Does Chase QuickPay Really Live Up to Its Promise?

Posted in Banking , Checking Accounts • July 22, 2014

chase quickpay

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?

Chase 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 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

QuickPay is a great mobile finance tool in many ways. In order to sign up, all you need is a valid email address and checking or savings account. You don’t even have to be a Chase customer to enroll and it’s completely free.

Once your email 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.

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 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 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:

chase person to person quickpayYou 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.

Related

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 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 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 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 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.

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We would love to hear your comments and feedback

  • mike mahaffa

    biggest Piece of crap i ever tried to use ! there is nothing easy or conveient about this service much less the web -site leave it to chase to come up with another failed customer service failure…..

  • Craig

    QuickPay is terrible for someone who doesn’t have Chase. My friend sent money to my normal email address, but I set up the account with my “spam” address, and it took forever to sort that out. Then when I was finally able to “see” his payment, I had to transfer the money to my Bank of America account, but before that could happen they had to charge my account a couple times so I could verify what the insignificant charges were. It took forever. And now recently I tried to sign back into the account, but I don’t remember my password. When I called, they asked if I knew my access code… which of course I don’t remember, either. If you don’t know your password or access code, you cannot get back into the account. They can’t verify who you are any other way (address, social security, etc)… you’re basically just SOL and will never get back in.

  • Siaris

    I have chase quikpay for the last six months with no problems at all. Chase to chase works beautifully and is pretty much instant. I have had several instances where my account was overdrawn and to avoid fees my mom quikpayed me some money at like 10:30 at night and next day my account was fine. Chase to non chase does take a little longer but I have used three times now to pay wedding vendors who are local and I didn’t have cash to pay. Each instance went perfect. And they didn’t use a spam address….
    I say this review is too limited and only touches some extraordinary instances that guess what it’s a bank, it doesn’t matter where you go they are all the same. At least chase is up with the times.

  • Ben

    Sounds like Craig had more issues due to user error then Chase’s system (You can’t blame Chase for keeping your account secure, next time remember your access code)(USE A VALID EMAIL). I have used QuickPay regularly and it works AWESOME chase to chase. $500 chase to chase is instant and you can send up to $2000 which only take 1 business day. External non-chase accts do take 2 business days but if you wrote someone a $2000 dollar check it would still take time 1 business day to have access to all the funds and if you mailed that person a check it would still take 3-4 days for them to received that then addition business day to wait on the deposit. The service is FREE so enjoy it!!!

  • Mark

    The “letter” from Chase is obviously fake. A company like Chase doesn’t send out letters to customers with wording like “but we messed up” and “we think we have finally straightened things out”, “Clearly we are not off to a good start” AND put the CEOs name/signature on it.

    Your credibility for the entire article went to zero when you published such a blatant and obviously fake letter that my 4 year old could spot but you state is genuine. Either you aren’t too bright or are dishonest, neither of which are good in an author.

  • Casey Bond

    Sorry Mark, that letter is authentic. After my roommate transferred a couple hundred dollars to me for rent, the transaction actually went through three times. He then received this letter in his email (which is how I took a screenshot of it) and then received a $25 transfer from Chase. I suppose the wording is meant to connect with the customer on a more personal level, but you should know I am fairly bright and wouldn’t lie to make a point in an article. I can understand why you’d want that to be the case, though; I almost do, too.

  • Justin

    I just learned a valuable lesson in using Chase QuickPay. The service offers no consumer protection like PayPal for disputes between buyer/seller. I purchased tickets through Travel Agent and we opted to use Chase QuickPay as means of payment. The Travel Agent received the money and we received our E-Tickets. It turned out that the E-Tickets were never paid by the Travel Agency to the Airline, resulting in a cancellation of our ticket. No information was relayed to us until we tried to get a seat number 1 day prior to the travel date. I tried contacting the Travel Agency and it turned out the Travel Agency shutdown their business frauding several customers. I called Chase to see if there was any protection against these cases and they said no. I have supporting documentation that fraud exists with the seller who is using Chase QuickPay as a means to receive funds.

    Beware of using Chase QuickPay thinking it is similar to PayPal, especially that Chase QuickPay is allowing anyone to setup an account. There is no consumer protection like PayPal.

  • amp

    This pisses me off. Society is slowly turning our privacy to corporate’s hands. NOBODY absolutely NOBODY must know who and how we pay or receive money from. This whole online banking is terrible for any type of transactions. What if a ‘friend’ of mine wants to transfer $500,000 to me? Why the f*** do these banks have to see the amount, recipients or ANYTHING private for this transfer? They don’t have to give a s*** if were innocent civilians or top criminals. This is absolute bs. Convenience comes at a cost, big brother watching you all the time. Don’t be a criminal but think like a criminal because it is the only way we can claim our privacy and dignity. Swiss banks is where it’s at.

  • Trevor

    I have used quickpay multiple times and here is the real problem. God forbid you forget the userID. If you forget this ID they want a secure password that they never ask you for to use as a backup…. well since you now don’t know that password you are forced to call them. Upon calling them they ask for the email, ok great we are on track to getting help. They find your account and then ask for the userID… Wait? didn’t I just call because I don’t know my userID? They then tell you well what could if be? As to say well you must be an idiot and clearly haven’t tried all typical ID’s that you use. You then ask can I give you the account number, routing number, or my Social? Guess what they don’t care about any of those. So now your screwed and they say well we can delete all your information and you can start a new account with a different email. How about this Chase. People forget things, but one thing they can find is a social, a account number, or routing number. So if you could please remove your heads out of your posterior and realize that giving out an ID and not the password or vice versus is not the end of the world it takes 2 to tango and it also takes 2 to get into an account. Chase Quick Pay you are an absolute pile of crap!

  • Jason Rose

    @Mark – You can tell the email is not a fake, and very much so looks like a “personable” letter in a can.

    The name of “QuickPay” at first is misleading, until you realize that it does exactly what it says. “QuickPay” not “QuickReceive” :)

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