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CHAPS/Chelsea Building Society

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meatandtwoveg
meatandtwoveg Posts: 390 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Savings & investments
Hi,

Got a fixed rate coming to its end soon, i want to CHAPS it out of the Chelsea?

Nothing looks appealing at the moment, so best move it else where.

Has anyone CHAPS out of the Chelsea, cannot find any literature on their website.

Can they refuse to CHAPS, or is there a facility to CHAPS at what cost?

Cheers.

Comments

  • apt
    apt Posts: 3,231 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    What's wrong with the Chelsea Autumn Bond? It's better than any other BS offer around at the moment.
  • meatandtwoveg
    meatandtwoveg Posts: 390 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    apt wrote: »
    What's wrong with the Chelsea Autumn Bond? It's better than any other BS offer around at the moment.

    Want out of Sterling, any one else?
  • jack_spratt_2
    jack_spratt_2 Posts: 577 Forumite
    What's wrong with the Chelsea Autumn Bond? It's better than any other BS offer around at the moment.
    And it will not be about for very long that's for sure
  • Mithos
    Mithos Posts: 137 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    meatandtwoveg wrote: »
    Hi,

    Got a fixed rate coming to its end soon, i want to CHAPS it out of the Chelsea?

    Nothing looks appealing at the moment, so best move it else where.

    Has anyone CHAPS out of the Chelsea, cannot find any literature on their website.

    Can they refuse to CHAPS, or is there a facility to CHAPS at what cost?

    Cheers.


    They will do it. Costs 35 pounds, you need to do it in writing and send your passbook.

    (Source: Did it at the start of the year without problem).
  • meatandtwoveg
    meatandtwoveg Posts: 390 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Hey Mithos,

    Thanks, do not get me wrong, the Chelsea are great, very helpfull, i feel very safe, and not bad rates, but i just wanted to know, if they allowed CHAPS and if so how much, and had anyone gone through the process.


    So if or when i request one, i know someone who has gone through the process, cheers.

    So you have to write a letter stating the date of the CHAPS and how much for or closure of the account and to where the CHAPS has to go etc?


    Cheers.
  • Mithos
    Mithos Posts: 137 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    meatandtwoveg wrote: »
    Hey Mithos,

    Thanks, do not get me wrong, the Chelsea are great, very helpfull, i feel very safe, and not bad rates, but i just wanted to know, if they allowed CHAPS and if so how much, and had anyone gone through the process.


    So if or when i request one, i know someone who has gone through the process, cheers.

    So you have to write a letter stating the date of the CHAPS and how much for or closure of the account and to where the CHAPS has to go etc?


    Cheers.

    :D If you don't ask you don't learn. Everyone around here has a bit of knowledge, it makes us powerful when we can all freely share it.

    I remember writing in, giving the date I wanted it, the amount, where too, (like you said sort code and account number) and told them to take the 35 pounds off the balance (suppose you could send a cheque, but seems like a waste of time... and they might not send the funds until it had cleared i.e if you were closing your account). Think that was it. Oh yeah Sent it recorded because of the passbook and they can track it for you.

    Promised to do it on the day requested and it would definitely be there before or at 5pm that day. Providing you give at least 3 working days for them to work with.
  • meatandtwoveg
    meatandtwoveg Posts: 390 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Mithos wrote: »
    They will do it. Costs 35 pounds, you need to do it in writing and send your passbook.

    (Source: Did it at the start of the year without problem).


    I can confirm this, i called them last week, they said post in your pass book along with the letter. £35.00. Same day, they initiate before 1pm, so lose no interest as the recieving bank pay interest for the amount on the day recieved, well the Nationwide do in their 6 month e-bond paying monthly interest. 3.3% gross.:mad:
  • meatandtwoveg
    meatandtwoveg Posts: 390 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    One Year Fixed Rate Bond.

    Just had my letter today, offering me 3.00% AER, not bad i suppose, but do not want to tie it up for another year.

    They state you can withdraw in a branch by cash or cheque.

    This is not totally true, you can withdraw by CHAPS at a cost of £35.00, this can be done by post as long as you send in a cover letter and your pass book.


    Has anyone got any experiences withdrawing funds from the Chelsea by CHAPS? My account matures on the 24th March, It is a variable rate from midnight between the 24th March and the 25th March, so when you advise on sending in your pass book along with a letter.


    I want to make the CHAPS transfer on the 25th March, its a Wednesday, would anyone advise on sending passbooks etc by next day special delivery, .i.e how long does it take the Chelsea to process this type of transaction from reciept of letter to day of CHAPS?
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