out how to handle deposits from service members in some miserable forward base in the mountains of Afghanistan, then Chase can certainly figure how to handle your paycheck via direct deposit.

Banks may be trying to turn back the clock on checking this way, but this might blow up on them even worse than their credit card escapades. We're all busy folks these days, and many of us don't have a brick-and-mortar branch of our bank in our city, let alone in our neighborhood. Chase needs to refine its processes for direct deposit, not just smack the whole process with a 20-ton hammer.

Alliant has this also.  They have eDepositPlus, which is where you scan in a check for deposit from home.  And they have eDeposit in which you go online, type in the information for a check you plan to mail in and they will credit it immediately and you just have to mail it to them in a special envelope they provide within 24 hours and be received by them within 10 days.  eDeposit (mail) has a $1500 limit (for me as a new member at this time) and I'm not sure what my limit is on the scan eDepositPlus....but I agree this is a GREAT option!

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jaxstraw
Posts: 570
Registered: ‎03-29-2008
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Re: They "Chase" You Down, Then "Chase" you Away!

Another beauty of the USAA feature that I've been using is that I've been receiving a $60 check every week for a few months now ( payment plan from deliquent client).

I scan the check, transfer the money immediatly over to my USAA brokerage account, and invest in more stock within minutes.

All in less than 5 minutes.

Don't have to ACH from my bank to a brokerage or anything else.

Simple.

Jax

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UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
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Re: They "Chase" You Down, Then "Chase" you Away!


txjohn wrote:

haulingthescoreup wrote:
I * heart * USAA's Deposit at Home feature. Scan in any kind of check, including personal checks, from any computer and scanner anywhere, into your checking or savings. Immediately credited, no hold, up to $10K a day, in my case. If they can figure out how to handle deposits from service members in some miserable forward base in the mountains of Afghanistan, then Chase can certainly figure how to handle your paycheck via direct deposit.

Banks may be trying to turn back the clock on checking this way, but this might blow up on them even worse than their credit card escapades. We're all busy folks these days, and many of us don't have a brick-and-mortar branch of our bank in our city, let alone in our neighborhood. Chase needs to refine its processes for direct deposit, not just smack the whole process with a 20-ton hammer.

Alliant has this also.  They have eDepositPlus, which is where you scan in a check for deposit from home.  And they have eDeposit in which you go online, type in the information for a check you plan to mail in and they will credit it immediately and you just have to mail it to them in a special envelope they provide within 24 hours and be received by them within 10 days.  eDeposit (mail) has a $1500 limit (for me as a new member at this time) and I'm not sure what my limit is on the scan eDepositPlus....but I agree this is a GREAT option!


Really?  Since our move both of the banks I have checking accounts with (Chase and TDCommerce) are not in this area. I can't believe there is not a Chase in the entire state of RI (not that it's a big state, but still!). I have savings with Alliant and this eDeposit or scanning would make life SO much easier!!Thinking I need a checking account now!

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LilMirth
Posts: 3,091
Registered: ‎08-09-2008
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Re: They "Chase" You Down, Then "Chase" you Away!

Okay, stop the presses...

 

What's confusing me is the "over the phone" part. Are you saying that A CSR told you that there's no more direct deposit while you were on the phone with them, or does Chase offer some form of eDeposit by phone that they're no longer going to allow. I've had waaaaay too much sugar this morning, so my flittering brain is having some difficulty in wrapping around this.

 

Because, if Chase is discontinuing Direct Deposit, they might as well kiss banking goodbye too, LOL!


plasticguy wrote:
Not sure how true it is, but CSR informed me that they no longer allow direct deposits into your checking account over the phone and as of August 1st 2009 any promotional checks you receive will fall under the category of your "Cash Advance" rate which is around 19%. However you will still be allowed to Bt to another credit card, at a lower rate, just not to yourself. All the checks I received are for .99 and it states that you must use them by 7/31/09. So it must be true, I guess

Chase says, they have lost a lot of $$ from Direct deposits and they are be very conservative about allowing funds into your bank, they may relax their rules in a year or so. The advertisement says pushes you to spruce up your kitchen, take a vacation etc... These are Forever changing times!

 

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score_building
Posts: 3,577
Registered: ‎01-10-2008
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Re: They "Chase" You Down, Then "Chase" you Away!

[ Edited ]
sounds like OP is referring to BT to checking (instead of another creditor) not direct deposit of paycheck.
Message Edited by score_building on 07-10-2009 08:12 AM
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Underh20
Posts: 322
Registered: ‎11-15-2008
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Re: They "Chase" You Down, Then "Chase" you Away!


haulingthescoreup wrote:
I * heart * USAA's Deposit at Home feature. Scan in any kind of check, including personal checks, from any computer and scanner anywhere, into your checking or savings. Immediately credited, no hold, up to $10K a day, in my case.

 

Yes, subject to credit approval.  Usually the limit is up to the total cash advance limit on your credit card with them or, if no credit card, a much smaller percentage of your open / closed personal loan.

 

Alliant also has a similar service, but limits are lower and you cannot use your cell phone to scan the check and make the deposit as you can with USAA.

 

IMO USAA is the best bank in the world.  :smileyhappy:

 

I think other banks such as Chase will have a hard time matching this service because of the quality of their customer portfolio.  You have to realize that services like Deposit@Home do pose a significant risk to the bank.

 

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usmc58555
Posts: 1,668
Registered: ‎02-18-2009
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Re: They "Chase" You Down, Then "Chase" you Away!


Underh20 wrote:

haulingthescoreup wrote:

 

 

IMO USAA is the best bank in the world.  :smileyhappy:

 

I still like NFCU more....

 

 

I think other banks such as Chase will have a hard time matching this service because of the quality of their customer portfolio.  You have to realize that services like Deposit@Home do pose a significant risk to the bank.

 

I completely agree. When so many of their members are active duty and USAA knows what rules they can use against them, they are somewhat "Safer" clients then the general public. Which is why I doubt they will ever open up their insurance products.

 


The minute NFCU get a service similar I will probably shift everything away from USAA.

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Underh20
Posts: 322
Registered: ‎11-15-2008
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Re: They "Chase" You Down, Then "Chase" you Away!


usmc58555 wrote:

Underh20 wrote:

haulingthescoreup wrote:

 

 

IMO USAA is the best bank in the world.  :smileyhappy:

 

I still like NFCU more....

 

 

I think other banks such as Chase will have a hard time matching this service because of the quality of their customer portfolio.  You have to realize that services like Deposit@Home do pose a significant risk to the bank.

 

I completely agree. When so many of their members are active duty and USAA knows what rules they can use against them, they are somewhat "Safer" clients then the general public. Which is why I doubt they will ever open up their insurance products.


To a large extent servicemembers are a "safer" category.  All USAA would have to do is send a letter indicating a person in my unit hadn't paid what they owed and I'd hold office hours.  That would never happen in any other industry.

 

I'm not sure about insurance products.  I suppose there would be an increased risk pool if they did, but not really sure.  Sooner or later, though, I think they'll have to open up.  It's a question of demographics.

 

Even thoughh they have opened up the banking portion, there are still major differences between "members" and "non-members" who have accounts.  Maybe they will establish a second-tier system for insurance products, too?

 


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