Kaupthing Edge CHAPS Transfer

chris_lnd

Am Not Going To Worry As The Day Just Started And There Is Still A Long Time For Chaps To Go Into Accounts, However, I Won't Rest Until I Have My Money.
So No Celebration For Me Just Yet.

stamfordblue

TypeR wrote: »

As I've said that takes a person at each bank to deal with each request .....26,000 you say? I don't have much hope I'm afraid.

CHAPS is a MANUAL transfer between banks, it's not automated like BACS

Yes over 26,000 was mentioned to me on the phone to ING yesterday.
I've received mine already, so keep the faith!

Vancat

Hi All
Glad to see people are getting their money!
Who would have thought we would get so excited about our own money????? After all, it was ours to start with!!!! Can't remember getting excited when I put it in the savings account (albiet briefly...mine was only there 1 day!!)
Has anyone had a credit into their RBS account today yet? (Mine's a OneAccount, only updates once a day unless by Chaps, and not showing as yet).
Only way this will be in today now is if, as posted, Ing are sending by Chaps despite it being requeted as a BACS transaction.
Back to waiting.........:rolleyes:
VC

British_Dodger

Sorry typeR you are mistaken. CHAPS is an automated system. Please see the following article on the financial ombudsmans site. Banks will not have a warning that money is coming in via BACS. From my experience there also tends to be 2 CHAPS runs a day. One in the morning and one in the afternoon. i doubbt anyone who has requested a CHAPS payment has received their money yet and probably won't do until at least 10am

what is CHAPS?
CHAPS is a system used for high-value transactions, where money is transferred from one bank to another on the same day. Banks themselves use CHAPS to move money around the financial system, but it is also used regularly by:
businesses

–

where one business transfers money from its bank account to the bank account of another business; andsolicitors/licensed conveyancers

–

to transfer the purchase price of a house between the bank accounts of those representing the buyer and the seller.
Private individuals seldom make CHAPS payments themselves. They are most likely to come across these transactions when buying or selling a house.

how is CHAPS set up?
The main banks and larger building societies are ‘direct’ members of CHAPS. There are also over 400 ‘indirect’ members – typically smaller banks and building societies who have access to the system through a ‘direct’ member. This arrangement is similar to the way the cheque clearing system is set up.
Payments are made electronically and should start and finish on the same day. CHAPS opens for business at 6.00am each day and payments usually have to be started by 4.00pm. But there is a facility to make late payments, in certain circumstances, up to 5.00pm.
Regular users of CHAPS can give their instructions for payment electronically, usually using internet or electronic banking. But a large number of instructions for CHAPS payments are still made by customers filling in forms manually. And although the payment itself is made electronically, the sending bank has to make various clerical checks first – typically to check signatures/payment authorities, as well as to ensure customers have enough money in their accounts to make the payments.

how does a CHAPS payment work?
This can be illustrated by looking at a typical CHAPS transaction, where an individual asks solicitors to complete the purchase of a house on a particular day.
We will assume that the solicitors already have the money needed for the transaction in their ‘client account’ – the separate bank account that solicitors are required to use for client’s money.
So we begin at the point on ‘completion day’ when, on behalf of their buyer client – the solicitors start to make the payment from the solicitors’ client account.

bigg

TypeR wrote: »

As I've said that takes a person at each bank to deal with each request .....26,000 you say? I don't have much hope I'm afraid.

CHAPS is a MANUAL transfer between banks, it's not automated like BACS

What does the ‘A’ stand for in CHAPS. Please don’t mislead people with false information.

joshm_2

martyn4764 wrote: »

Good news: check again, my BACS of 07/10 appeared about 5 minutes ago :beer: Good luck.

Me too! Hurrah! Thanks for the info - saved me a day of teeth-gnashing :beer:

jonpeat

Well, the transfer that I action at lunchtime on the 7th is STILL NOT in my linked acount (first direct). I haven't been too concerned about this whole thing but I think a phone call is in order at lunchtime if it still hasn't arrived!

genny

webwalker wrote: »

Just logged on to my bank account, no news but front page is now green and blue, think hbos and lloyds have finaly tied the knot

They certainly haven't, and although it's eventually likely to go through due to government pressure, there is no fixed date, a large majority of the shareholders of LTSB don't want the bank to take on the mess than is HBOS and with HBOS shares plummetting who knows what'll happen.

LTSB have always had a green and blue logo, they've freshened their website in the past few days, but this has nothing to do with the merger.

No money for me yet, from my CHAPS 7-10

TypeR

I'm not misleading anyone, I've just spoken to the CHAPs area at first direct, the money is dumped in to an account with paperwork sent through, it then takes a HUMAN BEING to go through the account and apply the payments manually.

Somebody here quoted 26,000 chaps payments need to be made today - so what do you think our chances are?

genny

bigg wrote: »

What does the ‘A’ stand for in CHAPS. Please don’t mislead people with false information.

It may well be automated, but as the above posted mentioned:

Regular users of CHAPS can give their instructions for payment electronically, usually using internet or electronic banking. But a large number of instructions for CHAPS payments are still made by customers filling in forms manually. And although the payment itself is made electronically, the sending bank has to make various clerical checks first – typically to check signatures/payment authorities, as well as to ensure customers have enough money in their accounts to make the payments.