Chase Bank and the transfer by phone feature

Here is a warning about Chase Bank account control issues. There is a transfer feature called CBP, and it stands for Chase Bank Phone transfer. It allows you to log into your account and transfer money by phone using your account number, user id and password.

Back in April, I spotted a $1,000 CBP transfer from my savings account to my checking account. I did not initiate it and neither did my wife. Brought the issue to a local Chase Bank, did not get much help so we just changed all of our account numbers. I also changed my password and it is now 20 characters. Not easily guessed.

Now we are retired and in our 70's so our son is a co-signer on our accounts. He calls me and says he got $2,000 transfered into his Chase account with the description CBP. I look at my savings account and I see the same transfer and the same CBP code. Once again, we did not initiate it. Went to a Chase Private client featured bank branch to start the fraud investigation. Chase Fraud department says they will not have an answer until Nov 1. I did tell them to disable the CBP feature on my accounts.

We were also told to leave the $2K transfer alone. Sometimes the fraud department will just decided to move the money back without any warning. This means that if we moved the money and they were not aware of it they would hit my son's account erroneously to move the cash back to my account.

If you bank with Chase, beware of this CBP feature. My accounts got hit twice in six months with unauthorized transfers.