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how long does a chaps or bacs take to go through
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# 1
Deals
Old 22-08-2008, 7:34 AM
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Default 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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# 2
shoe-queen
Old 22-08-2008, 7:47 AM
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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.
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# 3
whu
Old 22-08-2008, 9:15 AM
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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)
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# 4
lesley1960
Old 22-08-2008, 9:20 AM
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Although with this new fast bank system some bacs payments get there quicker , I paid someone on Wednesday they received it two hours later !,
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# 5
deltatwo
Old 22-08-2008, 6:57 PM
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Default Chaps

Hi,

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

Thanks
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# 6
Scousebird
Old 22-08-2008, 11:56 PM
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Quote:
Originally Posted by deltatwo View Post
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'!!!

Last edited by Scousebird; 23-08-2008 at 12:02 AM.
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# 7
Lollypop2222
Old 27-11-2008, 5:51 PM
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hi, will bacs payments clear on a saturday with nationwide?

Thanks
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# 8
agsnu
Old 27-11-2008, 6:58 PM
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Quote:
Originally Posted by Lollypop2222 View Post
hi, will bacs payments clear on a saturday with nationwide?
No, they will not.
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# 9
Extant
Old 27-11-2008, 7:18 PM
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Quote:
Originally Posted by deltatwo View Post
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?
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# 10
shoe girl
Old 27-11-2008, 7:18 PM
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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
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# 11
Extant
Old 27-11-2008, 7:58 PM
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Quote:
Originally Posted by shoe girl View Post
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.
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# 12
shoe girl
Old 27-11-2008, 8:23 PM
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knew i forgt to add something in there

ty
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# 13
Graham1
Old 27-11-2008, 8:37 PM
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CHAPS is not just same day it is RTGS (real time gross settlement) - banking speak for real time - you (theoretically) have the money the same minute it arrives. However it is entirely up to the receiving bank what time of the day they actually update your account balance. They might do it within an hour or two or they might wait until their end of day batch processing (which might be during the night in the early hours of the morning).
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# 14
Mikeyorks
Old 27-11-2008, 9:12 PM
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Quote:
Originally Posted by Graham1 View Post
However it is entirely up to the receiving bank what time of the day they actually update your account balance.
Just as you have no real control over when the sending Bank issue it. So describing it as a 'real time' system is more than a trifle misleading.

But why are people answering posts which were satisfactorily answered 3 months ago !!
If you want to test the depth of the water .........don't use both feet !
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# 15
Thomas Crown
Old 28-11-2008, 4:55 AM
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Originally Posted by Mikeyorks View Post
But why are people answering posts which were satisfactorily answered 3 months ago !!

Somebody (Lollypop2222 in this case) resurrects an old thread & people respond without noticing the date the thread was originally started.
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# 16
Lollypop2222
Old 02-12-2009, 2:17 AM
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:confused: I'm sorry I was only asking a question that I couldnt find the answer to on here
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# 17
cifpower
Old 02-12-2009, 2:23 AM
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It's been another year!


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# 18
Mikeyorks
Old 02-12-2009, 11:59 AM
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It's been another year!

Obviously a long lasting Lollypop!!
If you want to test the depth of the water .........don't use both feet !
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# 19
darby
Old 13-11-2010, 1:43 AM
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Quote:
Originally Posted by Mikeyorks View Post

But why are people answering posts which were satisfactorily answered 3 months ago !!
I don't know.
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# 20
Mikeyorks
Old 13-11-2010, 4:09 PM
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Quote:
Originally Posted by darby View Post
I don't know.
Nice to see you maintaining a history of intelligent posts.
If you want to test the depth of the water .........don't use both feet !
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