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Chase QuickPay is a free service that allows people with Chase Bank checking accounts to make person-to-person (P2P) transfers with other accounts that are part of the clearXchange (CXC) network. This means that QuickPay users can send money to customers at Wells Fargo, Bank of America and dozens of other banks just by entering the recipient's email address into the Chase mobile app or online portal.
- Is Chase QuickPay Worth Using?
- Using Chase QuickPay with Other Banks
- Chase QuickPay Compared to Other Payment Services
Is Chase QuickPay Worth Using?
Generally, there isn't any reason to avoid using Chase QuickPay if you're a Chase Bank customer. It's a free money transfer service that functions quickly without any complicated requirements, and any Chase checking account includes Chase QuickPay as part of the account features. This includes not only Chase Premier Plus Checking and Chase Premier Platinum Checking, but also the standard Chase Total Checking account as well.
One of Chase QuickPay's major benefits is its wide coverage. The clearXchange network that Chase participates in also includes six other major banks, for a total of over 250 million connected customers, making it likely that you'll have at least a few acquaintances already participating. Even people whose banks aren't part of the network can sign up free with clearXchange on an individual basis.
Chase QuickPay is integrated with the Chase mobile app, which makes it a natural choice for P2P payments if you bank with Chase. You automatically get access when you use online banking with a Chase checking account or a Chase Liquid Card, the bank's version of the prepaid debit card. Since it's designed to make transfers fast and simple, Chase QuickPay doesn't lose much utility in comparison to a standalone payment app like Venmo. While such apps might have better social media functions, users who are just looking to make transfers won't mind using a simpler option like Chase QuickPay.
Using Chase QuickPay with Other Banks
People using other banks in the clearXchange network can accept transfers and payment requests from Chase QuickPay users. You can add non-Chase customers by entering their email addresses in the Chase QuickPay tab, which is found in the Chase mobile app and online banking portal.
Chase QuickPay – Summary of Features
- Free person-to-person (P2P) money transfer service for Chase checking accounts and prepaid debit cards
- Enables transfers to and from accounts at any bank participating in the clearXchange network
- Most transfers between Chase accounts are instantaneous, while transfers to other banks take 1-2 days
- Keeps bank info confidential by using email address or mobile number instead of account numbers
Even within the same network, each member bank offers this service under a different brand. For example, Chase QuickPay is essentially the same service as Wells Fargo SurePay and Capital One P2P Payments. Though the specific app you'll use depends on which bank holds your checking account, you'll be able to connect with anybody at another participating bank.
Banks Participating in the clearXchange Payments Network
- Bank of America
- Capital One P2P Payments
- Chase QuickPay
- FirstBank Person to Person Transfers
- Frost Send Money
- U.S. Bank Send Money
- Wells Fargo SurePay
Chase QuickPay vs. Other Payment Services
As stated above, Chase QuickPay can be considered more or less identical to any of the payment services at the six other banks participating in the CXC network. However, there are some interesting differences between these programs and independent payment apps.
Chase QuickPay vs. Venmo
Like Chase QuickPay, Venmo is free to use, but it allows you to connect with your Facebook account. Venmo users can share and comment on the transfers they make, so that payments become a social experience. Facebook integration also makes it easier to find friends and family on Venmo than with Chase QuickPay, which requires you to find out the email address or phone number of the recipient. If you send and receive payments with a lot of different people on a regular basis, Venmo may save you a lot of effort in looking up contacts.
However, the more you use Chase QuickPay, the less difficult it will be to find your payees. Since Chase QuickPay allows you to save the information of contacts you transfer money with, you can eventually build up a list of frequent recipients that won't take up extra time to look up. And while Chase QuickPay doesn't allow for emojis or comments on your transactions, it will transfer money just as quickly and reliably as Venmo.
Chase QuickPay vs. Square Cash
While Chase QuickPay has the advantage of deep integration with all things related to Chase accounts, Square Cash might be more useful to users who plan to conduct a lot of P2P transactions. With Square Cash, you can pay 1% on each transaction in order to make same-day transfers to or from your bank account. If you experience high cash flow or keep a low bank balance, having your P2P transfers available instantly could save you from running into an overdraft.
Overall, we'd recommend sticking with whichever app you find most convenient for your particular group of friends and family. Chase QuickPay may appeal to Chase customers who aren't interested in the social media aspect of Venmo or the instant transfers of Square Cash. Of course, it's also possible to use all of these apps at the same time, depending on who you're sending money to. The purpose of a P2P payment app is to get money from one person to another; as long as that happens smoothly, other features are just extras.