What is Chase Quickpay and How Do You Use It?
- 10 Comments
- By Casey Bond
- July 22, 2014
Banking has come a long way, especially with the emergence of online and mobile banking. Chase QuickPay is just one of the latest banking technologies to be introduced, and it’s admittedly pretty impressive — on the surface anyway.
However, with technological advancements come new bugs and complications, as well.
So does the Chase QuickPay option offered by Chase Bank really save time and hassle, or simply create a new host of problems?
What is Chase QuickPay?
The commercial begins with a big group of friends out to eat at a restaurant when the server hands over the bill.
You can see it coming: Who can pay cash? Who only has a card? Should we ask for separate checks?
Dining out with a large party is usually an inconvenience for the diners, as well as the server who’s stuck divvying up the bill.
However, in this ad, everyone simply pulls out their phones and uses Chase QuickPay to transfer money from their checking accounts to the designated payee. Everyone, that is, except for the poor fool who isn’t familiar with this mobile capability (his technologically-savvy significant other promises to teach him).
But is he really the one who’s missing out, or is the person who foot the bill the true sucker?
How Chase Person-to-Person QuickPay Works
Chase QuickPay is a great mobile finance tool in many ways. In order to sign up for Chase QuickPay, all you need is a valid email address and checking or savings account. You can even be a non Chase customer to enroll in Chase QuickPay and there are no fees.
Once your email and account have been verified, you can transfer money to a Chase account or anyone else who has QuickPay enabled and vice versa (though you don’t need a Chase account to use QuickPay, at least one of the people involved in each Chase money transfer must be a member of Chase Bank).
Sounds super simple, right? Not so fast.
Disadvantages of Chase Online QuickPay
Is Chase QuickPay instant? It takes about 30 seconds to set up a Chase QuickPay money transfer, but the actual transfer between accounts isn’t instant. Much like depositing a check in the ATM, that deposit must be cleared before going through. And unfortunately, unlike the ATM, Chase doesn’t clear a portion immediately and hold the rest — you must wait a couple of days before you see a dime.
According to the Chase website, they promise a transfer within one business day, as long as it’s scheduled before the cutoff time and is between two Chase customers. If the money transfer is made between one Chase account and one non-Chase account, expect an extra business day for processing.
That’s the story anyway.
Though Chase promises just one to two business days, there are a number of perturbed customers who have experienced much longer time lines. One commenter on a Chase QuickPay review entitled Chase “QuickPay” Really Isn’t laments:
“My boyfriend ran out of checks, so instead of taking a trip to the bank, we decided to try ‘quick pay’ … We processed it on Friday and now 6 days later (4 business days) it’s in my account, but unavailable. After speaking to Chase, I found out that it is in ‘hold status’ for another 48 hours. This is what I get for being lazy and not going to the bank.”
Then there are the random technological malfunctions that can happen. For instance, one Chase QuickPay user scheduled a money transfer on the same day Chase was making upgrades to the service. This resulted in the rather large transfer going through not one, not two, but three times, significantly overdrawing his checking account in the process.
After calling Chase to report the problem, he received this email:
You have to admit, it was nice of Chase to send an apology in a day and age when simply getting a human on the phone is a feat in itself. Then again, a “sorry” and $25 doesn’t do much good when your account is currently negative several hundred dollars.
Benefits of Chase Online QuickPay
Despite the issues QuickPay users have experienced, overall, it still has plenty to offer, including:
Convenience: Why do we opt to do anything on our smartphones instead of in person? As long as you’re not strapped for cash or late on a payment, it’s nice to know there are easy ways to send and receive money without having to find time to visit the bank. The Chase QuickPay limit
Anyone Can Use It: Unlike many bank-specific web tools and services, anyone can sign up for Chase QuickPay. That’s especially useful if you regularly send money to a non-Chase customer, like your child or a roommate.
Hello, It’s Free: There are no Chase QuickPay fees, so complaining about a service when you don’t even have to pay to use it is a little silly. After all, there are plenty of alternatives to Chase QuickPay — you just have to pay fees to use them.
Chase QuickPay Limits
Depending on the type of account you are using to send and receive money, there are different Chase QuickPay limits.
- Transferring money from Chase and verified non-Chase customers has a QuickPay limit of $2,000 per transaction, and a maximum of $2,000 per day.
- Transferring money from chase to chase accounts has a QuickPay limit of $5,000 per transaction, and a maximum of $5,000 per day.
- Transferring money from Chase business accounts also has a limit of $5,000 per transaction, and a maximum of $5,000 per day.
- Invoice payments made using Chase QuickPay has a limit of $10,000 per transaction, and a maximum of $10,000 per day.
Is Chase Person-to-Person QuickPay Worth It?
Unfortunately, “QuickPay” doesn’t really live up to it’s name. Even if transfers go through without a hitch, you have to wait at least 24 hours to get your hands on your money. If you need to send or receive funds in a hurry, you’re better off visiting an ATM, sending money via PayPal or setting up a wire transfer.
Of course, there are plenty of people who would do anything to avoid standing in line in the bank and paying fees. For them, Chase QuickPay is a fine alternative.
If you’re regularly faced with emergency financial situations or are so tight on money that you can’t afford to wait a day or two for a transfer, you probably have bigger problems than the inconveniences of QuickPay.
As this tool gains users and popularity, Chase is making it faster and more reliable. Of course, it is difficult for those who expect to send money fast with mobile banking, but they can always just visit an actual bank for instant gratification.