RBS - same day payments now free

Twister84

jambosans wrote: »

Thanks but I know the difference between FP and CHAPS, so there was no need for that explanation. Perhaps your explanation should be directed towards some of your collegues, seeing a collegue told a customer that essentially they were doing a free CHAPS, which was not the case. Not the end of the world and I can understand the logic behind the staff member's explanation of FP, same day transfer, but still different in many ways to CHAPS.

jambosans wrote:

Fair enough, should probably have not gotten on my high horse there, thought I was being given a CHAPS 101 leason. Ha.

Sorry you took it the wrong way - the explanation I gave was purely because you said "I doubt she sent the payment CHAPS for free, I would imagine CHAPS is still available for a fee (like £20 as you mentioned)"

I was just confirming that what you said is true - the CHAPS service is available and the charge is £20, and explaining for those who didn't know, why there was a fee for the service, when a similar service is available for free.


Now get off that high horse

Mikeyorks

eslick wrote: »

... he told us that the average chaps payment was £100,000 and that the limit of FP would eventually be that figure.

The average CHAPS (£Sterling) figure is considerably higher than that. Some £71,702,028M via CHAPS in the year to Apr 09 (figures from APACS). Average value >£2M per transaction.

The design figures for FP are £10k max for immediate and bill payments and £100k max for SOs. Never intended to replace CHAPS (which doesn't generate 'float') other than at the lower £level. Bit of an analysis here :-

http://www.fastpayments.co.uk/faq.asp#HowDoesFasterPaymentsComparewithCHAPS

jambosans

Twister84 wrote: »

Sorry you took it the wrong way - the explanation I gave was purely because you said "I doubt she sent the payment CHAPS for free, I would imagine CHAPS is still available for a fee (like £20 as you mentioned)"

I was just confirming that what you said is true - the CHAPS service is available and the charge is £20, and explaining for those who didn't know, why there was a fee for the service, when a similar service is available for free.


Now get off that high horse

Ha. Yeah, sorry for coming off a bit harsh. :beer:

bubblegumcola

As the op I am now slightly confused with you talking about CHAPS, etc.

All I know is that she put through a faster payment for me which she said used to cost 20 quid, she did point out that the CC company might not accept it and not all companies do but when she did the payment the CC company did accept it. I wouldn't normally do it that way. I usually pay at least a week before the bill is due but had a lot on my plate this week so forgot.

Have I opened a can of worms, I didn't expect all this discussion!!!

Obviously some of the other posters are from the banking world as I do not know what a CHAPs is. In what scenario would you use a CHAPs payment with there being a 20 quid charge whacked on top? I can't imagine when I would use it. Thanks for your help/expanations.

BruceyBonus

bubblegumcola wrote: »

Obviously some of the other posters are from the banking world as I do not know what a CHAPs is. In what scenario would you use a CHAPs payment with there being a 20 quid charge whacked on top? I can't imagine when I would use it. Thanks for your help/expanations.

CHAPS guarantees the money will arrive in the recipient's account the same day. It is usually used for larger transactions (e.g. buying a house) and by legal firms (e.g. solicitors). CHAPS payments cannot be reversed so they are very secure.

Biggles

bubblegumcola wrote: »

All I know is that she put through a faster payment for me which she said used to cost 20 quid, she did point out that the CC company might not accept it and not all companies do but when she did the payment the CC company did accept it. I wouldn't normally do it that way. I usually pay at least a week before the bill is due but had a lot on my plate this week so forgot.

She would have been referring to the fact that previously you would have had to pay £20 to ensure a payment got there the same day, now it's free (never mind the terminology for now).

You will find plenty of threads referring to the introduction of the new system of Faster Payments, going back to around this time last year.