Chase QuickPay and clearXchange pre-buyback set up...

[PacCoastFwy923]

Chase QuickPay and clearXchange pre-buyback linking to YOUR bank...

Thanks to members mjwilson and tariq for the link and quote from the COMPLETED thread (http://forums.tdiclub.com/showthread.php?p=5186042#post5186042) #219:

The ambassador shared with me a flow chart of the procedure that he'd recently received. Here it is:
https://drive.google.com/open?id=0B2syRyRBlEGESEE1b0NsMVRxQWc

"If consumer is already registered with JPM QuickPay or a clearXchange partner under the same email, they receive payment at the account associated with their email address within 2 banking days"

I hadn't looked in to either of these payment services, but it looks like ClearXChange is a network of major banks that Chase QuickPay is a part of. Maybe that's not 100% accurate, but regardless, it looks like your buyback dollars **don't** have to land in a Chase account. They're maybe just originating there?

In any case, member banks are Bank of America, Capitol One, 1st Bank, Frost, Wells Fargo, US Bank, and of course Chase.
SO if you have an account with any of these banks, you can easily set up your VW email address as a payment address, and the money should land directly in your account (and in only 2 days, if the VW flow chart is correct).

It was pretty quick and easy for me to log in to my BofA account and add my VW correspondence email address (different from the address I use with BofA), and it appears the ClearXChange website will point you in the right direction.

https://www.clearxchange.com/get-started#/

If you don't have an account at one of these banks, you can register directly with ClearXChange and probably register your preferred bank with them -- not sure, didn't delve in to that portion of the site.
Cheers to Mike and Tariq!

 

[BuyMeBackSoon]

Good info.

I like the check flowchart better however.


1. Hand customer check.
2. Customer goes to bank or scans with phone app on the spot to bank.


Even being old school I still like the phone app scan !

 

[Armby]

Good info.

I like the check flowchart better however.


1. Hand customer check.
2. Customer goes to bank or scans with phone app on the spot to bank.


Even being old school I still like the phone app scan !

3. Customer waits 5-10 days for check funds to be released by his bank.

 

[BuyMeBackSoon]

I don't get those long holds. You can usually request an expedited release if you have a good banking relationship. I don't have a personal need to use those funds immediately as I already have replacement.

But you have a valid point.

 

[bubbagumpshrimp]

I don't get those long holds. You can usually request an expedited release if you have a good banking relationship. I don't have a personal need to use those funds immediately as I already have replacement.

But you have a valid point.

Yup. If someone doesn't bank at a payday loan/check cashing store and have been with their bank or credit union for a while...they should be able to get the check released earlier than that. ex. When I sold my house...my bank cleared the equity check to my account the following business day.

 

[ericy]

If you don't have an account at one of these banks, you can register directly with ClearXChange and probably register your preferred bank with them

Yes, you can - I have already done this.

There is a system in there where you can have the thing send "test transactions" - mainly to help ensure that you have not fat-fingered the routing or the account number.

 

[k1xv]

I must have a good bank. In the last couple of years, I deposited checks of $20K and $30K. Both were installments on an inheritance. In both instances, the funds were available the next day. The checks were not certified, just hand written checks written on an estate account by the estate executor.

On the other hand, the cash advance checks that credit card companies send out always have a hold of over a week. Good chance those checks are fraudulently deposited.

A corporate check such as your buy back check, made out to the account holder, should not be viewed as "suspicious" by the depositor's bank.

You folks need to learn the hold policies of the various banks in your area, and if short hold times are important to you, open an account where they treat depositors well.

 

[bloc]

So if someone uses a smaller credit union that most likely isn't a part of clearxchange.. open a chase account just for the deposit?

 

[PacCoastFwy923]

So if someone uses a smaller credit union that most likely isn't a part of clearxchange.. open a chase account just for the deposit?

ericy three posts above confirms that you can set up the account w/ clearxchange and set it up to transfer directly into the account of your choosing, I'm guessing like setting up Direct Deposit at work or an automated loan payment where you simply enter your ABA routing # and account #. Seems to me like this would be the best option for quickly making your payment liquid.

 

[bloc]

That's part of the issue, I don't want yet another company linked with my bank account/personal information.

I'll see what chase has to say. Have had accounts with them in the past.

 

[BarryT82]

Good info.

I like the check flowchart better however.


1. Hand customer check.
2. Customer goes to bank or scans with phone app on the spot to bank.


Even being old school I still like the phone app scan !

My bank (USAA) won't take checks from the app if they're over $5k.

 

[jimbo1mcm]

Thanks to members mjwilson and tariq for the link and quote from the COMPLETED thread (http://forums.tdiclub.com/showthread.php?p=5186042#post5186042) #219:





I hadn't looked in to either of these payment services, but it looks like ClearXChange is a network of major banks that Chase QuickPay is a part of. Maybe that's not 100% accurate, but regardless, it looks like your buyback dollars **don't** have to land in a Chase account. They're maybe just originating there?

In any case, member banks are Bank of America, Capitol One, 1st Bank, Frost, Wells Fargo, US Bank, and of course Chase.
SO if you have an account with any of these banks, you can easily set up your VW email address as a payment address, and the money should land directly in your account (and in only 2 days, if the VW flow chart is correct).

It was pretty quick and easy for me to log in to my BofA account and add my VW correspondence email address (different from the address I use with BofA), and it appears the ClearXChange website will point you in the right direction.

https://www.clearxchange.com/get-started#/

If you don't have an account at one of these banks, you can register directly with ClearXChange and probably register your preferred bank with them -- not sure, didn't delve in to that portion of the site.
Cheers to Mike and Tariq!

