Chase Private Client

Due to a $2,000 bonus many years ago, I have “Private Client” status at Chase bank. One of the benefits is sending out wire transfers for free instead of paying $30 per transfer. The only downside is a $250k daily limit on outgoing wires. That is not an issue until the day you need to send out a large wire. However, you can go into the branch, or set up wire by phone agreement to get around the $250k daily limit.

Last week, knowing I may need to move some investments around, I filled out a wire by phone agreement at my local Chase branch. The bank manager seemed a bit confused, but I was able to fill out and sign some forms. I just got off the phone with Chase Private Client and evidently the branch manager did not complete half of the form, so I am unable to proceed with the wire transfer. I went to the bank on Wednesday, so it has been at least two additional bank workdays. The CSR on the phone said she will call the manager to have them complete the form and call me to let me know I can proceed. So far, thirty minutes and no call back.

I initially started this post becuase the Chase Private Client phone portal is crap. After making me punch in my 16-digit bank card number, it asked if I wanted a callback instead of waiting. I pressed “1” for yes and I got an immediate callback. Why offer me that option if there is no waiting? Also, they do not inform the client about the wait time until after you make a choice. During the callback, the option to connect to a CSR did not work, and after three tries, the automated system hung up on me. Very not impressed.

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It has been three hours and no response from Chase Bank. This is pretty lame. I am sending out a wire today online and will need a second wire transfer tomorrow to finish the transfer. I am not sure who to talk to about this, but I guess I still cannot send phone wires.

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The fraud team from Chase Bank called me right away. They needed to verify my identity and then gave me a bunch of warnings about fraud and making sure I knew the recipient. I guess they need to do that for consumer banking but having been treasurer for three years at a large company, I know that wired funds are nearly impossible to reverse.