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.
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.
Thank you! This just helped me immensely as I’m set to close escrow in less than 48 hours.
I don’t see that option in my chase account. I only see ATM under Payment preferences 🙁
This is no wire fee or limit if you have a Chase Sapphire