CHAPS - when it's worth it

DocProc

Watch this space for a link, eh?

Dagobert

I just had a look at the formula and there's a set of brackets missing.

Kilty wrote:

gain/loss = (amount * (interest rate * 1 - tax) / 365) * days lost) - CHAPS fee

Formula

g = (C * p * d) * (100 - tb) / (365 * 100 * 100) - cf

where

g net gain, or loss if negative
C Capital to be transferred
cf cost of CHAPS transfer
p interest rate of target bank account, 0<=p<=100
tb tax bracket (currently: no tax = 0, basic rate = 20, higher rate 40) 0<=tb<=100
d number of days saved through CHAPS payment


Or if you want to express the percentages as a value between 0 and 1:

g = (C * p * d) * (1 - tb) / 365 - cf

Kilty_2

Okay, heres a screenshot to prove that this is actually coming

Just need to finish the graphics and ensure the code is functioning correctly then it'll be good to go. (I know it says Source instead of Target account, but I'm going to fix that. Was tired when I built it )
http://img293.imageshack.us/my.php?image=chapsom2.jpg

poppy10_2

Kilty wrote: »

Okay, heres a screenshot to prove that this is actually coming

Just need to finish the graphics and ensure the code is functioning correctly then it'll be good to go.

Are we there yet?

derrick

poppy10 wrote: »

Are we there yet?

That thread is 17 months old, so I don't think so, probably still tired

Pistrix

Hi everyone, sorry to go off topic but I was wondering if anyone is able to shed light on a dilemma I am facing with CHAPS. I have noticed that my bank, Natwest, has recently increased the amount it charges to receive a CHAPS payment from 7 to 13 pounds without notifying me. This charge struck me as odd from the beginning, since the sending bank always paid the commission. Furthermore, this charge appears nowhere in their list of charges booklet and am considering issuing a claim against them to try and recover some of the money lost over the years. When I confronted them about this they were very evasive and said that the payment was a handling fee. Can anyone let me know if I have a chance of winning or if I have anything to lose at all? It worked with the overdraft charges so why not with this? Any comments are very welcome! Thanks.

Jonbvn

Charging to receive money is extremely unusual. The only case where it may occur is for a business a/c.

drpachu

well,though this thread is old,the issue is fresh as ever.I was looking at options and surprsingly found out that Barclays current account has got free of charge CHAPs.Catchis one has to have 10,000 as savings in the account/linked account and have to go to branch to update the account As platinum account.
I feel it is worth the hassle to put 10,000 in,usethe CHAPS when the high amount comes in/goes out for no charge.