I wanted to use BACS for a transfer and was told NO! only CHAPS.

ChiefGrasscutter

izools wrote: »

It isn't guaranteed.

Yes it is provided funds are released before 3pm

JuicyJesus

The benefit of CHAPS is that for your £30 you can be assured that by the close of business on the day you send it, your money will be on the other side safely, and it isn't (and there isn't a problem with the instruction you've given) you have an !!!! to go and kick. It is a guaranteed method of same-day clearance.

This doesn't mean that it is guaranteed to arrive immediately, as you could (theoretically) hand in an instruction at 9am and have it not reach the other account until 5pm. But CHAPS is for peace of mind that it WILL get there.

Banks do charge for larger payments, and it's fair enough to do so - after all, the vast majority of payments are performed free of any charge, so where the risk is higher (larger amount = larger amount for something to go b*llocks-up with) it seems fair to charge a larger cost for them. These types of payments, even if BACS, can be process-intensive, as all such payments are subject to fraud checks, AML checks and all sorts.

As such, in my estimation, I must conclude that the OP is a c0ckend and Lloyds may well have refunded him just to get him to leave them alone and stop his wittering. Once again it comes down to the same thing: banks are entitled to charge money for services that they offer. You are not entitled to a bank's services for free.

pinkdalek

MME wrote: »

Do you think that there is some kind of conspiracy to have every transfer done via CHAPS? The branch staff don't give a stuff that you want to do a BACS payment, if they could do it they would. There are no targets for the number of CHAPS transfer branch staff have to do in a quarter!

:rotfl: I just love this comment, if only branches were targeted for CHAPS payments they'd smash their quota in the first week!

izools

ChiefGrasscutter wrote: »

Yes it is provided funds are released before 3pm

No, it isn't.

No form of electronic payment is 100% guaranteed. The payment could be caught with the fraud / money laundering team and delayed by manual processing or rejected due to failed money laundering checks, if they suspect anything (even if they don't have proof).

I've been through this with three senior members of staff (one of which was a branch manager) in HSBC just last month when explaining why I needed cash to complete on my new lease.

They confirmed that no electronic payments are 100% guaranteed and there is no recourse whatsoever if a payment is delayed or failed. It's all laid out in the T&C you sign when sending a chaps transfer, I read the form just a few weeks ago.