Kaupthing Edge CHAPS Transfer

whitesatin

leafmould wrote: »

I've just checked with HSBC re my BACS of the 7th and nothing showing for today or Monday but HSBC have said that they are in touch with ING and are expecting large influx of CHAPS this afternoon.
We can only hope!

They didn't tell me that when I phoned earlier this morning, I do hope they are telling the truth. Who to trust, eh?

georgemac_2

I am also waiting for money to arrive in my BOS current account from a KE BACS transfer request on 06/10/08 - nothing showing in my account yet.

Have not read all 162 pages of the thread, but looking at Martins post on page 1, now not sure if the money will go back to my KE account?

It is a sizable amount, for me anyway, have not been worrying too much about it yet, as I have been reading the updates, but now not so sure about it and starting to worry a little more.

goodethernet

bigg wrote: »

Goodethernet and typeR

What is your source for this info, or are you just guessing?

ING said that they are doing a bulk CHAPS transfer today. Under the circumstances, normal procedure is out of the window.

My worry factor has gone down 50% thanks to the successful BACS people posting on here.

There was a post on here a few days ago from someone whoe had been told by ING that there were 26,000 transfers to go out today. That's where I got it from.

I wasn't deluded about anything the last time I checked. I'll have another look.......

Konisberg

Transfer by BACS from 9th is now in my account

Ippylady

Just checked my Barclays account, no CHAPS payment from the 7th for me either I am keeping my fingers crossed though??

Squibbler

OK BIT OF NEWS fOR PEOPLE WAITING ON BACS STILL:

Just rang KE and was told that some BACS payments are coming in as BACS today but some are coming in BY CHAPS today. Entries were done on a "per customer" basis whatever that means (so I am guessing there is a possibility if maybe if you are expecting more than one payment, they might arrive together? - I really don't know.) All will be in (as per their previous communications) by close of business today, but if bank (like Nationwide that i use) only updates early morning it may not show up until tomorrow/ Monday. She said many banks do update on Saturday mornings to take into account Fri payments.

The KE staff are so much pleasanter than the Nationwide staff, I really do feel sorry for them losing their jobs.

goodethernet

TypeR wrote: »

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?

Do you not think that ING might also KNOW THIS and take it into account before they commited to paying us all by the end of today? Do you really think that someone has come in to work at ING THIS MORNING and said " right, I'll just get started on all those payments, now, where's my pen?"

The normal volume of Sterling CHAPS payments is around 120,000 per day, so with a bit of planning an extra 26,000 with 3-4 days advance notice should be achievable. If it was a manual process it would be CHMPS and I, for one, would not pay extra for it.

Do you not think it's possible that they have planned ahead? Enough of the scaremongering nonesense. It's only 9am

British_Dodger

In order to rerassure some people (myself included) i have had a look to see how many CHAPS payments are completed daily. On fool.co.uk a historical article (extract below) states that 130,000 per day on average at around 300bn are carried out. So 26000 is definatly possible..

'In 2004, CHAPS sterling payments numbered 130,000 per day, with a total daily value of around £300 billion, so it's a widely used, secure and efficient service.'

bigg

genny wrote: »

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.

‘A’ stands for automated.

ING said that most people would have their money by the close of business today. All the normal rules are out of the window. How many times do you think banks do a bulk transfer of 26,000 transactions?

As mentioned, CHAPS is normally used for house purchases and there aren’t many of those happening at the moment, I know because a friend of mine is a conveyancing lawyer.

Stop panicking, it’s going to happen.

goodethernet

British_Dodger wrote: »

In order to rerassure some people (myself included) i have had a look to see how many CHAPS payments are completed daily. On fool.co.uk a historical article (extract below) states that 130,000 per day on average at around 300bn are carried out. So 26000 is definatly possible..

'In 2004, CHAPS sterling payments numbered 130,000 per day, with a total daily value of around £300 billion, so it's a widely used, secure and efficient service.'

What he said....