Bank 'remittance' slip? Uh?

fart

Can anyone explain what this is? I've had an email from my solicitor saying that to transfer the money for our house we have to have our account name clearly shown on the remittance slip when we transfer the money.

She says this is the slip they give you when the transfer is done, but that if it doesn't show the account holder then we have to get proof of where the funds were sent from by the bank in writing.

The bank don't seem to have a clue what it is (tbf the woman sounded totally gormless).

Anyone have any idea how this works? We're going to Nationwide today to set up the chaps payment.

00ec25

for money laundering purposes the CHAPS transfer remittance must state the source of the funds, whether you ever see this as a bit of paper is down to Nationwide's processes but a remittance record/slip is certainly created as part of the CHAPS process and the full details on it will be sent to the beneficiary's bank account (which is I assume your soilicitor's client money account so he has a full audit trail of where the cash came from ) and they will at least hold the details electronically for their own audit trail even if they don't print off the paper version

this is very routine stuff for a bank, although they may use their own terminology which is perhaps why the bank clerk is "confused", for example, on Barclays this will be the "payment reference" text ie your name

fart

00ec25 wrote: »

for money laundering purposes the CHAPS transfer remittance must state the source of the funds, whether you ever see this as a bit of paper is down to Nationwide's processes but a remittance record/slip is certainly created as part of the CHAPS process and the full details on it will be sent to the beneficiary bank account (which is I assume your soilicitor's client money account so he has a full audit trail of where the cash came from )

this is very routine stuff for a bank, although they may use their own terminology which is perhaps why the bank clerk is "confused", for example, on Barclays this will be the "payment reference" text ie your name

Ahhh thanks very much.

You've just explained in 1 paragraph what the woman couldn't in a 15 minute phone call last night.