CHAPS/BACS fees

opinions4u

mazf2000 wrote: »

"Buying a house is stressful. Is there the possibility that you are deflecting this stress on to the bank?"

Opinions4U please do not patronize me, I simply refuse to be spoken to like a child. The information on some of these posts have been more helpfull than the 5 minute conversation with the tellar, where all she could say was there was no other option available to me, without a sufficient explanation as to why this is the case. This has now been explained in this forum.

I simply asked a question - I didn't make a statement of fact. But the reality is that people buying a house have a lot to deal with, lots of different pressures and will often hit out at the easiest or nearest target when things aren't quite gonig to plan.

I'm sorry that you feel patronised. That certainly wasn't my intention.

MarkyMarkD

We paid the money we had to give our solicitor by 3 separate Faster Payments from two different banks. That worked fine for us.

The advice given by RBS in this case was pants and they should be brought to task for it, if separate BACS payments on separate days for £10k apiece would have done the job in the time required.

YorkshireBoy

DevilsAvocado wrote: »

BACS can and does send more than £10,000 at a time, but personal customers are limited to £10,000. This isn't an RBS rule...

That's the second time you've posted that on this thread and, assuming you're including online transactions in that assertion, I don't think it's correct.

Why? Well I've made no less than seven £12-15K BACS transfers from my Halifax HICA to various other institutions in the last 15 months.

chambta

dauphin wrote: »

The point is that neither the OP or I needed a same day transfer. We would have been quite content with the BACS timescale, but we were not permitted to send more than £10000 a day by BACS. I am perfectly used to making CHAPS transfers when I consider the cost justified and am willing to pay in those circumstances, but if a payment is non-urgent and the interest lost during the time it will be in the BACS system does not exceed the CHAPS charge, I do not see why I should have to pay for a same-day service I do not require.

I am pretty sure I have made BACS payments exceeding £10000 in the past, though not from RBS. Here is someone on these very forums who was told by HBOS last year that their daily limit was £15000 (see post #5):
http://forums.moneysavingexpert.com/showthread.html?t=836695

So it doesn't seem to be a BACS limitation but depends on the bank. And surely anyway it's RBS who are imposing a daily limit of £10000 so that you can't get round it by making multiple transfers? I can understand that there are good security reasons for not allowing this to be done online, but when I present myself at my branch and prove my identity I do not see why the bank's rules should prevent it.

Well don't then. Your choice.

DevilsAvocado

YorkshireBoy wrote: »

That's the second time you've posted that on this thread and, assuming you're including online transactions in that assertion, I don't think it's correct.

Why? Well I've made no less than seven £12-15K BACS transfers from my Halifax HICA to various other institutions in the last 15 months.

It's incredibly hard to find a source for this information that is available in the public domain, as the scheme rules for BACS are closed, and available only to registered users.

To that end, I have therefore e-mailed BACS requesting them to clarify. I'll either reply here or message you if this thread disappears.

mazf2000

"Well don't then. Your choice." Chambta the whole point of this thread is that we appear to have no choice. Transfers over £10K must be done by CHAPS, which seams to be an unnecessary transaction that is charged for. Unless multiple BACS transfers are completed under the £10K limit, there is no other option but to accept the fees, however completing multiple transactions will incur money laundering investigations, possibly delaying the transfer of funds. If you have any other suggestions, please enlighten us...

Andystriker

My Solicitor accepted a Building Society Counter Cheque.

However this is only useful to you if you have cleared funds in a Building Society Account.

But it may be useful for someone in the future.

Twister84

This may help:

http://www.apacs.org.uk/payments_industry/how_fps_works.html

(Right at the bottom)

agsnu

twister84 wrote: »

this may help:

http://www.apacs.org.uk/payments_industry/how_fps_works.html

(right at the bottom)

BACS is not the same thing as FPS.

Twister84

agsnu wrote: »

BACS is not the same thing as FPS.

I know that - but somewhere in the thread there seems to be a mix up over what's what or what it used to be.

The in branch system with RBS sends payments via Faster Payment.