My excitement at buying an investment property ran into a snag this morning, when I attempted to send over a wire to pay for the property. Chase bank places has a limit on how much can be wired from a personal account.
When I attempted to create the wire transfer to the title company, this is the error message I received:
The most you’re allowed to send in a single transaction is $50,000.
If you attempt to wire more than $50,000 from a Chase Bank personal account, you’ll get this error message.
There are a couple different ways this could be remedied, including breaking the amount into multiple wires instead of one big one, but that can be confusing for the recipient.
Looking for an alternative way to send money? You might try using MoneyGram.
Details below.
When I contacted Chase about the limit and how to remove it, I was told that one solution is to transfer the money into a Chase business account (assuming a person has one), then ask to have the wire limit removed. After talking to the local rep about how to do this, he told me he didn’t know, but could transfer me to the online banking department. He made it sound like he had someone in particular who would pick up the phone and take care of the issue for me.
When I was transferred to the online banking department, I went into a “Press 1 for…” queue, which usually means I’ll be on hold for an indeterminable amount of time and transferred between a few different people before someone either figures out how to change the setting or tells me that it can’t be done.
This particular problem is one of the reasons it’s a good idea to have a local bank. It’s also an example of why I should have done a bit more planning. I had talked to my local Chase rep just a few days before, including depositing enough money into my account to make sure it was ready to be wired today. I was told that I would be good to go. Apparently we all overlooked this $50,000 limit, so I’ll have to go into the local branch to (hopefully) get this done.
Being on a time crunch to close on the property makes it a little more stressful.
Update: I went into the branch to have them help me with the wire transfer. I was able to send the wire from the local branch. Also, the local branch manager (who was available to help me send the wire) told me about the ability Chase gives customers to send wires over the phone. I had to set up that capability by signing a form and designating a limit to the dollar amount that could be wired over the phone.
MoneyGram lets you send money online to any bank account, and in many cases is a great alternative to using a wire transfer.
Give it a shot be clicking the link below.
Richard, thanks for your post. I’m running into this exact issue now and my closing is in a few days. This helps alleviate my stress.
I am on same boat, however the limit for me is 25000 which is disgusting. What did you do to fix this problem?
I had to call my local branch and get help removing the limit for a one-time transaction. The local branch had to call Chase support to remove the restriction, but they had a direct number to the people who could help.
Good luck. I hope that helps.
I encounter the same problem and Chase support told me it’s a security reason. This security limit is not configurable. Also want to add the wire transfer fee costs more at the branch vs online!
FOUND A SOLUTION:
Login to your Chase account and click the little person icon in top right > “Profile & settings”. Then in the menu on the left click “Payment preferences” > “Manage transaction limits”. Then you should see your current wire limit and a blank box to type in your new limit! (They told me you can type any amount up to $500k). Still amazes me how easy this was.
Spent 30 MINUTES! on hold to get this info, but thankfully found someone knowledgeable and helpful.
This is no wire fee or limit if you have a Chase Sapphire