how long does a chaps or bacs take to go through

to an account. we are awaiting money into a nationwide flexaccount this way. thanks
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Comments

  • Hi, Chaps can be same day, BACS needs 1 full clearing day E.G BACS payment sent on a Wednesday will be cleared in your account on the Friday am.
  • whu
    whu Posts: 23,461
    First Post Combo Breaker
    Forumite
    CHAPS is the same day but costs £20-30 - BACS is 2-3 working days(free) after the request ie if request transfer on a monday it will arrive on wednesday or thursday (in my experience it depends on which bank is sending it)
    Keep the Faith:cool:
  • lesley1960
    lesley1960 Posts: 976 Forumite
    Although with this new fast bank system some bacs payments get there quicker , I paid someone on Wednesday they received it two hours later !,
  • deltatwo
    deltatwo Posts: 36 Forumite
    Hi,

    If a CHAPS payment is made late on a Friday, will it show on the receiver's account on the Saturday?

    Thanks
  • deltatwo wrote: »
    Hi,

    If a CHAPS payment is made late on a Friday, will it show on the receiver's account on the Saturday?

    Thanks

    Don't think so.

    It's a Clearing House Automated Payment System

    They only operate Monday to Friday....very much like a cheque.
    Loan-£3600 only 24 months of payments to go!!!
    All debt consolodated and cards destroyed!!
    As D'Ream would sing 'Things.....can only get better'!!!
  • hi, will bacs payments clear on a saturday with nationwide?

    Thanks
  • agsnu
    agsnu Posts: 1,457 Forumite
    hi, will bacs payments clear on a saturday with nationwide?

    No, they will not.
  • Extant
    Extant Posts: 2,140 Forumite
    deltatwo wrote: »
    Hi,

    If a CHAPS payment is made late on a Friday, will it show on the receiver's account on the Saturday?

    Thanks

    Unlikely - most banks operate a cut off after which payments will be made on the next working day.
    What would William Shatner do?
  • bacs is 3-4 days and chaps is 1 day or next working day (depending if its a bank/insurance company ect.) chaps should in by end of buisness for your bank
  • Extant
    Extant Posts: 2,140 Forumite
    shoe_girl wrote: »
    bacs is 3-4 days and chaps is 1 day or next working day (depending if its a bank/insurance company ect.) chaps should in by end of buisness for your bank

    CHAPS is 0 day - it's a same day payment system. There should be no delay if the instruction is made before any relevant cut offs etc. This is the same regardless of the sender.
    What would William Shatner do?
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