Dearest CHAPS transaction ??

derrick

Can anybody beat the CHAPS charge that Universal building society levy?
£35. for Chaps, (telegraphic transfer) absolutely daylight robbery, they will only move YOUR money by Chaps or cheque, do not do BACS, why not, surely if they do Chaps they can do Bacs, but they say they can't.
Why on earth does it cost so much more to do Chaps than Bacs, it is just different key strokes on the keyboard, at £35 for what, 10 minutes work ? that equates to £210. an hour! not sure if even the prime minister is on that amount per hour.
Any institution beat it?

YorkshireBoy

derrick wrote:

Can anybody beat the CHAPS charge that Universal building society levy?...£35...for Chaps, Any institution beat it?

There was a thread on the loans board recently, which highlighted that Northern Rock's default method of releasing loan funds was a CHAPS transfer costing [size=+2]£45[/size]. :eek:

Applicants had to "tick the box" to say they wanted the funds releasing by a slower (free) method.


EDIT: Here's the thread...

http://forums.moneysavingexpert.com/showthread.html?t=98739

derrick

YorkshireBoy wrote:

There was a thread on the loans board recently, which highlighted that Northern Rock's default method of releasing loan funds was a CHAPS transfer costing [size=+2]£45[/size]. :eek:

Applicants had to "tick the box" to say they wanted the funds releasing by a slower (free) method.


EDIT: Here's the thread...

http://forums.moneysavingexpert.com/showthread.html?t=98739

Yes but whilst that is a hefty fee, it is also a loan payment? and can be got out of via ticking the relevant box, with Universal you do not get the option to transfer via Bacs and it is MY money, so I think at the moment £35 is still the highest, unless someone knows different.

YorkshireBoy

Yes but whilst that is a hefty fee, it is also a loan payment?

No, it's added to the first months repayment as an additional one-off payment.

...and can be got out of via ticking the relevant box.

You can also have a cheque from Universal Building Society, if you wish.

with Universal you do not get the option to transfer via Bacs and it is MY money...

You don't get this option with Northern Rock either (and this is also YOUR money once you've been accepted for the loan). The choices are the same, CHAPS or cheque with both providers.

...so I think at the moment £35 is still the highest.

We're comparing like for like here, so Northern Rock *is* the most expensive at £45 - unless anyone else knows differently?

YorkshireBoy

...so Northern Rock *is* the most expensive at £45 - unless anyone else knows differently?

A close second here at £41...

http://www.houseweb.co.uk/house/forum/Forum4/HTML/000076.html

I suspect that if anyone can beat £45, it'll more than likely be conveyancing solicitors as they can "hide" this fee in their list of disbursements.

Caped_Avenger

Anybody got any ideas what the cheapest bank is for CHAPS transfers then?

JoseChungsDoomsday

I think the halifax used to be with £18 but they increased theirs a few months ago to £25

building

sites? you can transfer for a few pennies but cannot remember what the top amount was you could transfer. you could try posting in the techie section to see if anyone there knows . i cannot remember off hand the name of the website if it comes back will email you it . it's a bit like ebay payments.

BWZN93

Nationwide charge £20 for either Chaps or Swift (abroad).

The reason it is so expensive is more than a simple 10 mins of work and typing, the amount of checks that have to be done even before the money leaves the bank is to comply with money laundering regulations. Secondly - if you need a same day transfer, then either pay the money or think about where money needs to be in advance and dont pay - you can do bill payments from one account to another for free, although it will take a few days.

jo xx

derrick

JoseChungsDoomsday wrote:

I think the halifax used to be with £18 but they increased theirs a few months ago to £25

Inteligent Finance,(Halifax) is £18 for chaps

derrick

We're comparing like for like here, so Northern Rock *is* the most expensive at £45 - unless anyone else knows differently?

No because you have the option to do it the "slow" way, which is probably BACS, Universal don't give you the "slow" way and yes you can get a cheque but these can and do get lost in the post, and I aske about CHAPS payments not cheques