No More BACS?

[Deleted User]

The teller in Lloyds has just told me that if I want to transfer money over the counter I have to pay £30 for a CHAPS, is that right?

All I was looking for was a free alternative to the £10,000 a day limit on telephone banking.

simax

BACS is no longer available to personal customers, due to the new EU Payments directive (or summat like that) that took force last year.

agrinnall

If it's less than £25K that you want to transfer then it can be done online. One possible alternative if it's more than that could be to set it up as a standing order, for which the limit appears to be £99,999.

http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

henm2

You can use the payment facilities at Lloyds on telephone and internet banking for free. Bill payment/faster payments have a limit of £25,000 per payment. (Limits vary at other banks) If you try and do such payments at the counter Lloyds will charge £30. Other banks seem to do them for free at the counter.

Payments over the limits will have to go by CHAPS for which the charge ranges at different banks from £25 to £30.

The bill payment/faster payment transaction limits vary from bank to bank with usually an overall daily payment limit.

http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

BMN

The only way to transfer money to another bank over the counter at Lloyds is through a CHAPS payment.

Other alternatives has been mentioned but could you have not issued a cheque?

pqrdef

BMN wrote: »

The only way to transfer money to another bank over the counter at Lloyds is through a CHAPS payment.

Is there an excuse for this or is it just a totally blatant rip-off?

Buzby

Pretty much. Most users with online accounts are able to initiate their own BACS transfers (or a Faster Payments transfer, if available).

BMN

pqrdef wrote: »

Is there an excuse for this or is it just a totally blatant rip-off?

To encourage people to make use of internet banking and telephone banking.
It reduces disputes where customers give wrong sort codes and account numbers and later blame the bank. Whereas CHAPS payments are quite a manual process and lots of checks have to be done.

JuicyJesus

BMN wrote: »

To encourage people to make use of internet banking and telephone banking.
It reduces disputes where customers give wrong sort codes and account numbers and later blame the bank. Whereas CHAPS payments are quite a manual process and lots of checks have to be done.

It's not even a case of people blaming the bank. Telephone or Internet banking means that things are recorded. This is good for both sides; it means that if you use phone banking to make the payment and the bank gets it wrong, there is proof that they did it wrong and you gave the instruction correctly, whereas in branch it's your word against theirs.

rb10

JuicyJesus wrote: »

It's not even a case of people blaming the bank. Telephone or Internet banking means that things are recorded. This is good for both sides; it means that if you use phone banking to make the payment and the bank gets it wrong, there is proof that they did it wrong and you gave the instruction correctly, whereas in branch it's your word against theirs.

At other banks, you have to sign to confirm the account details are correct. Does that not give sufficient proof?

innovate

pqrdef wrote: »

Is there an excuse for this or is it just a totally blatant rip-off?

Rip-off, lol. You are unable to use your own resources (Internet, telephone) to make a payment. Therefore you ask someone else to make the payment for you. You expect them to do this for free for you. So if anybody is getting ripped off, it's the person who you ask to do work for you for free.