Just set up my Bof A account. thanks. and the wait continues.

 

[Green Hare]

So if someone uses a smaller credit union that most likely isn't a part of clearxchange.. open a chase account just for the deposit?

I would check with your credit union (or bank) if you're considering taking the paper check or the transfer to confirm funds availability.

Personally I'm not about to bother setting up something with Chase just for them to do this transfer, and have taken the time to look up on my credit union website (I bank with DCU for what it's worth) to find this when searching for "deposit availability"

When other funds become available
For checks deposited on a Monday, for example:
No less than $200 will be available by the first business day after the deposit (or Tuesday).
Up to an additional $4,800 on the second business day after the day of deposit (or Wednesday) for up to $5,000 available.
All funds remaining on the fourth business day after the deposit (or Friday).

Since I don't really care about the delay in releasing all funds, I'm opting for a paper check and will go to the branch right down the street from the dealer that my Golf is sitting at and deposit it (check is too big to use the mobile app)

 

[Rico567]

I'm in the camp that will have no immediate need for the funds, so I suppose this post is somewhat redundant. I don't see any reason to use any "ClearXchange" to do an EFT. We do EFTs all the time with our local bank we've been with for over 40 years, pay phone utilities, etc. If I give VW the account and routing number, I don't see where there'll be a problem.....

 

[bloc]

I would check with your credit union (or bank) if you're considering taking the paper check or the transfer to confirm funds availability.

Personally I'm not about to bother setting up something with Chase just for them to do this transfer, and have taken the time to look up on my credit union website (I bank with DCU for what it's worth) to find this when searching for "deposit availability"

My bank puts a "longer delay" on any checks totaling over $5k in one day.

I'm not in a huge hurry for the funds.. I just selected EFT while submitting my notarized offer before understanding the ramifications of that decision, and don't want to risk messing things up at this point by switching to check. If I have the option to do that before scheduling an appointment I will.. otherwise it's actually probably easier to set up a chase account, personally.

 

[Tenebrae]

Thanks for the info. I've set this up. Still waiting to receive my offer, though.
And getting emails from dealers anxious to sell me a car. haha

-T.

 

[ericy]

Yes, you can - I have already done this.

There is a system in there where you can have the thing send "test transactions" - mainly to help ensure that you have not fat-fingered the routing or the account number.

The test transactions came through earlier today. Two deposits, and one withdrawal of small amounts.

In my case, it is a small credit union.

 

[rotts4u]

I received my notification from VW Thanksgiving morning that my papers were accepted for my eligible seller car. A day or so later over the weekend I received the email from Chase. I instantly filled out the forms online which I think was Saturday. Today the money showed up in my Suntrust account.

I don't see what all the fuss is about. That is super quick if you ask me. I am very happy with the transaction.

Thursday I turn in my other TDI that I still own so Ill see how well it goes.

 

[bloc]

I stopped in at a Chase branch today and opening an account just to expedite/simplify the quickpay portion isn't the best idea.. new accounts are basically under review for some period of time and open, deposit, withdrawal, close.. would look suspicious.

Again, this only matters because I've selected EFT when submitting my notarized release and don't want to risk trying to change it, and would rather not give yet another company my banking info. But that's what I'll have to do.

 

[kutch]

So uploading the notarized docs.

Select check as form of payment.
It says payment will be given at time of drop off but then asks

"Where to MAIL the check...?"

Huh?

 

[DanB36]

"Where to MAIL the check...?"

Huh?

If your mileage is enough lower than expected that you're due extra money, a second check will be sent out, supposedly within three banking days.

 

[Flogger]

My bank (USAA) won't take checks from the app if they're over $5k.

My bank is USAA also. Limit is $100K phone deposit in a day. No problem with checks under $30K. No hold either.

 

[DanB36]

My bank is USAA also. Limit is $100K phone deposit in a day.

Must vary by customer then--my daily limit is $10k. But yes, those funds are available immediately, which is very convenient.

 

[scottb8888]

clearXchange

So do I get a choice of using clearXchange or Chase? Can some explain?? Please

 

[k1xv]

So do I get a choice of using clearXchange or Chase? Can some explain?? Please

No, when you get your EFT e-mail from Chase, the link puts you on the Chase Payments site. You register there for Chase Payments, including giving them the routing and account number of where you want your payment deposited.

clearXchange is not involved at all, and there is no need to even register there.

 

[scottb8888]

How do I sign up on Chase Quickpay?

 

[k1xv]

How do I sign up on Chase Quickpay?

Wait until you get your e-mail from Chase. You will sign up, enter your banking account information, and then "push the button" for payment, all in one visit. It took me under a half hour, and I had problems selecting an acceptable password.

There is no need to "sign up" in advance of getting the Chase E-mail.

 

[ELVATO]

How do I sign up on Chase Quickpay?

If you happen to already have Chase, log into your account.

Once at the account page, click on Quick Pay in the header. From the right hand drop down, under "Things you can do", select "QuickPay settings".

From there, you should be able to add your email or phone number. I think it was mentioned earlier to use the same email which you have used for other TDI correspondence.

 

[DanB36]

I bank with a clearXchange partner (well, at least two, actually: Bank of America and Capital One), and have registered the email address I used for claims communications with one of them. It's clearly after October (admittedly, they don't specify the year), but I nonetheless just got a payment email from Chase Payments and needed to register with them to receive my money. Not a big deal by any means, but the flowchart doesn't seem to reflect reality. Shouldn't be too surprising, I guess--nothing else in this process seems to be going quite like it should either.