Chase down updates — Hundreds of Zelle users unable to access bank deposits as issue addressed
HUNDREDS of Zelle and Chase users were unable to access their direct deposits on Tuesday.
Over 1,500 Chase customers reported issues with the bank to Downdetector yesterday at around 1pm ET.
A Chase spokesperson told The U.S. Sun: "We're working to restore full service to account transfers, Zelle payments and bill payments.
“Our customers can continue to use all other digital banking features as normal.”
And on Wednesday morning, Downdetector showed the number of reported problems with the banking app had plummeted to just 48.
Follow our Chase down live blog for news and updates...
Owner of Zelle
The US-based digital payments network is owned by the nation’s leading financial services companies.
When first launched in 2011 while known as the clearXchange service, it was a collaboration between the Bank of America, JPMorgan Chase and Wells Fargo.
It was eventually sold to Early Warning Services in January 2016 – which is controlled by the Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.
The industry titans rebranded the tech and released the Zelle payment system and mobile app the following year.
The banking app works alongside network partners such as MasterCard and Visa as well as processor partners such as FIS, Fiserv and Jack Henry & Associates.
More on Zelle’s beginnings
The industry titans rebranded the tech and released the Zelle payment system and mobile app a year after buying the company.
The banking app works alongside network partners such as MasterCard and Visa as well as processor partners such as FIS, Fiserv and Jack Henry & Associates.
How Zelle works
To expedite transfers between American bank accounts, Zelle makes advantage of the Automated Clearing House (ACH) payment system.
While you may start an ACH transfer from your bank account to a friend, the transfer might take three days to complete.
Your money will come quickly with Zelle.
Hackers can impersonate Zelle, part three
Scammers designed the website with similar icons to Zelle, making it look legitimate.
The emails are outfitted with links to Zelle’s correct website, making the scam even harder to identify.
The website requested unintended victims enter their bank information and data, but no surprise money transfers into victims’ bank accounts were found.
Hackers can impersonate Zelle, part two
The tech experts found look-alike emails claiming that customers had money transfers waiting for them.
“Your Zelle money is pending,” the email declares in the header.
The emails, complete with icons that look very similar to Zelle’s, had a hyperlink that brought victims to another website.
“You have received money through Zelle and it has not been accepted yet,” the emails claimed.
“Please click here for more transaction details or click the button below to get paid.”
Hackers can impersonate Zelle
Experts say scammers are running a complex email scheme with official-looking hyperlinks and websites to impersonate Zelle – and are worried that customers will fall prey to the scam.
Zelle, the popular money-transfer app, is an optimal service for cybercriminals to mimic.
According to Avanan, a cybersecurity tech hub, hackers have successfully impersonated the app.
What to do when receiving unexpected money transfers
There are standard protocols for people who receive unexpected money transfers:
- Verify with a sender on another platform that they sent money
- Hover the mouse over URLs in an email to check the hyperlink before clicking
- Use multi-factor identification for all apps, particularly apps with money transfer abilities
- Install anti-phishing software
It's important to remember that clicking malicious hyperlinks could leave data susceptible to hackers.
Chase acquired First Republic
JPMorgan Chase acquired First Republic in May - a move that the company said was "supporting the U.S. financial system through its significant strength and execution capabilities."
The bank giant worked to halt a bank spasm in the US.
First Republic's collapse followed the demise of mid-size, uninsured banks Silicon Valley Bank and Signature Bank in March.
"Our government invited us and others to step up, and we did," Jamie Dimon, JPMorgan's CEO, said after the transaction.
"This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise."
Banks to close are unknown
JPMorgan declined to identify which locations will close by the year's end.
The company said it would offer 100 employees impacted by the decision commensurate jobs and transition assignments for the next six months.
After six months, employees can transition into roles at JPMorgan.
The statement comes a week after Fortune reported 1,000 layoffs at First Republic.
The bank currently has 13,000 companywide vacancies.
Chase closing several locations
JPMorgan Chase will close 21 branches of First Republic Bank by the end of the year, according to a company spokesperson.
The newly-acquired bank will now close nearly a quarter of the 84 branches.
The 21 locations span eight states across the US.
"After a thorough review we have decided to close 21 former First Republic Preferred Banking Offices by the end of 2023, representing a quarter of the offices we acquired," a JPMorgan representative said to The U.S. Sun.
"These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office. Clients should expect to continue to receive the same level of service with seamless access to their money."
Chase continues to 'grow'
Chase said in a press release that the new employees will "help support and grow Chase’s five million small business clients through financial advice as well as deposit, credit, and cash management products."
Earlier this year, the company shelled out $3million to the Columbus Urban League & women entrepreneurs across Central Ohio.
