CHAPS/BACS fees

mazf2000

Hi there,

I have just bought my first flat and I've had to send my deposit + solicitor fees + land registry fees to my solicitors account before next Friday. I left over a week to complete this so assumed BACS transfer would suffice. However the girl at the RBS branch told me solicitors won't accept BACS (I have found this out to be a total lie) and a CHAPS transfer was required, which I would have to pay £20 for the privilege! I don't need a same day transfer so I don't see why I should have to pay for something I clearly don't want or require. I was told I have no other option available to me, which just made me so angry I had to walk out of the branch.

I'm going to try another branch first thing tomorrow and was wondering if anyone know of any other options, or even any valid arguements I can use to make them waive this fee.

Thanks

rb10

I doubt they'll waive the fee for you.

To send a BACS payment, it's quite frankly none of their business who it's going to or what the money is for. If you are happy to send it by BACS and the solicitor is happy to receive it by BACS, then there's no reason to do anything different.

You can send BACS payments either in branch, or by phone or online (it'll probably come up as something like 'bill payment' online). Make sure you take plenty of ID if doing it in branch, as I assume it's a large amount that you are sending.

Andystriker

mazf2000 wrote: »

Hi there,

I have just bought my first flat and I've had to send my deposit + solicitor fees + land registry fees to my solicitors account before next Friday. I left over a week to complete this so assumed BACS transfer would suffice. However the girl at the RBS branch told me solicitors won't accept BACS (I have found this out to be a total lie) and a CHAPS transfer was required, which I would have to pay £20 for the privilege! I don't need a same day transfer so I don't see why I should have to pay for something I clearly don't want or require. I was told I have no other option available to me, which just made me so angry I had to walk out of the branch.

I'm going to try another branch first thing tomorrow and was wondering if anyone know of any other options, or even any valid arguements I can use to make them waive this fee.

Thanks

This is rubbish.

Provided you have cleared funds in your account they should send the payment by BACS and there is no reason why they cannot. Go back and insist on seeing the manager.

dauphin

I had exactly the same problem at RBS on Friday, so I'm afraid it's all too true! They told me the branch limit for a BACS transfer is £10,000, exactly the same as the online Direct Banking limit. I reluctantly paid £20 for a CHAPS transfer, but sent an email complaint as soon as I got home asking if this is anything more than a money-grabbing exercise. I await with interest RBS's reply and justification (if any).

mazf2000

dauphin, it's infuriating isn't it. Would you let me know how you get on with your complaint? I might follow suit if you get a reasonable response.

dauphin

mazf2000 wrote: »

dauphin, it's infuriating isn't it. Would you let me know how you get on with your complaint? I might follow suit if you get a reasonable response.

I will indeed!

noh

When I last moved I just gave the solicitor a cheque. Which is ok as long as there is enough time for clearance.
Alternatively you could do multiple BACs transfers each under 10k using online banking.

willo65

As far as i'm aware the £10k bacs limit is standard and with RBS you can send FP in branch and there is a daily limit of £10k. You could send a payment upto £10k per day until you have paid the amount you need to.

Biggles

Tell them you want to draw the cash (they may need a day's notice at most, depending on the amount) and then just take it to the solicitor....

Twister84

mazf2000 wrote: »

Hi there,

I don't need a same day transfer so I don't see why I should have to pay for something I clearly don't want or require. I was told I have no other option available to me, which just made me so angry I had to walk out of the branch.

In branch, we can only do same day transfers or future dated payments (same day) via Faster Payments. BACS payments in the past would have taken a few days to go across to the recipient, but now, many use Faster Payments instead. There is no option to drag out the payment times, which ,by the sounds of it, is what you're looking for?

rb10 wrote: »

To send a BACS payment, it's quite frankly none of their business who it's going to or what the money is for. If you are happy to send it by BACS and the solicitor is happy to receive it by BACS, then there's no reason to do anything different.

For fraud and security reasons, yes it is their business

rb10 wrote: »

You can send BACS payments either in branch, or by phone or online (it'll probably come up as something like 'bill payment' online). Make sure you take plenty of ID if doing it in branch, as I assume it's a large amount that you are sending.

It is not classed as a bill payment, and the OP won't be able to do it online if it's for more than 10k.

dauphin wrote: »

They told me the branch limit for a BACS transfer is £10,000, exactly the same as the online Direct Banking limit. I reluctantly paid £20 for a CHAPS transfer, but sent an email complaint as soon as I got home asking if this is anything more than a money-grabbing exercise. I await with interest RBS's reply and justification (if any).

I don't see why there is a need to complain. Anything over 10k for a same day transfer is only available via CHAPS.

CHAPS payments are a service, therefore you are paying for the service and an admin fee is involved as it needs to get sent to our payment centre for it be processed. You're making it sound like RBS are the only ones who charge for CHAPS!

The 10k limit standard and is not set by RBS themselves. Besides, if RBS didn't offer Faster Payments in branch like many other branches, and you still needed to make a payment for a large amount, what would you have done then?

willo65 wrote: »

As far as i'm aware the £10k bacs limit is standard and with RBS you can send FP in branch and there is a daily limit of £10k. You could send a payment upto £10k per day until you have paid the amount you need to.

This is true - although it could take longer than a week (OP mentioned that they have left a week to sort this out), depending on how much is needed to be transferred.

Biggles wrote: »

Tell them you want to draw the cash (they may need a day's notice at most, depending on the amount) and then just take it to the solicitor....

Yup, it is usually 24 hours notice - I'm not sure, but smaller branches may need a longer notice, double check with your local branch though if you want to go down this route.

DevilsAvocado

dauphin wrote: »

I had exactly the same problem at RBS on Friday, so I'm afraid it's all too true! They told me the branch limit for a BACS transfer is £10,000, exactly the same as the online Direct Banking limit. I reluctantly paid £20 for a CHAPS transfer, but sent an email complaint as soon as I got home asking if this is anything more than a money-grabbing exercise. I await with interest RBS's reply and justification (if any).

This is perfectly true - the BACS scheme limit is £10,000 for personal customers, and the limit is the same as Faster Payments.

If you want to send a single credit higher than that amount, then it's got to be done via CHAPS, cheque, etc. It's not a money grabbing exercise, it's just the reality of the BACS/FPS systems.