Chase Banking Gripe

[sam_gordon]

We have two accounts with Chase... a checking one in which our "day to day" bills are paid out of and our (DW & my) checks are direct deposited into. We also have a savings one that gets any "extra" money (freelance money, overtime money, etc). We use the savings account to pay for "extra" things... ie: Disney Vacations.

For some bloody reason, Chase won't let us do an online bill pay from our savings account. I want to pay the CC bill for our DDP... go to online bill pay and the only option is to use the checking account.

Yes, I could transfer money from savings to checking, then use online bill pay, but this is all computerized, it really shouldn't be that hard.

Grrr....

 

[Karenj2]

Unfortunately, that's the way it is with any bank - you can't easily take money out of a savings account (otherwise it'd be a checking account).

 

[Shelly F - Ohio]

A saving acct is just for saving money its not ment to be used as a bill pay acct that is why they do not give you checks with a savings acct.

Checking accts on the other hand are for paying bills and that is why you get checks and the ability to electronically pay bills.

 

[akcire]

We have two accounts with Chase... a checking one in which our "day to day" bills are paid out of and our (DW & my) checks are direct deposited into. We also have a savings one that gets any "extra" money (freelance money, overtime money, etc). We use the savings account to pay for "extra" things... ie: Disney Vacations.

For some bloody reason, Chase won't let us do an online bill pay from our savings account. I want to pay the CC bill for our DDP... go to online bill pay and the only option is to use the checking account.

Yes, I could transfer money from savings to checking, then use online bill pay, but this is all computerized, it really shouldn't be that hard.

Grrr....

I know with my bank Bank of America, any account that I am properly titled as an owner can be set up for bill pay. Did you call Chase and ask them if you could set up bill pay on this account? When I make a payment I have a drop-down box of 6 possible funding accounts (I take care of bills for some elderly relatives), I just pick the account for the person who's bill I am paying.

The bill pay program is very slick and has saved me hundreds of hours a year over writing traditional checks (I have been handling some of these peoples money for 10+ years). I make payments using checking accounts, savings accounts, & money markets. (A couple of the relatives are in residential living--so they only have one bill a month, the money market allows them to earn a bit more interest).

I have never used the Chase product. I have used Citibank's bill pay and I found it to be a complete dog!

 

[vicki_c]

I think it's correct that most banks would not do that. We use Wachovia (now becoming Wells Fargo) and you can't pay bills from a savings account, just checking. And I'm sure it's for that same reason. I believe we are even charged for over a certain number of transactions in the savings account every month (we never hit whatever it is so I don't remember for sure), so it's a deterrent to taking money out of your savings all the time.

 

[Piecey]

I think it's correct that most banks would not do that. We use Wachovia (now becoming Wells Fargo) and you can't pay bills from a savings account, just checking. And I'm sure it's for that same reason. I believe we are even charged for over a certain number of transactions in the savings account every month (we never hit whatever it is so I don't remember for sure), so it's a deterrent to taking money out of your savings all the time.

I haven't worked in banking for 2 years, but it used to be 6. After 6 you were charged and it wasn't a bank policy- it was federal government.

I believe that most restrictions on savings accounts are based on their rules... but it's entirely likely that I'm completely crazy on that, too. It's been too long.


It's super easy to transfer from savings to checking and pay the bill, though, especially with Chase!

We have 3 checking accounts and 4 savings accounts with them and I transfer money this way and that way constantly. It takes about 2 minutes...

 

[sam_gordon]

I haven't worked in banking for 2 years, but it used to be 6. After 6 you were charged and it wasn't a bank policy- it was federal government.

I went by our local branch and was told the same thing. Neither DW nor I had any idea. We both think this is a stupid move by the feds (which I'm sure has been in place for a while). This is our money and we should be able to use it how we want.