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 Person to Person QuickPay option offered by Chase Bank really save time and hassle, or simply create a new host of problems?
Chase Person to Person QuickPay Review
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 phone and uses Chase Person to Person 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 actually foot the bill the true sucker?
How Chase Person to Person QuickPay Works
QuickPay is a great mobile finance tool in many ways. In order to sign up, all you need is a valid e-mail address and U.S. checking or savings account. You don’t even have to be a Chase customer to enroll and it’s completely free.
Once your e-mail and account have been verified, you can transfer money from your account to anyone else who has QuickPay enabled as well, and vice versa (though you don’t need a Chase account to use QuickPay, at least one of the people involved in each transfer must be a Chase customer).
Sounds super simple, right? Not so fast.
Disadvantages of Using Chase QuickPay
It takes about 30 seconds to set up a Chase QuickPay 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.
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That’s the story anyway.
Though Chase promises just 1-2 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 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 e-mail:
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 QuickPay
Despite the issues QuickPay users have experienced, overall, it still has plenty to offer, including:
Convenience: Why do we opt to do anything over our smartphone instead of in person? As long as you’re not strapped for cash or late on a payment, it’s nice to know you can request, receive or send money without having to find time to visit the bank.
Anyone Can Use It: Unlike many bank-specific web tools and services, anyone can sign up to use 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: Complaining about a service when it 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 get charged to use them.
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 their fees. For them, Chase QuickPay is a fine alternative.
If you’re regularly faced with emergency financial situations or so tight on money, 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 will probably put more resources into making it faster and more reliable. Of course, until then, it will likely be difficult for those who expect mobile banking to deliver instant gratification to get behind a service that takes longer to use than if they went to an actual bank.
Have you used Chase Person to Person QuickPay? Was it a good or bad experience?
