CHAPS & Nationwide

tommo2007

Hi all

Just a question really. Has anyone else experienced this? Or know a reason why this happens?

Basically, my employer pays me by BACS every month. For instance, I have been paid today. CHAPS payment was made at 11.57am.

Everyone checks their bank account (6 of us) - everyone has their funds (12.30pm I got everyone to look), EXCEPT ME!

Every month, it's the same - CHAPS payments do not go into my Nationwide bank account until the next working day. Which in this case means Tuesday.

Does anyone know a reason for why this might be? As CHAPS should be same day - the company pay the CHAPS transaction fee and everything.

Any thoughts or useful insight would be interesting to hear.

Thanks guys

Tom

innovate

If your employer pays by BACS, there could well be a delay. If they pay by CHAPS, the money should be credited on the same day. If you are certain it's CHAPS, ask Nationwide why it takes them anther business day - certainly shouldn't. The whole point about CHAPS is same-day arrival in the destination bank account.

http://www.ukpayments.org.uk/payment_options/chaps/

tommo2007

innovate wrote: »

If your employer pays by BACS, there could well be a delay. If they pay by CHAPS, the money should be credited on the same day. If you are certain it's CHAPS, ask Nationwide why it takes them anther business day - certainly shouldn't. The whole point about CHAPS is same-day arrival in the destination bank account.

http://www.ukpayments.org.uk/payment_options/chaps/

Exactly what I thought, thanks for putting my mind at rest!

I am 100% certain it is by CHAPS, as I authorised the CHAPS payments this morning, and as I said everyone else in the office has received their's immediately - except little old me who will be waiting till Tuesday! Not a big deal, but hassle nonetheless when it should be money in my account.

Irritated with it to be honest :mad:

jonesMUFCforever

What kind of account is it that you hold with Nationwide?
It could be that it is a type that is centrally credited and then Nationwide credits your account the next day.

Hazzanet

Doesn't Nationwide use HSBC as an intermediary for CHAPS and SWIFT payments? Could that be the hold-up?

gt94sss2

tommo2007 wrote: »

I am 100% certain it is by CHAPS, as I authorised the CHAPS payments this morning, and as I said everyone else in the office has received their's immediately

Employers paying by CHAPS is very unusual and is not he same as BACS - your original post mentions both.

CHAPS payments are also not immediate - but they should be done on credited on the same day (unless then after a cut off time

Regards
Sunil