Lost Chaps Transfer

poorstudent_2

Help please!

I have a savings bond which matured on Sunday. I had instructed for the money to come to my account by CHAPS from Heritable Bank Ltd.
Heritable insist the money left them yesterday (Monday) and my other account still say it has not reached them today.

Both sides keep saying they can do no more, what do I do now please? Its a very big sum which is why I used CHAPS not BACS.

I'm very worried.

debbie42

I've read elsewhere that CHAPS payments are only guaranteed same day if the originating bank transfers before a cutoff time. If your receiving bank doesn't have the funds tomorrow* I'd escalate your concerns with both banks.

edited
* meant to say by the end of today!

Apreciar

A similar thing happened to me a couple of years ago, over £1m went missing between two organisations, one of which was HSBC (the sending bank). HSBC put a trace on the CHAPS and cofirmed it had arrived at Barclays the receiving bank for the organisation it was going to. Eventually it did arrive after four days in which it vanished in a black hole. I complained to Barclays whose fault it was through their in house complains proceedure and was fully compensated for the full loss of interest. It was good that Barclays acted honourably.

Murtle

I thought CHAPS was meant for fast payments rather then for large payments (it can obviously be done for large payments too) ask the originating bank what time their payment would have been made to see if it fits inside the CHAPs payment times.

Speculator

Double check with Heritable to make sure that they've used the correct account number and sort code. One wrong digit will result in either the money being sent to the wrong a/c or being returned to sender.

poorstudent_2

Heritable have finally agreed to do a trace. I know all the relevant times but they don't matter now as it is well over 24 hours since they sent it. I used CHAPS because of it being a large sum and the daily interest amount I would lose if it went by BACS, I've checked all the account numbers etc with them. Its a case of crossed fingers and everything else now.

dunstonh

CHAPS take about 20 minutes to arrive. By the time the clerical checking is done at the receiving end you should have confirmation within an hour.

If the sending bank confirm its gone and the sort code and account numbers are correct then you can bet your life its the receiving bank that is at fault. Quite probably it hasnt been released by a member of staff at the receiving bank. Its possibly sitting on a list awaiting action by someone who hasnt spotted it.

I would go to the receiving bank as well and tell them the date and time the CHAPS was sent. Whilst the receiving bank cannot put a trace on it, they can check their logs to see if a CHAPS arrived that day and if it was dealt with or not.

poorstudent_2

Thanks. The receiving bank turned it back because one initial was wrong - a D instead of a P - so it didn't match their account details. Heritable have agreed to pay the lost interest and refund the CHAPS fee, and send it out again tomorrow.

Fingers still crossed till then but not feeling quite as wobbly.

poorstudent_2

Its Friday afternoon - and my money has FINALLY arrived! would you believe the receiving bank had technical problems with their systems down for a day, so it wasn't returned to Heritable until yesterday, and they then sent it out to me this morning, and now it's in my account. Phew! Heritable did pay me interest for the missing days but I still had a couple of sleepless nights.

nzseries1

Thanks for updating us, and I'm sorry to hear about the trouble you had! Will make me think twice about using CHAPS in future!