CHAPS/BACS fees

clairet707

When we bought our house 3 1/2 years ago, we paid our deposit to our solicitor by 2 separate BACS transfers on the same day from two accounts (1 was mine and the other was our joint account - both with same bank).. We didnt have any problems and the solicitor didnt either

Swipe

I paid £15 for a bankers draft, a little cheaper than CHAPS

agsnu

Twister84 wrote: »

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.

Or you know, sends by BACS if Faster Payments isn't available (e.g. recipient doesn't accept it). I don't really see the relevance.

opinions4u

Swipe wrote: »

I paid £15 for a bankers draft, a little cheaper than CHAPS

But if you can send a CHAPS payment a week later you will earn an extra £14 interest at 2% on a £50k transfer, making the CHAPS payment more cost effective.

Twister84

agsnu wrote: »

Or you know, sends by BACS if Faster Payments isn't available (e.g. recipient doesn't accept it). I don't really see the relevance.

I really don't see your point. The in-branch system is not the same as the online one - we cannot send via BACS in branch, which I've already mentioned.

You can only do a BACS payment online, or via Direct Banking.


Read this if you want more info:

http://www.rbs.co.uk/personal/ms/faster-payments.ashx

DevilsAvocado

Twister84 wrote: »

I really don't see your point. The in-branch system is not the same as the online one - we cannot send via BACS in branch, which I've already mentioned.

So customers couldn't make transfers from a branch before Faster Payments?

Twister84

DevilsAvocado wrote: »

So customers couldn't make transfers from a branch before Faster Payments?

If you mean to another bank, then that is correct - unless they used CHAPS.

The system was only implemented within branches around mid March time.

YorkshireBoy

Twister84 wrote: »

If you mean to another bank, then that is correct - unless they used CHAPS.

Are you 100% sure? Because the 'workaround' mentioned on here many times over the years was to set up a standing order in branch (for 'tomorrow'), and then cancel it after the first (or rather one and only required) payment had been made.

And this was most definitely done by BACS.

So are you still 100% sure?

agsnu

So you're also claiming that if you try to make a payment in branch and the recipient doesn't support FPS, then it will fail?

willo65

Technically you shouldn't set up a standing order for a one off payment so no you can't send bacs from branch - also you need to set up s/o 2 days before payment so will take your "BACS" payment to 5 days in total.

In an RBS branch you can only send FPS if recipient supports this method if not you have to do BACS online or use telephony.