What does a CHAPS fee actually cover?

gt94sss2

Eyesparky wrote: »

We were supposed to have same day clearing by now ... the banks and Government seem to have gone quiet on this one. Lots of interest to be made lending money on call etc. for the banks.

Its coming in November 2007..

Regards
Sunil

tarajayne

mikael wrote: »

I think the poster should have said CHAPS. There have been a couple of ocasions when I needed to get money from one bank to another on the same day. BACS takes 3 days, so paying for a CHAPS transfer would be the only electronic way of doing it. However taking cash out for free and depositing it in another bank in the same day is much cheaper if you are close to you bank.

Yes, sorry should have said Chaps not Bacs, but as regards to different banks and their systems what seems to happen (in my opinion) is that once a bank has had its fingers burnt with a procedure it tightens up, not such a bad thing, as a customer I know where I'd rather have my money. Seems to me that people moan about tight procedures one minute, but when something happens to their account then they moan they are not tight enough !