Instant Transfer?

YorkshireBoy

uberteeb wrote: »

I've heard of CHAPS and will have a look, is this a same day service or an 'instant' service, ie if I do it at 9am tomorrow will it be there for noon?

As far as I know it's same day, ie not 'by 12 noon'. However, getting there at 9am, or whenever they open, will increase your chances of meeting a 12 noon deadline.

agrinnall

bengalknights wrote: »

Oh i guess the easiest method would have been 3 x £1000 payments over the weekend and then £2000 bacs payment if the op had known.

No.

1) The BACS payment would still have taken 3 days so wouldn't be there on Monday.

2) Although I haven't tried it myself I'm fairly sure that over the weekend the daily limit stretches to cover three days (not sure if it would be Fri-Sun or Sat-Mon) so that wouldn't work either.

OP, the way to go is CHAPS, get it done early on Monday morning and inform your solicitor that it's on the way - and don't forget to tell them to send teh original £5K back as soon as they get it.

YorkshireBoy

agrinnall wrote: »

and don't forget to tell them to send teh original £5K back as soon as they get it.

Depending on what time on "Friday afternoon" the original BACS payment was initiated, it's possible that it could still be stopped/recalled?

uberteeb

opinions4u wrote: »

You should have carried out a CHAPS transaction on Friday to be absolutely certain.

Talk to your solicitor first thing Moday morning about what they need to do. I doubt Nationwide will allow you to withdraw £5k in cash on demand.

It would be unlikely that a 24 hour delayed completion would cost you the property.

The property is going for auction on Tuesday if I don't get this 5k deposit down!

Would I be as well putting this CHAPS payment through now online or will it somehow be quicker if I do it tomorrow morning? Would it be quicker if I went into the branch at 9am?

Sorry for the questions but this is really important to me.

YorkshireBoy

uberteeb wrote: »

Would I be as well putting this CHAPS payment through now online or will it somehow be quicker if I do it tomorrow morning? Would it be quicker if I went into the branch at 9am?

In submitting a form online you can't impress upon them the urgency of it getting there by 12 noon.

In branch, you may be able to wait while they do it and get your confirmation there and then...which you can then forward to your solicitor?

JuicyJesus

YorkshireBoy wrote: »

In submitting a form online you can't impress upon them the urgency of it getting there by 12 noon.

In branch, you may be able to wait while they do it and get your confirmation there and then...which you can then forward to your solicitor?

They may very well have all such requests go through another department or be subject to fraud checks, and so be unable to speed anything up. CHAPS is only guaranteed for "close of business" (i.e. it could get there earlier, but there's no guarantee).

The solicitors may take confirmation of the CHAPS being sent. They may not. But it is the best you can do in the circumstances

jonesMUFCforever

Yes go to bank tomorrow first thing (take id in case) and make the payment by CHAPS.
Don't worry about trying to stop first payment - let solicitor refund you when it hits his account.

apt

uberteeb wrote: »

Do you mean withdrawing £5,000 cash from the bank in the morning and then taking it to my lawyers office? Or do I take ti to his bank? WOuld it be credited instantly?

Cash should be credited instantly. However, Nationwide has a daily limit of £500 for cash withdrawals at a branch.

jonesMUFCforever

apt wrote: »

Cash should be credited instantly. However, Nationwide has a daily limit of £500 for cash withdrawals at a branch.

The solicitor may well not accept it under the money laundering regulations - and most solicitors do not have the facility to accept large payments in cash.

agrinnall

apt wrote: »

Cash should be credited instantly. However, Nationwide has a daily limit of £500 for cash withdrawals at a branch.

This isn't strictly correct but the limited time available to the OP means that in practice it is.

From the Nationwide website:

Branch cash withdrawals over £500

You will need to give the branch a minimum of two full working days notice to withdraw cash over £500 and we recommend you check with the branch, when your cash will be available. You will need to take with you one piece of identification with you when collecting your money. This should include either your passport or full UK-driving licence (old style paper or new style photo card).