Plus, Chase awarded an additional $10million as part of a five-year commitment to Tech Equity Miami.
New tech for Chase
The major bank is planning on investing $14billion into new technology, new branches, and more bankers and traders.
Despite the recent cuts to its mortgage sector, investing has been a major strategy for Chase.
Last month its announced plans to hire over 500 small business bankers over the next two years.
The new hiring should grow the Chase Business Banking workforce by 20 percent.
Meet Chase's CEO
Since 2005, the company has been run by James Dimon.
Dimon is known as a billionaire businessman and banker who previously served on the board of directors of the Federal Reserve Bank.
Since 2005, the company has been run by James Dimon.
Dimon is known as a billionaire businessman and banker who previously served on the board of directors of the Federal Reserve Bank.
Protection from unauthorized transactions
You should be instructed on how to protect your information when you apply for a debit or credit card, or when you join up for online, telephone, or mobile banking, the FCA reported.
If your card is lost or stolen, you believe someone else knows your password or PIN, or if you have any other concerns, your bank or card issuer will also provide contact information.
Claiming a refund if money isn't returned to you
Ask your bank for a refund if you didn't authorize a payment, according to Financial Conduct Authority.
By the end of the next business day, this refund plus any fees and interest you paid in connection with the transaction ought to be in your account.
Your bank could ask you some questions and want you to fill out a form when you submit your claim.
But while it waits for you to send the paperwork back, it cannot postpone your reimbursement.
Fraudulently claiming a refund on purpose may result in a police report from your bank.
What happens with unauthorized payments from your account
In most circumstances, only transactions that you have approved will be able to withdraw money from your bank account, the Financial Conduct Authority reported.
However, get in touch with your bank or service provider right once if you discover a payment from your account that you didn't authorize.
Any more unauthorized payments won't be your responsibility once you've informed your bank. Unless you've committed fraud.
More on Chase
By 2023, Chase has more than 5,100 locations nationally, 17,000 ATMs, 18.5million checking accounts, and 25million debit card users.
As of 2016, JPMorgan Chase & Co. had 250,355 workers and operated in more than 100 nations.
The largest bank in the United States, the bank with the most branches in the United States, and the only bank with a presence throughout the whole contiguous United States, JPMorgan Chase & Co., had assets of $3.31 trillion in 2022.
JPMorgan Chase is one of the Big Four American banks through its subsidiary, Chase.
Everything to know about Chase
JPMorgan Chase Bank, doing business as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase.
It is an American national bank with its headquarters in New York City.
In 1955, the Chase National Bank and the Manhattan Company merged to become the Chase Manhattan Bank.
Then, in 1996, the bank merged with Chemical Bank New York, and in 2004 it merged with Bank One Corporation.
Later, in 2008, the bank bought Washington Mutual’s deposits and the majority of its assets.
Chase issues appear to be resolved
As of 5.49am, issues with Chase and Zellte payment app appear to have been resolved.
On Wednesday morning, Downdetector showed reported problems with the bank app had plummeted to just 48.
It comes after a Chase spokesperson told The US Sun the company was "working to restore full service to account transfers, Zelle payments and bill payments".
How Zelle works
To expedite transfers between American bank accounts, Zelle makes advantage of the Automated Clearing House (ACH) payment system.
While you may start an ACH transfer from your bank account to a friend, the transfer might take three days to complete.
Your money will come quickly with Zelle.
More on Zelle’s origins
The industry titans rebranded the tech and released the Zelle payment system and mobile app a year after buying the company.
The banking app works alongside network partners such as MasterCard and Visa as well as processor partners such as FIS, Fiserv and Jack Henry & Associates.
Zelle’s origins
The US-based digital payments network is owned by the nation’s leading financial services companies.
When first launched in 2011 while known as the clearXchange service, it was a collaboration between the Bank of America, JPMorgan Chase and Wells Fargo.
It was eventually sold to Early Warning Services in January 2016 – which is controlled by the Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.
Chase shares advice for frustrated Zelle users
Chase‘s official support has shared some advice for frustrated users facing issues with the Zelle service.
A Tweet read: “Though Zelle payments are often instantaneous, they can take up to 1-2 business days to process depending on the banks involved.
“I recommend allowing additional time.”
Users fume as issues persist
Chase users have taken to the internet to slam the service amid today’s outage.
One person ranted: “Cannot transfer. On phone with them now. I’ll rip my money out if they’re acting funny.”
While another said: “Almost ran out of gas because of this bank keeps going down.”
https://www.the-sun.com/money/8683743/chase-bank-outage-down-updates-online-login-card/
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