Chase added a feature to their checking accounts to be able to send ACH transfers between bank accounts instantly. Currently, the Real Time Transfer option is only available for transferring between your own accounts of Chase and other financial institutions, not to transfer to other people’s accounts.
- Limit $5,000 per transfer.
- Instant transfers can not be cancelled.
- The instant transfer feature works when transferring to some banks, not all.
My hunch is that it’s all the banks who are on the Zelle system which Chase is now doing non-Zelle ACH transfers instantly as well. This saves the hassle of having to create multiple Zelle accounts, on for each bank. Also, if you’re trying to trigger a direct deposit requirement, this new feature can be useful whereas Zelle likely won’t work.
In the end, I don’t really recommend banking with Chase if you have any sort of shenanigans going on with your Chase credit cards since there have been multiple instances where the credit cards got shut down scrutiny due to the checking account.
Thanks to reader M. for sending this in
