Not upheld: unfair promotional offer terms and conditions complaint against J.P. Morgan Europe Limited trading as Chase

Decision detail

Summary

Mr S complained that Chase required him to open a new savings account to access a promotional 1.80% AER boosted interest rate offer, which he found unreasonable because his existing account had multiple automated payments that would need to be transferred. Chase declined to apply the offer to his existing account. The ombudsman found the requirement was fair and reasonable as it applied equally to all customers, was consistent with industry practice, and different customer groups can receive different outcomes under FCA rules. The complaint was not upheld.

The Ombudsman's reasoning

Financial businesses are entitled to set reasonable conditions for promotional offers. The requirement to open a new account applied equally to both new and existing customers and is not unreasonable when compared to industry practices. Different customer groups can receive different outcomes under Consumer Duty rules. The risk of missed or misdirected payments when transferring automated payments would be Mr S's responsibility, not Chase's, so Chase should not be expected to alter its terms to mitigate such risks.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website