Very anxious : Chaps payment not come through : can anyone help

skitty_2

Today I got a large redundancy payment through into my bank. Because over the bank guarantee level I wanted to transfer some funds straight away to my post office 'on line saver' account. The amount to transfer was over what could be done by normal daily internet banking and so I went into bank and made a Chaps transfer to the post office on line saver account name and sort code. Was told it would go through by close of business today as arrangement had been made with my bank mid morning. The amount is recorded a leaving my bank account by mid day but has not appeared in Post office on line saver account by this evening. I have double [triple] checked sort code and account code was correct and they definitely both were. So where is my money ?

I am wondering if a] the Post office online saver account does not have a 'real time; system as there is an obscure line in FAQs which suggests balance might be noted as of previous day or b] if it takes some time to get through Bank of Ireland system as host bank to Post office online savings account before it appears in my account.

Am already feeling ill with worry so any information or advice would be very welcome !

Dr_Cuckoo3

The Post Office account does not update the balance in real time
https://www.pofssavecredit.co.uk/POFS-NPS/contentHelp/frequently_asked_questions.html#ans27
"How often are the account balances updated?
The balance displayed is for the close of business the previous working day."
The sort code 90-78-68 accepts CHAPS payments (some banks eg N&P use a different sort code for CHAPS , But Post Office use the same sort code)
http://www.paymentscouncil.org.uk/resources_and_publications/sort_code_checker/

You could always send a £1 payment to the Post Office account to see how long that takes

My last payment to my Post Office account shows the same date for leaving my current account and arriving at the Post Office account - so was updated the following day with the previous date

Gromitt

Money usually takes overnight to show up. It might show up tomorrow, but considering tomorrow is Saturday, it may be Monday.

skitty_2

Just thought I would confirm in case anyone else in similar situation reads thread that the payment is now registered on my account [appeared by early Saturday am after payment made Friday am].

I had been so used to accounts updating in real time that I had not been aware that some online savings accounts did not and that there was therefore a time delay.

Thanks to those who helped clarify this and as a bonus I have discovered all the other advice on this forum

jonesMUFCforever

I hope the CHAPS fee did not come to more than you have got in extra interest after doing this transaction?

skitty_2

Agree not a way of making or saving money as interest does not cover cost of chaps payment, However this was about wanting to move a large sum [or so it feels to me] quickly through so as not to have more than the 85k bank guarantee limit in any one account for more than a few hours. Kept thinking of people who lost large part of their life savings in Cyprus and was willing to pay small one of cost with this in mind !

Hominu

skitty wrote: »

Kept thinking of people who lost large part of their life savings in Cyprus and was willing to pay small one of cost with this in mind !

If the UK government does the same as Cyprus and demands a 10% tax on everyone with over 100K of savings, it doesn't matter how your savings are split, you'll still get taxed, so that seems like a rash decision.

Paul_01

If it makes the OP feel better, then the CHAPS fee was probably worth it. An alternative may have only prolonged the OP's anxiety.

KTF

Aside from Solicitors, I am amazed that people still use CHAPS now that Faster Payments is the norm.

ColdIron

KTF wrote: »

Aside from Solicitors, I am amazed that people still use CHAPS now that Faster Payments is the norm.

Two reasons I can think of
1) Guaranteed same day receipt not end of next working day
2) Unlimited payment. FP has a limit of £100,000 but in practise often £10,000. Not much use if selling a house or transferring £85,000

Gromitt

Indeed, if I buying a house, I'd prefer a one off payment of £25 than having to do 12 faster payments of 10K, of which only the first will typically get there the same day. Plus some people prefer to receive a single transaction, not 12 of them.