CHAPS payments

[Tom]

How long do these normally take (in terms of hours)?

I sold my car this morning to a dealer, who phoned up their accounts people and got the payment made straight away into my business account.

Its still not arrived, do these things normally take more than 5-6 hours?

 

[~Yuckfou~]

3 days I believe, still needs to go through the clearing systems.

 

[Whipped]

It's just a same working day service afaik. not sure how long it takes.

 

[Tom]

Bloody hell, banks. Wankers. Its a CHAPS payment, which is a same-day service, its beyond me why it takes hours to process what surely must be a couple of keystrokes and the 'enter' key.

At this rate I'll just go to the post office tomorrow and draw the cash out, and give the guy cash instead, otherwise I'll be picking the damn thing up at 8pm!

 

[JBP|]

Its usually 3-4 working days for it to clear depending on the bank its sent from and to.

 

[Tom]

Thats BACS, this is CHAPS.

 

[old.user4556]

No, it's not 3-4 working days to clear.

CHAPS is a same day payment (the funds can take up to 5pm to get there), electronically from one account to another. The funds don't need to clear and each bank usually has a strict procedure for making CHAPS payments (such as making sure the funds are available for making the transfer). CHAPS is a very reliable service.

Depending on the bank, there will be a CHAPS cut off time which is typically about 2pm at the very latest in the afternoon for it to go that day. If the payment is to be made later than this, it's missed the cut off time and has to go the next day.

 

[old.user4556]

Thats BACS, this is CHAPS.

Exactly, BACS is 3-4 days.

For large sums of money, CHAPS is the way to move funds around - it costs a fee from the bank, but if you're talking thousands, tens of thousands, millions then it's well worth doing.

From Bank of Scotland Corporate webby:

Fast, secure, efficient

If you need to transfer funds quickly, CHAPS lets you make same-day payments, in either sterling or euro, to any other bank in the UK. It's secure and efficient.

Same-day turnaround – guaranteed.

Provided your instruction is received before 2pm, we'll guarantee same-day payment.

A flexible service

Instructions can be faxed if a fax indemnity is held. And if you'd like the beneficiary to be advised once the funds reach their account, we can arrange for that too.

How much?

Sterling CHAPS payments cost £15 each and euro CHAPS payments cost £17 each.

 

[~Yuckfou~]

So did you get your money?

 

[Tom]

So did you get your money?

Not yet. Honestly, the banking system in this country is shit.

 

[Wij]

pfft - most of our updates are instant :/

 

[Dr_Weasel]

It also depends on how you are checking your money is there. If you reley on internet banking then dont expect it to be a true reflection of your account. Mine is often days out on the true balance, although checking the funds available vs last nights balance is often a good sign that money is on its way in or out of your account. This is even with the Barclays Priemier service that I have the pleasure of pay extra for.

Still, it does mean that I have a direct phone number to a human being that I can give some shit to.

 

[itcheh]

Tom - call your bank - they should be able to tell you if the money is 'there' even if it hasn't cleared your account.

I went through all this CHAPs chasing rubbish when I was paying deposits on mortgages 6 months ago - really does depend on what time the bank gets round to processing them on the day. Could be 9am .... could be 4pm etc...

Should be there by now surely?

 

[Tom]

Money finally came through this morning. I've got so much to do today to get my bathroom in, I'll transfer it to his account, and if it doesn't get there before tomorrow well tough, ripping up floorboards, laying new floors, painting walls, fitting skirting, it all takes time!